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16 Cover Story
Established: 1995
April 01-15, 2017, Vol.23, Issue No. 01
Dr Hari Prasad Kanoria
Chairman & Editor-in-Chief

Alarming rise of
Manisha Lohia : Sr Vice Chairperson
Shruti Kanoria : Vice Chairperson
Dr Sangeeta Mahapatra : Executive Editor

e-waste calls for

Nityashree Kanoria : Resident Editor, U.K.
Parashar Lohia : President & Advisor (South)
Vinod Juneja : President & Advisor (West)
Sitaram Sharma : Director & Editorial Advisor
Sujit Kanoria : Advisor

comprehensive
Dr Ramgopal Agarwala : Advisor
(Sr. Advisor, RIS)
Mahesh K. Saharia : Advisor, South East Asia
Rahul Varma : Advisor

management
Sanjeev Poddar : Advisor
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Debasish Paul : Photographer
Correspondents
Varsha Singh l Ankita Chakraborty lAyantika Halder
Anustup Roy Barman l Anirban Sen l Madhu Raina
Columnists
Prof. Pradip Bhattacharya : M.P. (Rajya Sabha)
Mohan Guruswamy : Eminent Author & Economist
Dr Jagdish Shettigar : Economist
Maneka Sanjay Gandhi : Minister, Women & Child Welfare
Govt. of India
Dr H. R. Nagendra : Founder of SVYASA
Khurshid Alam : Commissioner Health Care, London
Arundhati Dutta : HR & Social Activist
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19 Indias poor condition in e-waste management
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24 E-waste: hazards and opportunities
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Website: www.businesseconomics.in 4 April 01-15, 2017 Business economics
Kolkata Legal Jurisdiction
14 FINANCE & ECONOMY 15 Finance & Economy (Stock Scan)
Infra allocation in Budget opens up
avenues for NBCC
Can Job Creation be the Main
34 Industry
Target of Entrepreneurs?
mjuntions online solution has greatly
boosted the tea industry
34 Food Corporation of India(FCI) selects
26 POLITICS mjunction for e-auction of foodgrains
38 The rise in online gift industry
Narendra Modi and the
40 Chamber News
Making of a New India
46 Impact Feature
Balco provides sustenance to vital industries
50 Health, Culture & Lifestyle
28 FACE TO FACE Worlds first human clinical trials focused
on immediate effects of alcohol on the DNA
reveals extensive damage within
AYUSH- the way to a healthy life two hours of alcohol consumption
53 Hernia Surgery has come a long way!

30 IN FOCUS 54 Enlightenment
Adityas the solar deity
He believes when a company is sold 58 iSpark
or liquidated by the government, it 64 Universal Prayer
kills entrepreneurship

INDUSTRY 41 NATION
Swaraj is my birth right and I
32 Spiritual invocation
shall have it
of Westin Hotel

42 AGRICULTURE
33 Coal India taking a lead in
improving the sector Electoral promises of waiving agri loans
and real development of agriculture

