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To our Readers,

With the thought of time

in terms of eventuality

and inevitability being

associated with the flow and

direction of time, it was

represented as a primordial divinity

called Chronos. Irreproachable and

Implacable, he like all other Gods was part of

the supposed perfection that governed us.

There were some individuals though who refused to

accept that the status quo is sacred.

These individuals defied notion of any inevitability that was not

created by their own selves. History books are full of them, because

as the curious habit of history goes, it remembers only those who

completely changed it.

These were the thoughts that pursued us to launch a webzine titled

Chronos in November 2009.

With an aim to give expression to enterprising individuals who dare to

challenge the conventional and come out with original and path

breaking ideas, Chronos returns with its second edition Chronos 2.0

with entries from individuals who believe in breaking new grounds with

their ideas. Also we have Mr. Anuj Guglani, CEO and Founder of

World Auto Forum and Ace Associates, who gives insight into his

entrepreneurial stint. A quiz for quizzing freaks sums

it all.

Happy Reading!

The Editorial Board

Chaos

The Power of Ideas……………… Pg. 16 In Conversation………………. ….. Pg. 28 Quiz Time……………………………. Pg. 32

Chronos 2010 April

Chronos 2.0

What‘

What‘s inside…?

India Unfettered… Breaking the shackles of

the past for a dynamic future…………… Pg. 4

Chronos 2.0

BUILDING INDIA –STRENGTHENING

FOUNDATIONS, MANAGING

BOUNDATIONS

India Unfettered… Breaking the shackles of the past for a dynamic future

Chronos 2.0

Last decade was probably

one of the most significant 10 years for

independent India. It was the decade of all

time highs; the GDP growth rates of 9 %,

foreign exchange reserves in the tune of

$300 billion, key indices of our stock

market touching 21000.But the real

question that is what lies ahead for India in

the new decade. As our honorable Prime

Minister Manmohan Singh had rightly put

in his New Year message to the nation ―As

we welcome the dawn of a new decade we

should build upon the achievements of the

past in striving for the realization of our

dreams.‖ For a better future, we need to

look for the forces that have guided our

growth in the last decade and the potential

avenues of growth in the future.

But first let‘s start with some key statistics

that defines growth for an economy. First

and foremost is unarguably GDP growth,

the cynosure of the eyes of the most

economists and governments alike. India

has witnessed an average GDP growth of

7.2 % for the period 2000-2009. Even

during the period of financial meltdown,

India has managed to grow by 6.7 % in the

fiscal 2008-09 surpassing all estimates. We

stands 4th in the world in GDP when

calculated at PPP basis and we are poised to

move further. A report by investment firm

Goldman Sachs predicts that "from 2007 to

2020, India‘s GDP per capita in US$ terms

will quadruple". A study report from

Business Monitor International has

predicted that India‘s GDP in nominal terms

will increase to $5.2trn from current $1.3trn

by 2020 and this will place India in to top

three economies of the world.

At least on the outline, the future looks

promising.

It is a good practice to use comparative

study for analysis. Some economist argues

that India is now standing at the point

where China was standing in 1990. The

point is whether India will be able to seize

this opportunity and can replicate the

success story of China. Some economists

even go ahead by predicting that India can

see a GDP growth higher than that of China

in the next decade. The argument is based

on the comparison of the broad

determinants of the economic growth which

are capital, labour and productivity. Both

India and China are investing as much as

40% of their GDP. But India‘s labour

growth is 1.8 % faster than that of China.

China has been able to outpaced India due

to its ability to gain from huge exports by

currency devaluation. Already the pressure

is building up on China by international

community and China‘s exchange rates are

expected to grow in the next decade. The

result can be seen as appreciation of Yuan

per dollar from 6 to 6.8 in just one year.

Increased currency valuation of China will

certainly help India in terms of increased

exports and better prospects for growth.

One of the key buzz words of the last

decade was reforms. Whether it comes to

the disinvestment in the government

undertaking PSU‘s or the 123 agreement on

nuclear energy, our financial policies are

Shashank Bharatwal talks about the challenges facing India

and the opportunities galore.

Chronos 2.0

targeted to bring economic reforms which

are based on strong fundamentals. But

stable government and good governance are

necessary for these reforms. The idea of

inclusive growth has seen its beginning

with the NREGA and Indira Gandhi Awaas

Yojana. Other innovative schemes for poor

like education for all and National Rural

Health Mission are also being implemented.

Although the bureaucracy has plagued the

implementation of these schemes but these

schemes are still changing the face of rural

India, adding to their purchasing power.

This will decrease the migration pressure on

large cities and will lead to high

consumption in the years to come.

Let‘s now look at some potential growth

drivers. Demographics are certainly the key

driver to growth. As most of the authors

have highlighted in their literature as the

―Great Indian Middle Class‖, this present

base of 300 million people will propelled

the domestic consumption in the next

decade. With the availability of low cost but

highly skilled labour, India is poised to

become most attractive off shoring

destination. Already this effect is visible in

IT sector which now constitutes 6-7% of

our GDP. New avenues for outsourcing will

be clinical research, law services and

Intellectual property which are gaining

grounds every day. This workforce is fairly

young with a higher consumption rate

which will help in driving demand in future.

Services sector has been the shining star of

the Indian Economy in the last decade. With

around 60% contribution to GDP, this

sector will continue to boost the Indian

economy. Most of this growth is due to

rapid advancements in technology and

skilled professionals. We have been able to

transform our population into human

capital. But the English speaking population

which has proved a strategic advantage for

India in terms of outsourcing is not bound

to stay forever as an advantage. Thus the

future growth will lie in moving up the

value chain in delivering services.

Over the past decade, Indian manufacturing

sector has seen a transformational change

and it has proved its potential mainly by

strong focus on quality and cheap labour.

Indian automobile sector is witnessing one

of the highest rates of growth when

compared to global counterparts. Some of

the key industries like steel, cement,

petrochemical and pharmaceuticals will

assume global presence. Big business

houses like TATA, Birla and Reliance are

already witnessing greater 40 % of their

revenues from other countries. But what

makes growth in industries much more

relevant is its impact on the wage earners. A

large chunk of Indian labour force is still

not skilled enough to be absorbed by

services sector. This section will find

employment in industrial sector provided

government has carried out enough

measures to ensure the growth of industrial

sector. The SEZ‘s and STPI‘s (Software

Technology parks of India) of India need to

be established with support from

government in terms of Infrastructure,

energy and Power utilities.