35 Young Indian and Indian

origin global entrepreneurs shine
36 Digital Music industry in India
is touching the sky
44 NATURE BEAT
Veganism, a superior way of life
48 HEALTH, CULTURE & LIFESTYLE
The future of non-feature
films is gloomy
56 ENLIGHTENMENT
Swami Vivekananda: An Excellent
Exponent and Expander of Basic
Indian Philosophy
Business economics April 01-15, 2017 5
opinion
Cover story
The cover story on India:
The New Big Power in
Space Industry was some-
thing out of the box. Since
the past few days we have
been hearing that India is
becoming a big space power
after the launch of record
breaking 104 satellites by
ISRO. The cover story
was quite an informative
one as it made us aware
that how the satellites
can important in several
sectors. India has emerged
as a true global space
power as it mastered a wide
array of space products
and services. They include
satellite development and
launch vehicle technology
and space applications.
From a modest beginning
in 1960s, Indian Space
registered a mind boggling
progress. Besides using
space technology to the
developmental needs, India
could firmly enter the global
space market. With the new
missions, India would also
establish its credentials
as a major contributor to
the unbelievable space
exploration. The New
York Times published a
cartoon that showed an
Indian villager with a cow
knocking on the door of a
room marked Elite Space
Club. The cartoon mocked
India Mangalyaan mission.
Now, NASA showing
interest in partnering with
India in its second Mars
mission is a befitting reply
to dominating voices
stemming from the Western
shores. India is now a
record holder with a launch
of more than 104 satellites.
6 April 01-15, 2017 Business economics
Russia is in the second place
with 37 closely followed by
NASA who have launched
29 satellites. Indian Space
Research Organisation now
plans to launch a couple of
GSLVs this year.
Samir Nurani
Benglauru
Telecom
The article on Is TRAI
favouring RJio? gave
us a lot of insight into the
matter that how the telecom
industry is facing a huge
financial crunch. RJio is
coming with different offers
every second day. Almost
every second person has
an RJio connection now.
But what the working class
Indians want to know how
BE YOUNG AUTHORS
Write an article on any of the following topics :
Nationalism, Health, Economy, World,
Children & Youth, Enlightenment
On publication Appreciation Award
of ` 1000/- to ` 2000/- based on BEs
judgement will be given
fresh round of consolidation
expected to streamline
is Jio managing to give so
many free schemes. Seeing
the competition Airtel gave
its postpaid users 30GB free
internet for three months.
The ongoing consolidation
in the telecom industry
could lead to massive job
they are just focusing on
losses in 6-12 months,
according to experts. The
sector, which at one time
had 8-9 players, is now
moving to a situation where
the market will be left
with only 3-4 operators.
Even economically the
government has faced a
huge loss. TRAI on the
other hand seems to answer
for RJio. The last time the
telecom sector witnesses
such massive lay-off was
when the Supreme Court
cancelled licences of all
mobile operators which got
2G licences in 2008. As the
happens, operators are
operations and functions.
Joseph Golmes
Mumbai
Green Earth
The article on Will the
Supreme Courts warning
to industrial units save
the water bodies? was a
very interesting one. The
water bodies in India need
to be saved and the people
have a very important role
in that. Apart from the
industrial waste there is
man-made waste too that is
polluting the water bodies.
Government needs to take
strict actions against the
industrial bodies too as
their individual profits are
forgetting how they are
damaging the environment.
Ganga needs to be protected
or we wont remember how
our sacred river was?
Swaraj Singh
Kolkata
To Our Readers
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Business Economics
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Dear Reader,
Global fund managers are still bullish on the Indian stock
market despite high valuation. They believe that the
structural story in this emerging market is strong. There
will be stronger and bolder reforms ahead, which will
boost the earnings of the corporate sectors. The price to
earnings multiple (P-E) is at 60.34 Premium but still it
is attractive. Domestic mutual funds are investing in
equity. It is expected that the Indian market will do better.
Global liquidity will continue to drive the market. Overall, it
appears that the market will be governed by the bulls with
few punches by bears on and off. So investors need to be
careful. Some analysts feel that the Indian market is still
cheap related to the USA. It is cheaper by 20 times.
Government needs to promote investment in the stock
market. Retail investors in India are the lowest compared
to other global retail investors. STT and other taxes on
transactions are very high. It should be exempted or low-
ered. On day transactions, there should not be any STT.
There is a lack of awareness, despite campaigns about the
benefits of the use of polythene and plastics being used in-
discriminately for their durability and cost-effectiveness.
These wastes have a toxic impact on the environment. The
Ministry of Environment notified e-waste management
rule (2016) that for the first time covered extended pro-
ducers responsibility (EPR). India is having a population
of 1.25 billion, the second largest in the world. With a me-
dian age of around 25, our population is predominantly a
young one. A large number of them and even a growing
number of the older generation are using gadgets like cell-
phones, computers, laptops, tablets, etc. It is generating
huge amounts of e-waste. Governments move for cash-
less economy will drive the population to use electronic
instruments for payments and receipts. India is the 5th
largest producer of e-waste in the world. Electronic waste
is over 18.5 lakh metric tonnes a year, which will increase
by 12%. Only 1.5% of the countrys wastes get recycled.
Other than e-waste, the other insoluble wastes are poly-
thene, plastics, rubber, and suchlike. Now, almost all con-