A rise in economic growth cannot be

achieved unless the development of

infrastructure. Last decade has seen some

key initiatives taken in this regard by the

Chronos 2.0

government. The development of golden

quadrilateral by NHAI (National Highway

Authority of India), new international

airport terminals developed at major metros

by AAI (Airport authority of India) and

improved public transit systems with the

implementation of metros are some of the

key steps undertaken to improve

infrastructure in India. India‘s power

requirement is expected to double by 2020

to 400,000 MW. The ambitious plan of

―Power for All‖ by 2012 and the 123

agreement depicts government concern for

raising Power needs. With 500 million

telecom subscribers we are in the league of

the top 3 countries in terms of subscribers

but this number dropped significantly to

mere 13 million when it comes to internet

subscribers. Tele communications has seen

a tremendous growth in the last decade but

still there is a huge potential for growth in

terms of internet services.

The idea of growth is incomplete without

considering the rural economy. As cliché as

it might sounds but ―India still lies in its

villages‖. Rural India is still a vast market

which has not been harnessed to its

potential. One must not wonder why the

sales figures of 3gm shampoo pouch is so

important for HUL or P&G. Rural India will

drive the volumes in the near future. The

next decade will see increased focus on

rural economy in both agriculture and non

agriculture sectors. Infrastructural support

in form of connecting roads, rural

electrification, biotechnological support,

genetically modified crops and better

irrigation facilities will define the future for

rural India. The result of telecom

penetration is already evident in rural India

and the next decade does holds new

promising opportunities.

In order to achieve sustained level of GDP

growth in the next decade, there is a need to

address some of the key issues. There are

certain major problems that the policies of

the last decade have merely touched. First is

the education. Indian institutions have

always been accused of producing non

employable graduates except some of the

National Institutions like IITs & IIMs. The

area of focus should not only be higher

education but also primary education

especially in rural areas which provides a

sound base for progress.

Other key challenges are economic

inequality, widespread corruption and

health services. We surely have 4

billionaires in Forbes list of top 10

billionaires but this achievement is

diminished when we see that 30% of our

population is not even able to get the bare

minimum of 2200 calories/day. The idea of

inclusive growth cannot be materialized

unless there is a check on the bureaucratic

corruption. There is a growing need of

Public Private Partnership models to

implement the rural schemes such that they

do the necessary. As we step into a new

decade, the growth drivers for the economy

are diverse and robust, but so are the

challenges ahead.

Shshank Bharatwal

PGDM, Class of 2011

Indian Institute of Management, Calcutta

Chronos 2.0

INTRODUCTION Silicon valleys,

knowledge societies,

techno-freaks,

buzzing night life, and multiplexes -If you

are wondering whether this fantasy land is

in the European mainland, then sorry, you

got it wrong. This is the new India - a face

that will revolutionize the Western world in

the forthcoming years. As technology soars

through the un- explored, so does it carry

with it novel professions that usher in the

nouveau riches - IT professionals,

nanotechnologists, astrophysicists and

above all, the new age global managers.

POSITION IN THE WORLD MAP As the new face of India revolutionizes the

world map, the country also carries with it

in due course, many hurdles as well as rosy

paths. In this age of the global Financial

Crisis, when the topnotch institutions like

AIG and Lehmann Brothers have fallen into

the gorges of recession, the ‗DESI‘ Central

Bank and the other organizations have

proved their mettle in being supreme

organizers. The RBI‘s move of buying 200

tonnes of IMF gold is itself an act that is

self explanatory, which implies the

devaluing American dollar as well as a

sinking U.S economy. The developing

nations like India and China can make use

of this golden opportunity to become the

flag bearers of the Universe, especially

when all the tables are turned against the

global leaders, including the U.S.

ONE INDIA-MANY FACES Turning away from the financial scenario,

our main focus should be on the Great

Divide-the split between the super rich and

the ‗SLUMDOGS‘. This has been a hot

topic for several years, but a satisfactory

answer has not yet been provided. While

the students of the prestigious IIT‘s, the

IIM‘s and the mushrooming number of

management and professional institutions

gain huge reservoirs of knowledge, the

other side of the coin poses a dismal face. A

country, where an Engineering or an MBA

degree is valued much more than the

instinctive talents of an individual, a

country where the latest trend among

parents is to cheer their newborns to get

past the final hurdle of the IIM‘s and grab

that dream job somewhere in the technical

jungle of the Americas, a country where

preparations start right from the age of ten

or eleven, so that by the time the kid

reaches the threshold of teenage, he can

‗flock‘ along with a ‗herd‘ of tech-savvy

geeks-that is the page 3 face of our novel

India! However the India which the world

knows is entirely different –still it remains

as a laggard on the global map, with

illiteracy levels reaching sky high at 35%.

What can we make out from this scenario?

This is undoubtedly in economic terms the

worst case scenario.

PRIDE AND SHAME The long strides that India has made in a

multitude of areas cannot be neglected-the 8

Oscars for Slumdog millionaire, the

Financial Policies of our country, IT sector

development, educational sector and after

all health care reforms-through all this India

Aiswarya Subramanian talks about reforms being the way ahead.

Chronos 2.0

achieves a grandiloquent stature in World

Economy. Yet look at the downside-As the

Ambani brothers fight for who will top the

Billionaire list, the scenes in Rural India

make us teary eyed with the people fighting

it out for a day‘s survival. What is this

Great Indian Paradox? As Gen-X youth of

the day, we should be more concerned

about such social and political issues that

endanger the firm foundation of our society.

GROWTH TRAJECTORY We are on the growth trajectory-but how?

The upward sloping growth curve is

contributed mainly by the services sector

that employs the creamy layers, whereas the

most vital agricultural sector is given less

importance, as the long term sustainability

factor sinks into oblivion. A second green

revolution can do wonders to the economy.

Though America puts the blame on India

and China for being the worst polluters, the

efficient carbon trading and other ‗green‘

measures can help India out of this

bottomless pit of the blame game.