sumer items are being packed and delivered in polythene,
plastics, with multiple layers, creating huge insoluble
waste.
The rules prescribe the waste collection target of 30%
waste generated under EPR for the first two years pro-
gressively going up to 70% in the 7th year of the rule.
It further imposes financial penalties for non-compliance.
The government should provide financial subsidy and oth-
er facilities for investment in the e-waste cycle plants. The
e-waste can be used in different ways. Reuse of e-wastes
can generate huge employment and wealth too. Steps need
to be taken by the government and we can learn from what
other countries are doing. Germany, China, Japan, and the
USA are taking effective steps of recycling of e-wastes
and other kinds of wastes.
Pace of investment is not picking up in the economy.
Indian corporate is shy to invest. Commercial, corporate
external borrowing is down by 31% this fiscal year. Why
are Indianentrepreneurs and corporate houses preferring
other countries? Tatasgrowth income is more than 70%
from the overseas. Aditya Birla groupis also having 60%
income from the overseas. There are many Indianswho
have more overseas income than that of income in India.
Government has to take positive reforms to promote
investment while creating confidence. The government's
criminal prosecution of defaulters has a dampening
effect. Ideally, a committee of high profile people should
be constituted that will have the expertise to examine the
position of the industry, reasons for the losses, bad debts
Business economics April 01-15, 2017 7
and quantum of diversion of funds. Then only criminal based on the earning, future earning, and global situation.
action should be taken. Criminal action should not be The bankers are not taking any steps to settle. They are not
taken on the basis of presumptions or perceptions. The in a position to give advance.
Finance Bill has given immense power to income tax au-
Currently, 74% of Indian children are anaemic, a con-
thorities.
dition that is directly linked to nutrition deficiency. One
There will be misuse of power and there would be no re- of the reasons of deficiency is lack of knowledge on the
lief. This will be further deterrent to investment. There nutrient content of different food items and how to cook
is a difference in practical and theoretical perception and them. Gram Panchayats and village government staff and
assumption. The silver lining is that the PMO will deal officers for healthcare are not taking care to campaign.
with the steel industries. The entire steel industry is limp- The governments money is just drained out. Awareness
ing under heavy debts due to the addition of huge capacity is nil.
and low realization even below cost due to global com-
Prime Minister Narendra Modi says that spirituality is the
petition. Government still has to take major steps. 40%
strength of India. Swami Vivekananda said India needs to
of the companies are stressed. The Deputy Governor of
be a republic, a Spiritual and secular nation. Essence of all
The RBI, Dr. Viral Acharya has proposed that the top 50
the religions needs to be Taught to the children. With spiri-
stressed asset cases should be settled within December 31,
tuality, people will be united, Disciplined, and responsible
2017, through the setting up of a Private Asset Manage-
and have a strong sense of nationalism. People will honor
ment Company (PAMC) which can handle cases where
women. PM Modi, being a spiritual person and Infused
the level of stress is such that the assets are likely to have
with the teachings of Swami Vivekananda, must take bold
some economic value in the short term. Directions need
steps to introduce essence of all religions from primary
to be given to the bankers in what way they should set-
school. Children must know the essence of all religions
tle. The bankers levy high rate of interest mainly 14% to
and have the freedom to follow any religion but respect
18%, penalty, front charges and other charges, compound
other religions as well.
rate of interest and so on. The RBI should give directions
to banks so that cases can be settled at the original loan May our country be blessed by The Almighty and may we
amount disbursed plus simple rate of interest of 7%, not continue to pursue holistic growth that will translate into
compound, and the bonds of settled amount can be issued the well-being of all sections of the society.
by the company in favour of the bank. There are other
solutions that let the credit agency restructure their NPA
Dr. H. P. Kanoria
Gems of Enlightenment
Whenever the world's vibratory balance of good and evil is disturbed by an accumulation of harmful vibrations as a result of man's
wrong thinking and wrongdoing, there is devastation. Mass injury and disturbance in nature are not acts of God. Disasters result
from thoughts and actions of man. Wars are brought about not by fateful divine action but by widespread material selfishness. Banish
selfishness - individual, industrial, political, national to end war. - Sri Sri Paramhansa Yogananda, 'Where There is Light.'
Brahman is the pure consciousness abiding as the self in beings. The consciousness manifests through three bodies: causal, subtle
and gross. The causal body is constituted of mere vasanas, unmanifested thoughts and desires. It is the seed of personality. The cause
of individuality. Hence, it is known as causal body, then as a gross body. The subtle body is composed of manifested emotions and
thought in the form of mind and intellect. It is the sapling of individuality. It is like a seed manifesting as sapling, then as tree. The
subtle body further manifests as the gross body, the physical body which is the seat of perception and action. The gross body would
then be the tree. - Upanishads
Song/Prayer -
My beloved Krishna!
I have cast off all base thoughts from my mind.
Now I plunge into the ocean of Thy love.
Thou hast given freedom to my soul.
Thou hast made me Thy true instrument in Thy infinite hand.
Thou hast purified my mind, heart, intellect and soul.
Yea, Thy love is life, it is eternal and endless bliss.
I live in Thy love, I drown in the ocean of Thy love. Dr. H.P. Kanoria