REFORMATION The Reformation of India has to begin from

the grassroots levels. The foundation has to

be cemented well for the house to remain

stable. Just like that, the primary interests

like education, food and shelter should be

taken care by the meticulous usage of our

abundant resources by the Indian

Government. The NREGA scheme and

Pradhan Mantri Gram Sadak Yojana are

some of the priceless initiations that the

Government has adopted towards the

redressal of some of their grievances. Even

today we hear the revolting news of the

CMs of states being arrested for corruption

and such illegal acts, a female child being

burnt to death because of gender preference

etc. It is in times like those that we

understand the values of the Guiding Lights

of India - an Oriental place that had always

been the green eyed monster for developed

economies. Though India has made huge

leaps into the universe of development, it is

also consistently making baby steps in the

negative aspects as corruption, escalating

divorce rates and various factors show. It

has come to an age when emulating the

leaders blindly can lead to our own

downfall. A serious reconstruction of the

Indian economy and society as a whole is

the only theoretical solution to the

gargantuan problem the country is facing.

But whether it is practical or not, we have

to wait and watch-a trial and error method

though costly may yield rich gains.

CONCLUSION As the young people of ―INCREDIBLE

INDIA‖ chat, send instant messages,

comment, share, like and post their

mundane routines on others walls, lazing

around in the cozy corners of virtual

networking sites, they shouldn‘t forget the

ultimate truth that beyond the imminent

shores of comfort lies a vast horizon of

pleas for hunger and survival. That one

thought spared for a fellow citizen can

bridge miles and miles of the Indian

Territory, standing tall as a testimony to the

words etched in gold-―India is shining‖.

Aiswarya Subramanian,

Institute for Financial Management &

Research- Chennai

Aiswarya Subramanian talks

about reforms being the way

ahead.

Chronos 2.0

We, as a nation had definitely ushered ‗thousand revolutions‘ when we set out for our ‗tryst

with destiny‘. But, destiny for India appears to be a janus-faced devil. Today, nothing

characterizes India better than its glaring paradoxes where opulence coexist with destitution,

where shiny BMW‘s jostle with medieval bullock carts for space and where glitz of malls faces

army of beggars. But nothing is quirkier about this divergence than hastening of its pace in

recent years. Clearly something has gone horribly wrong with our dream.

The technology driven economic changes which brought bounties in the cities failed to cheer

‗the teeming millions‘ in the countryside. The net which is connecting the globe is dividing the

nations & forces of globalization seem to have a distinct partiality for few, offering only

destruction to the rest. As a result ‗Bharat‘ and ‗India‘ appears to be hurtling towards their own

destinies with a potential to tear the fabric of the nation apart. It makes new methods of

thinking imperative.

Our constitution enshrines economic justice as one of the holiest commandments. This does

not necessarily means socialism but an assurance of dignified existence to its every citizen. This

was not an act of charity but recognition of the fact that when denied, it will bring the status in

to disrepute, challenging its very basis of existence and eliminating one of the essential

prerequisites for development. it will lead to ramifications in the fields of society, polity and

law& order which is beyond imagination. The problems such as naxalism, regionalism, and

terrorism all are rooted in this denial of justice to certain section of the population.

To change this course of doom we need to veer the course. What we need today is not more

IIT‘s but more ITI‘s, not more AIIMS but more PHC‘s and not more job seekers but more job

creators. The question here is not about either-or but about prioritizing. The focus of policies

should shift from the statistical growth to distributive growth. The effort should be to create

partners in the development and not fodders of development. In other words it is better to play

win-win game than to play a win-lose game.

Today we have around 65% of the population dependent on agriculture. But the sector as a

whole is not growing at all when population growth is taken into account. Therefore any

attempt at eradication of poverty and making majority a partner in the development must start

Team Greenbacks gives a clarion call to remove the difference between

India and Bharat.

Chronos 2.0

from here. More investment in the sector with a focus on value addition in the sector by means

of agri-based industries should be attempted. This can be done by a mix of legal reforms,

creation of infrastructure and policy support to the sector. Further, knowledge creation in the

sector by R&D through public-private partnership should be attempted.

Indian labour force in general suffers from low skills. As a result their employability in the

sectors outside agriculture is limited. Further, their marginal utility is very low. This has

created a vicious circle of low income leading to low skills resulting in low incomes. In order to

convert this circle into a virtuous one what we need is proper education system. Free, good

quality elementary education should made available within the reach of the people. After that,

attempts should be made to create skills by means of vocational education. In this regard

establishment of ITI‘s can be useful. Further, most of the Indian syllabi are oriented towards

theory with very little practical content. Any change there will also result in higher economic

growth of the population. At the same time it will also help in transfer of large segment of

population away from low growing agriculture to higher growth services and industry.

At the world forum, India needs to adopt a more proactive stand in favor of development.

Forums like UN, WTO can be used to air opinions in favor of protecting the interests of the

weaker sections of economy so that they should not become prematurely exposed to unfair

competition. An alliance of countries with similar interests should be created to have enough

clout to challenge the pressure of developed nations at such forums. In this regard initiatives

like BRIC are a welcome sign.

The distance between India and Bharat has risen in the past. But, we must realize that we have a

shared destiny. Either we sail together or we sink together. Therefore necessary course

correction should be done so that ‗twain shall meet‘.

Team Greenbacks

Kumar Bibhu

Vineet Jain

Management Development Institute Gurgon

Chronos 2.0

“In Peace prepare for War, in War prepare for Peace.”

This proverbial assertion of The Art of War has lost none of its pithy even as it comes down to us

after millennia.

In spite of our country witnessing an unprecedented economic growth & growing deference on

the global stage (Security Council seat anyone?), self doubt is often seen to mar our poise. This

is seen on diverse fronts, from Politics to Policy making, Sports to Scientific research. I do not

solicit a mercurial comportment, but when was the last time the country went in for the kill &

made it. The corpus politic has only reiterated appeasement (whether Hindu or Muslim, matters

hardly) & has been the biggest impediment against all things constructive. Decisions on

seemingly straightforward issues like SEZs or Reservations have turned into painful fiascos

creating schisms where none should have existed. The lack of interest in research & innovation is

all but apparent – the very committee formed to oversee the formulation of Patent Laws, is

resorting to intellectual thievery (read Mashelkar‘s plagiarism).

So, will we lose the vantage even as we arrive there? Why do problems like corruption, crime &

irresponsibility towards the nation persist & escalate even as the nation itself progresses (at least

statistically)? The only reason can be a lack of patriotism – why sacrifice personal motives when

you don‘t identify with ‗India‘.

Even the name is Hellenistic in origin. Then with what does an Indian identify himself with? He

does not possess a homogenous language, race, culture or religion – factors which elsewhere

bind peoples into a nation. Even his citizenship looses meaning as the Government strives by

might & main to extend that cherished citizenship to half of Bangladesh as well. But do we need

a ‗feeling‘, something intangible, which binds us by a common thread. Yes, irrefutably we do.

Patriotism is not naïve rhetoric. It is the drive which spurs the leader & the masses of a nation to

survive Darwinism which holds well even on the scale of entire nations. The reason for

insurgencies & proxy wars ravaging the country, are not simply borne out of incentives (dar al-

harb or proletariat purges) which the antagonists see themselves wresting from the government.

They are more an expression of resentment against a country which they feel has alienated them,

the ‗country‘ being nothing more than an Imperialistic regime controlled from Delhi.

Then how do we hack this Gordian knot on our ‗Road to Glory‘, in a way which stands better

chances than Chappell‘s. The panacea is not welding history to create a pastiche of common

heritage. Ideology per se, is not palatable enough, nothing more than a ‗pie in the sky‘. This is

Akshat Shukla presents a case for Military conscription.

Will it add iron to the Indian spirit?

Chronos 2.0

especially true when the fact that the heritage is not shared equally, is painfully apparent. All

things which supposedly constitute our nationhood are ephemeral ideologies, now stone cold,

which fail to leave a lasting impression once outside movie theatres or cricket matches.

Historically, Rome was a country which was as diverse as India both geographically &

linguistically. It was able to dominate culturally, economically & strategically for centuries

despite of an immensely varied stock of citizens. The reason for this success was simply –

compulsory conscription.

Conscription provided Romans from all strata & spectrum of the society to mingle & have a

vivid experience of the most fundamental reason for a Nation‘s conception - the need to preserve

your Home. Whenever a citizen comes to witness that his nation‘s prosperity is directly aligned

with that of his home, the nation prospers. A Roman legionary when returning to the role of a

citizen knew what his citizenship meant – it was something he had earned with toil. All his

privileges stemmed from this citizenship, thus he had an innate sense of love & duty towards the

nation, which an Indian does not possess, because his citizenship is nothing more than garbled

ideology. The fact that the rich and the poor, the provincial and the urbane fought shoulder to

shoulder meant that all divisions of class, region or language disappeared.

Conscription in India will induce in us the discipline of the Chinese without meddling with our

democracy and will give young Indians, whatever their background, the right attitude, energy,

acuity of thought and commonality of action that distinguishes our army men. Subjective though

it sounds, conscription really can be the cure-all we have long been searching for redeeming the

golden bird.

Akshat Shukla

Department of Management Studies

IIT Delhi

Chronos 2.0

Someone once made this rather wise quote: "No matter how big a nation is, it is no stronger that

its weakest people, and as long as you keep a person down, some part of you has to be down

there to hold him down, so it means you cannot soar as you might otherwise.” That person was

Marian Anderson and it uncannily describes the position our country is in now. Disparities of

every possible type- rich and poor, urban and rural, working women and female infanticides- the

list goes on and on, so much so that it has become a cliché to even talk about it.

So, the question remains: how do we build an India free from such evils? There are no easy

solutions and the few that are feasible need not just be well planned but need to be correctly

implemented.

Let‘s first tackle that curse called poverty which has been plaguing our country for a time longer

than we care to admit. The two largest categories of poor in our country are the landless

labourers and the small and marginal farmer. Without addressing their problems, there is little

point in grand schemes and fancy conferences on poverty alleviation. With regards to the small

famers, credit is their single biggest concern (as is the case world over) considering the fact

while their expenditures are many; their income is only during the harvest time- a lopsided

equation if ever. The issue is: how to extricate the farmers out of the vicious cycle of multiple

borrowings, establish best farming practices, raise their incomes and facilitate savings? Here, it

is necessary that apart from the various banks, NGOs and MFIs working in tandem, cooperatives

are set up to ensure that farmers get the best prices for their produce, reap the profits generated,

have access to quality inputs and imbibe the practice of savings. Think Amul: has there been a

better intervention in this country in terms of elevating the famers to a better life? But here, too,

it is necessary that it is the farmers who manage and control the cooperatives- after all, they

should have the power to decide what‘s best for them and despite what the intellectuals would

like to believe, they are far smarter than us. Think community development through community

participation- exemplified by NGOs such as Dhan Foundation and cooperatives such as CDF.

When it comes to the landless labourers, schemes such as NREGA can prove immensely

beneficial although issues such as the low wage rates ought to be addressed. As for the objections

raised against such programmes regarding the huge government expenditure, one look at the

enormous tax waiver given to the IT industry and perhaps we would not feel so ungenerous after

all.

However, all this needs to be supplemented by the two most important requirements for a

dignified living: health and education. Without access to either of them, our country is consigned

to remain in the dumps. The pitiful conditions of government run schools and hospitals has been

A chain is as strong as its weakest link. Doesn’t it mean the same for India as well,

asks Team Advaita’s Sanjana Pegu.

Chronos 2.0

studied, researched, analysed and over analysed but not solved. Here, we can look at success

stories like the Rajiv Gandhi Super Speciality Hospital in Raichur and Rogi Kalyan Samiti- both

were public private partnerships and both are doing commendable work in their respective fields.

These models are replicable and scalable which means that assisted by a State willing to work for

its citizens and a civil society which dispenses with its responsibilities and not simply rights,

issues related to health and education can be addressed. Specific to education, one can‘t help but

quote Dr Shantha Sinha‘s definition of child labour-―Any child out of school is child labour‖.

Taking this definition as the mantra, a consolidated effort by the government and society is

required to ensure that none of our country‘s children have to work when they should be

enjoying their childhoods- and for that, we need to develop and maintain standards in school

infrastructure, quality teachers who are motivated and paid well and children who are nurtured to

be the country‘s biggest assets.

There are plenty of issues related to the haphazard urban development, people dwelling in slums,

the scourge of terrorism, Naxalite movement etc. The point, however, is that once the poorest

and the backward are empowered and can live a life of dignity with the basic amenities, most of

the country‘s ills will wither away faster than we can imagine. All it requires is a little bit of

effort from us.