8 April 01-15, 2017 Business economics

Business economics April 01-15, 2017 9
WORLD & INDIA
T H-1B
he year 2017 began with a speculation available jobs require skills that they do not
regarding the Trump regime curbing have. He also assured that H1-B visas were
the H-1B visas. But to everyones relief, given for these jobs, where there was a lack of

relief
the US Citizenship and Immigration Services
(USCIS) has announced that they will receive
applications for H-1B visas for the 2018 fiscal
year and it will start from April 3. The USCIS did
not mention the time period for accepting the
Anustup Roy Barman
H-1B visa applications. In the past, the agency
normally accepted applications for the first five
business days. Fiscal year, 2018 begins on October 1, 2017.
Sushma Swaraj said that the government conveyed to the US
skilled personnel. While explaining he said that,
when he first came across with the Members of
this committee, he repeatedly heard that in some
states the jobs are there, but the skills are not.
In one of the states, a community college was
teaching welding techniques that employers no
longer used.
This announcement will give relief to the Indian IT companies.
USCIS said H-1B programme allows companies in the

Some Americans have seen jobs US to temporarily employ foreign workers in occupations
go overseas. Some Americans have that require the application of a body of highly specia-
lised knowledge and a bachelors degree or higher in
seen jobs filled by foreign workers. the specific specialty, or its equivalent. H-1B specialty
Indeed, I've read reports that some occupations may include fields such as science, engineering
and information technology.
Americans have been asked to train
The H-1B fee varies according to the size of the company.
their foreign replacements. And As of FY 2017 season, it can range anywhere from $1,600 to
some Americans see that jobs are $7,400 excluding attorney fee. On December 23, 2016, USCIS
increased the H-1B fee component of base filing fees, which
available, but these available jobs was $325.
require skills that they do not have.
that IT professionals did not steal jobs but contributed to the
US economy and made it stronger. She also said that Indian
authorities are taking up this matter with the highest levels
in the US administration. US Labour Secretary nominee
Alexander Acosta, during the hearing for his confirmation as
Labour Secretary, told the US Senate that Some Americans
have seen jobs go overseas. Some Americans have seen jobs
filled by foreign workers. Indeed, I've read reports that some
Americans have been asked to train their foreign replacements.
And some Americans see that jobs are available, but these

10 April 01-15, 2017 Business economics

Business economics April 01-15, 2017 11
WORLD & INDIA
Ankita Chakraborty
C ommuting will now be easier in the city of joy. The
West Bengal government has recently initiated the
Pathadisha app aimed to infuse a smart and transparent
public transport service.
As one of the most densely populated cities, Kolkata faces
a huge challenge in providing a safe, efficient and reliable
transport system to meet its economic and social needs.
According to a recent World Bank study, the Kolkata metro-
politan area still offers the highest economic potential because
of its comparative advantage, retail transit and distribution
areas. As the metropolitan city continue to be a
thriving economic hub of eastern India, the
World Bank has invested $3 million for
a dedicated freight corridor, from
Ludhiana (Punjab) to Dankuni
(West Bengal).
At a recent event in Kolkata,
Shuvendu Adhikari, Minister-
in-Charge, Transport Department,
Government of West Bengal launched
the Pathadisha app to enable a smooth
and safe commuting experience for the
people of Kolkata.
Pathadisha App
Quite similar to smart cab operators like Ola and Uber, the
West Bengal Transport Corporation (WBTC) will also use
artificial intelligence, BOT, to receive inputs from commuters
via Pathadisha, analyze them and provide feedback to both
passengers and officials in WBTC to suggest improvements.
Alapan Bandyopadhyay, Principal Secretary of the Transport
Department, Government of West Bengal, said, "The BOT
will store all the data and continually analyze them to give us
an idea of commuter behaviour, sentiments, suggestions and
commuting patterns. This will shape more reflective policies
in the transport sector as they will be based on data and not
12 April 01-15, 2017 Business economics
states : West Bengal
City of Joy
embraces smart
commuting app
perception. The app also has a simple driver and conductor
interface that will enable commuters to know whether there is
a seat is available in a bus or not.
Pathadisha will assist commuters with sharing the trip
information with their families in order to keep them updated
about the route and their exact position. Crisis response is
an added advantage associated with this app. The
buses will be fitted with GPS systems and
to ensure safety of women and other
passengers, every bus will be equipped
with CCTV and a panic button. It can
be pressed during any emergency.
In the event of a mishap, the
police, hospitals, fire stations
and other agencies will get an
alert and prompt assistance
can be mobilized. Sanjoy
Chatterjee, Director, Ideation
Technology Solution, the technology
partner in Pathadisha, said, In case of
fire or accident, messages will be automatically
transmitted to nearest hospital, nearest police station
and disaster management group so that rescue operations can
be undertaken immediately.
Shuvendu Adhikary stated, The pre-paid electronic transport
card will be introduced in 700 buses now and another 300
buses in a few months time. This will stop pilferage in
expenses in state transport undertakings, save passengers
and bus employees from small change crisis and bring more
transparency in the transport system. He also added that the
smart card facility and Pathadisha app will also be extended
to the waterways with the World Bank as the development
partner.
Smart cards
Apart from Pathadisha, the state government also launched the
transport card in the same event. Commuters can recharge it
 WORLD & INDIA
The buses will be fitted
with GPS systems
and to ensure safety
of women and other
passengers, every bus
will be equipped with
CCTV and a panic
button. It can be pressed
during any emergency.
In the event of a mishap,
the police, hospitals,
fire stations and other
agencies will get an alert
and prompt assistance
can be mobilized.

by `500- `1000 for using it in the state bus service. The card
is currently on sale at five major bus stations in Kolkata and
will soon be available at 20 locations across the city. These
chards will be charged online and the user can recharge the
cards electronically.
Website
A website has also been created that will inform about
routes and the fare chart. The website, Transport.wb.gov.in-
will deliver citizen and commuter-oriented information to
commuters.
The transport secretary stated, We are trying to initiate
electronic smart governance through state bus services. Online
booking can also be done which is likely to reduce pilferage
and spending costs.

Business economics April 01-15, 2017 13

FINANCE & ECONOMY

A Can Job
few days ago Arun Maira, author and management
advisor, a former member of the erstwhile Planning
Commission, appealed to a houseful of industrialists in Kolkata

Creation be the
to consider job creation as their most important target. Not
merely think of ease of doing business, think of job creation,
said Maira. In this case Maira is very much concerned with

Main Target of
the severe unemployment situation in India. Unemployment is
considered as one of the biggest curses. Even when Mahatma
Gandhi preached the use of charka, it was not a symbol of