Team: Advaita

Indian Institute of Management Bangalore

Author: Sanjana Pegu

Chronos 2.0

Chronos 2.0

Introduction

In a broader sense, financial inclusion is providing or ensuring banking services at affordable

costs to the weaker sections of society or the unbanked segment which does not have access to

the formal banking system. In bigger cities, every household may have more than one bank

account but thousands of villages in India do not even have a bank branch. With a population

of over 1 billion, India surprisingly has only around 300 million bank accounts. Of the six lakh

Indian villages, only 30,000 have bank branches. A government-sponsored report says only 10

per cent of Indians have a life insurance cover, 13 per cent have debit cards and just two per

cent own credit cards.

Absence of a formal banking system forces people living in these areas to opt for informal

financial system and mostly private money lenders for their financial requirements. It also

prevents flow of funds from such areas in form of deposits into the formal banking system.

What is present system and Reasons for financial exclusion?

The informal financial service providers include moneylenders, pawnbrokers, savings and

credit associations such as chit funds, community-based organizations and credit services

offered by few NGO‘s. Informal providers often rely on personal relationships to assess risk.

Chit funds have huge risk of mismanagement, fraud and bankruptcy. Moneylenders often

charge exorbitant interest rates, sometimes forcing customers into a debt trap or even bonded

labour.

Out of the many factors that deter the adoption of banking, specifically in rural parts is the

proximity. Other reasons are:

Lacks of suitable products- Formal banks are unwilling to give loans without collaterals even

in the cases of small loans. Poor people won‘t be satisfied with cheaper, stripped down

versions of mainstream products.

Poor financial Literacy and awareness: Cash is still preferred more over electronic transactions

in most of the towns and villages. People do not consider savings account for their savings.

People invest their money in assets like jewellery or chit-funds.

Banks disinterest: Rural branches and not-much-profit areas are not serviced by banks

properly. Banks lack staff and customer service is not much stressed upon.

F i n a n c i a l I n c l u s i o n a t t h e b o t t o m o f t h e P y r a m i d

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Government and Private Initiatives

The government has set a target of reaching out to all 1.07 lakh unbanked villages having

population over 2,000 by 2011. Rewards in form of financial incentives are being offered to

commercial banks that open branches in the unbanked areas of the country as government

attempts to bring about financial inclusion—ease of access, availability and usage of the

formal financial system.

Banks are opening no-frills account for the low-income groups. The central bank has

simplified the Know Your Customer, or KYC, norms in cases where the account balance does

not exceed Rs 50,000 and credit does not cross Rs 1,00,000 a year. Recently, the Reserve Bank

of India (RBI) has decided to allow self help groups (SHGs) and primary agriculture credit

societies (PACS) as business correspondents to ensure a greater banking penetration in the

country s interior rural belt.

Among the private players, Citigroup is rolling out a network of biometric automatic cash

machines aimed at illiterate Indian slum dwellers, using the latest technology to woo the

country‘s millions of unbanked poor. The machines will recognise account holders‘

thumbprints, eliminating the need for a personal identification number, and will have colour-

coded screen instructions and voiceovers to help guide them through transactions. Mobile

companies like Nokia are expected to soon roll out their financial and banking services under

the banner of ‗Nokia Money‘. It plans to tap its huge network of 1.9 lakh phone retailers and

dealers who will act as the consumer point and banking correspondents.

What to do for financial Inclusion?

Financial Inclusion has to be a multi-prong procedure which would involve partnership and

collaboration between different players like retailers, telecom companies, banks, government,

and private palyers.

5-step procedure

Product: By downsizing the offerings according to rural need and not degrading. Customizing

products like low payment instalments, ability to delay or consolidate instalments.

Customer Reach: Evaluation of new channels for distributing financial products like Moblie

technology, NGO‘s, post offices, kirana stores etc. It is also important to educate and make

people aware of financial products.

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Risk management: Use of community guarantee as collaterals, maximum use of local

knowledge to assess risk, risk evaluation through tie up with telecom companies and retailers

in local region etc.

Administration and collection: Centralization of back-office operations can greatly reduce

the expenses incurred by the banks. Use of local correspondents, particularly for collection

could help greatly. Banks could even use traditional institutions like ‗Nyaya panchayat‘ which

help resolving issues at village level.

Initiatives by banks

Flexibility: People at bottom of pyramid do not have a fixed and steady source of income.

Therefore they require their financial services providers to be very flexible.

Simplicity and speed: Simplicity to financially excluded means fast processing and less

cumbersome paperwork.

Small product size: In the form of small personal loans, small premium paying insurance

policies etc.

Mobile technology

Mobile is a superior medium to reach the large masses of unbanked and it is beneficial to both

the banking fraternity - which can cover significantly more customers than it could by setting

up physical branches - and to the unbanked, which are unlikely to otherwise have a formal

bank account.

The deep penetration of the mobile telephony, across India, presents a huge opportunity to

unbanked Indians to leverage the same, transact freely and benefit from the nation‘s economic

growth. With the right technology, a mobile phone can be used for credit card transaction,

balance enquiries, direct debits, and bill payments. Mobile connection could also be used as

debit cards. Banking through mobile phones will boast must lower costs and greater

convenience than traditional banking products.

Mobiles can be used to educate the consumers as well as providing information about new

products

New business channels and Touch-points

Innovative and new channels could be explored for conducting banking business as agents of

the banks at places other than the bank premises. These could include intermediaries such as,

NGOs/ Farmers‘ Clubs, cooperatives, community based organizations, IT enabled rural outlets

of corporate entities, Post Offices, insurance agents, among others, besides micro-finance

institutions.

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Profit or Loss making?

Access to financial services will provide the poor opportunities to build savings, make

investments and avail of credit. Also, such access helps them insure themselves against

income shocks and equips them to meet emergencies such as illness, death in the family or

loss of employment.

Financial inclusion can also help the government reach the benefits of social security efforts,

NREGA payments to the rural poor directly through the banking system, thus reducing the

time and transaction costs. Better flow of money in the economy could be guaranteed by

ensuring money from poor are also circulated. Even financially, opening branches in such

areas is not such a bad deal.

Successful Initiatives in other countries

Mobile-commerce activities in Asian countries like Philippines, Malaysia, Pakistan and in

different African nations had helped reinforce the convenience and leverage of the M-

commerce eco-system, particularly for the unbanked populations. Pioneered in Zambia,

flourishing in Kenya, and recently introduced to parts West Africa, money transfers using

mobile phones and other forms of telephone banking are taking off across the continent. In

Zambia, 2% of Zambia‘s GDP was transferred through mobile service.