Entrepreneurs?
backwardness. Gandhiji targeted the need of employment of
millions by working the charka to make cotton thread for cloth
for the common masses.
Nature of growth of employment
Kishore Kumar Biswas
Indian economy is famous for growth prospects. At the same
time it is notoriously a failure in creation of jobs. Maira said
that India has one of the lowest elasticity of jobs in the world go in favour of industrialists. More jobs means bigger market
per unit of growth in GDP. This means that India has been through higher purchasing power of the home market. If the
performing poorly to create job opportunity for the people. market is bigger it will attract the foreigners also. This means
It is very difficult for the economy and polity to maintain foreign investments may come in a bigger way.
law and order also if
This has another con-
unemployment remains
notation on the backdrop
high for a long period.
of continuing global
Generally, the emer-
economic crisis. Econo-
gence of new technology,
mists are trying hard to
mainly labour sa-
assess the nature of the
ving technology, is
crisis. But some of them,
considered responsible
like Thomas Piketty, a
for this. But Maira
considers industrial and French economist have
social ideology have also suggested lowering in-
made the matter worse in come inequality which
creating jobs. can be a way to deal
with this crisis. Income
In India the situation distribution in favour
is more pathetic in the of the workers can
unorganized sector. In T V Narendran, MD, Tata Steel and Arun Maira, Former Member, Planning increase effective de-
this sector more than Commission in a CII meeting in Kolkata mand in the economy.
94% of the people are there. But the organized sector, con- It will increase the market and GDP will move upwards. In
sisting only of 6% people, produces about 45% of total GDP. Marxs idea the problem of realization crisis can be solved
So 94% people produce 55% of the GDP. Agriculture, where to an extent in this process. Thomas Piketty in his book,
about 55% people of India are involved, is not a priority sector Capital in the Twent -First Century, shows that historically,
of the government, particularly, in the reformed era. Growth particularly from the industrial revolution, wealth has been
of GDP in India has been high. It touched double digits in the growing faster than the growth of GDP. Other things being the
period of Manmohan Singh. GDP is a combination of growth same, faster economic growth will diminish the importance of
of both organized and unorganized sectors and unorganized wealth in the economies. On the other hand slower economic
sector is not performing well. It means organized sector is growth will lower it. Piketty thinks this is a natural process.
mainly responsible for high growth. But the problem is this Only government intervention by adopting taxes on wealth
sector is not a good employment source. can prevent soaring inequality contributing to economic and
political instability down the road.
Why should entrepreneurs give importance to job
creation? Conclusion
One of the basic assumptions in economics is profit In case of India government intervening in the process of
maximization of the entrepreneurs. Does it go against job higher job creation, bigger job opportunities will have a power
creation? Maira told the reporter that creating more jobs will to increase GDP along with lowering inequality.

14 April 01-15, 2017 Business economics

 FINANCE & ECONOMY
stock scan

Infra allocation in Budget opens up

avenues for NBCC
ndia will invest as much as `3,96,135 crore in creating and
I upgrading infrastructure in the next financial
year according to the Budget. The government Performance of NBCC in last 4 years
has made an allocation of `2,41,387 crore for Particulars 2016 2015 2014 2013
roads, railways, and ports in 2017-18. An infra- 120 120 120 120
ShareCapital (Cr)
structure focus will take the economic growth
forward. Higher government spending in that Reserve and surplus (Cr) 1,368.50 1,204.13 1,127.29 830.69
area may partly address the infrastructure con- Capital +Reserve (Cr) 1,488.50 1,324.13 1,127.29 950.69
straints. The real estate and construction sector
Borrowings (Cr) 3,965.78 3,375.37 2,858.01 2,511.70
has got a boost from such allocation.
NBCC (India) Limited (formerly National Total Income (Cr) 5,749.23 4,621.00 4,008.77 3,186.82
Buildings Construction Corporation Limited), Profit (Cr) 308.8 277.3 247.14 207.5
a Navratna organisation under category I, is a
Annual Dividend (Cr) 120 66 60 45
Central Public Sector Undertaking (CPSU).
It engages in the real estate development and Return on Average Net Worth 20.75 20.94 21.92 21.83
construction business, and also provides project %of net profit on net sale 5.37 6.00 6.16 6.51
management consultancy.
Headquartered in New Delhi, NBCC has 10 re- Dividend as a % of net profit 38.86 23.80 24.28 21.69
gional/zonal offices across India. The projects Dividend as a % of face value 100 55 50 38
undertaken by the company are spread across
23 states and one Union Territory in India. In executing projects under the Jawaharlal Nehru National
addition, NBCC has also undertaken overseas projects in Urban Renewal Mission (JNNURM), the Pradhan Mantri
countries like Iraq, Libya, Nepal, Mauritius, Turkey, Bo- Gram Sadak Yojna (PMGSY), Solid Waste Management
tswana, the Republic of Maldives, Republic of Yemen et al. (SWM) and developmental work in the north-eastern region
NBCC is also designated as the implementing agency for of India.