Conclusion

To engage financially excluded, financial institutions must first understand this segments

financial needs and aspirations along with barriers that give rise to exclusion. Creative new

business models supported by government initiatives and regulatory reforms can upend the

economics of reaching financial excluded and allowing financial service providing companies

to unlock opportunities for profitable expansion.

Rohit Kumar Goyal

MICA, Ahmedabad

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History of Radio:

In India, radio broadcasting started in 1927 at Mumbai and Kolkata with two privately owned

transmission stations.

In 1930, the government acquired these stations and started operating them under the Indian

Broadcasting Service. This service was later renamed AIR in 1936 and has since been operated

as an independent Government department. From 1957, the radio service also came to be

referred to as 'Akashvani.' Vividh Bharati, AIR's main entertainment channel, was started in the

1960s.

Commercial broadcasting was first introduced on Indian radio in 1967. In the mid- 1970s, AIR

started offering sponsored programs. Radio's commercials started during the early 1980s on its

primary channel Vividh Bharati and were extended to other channels by the mid-1980s.

In July 1999, the Government of India decided to allow private players to enter the FM radio-

broadcasting sector. It planned to offer ten-year licenses to private players in 40 cities across

India.

The first private FM radio station Radio City began functioning in July 2001 in Bangalore,

Karnataka. By October 2001, sixteen companies were issued licenses to operate private FM radio

stations.

Some of these were Entertainment Network, India FM Radio, Vertex Broadcasting,

Radio Today, Sun TV, Music Broadcast, and Millennium Broadcast etc..,

Radio Industry Characteristics:

Cost Effective Medium to Advertiser

Radio offers reach, frequency, impact and economical advertising solutions for advertisers.

Radio advertising rates are low on cost-per-thousand basis as compared to other media

Excellent Complementary Medium

Radio forms an excellent complementary medium to television and print. It can extend the reach

of a campaign, focus the delivery, and enhance or reinforce a message.

Interactive medium

Radio speaks to its audience in a highly personal manner. Listeners build a relationship with

their local radio personalities - a rich resource into which the community can tap.

Low Content Costs

Unlike television, radio does not require any commissioned original content. Most of the content

on radio is live. The biggest content - music - requires a royalty which is payable to the relevant

Team Rayo brings to light The Power of Radio!

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society‘s viz. Phonographic Performance Limited (PPL) and Indian Performing Rights Society

(IPRS) and certain music companies.

Prime Time differs from Television

The prime time for radio listenership differs from prime time television viewing. Radio

listenership peaks in the morning, afternoon and late night time slots, while Television

viewership reaches its peak during the night slot.

Delivers relevant audience

Listenership of radio as indicated by the Indian Listenership Track (ILT) survey is the highest as

a percentage among the younger audiences (15-29) and the SEC A audiences. The research

indicates that almost 70% of SEC A audiences listens to radio every day. This is the audience

most sought by advertisers.

Current Scenario:

• Business model is mainly advertising driven

• Impacted by the global recession, growth in the last two quarters of 2008 was slow because of

slowdown in the advertising industry

• A cost effective medium for advertisers as it has more penetration and reach compared to the

traditional print and television.

• Controlled by few business groups having sizable stake in different media properties

• Mainly an act of diversification from existing media players as a risk mitigation exercise with

slowdown experienced in traditional media outlets such as print.

• Regulated and recently privatized

• Phase II licensing made the business viable

• Has huge infrastructure setup costs

• Oligopoly and witnesses price wars

• Overall growth rate is impressive

Key Indicators:

• Highly fragmented and regulated

• Top 5 players part of large media groups control 63% radio stations

• Top 5 players earn 40% of total revenue

• More than 240 private radio stations

• Slowdown in promoter‘s primary business activity has resulted in diversification in radio

business

• 2004-2008 CAGR ~9% (realized)

• The current size of the radio market is India is Rs.300 crores and is expected to achieve the

highest growth rate of 32 per cent in coming years.

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*CII-KPMG (2005) Indian entertainment industry, Focus 2010: Dreams to Reality.

Metro market phenomenon:

• 18% of all private FM stations in metro markets

• Metro markets contribute maximum revenue to the industry

• No room for expansion in metro markets – metro markets already have maximum number of

permitted stations in operation.

• Witness fierce competition

Key Private Players:

Radio City

Big FM

Radio Mirchi

Radio One

Red FM

Advertiser Driven:

• Radio globally is optimized for local advertisers but Indian Radio industry vies for advertisers

with national presence. The mix currently is in favor of National advertisers.

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• Advertisers who provide big business are largely based out of metro markets.

• Advertisers give maximum business to market leaders who have large presence, e.g. Radio

Mirchi, Big FM.

• Radio commands 4% of total advertising revenue.

• Industry expert opine that small players distort market by virtue of their inability to support

large advertisers.

Future Drivers:

• Consolidation in the industry

• News and current affairs broadcast for content differentiation

• Phase III licensing to ease industry expansion

• New stations to result in more fragmentation

• Advertising revenue generation from national to local base

• 2009-2013 CAGR ~15.4% (projected)

• Big radio companies to go global.

• Radio Mirchi acquired Virgin Radio in the UK

• Big FM launched a dedicated station in Singapore

• Growth to come from locally targeted advertising

• More awareness about the medium and its potential to result in better utilization with the

advertisers.

Conclusion:

"Radio won't die; even today, the reach of radio is more than that of television. In rural

India, every individual has a transistor. And you can listen to the radio even when you are tilling

the soil."

A few years ago, if you told your friends that you listened to the radio, you were

`uncool,' and `outdated.' Today, the radio is hip, totally with the times and like any teenager

would say, "It's so rad!" (Radical). The radio is no more a medium that will be on the

backburner- not for the youth of today and not for the scope it offers.

The commercial aspect of the radio is enormous as are the people it reaches out too.

Right from the neighbourhood pan wallah to the corporate banker, they are all hooked to the

radio. The latest music, regular news updates and even updates on the traffic scenario in some

cities- with the radio offering all this and more, an increasing number of people are tuning in to

their favourite frequencies to find out what's happening around their city.

Team RAYO

Ms. Ratika Kapoor

S.Yogeswaran

IIFT – Delhi

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―I hear and I forget, I see and I remember, I

experience and I understand‖ are the golden

words which were said by Confucius

hundreds of years ago. Now Marketing and

Advertising gurus are following these words

and new type of Advertising has been

evolving which gives emphasis on surprise,

catchy slogans and graphics, the term is

―Ambient Advertising‖. Instead of

advertising one's product through TV, radio,

prints or hoardings on the pavements, these

ads creep before the viewer when he least

expects it. The whole idea of ambient

advertising is to be clever and catch the eye

of the target even before they realize that

they are a target.

Defining Ambient Advertising in view

of its need and sustainability Ambient was first used in relation to

advertising in 1996 by Concord Advertising,

a UK agency specialising in outdoor

campaigns. It evolved from a need to apply

a single term to what was an increasing

request from clients for ‗something a bit

different‘ in their advertising. Clients,

concerned with issues of cut-through

competition, decreased effectiveness and

disinterested audiences wanted (and still

want) advertising ‗with bite‘ from their

agencies. This push by clients for something

different saw agencies placing ads in

unusual places.

Unusual locations are considered a defining

characteristic for Ambient advertising.

However, ‗unusual locations‘ lose their

point of difference with repetition and time,

and so cease to be something different. This

suggests two things. Firstly, that if ‗unusual

locations‘ is a part of the definition of

Ambient advertising then, what might be

considered ambient one day may not be the

next, as audiences become familiar with any

given location and the point of difference or

‗unusuality‘ fades. Secondly, and related to

the first point, is that Ambient could be seen

as a moveable term and defined by

advertising norms of the day. Unusual

location is not the only point of difference

for Ambient. The method of execution is

often unusual as well. Holographic

projections, role-plays and graffiti are a few

examples of this and certainly fit within the

‗something different‘ imperative.

The preceding discussion has highlighted

the factors of location, execution and

temporal issues as being important to

‗Ambient advertising‘. So now Ambient

Advertising can be defined as:

The placement of advertising in unusual

and unexpected places (location) often with

unconventional methods (execution) and

being first or only ad execution to do so

(temporal).

Why Ambient Advertising

Increased competition in crowded

categories, short term focus in industry,

greater focus on accountability, a decline in

media advertising effectiveness, and the

proliferation of brands has businesses

demanding more effective advertising at

lower costs. Concurrently, perception of

Sulabh Sood talks about Ambient Advertising

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increased ad clutter arising out of the

information technology revolution has led to

a decrease in effectiveness of traditional

advertising (print, radio, television,

billboards, and transit etc). To what degree

traditional advertising is less effective is, in

one sense, not the critical point? The mere

fact that there is a market place perception

of decreased effect is in itself problematic

and indeed an important driver towards a

more confrontational approach to

advertising, or at least a re-think on what

may work.

There are many advantages associated with

Ambient Advertising (the following

examples are real Ambient cases), such as:

1. Large Audience Involvement: Due to

greater emphasis on surprise, humour and

creativity, Ambient Advertising

automatically appeals audience and the

product become cynosure.

There was a moving board ad campaign

done in Melbourne CBD (Central Business

District) by ―AmbientAdvertising,

Australia‖ for Common Wealth Games.

Throughout the seven days of activity busy

foot traffic areas in Melbourne‘s CBD were

targeted to create maximum awareness and

exposure. The boards displayed a concise

visual message and the promo team backed

it up by offering advice and directions to

those who required more information. No

one had seen the Moving Boards before and

promo staff noticed that many people

stopped and went out of their way to see

what it was all about.

Apart from the great informational value of

the map and directions displayed on the

boards, people were very appreciative of

further help offered by the staff.

2. Low Cost: Ambient Advertising does not

involve large bill boards, real estate space,

hoardings, costly TV or radio slots, high

priced ad space in newspapers and celebrity

endorsement. For e.g. consider a watch

manufacturing company which has

introduced a new brand and huge range of

watches (maybe 50-75 new type of

watches). In order to advertise the whole

new range, the company may require huge

advertising investments. Ambient

Advertising provides simple solution.

As seen in the photo, the company can

create different type of bus/train hand

holders and advertise its different range of

watches.

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3. Precise Audience Targeting and

Maximum Viewing time: Ambient ads can

appear on store floors, at gas pumps, in

washrooms stalls, on elevator walls, park

benches, telephones, fruit and even can be

pressed into the sand on beaches. According

to the product, the audience and their most

likely place of availability can be

determined and then Ambient Ads can be

devised.

For e.g. consider a football match, where

mostly football lovers will come to spend

their leisure time. In the below image, an

Ambient Ad is very strategically placed in

every seat of the stadium to have repeat

reading from targeted audiences. It is basic

human nature that a person reads a thing

many times, if displayed continuously.

Is Ambient Advertising Perfect? There are some disadvantages also

associated with Ambient Advertising. The

main issue in ambient media is clutter; every

big city in the world faces this problem. All

the ambient media forms added in the last

decade, which includes phone boxes,

stencils in the street, sampling postcards

being distributed, construction sites, sky

advertising, are what people face when they

are not in their first contact point (home) or

second contact point (workplace). They

experience this type of advertising in their

third world, that is, when they are simply

walking or doing leisure activities.

Unfortunately, most ambient advertising is

developed in a way, which really annoys

people. When it reaches that level,

consumers ignore it and secondly, they are

aggressive against it. People don‘t want to

be hammered by advertising; they still want

to see architecture in the city. It‘s better for

the industry to think of possibilities that

brighten up the city and accentuate the

architecture such as neon and LED (light

emitting diode) screens.

Conclusion Consumers and advertising messages have

evolved and become more sophisticated.

From this background has risen Ambient

advertising. The ‗communications and

technology revolution‘ has given us

omnipresent information. Ambient

advertising is a new arena for both marketer

and consumer engagement, and one still

very much in need of exploration. If we look

into the timeline of advertising, we can see

that new type of Advertising emerged only

when new invention or innovation was done.

From newspapers we shifted to radio, from

radio we shifted to television and from

television we shifted to Internet. Now the

era is of Ambient Advertising, as long as

innovative, catchy, humorous and surprising

ideas will be generated, Ambient

Advertising will be there.

Sulabh Sood

Department of Management Studies

IIT Delhi

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CHAOS: We are pleased to have today Mr.

Mr. Anuj Guglani who is the CE O of the

World Auto Forum. Welcome sir, first of all

we would like to know about your

connection with DMS.

Mr. ANUJ GUGLANI: the connection is

very deep rooted and special. I am

an alumnus of this institute

of 1999-2001 batch. It has

been eight years that DMS

has thrown us to the

world of big sharks; so

far so good I think we

have done well and

have a lot to look up

to the future. The one

thing which I liked the

most at DMS was the

inclination towards industry based term

papers and we also did a lot of assignments

in the industry as a part of our summer and

winter training. To top all this we also

organized many cultural festivals like

Parivartan, Rendezvous and Blitzkrieg

which helped us develop an all round

personality.

CHAOS: You have had an illustrious career

with Honda and GM so what your corporate

career was like and what made you decide to

start your own venture?

Mr. ANUJ GUGLANI: After DMS the first

company I worked for was Honda and at

Honda I ensured that I worked for a lot of

other functions and not concentrate on my

own job profile alone. For this it is very

important to have a very supportive

boss and supervisor. I was

fortunate in this respect

and my boss helped me

get a 360 degree view of

the company. Then I

worked at GM for 4 years

where I mainly looked after

the dealer trading aspects of

the company. It was not

overnight though that I decided

to start my own venture, the

seeds had been sown right here at DMS

as I was also a part of the eDC

(entrepreneurship development cell) started

by Prof. S. K. Jain. The idea came to me at

the World Auto Expo in Delhi. I realized

that I knew a lot of people there so this idea

Chronos 2.0

Two most important things in a

startup therefore are to manage

your emotions and managing

your cash flows.

of creating a platform for auto companies to

always stay connected came to me. In my

family also there are a lot of entrepreneurs

who are doing their own things so I had

inspiration from the family as well; my wife

was also very supportive to go ahead with

my plan. So I started my company in

August, 2007 as ACE associates.

CHAOS: There are always some problems

when you start a new venture. What were

the problems which you faced as a start up?

Mr. ANUJ GUGLANI: The going was not

easy certainly. When you have spend seven

to eight years in the corporate world you get

a lot of perks, you get a position and people

listen to you but suddenly all that is gone.

My bills were being taken care of; the

mobile bill, car‘s EMI, house loan EMI due

to a monthly pay check. But after leaving

the job one thing which I missed the most

was my monthly pay check because

suddenly your emi checks start

bouncing as there is no

monthly paycheck.

Two most

important things

in a startup

therefore are to

manage your

emotions and

managing your cash

flows. It can really get

tough and it can be like

a sudden reality hitting

you.

When you are working in a

corporate you have the best people working

with you and for you but when you are on

your own there is this big challenge of

attracting and retaining good man power

because you don‘t have a brand; you don‘t

have a swanky office. You cannot throw

your weight around to have things done your

way. You need to be a very humble person.

You also have to multitask because any

work in your company is your work and you

really need to have a feel for it.

CHAOS: What is your current business

model and how did you arrive at it?

Mr. ANUJ GUGLANI: Back in August

2007 we started a company called Ace

Associates and this name also has

inspiration from DMS. One of our

professors used to say that whatever

you do in life you have to be an ace. I

have already told you that this idea

came to me at the Auto Expo. We

have created a platform for the

auto industry where the auto

companies can meet each other

plus they can also meet their

vendors and service providers,

we have also thrown in the

social networking tools

where they can blog, make

connections, there is a market

place, there is job section etc. we are

getting good response from all over the

world; USA, Europe, India even Alaska. It

is a platform for the auto industry and it is

not for the end consumer.

Chronos 2.0

CHAOS: Given that it is a B2B model is it

absolutely necessary to have that contact list

with you to get into such a model?

Mr. ANUJ GUGLANI: Well it‘s a B2B

model and they can go either way; they can

be very successful as there are many

websites working from China with market

cap of over a billion dollars or they can fail

miserably and the portal just run and it

becomes more of a charity. The model we

have come up with was started with a very

noble intention that the automobile industry

has to be together. Once we achieved this

objective we started to think how to get

users over here.

Once we get users which we

are in a process of, we still

don‘t have many users as we

have started recently. I have

done calculations to

encashing it but then we

want to wait till we get to

our magic figure of users

and think about monetizing

it. But I really feel that each person in the

auto industry should feel that he or she has

to be on this portal, have to have their

profiles on it if they really want to make it

big.

CHAOS: You mentioned that retaining

talented manpower is really tough for a

startup. How do you do that?

Mr. ANUJ GUGLANI: It is very tough.

You have to show them the bigger picture.

Even if you pay them more than the market

they would still say that hey! What‘s the big

deal about it? At the end of the day what

matters to them is the job satisfaction, the

work satisfaction, is your family happy

about it. It makes all the difference. It is a

very personal perspective though. Having

said that many people don‘t like to work for

a big brand where you are only a small fish

in the ocean. Flexible timings, more power,

more control and more warmth do matter a

lot to most of the people so you just have to

find the right people. They are there and you

just have to search for them the right way

but the search is very challenging.

CHAOS: What is your current revenue

model and what is your vision for this

company?

Mr. ANUJ GUGLANI: We are just a startup

though I have an excel

sheet which is very nice

looking one but I don‘t

believe in excel sheets.

We will first like to have

adequate traffic before

monetizing the whole

model. My vision for the company is very

simple. The vision has to be dynamic and it

is that whoever comes and registers with

WAF should want to come back to WAF,

interact and share their views and ideas. If

the people value you then the market share,

market cap and valuations all follow. The

auto industry should want world auto forum

to exist.

CHAOS: Thank you sir for giving us your

valuable time. We wish the very best to

World Auto forum.

Mr. Anuj Guglani is the Founder & CEO at

Ace Associates and World Auto Forum.

We are just a startup though

I have an excel sheet which

is very nice looking one but I

don’t believe in excel sheets.

Chronos 2.0

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1. Connect them:

2. Identify this Ad:

3. Connect:

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4. Connect:

5. Which is the world’s first patented product?

6. During its initial promotions, this beverage was advertised as "Esteemed Brain Tonic and

Intellectual Beverage“. Name the beverage.

7. Connect:

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8. Connect:

9. Connect:

For answers logon to http://www.orkut.co.in/Main#Community?cmm=94944488

Chronos 2.0

Team 2011 (from left to right)

Akshat Shukla

Navdeep Jain (Co-ordinator)

Team 2010 (from left to right): Parvinder Singh

Harsh Pradhan

Saiba Kataruka (Co-ordinator)

Deepu Narayan

Contact us on:

Chaos@dmsiitd.org

|Team Chaos|