shareholding pattern as of December 31, 2015

Peer Comparison
Other
Peer comparison NBCC BHEL IRB Infra Public 17.27%
Face Value (`) 2 2 10 7.73%
Book Value (`) 16.72 135.53 137.35 Promoter - 75
Capital & Reserve (Cr.) 1,488.50 489.52 2334.1
Borrowings (Cr.) 3,965.78 20936 143.23
Total Income (Cr.) 5,749.23 5,965.00 361.38
Net Profit (Cr.) 5.37 9.69 5.58
% of Net Profit on Sale 22.25 33.86 8.42
Dividend Yield % on 1.14% 0.24 1.70%
market price
EPS 3.38 X 18.76
P/E Ratio 48.88 X 12.52
Market capitalization 15750 40923 8255.86
Current price 175 167 235
52-H 209.9 184.7 211.05
52.L 140 151.2 258.25 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17

Business economics April 01-15, 2017 15

c OVER STORY

Alarming rise of e-waste

calls for comprehensive
management

Tushar K Mahanti

W hen we were in school we were often asked to write

essays on the merits and demerits of technological
evolution. Merits would win hands down. Technology was
unfolding before us and as awe-struck as we were with ev-
ery new scientific invention, their backward fallouts found
places in footnotes only.
Maybe, some forty years ago, the world was different; not
as polluted as it is today change in climate was not visibly
alarming or the hole in ozone layer was a subject in scien-
tific journals. But things have changed dramatically since
then and the harmful upshots of technological grandeur
have become a volatile subject across the globe.
Admittedly, the world would still go for newer technolog-
ical innovations and embrace every new product, especial-
ly, the consumer electronic goods of common use ranging
from smart phones to television. But unlike in the past, peo-
ple today are aware of the after effects of the uses of these
products, especially about the waste they leave behind.
With increasing use of consumer electronics, the waste or
the e-waste too is piling up fast and has become a concern
across the world.
What is e-waste?
Electronic waste or e-waste is any refuse created by discard-

16 April 01-15, 2017 Business economics


ed electronic devices and components as well as substances
involved in their making. It is the waste of electronic prod-
ucts which have become unwanted, non-working or obso-
lete and have essentially reached the end of their useful life.
Many of them are probably rendered trash despite their uses
as newer and better products come to the market.
Rapid product innovations and replacement, especially
in information and communication technology and office
equipment combined with the migration from analogue
to digital technologies and to flat screen televisions are
fuelling the increase in e-waste. Moreover, economies of
scale have lowered the prices for many electronic goods
COVER STORY
which in turn, have increased the demand for newer prod-
ucts leaving behind the erstwhile products as e-waste in a
short time.
As many parts of our expanding world cross over to the oth-
er side of the Digital Divide, the contemporary consumer
demands the means to enjoy an easier and more comfort-
able lifestyle. But that very understandable demand creates
a downstream problem of safe disposability. The demand
is irresistible so the need for a solution becomes ever more
urgent.
Why is e-waste a problem?
Unlike other wastes that the world is generating every mo-
ment, e-waste is different. Organic and easily recyclable
metal, glass and plastic waste need not permanently remain
in landfills. But hard-to-recover substances from e-waste
like mercury make their home in landfills and keep leach-
ing into ground water. Its the toxic materials contained in
e-waste that makes it harmful to human bodies.
Materials such as mercury, lead, beryllium, brominat-
ed flame retardants (BFR) and cadmium used in different
quantities to manufacture various electronic goods left on
the earth after use cause serious environmental hazard.
For example, even low doses of mercury can be toxic and
may cause kidney and brain damage. Many connectors and
motherboards include beryllium, which is considered a hu-
man carcinogen. Similarly, BFR is known to negatively af-
fect hormonal functions and cadmium when accumulates in
body causes kidney damage.
E-waste is growing rapidly
The world is concerned about the rapid growth in e-waste
because of its harmful impact on the environment. But how
fast is the e-waste growing to cause a global anxiety?
There are no definite estimates of the amount of e-waste
the world is generating. The estimate varies based on the
methodology used by the concerned organisation. The esti-
mates become more difficult as countries define e-waste dif-
ferently. For example, while the US includes only consumer
electronics such as TVs and computers, European nations
include everything that is run by battery or power.
The fact, however, is that despite the variation one thing is
common that the amount of e-waste is increasing rapidly
across the world. The magnitude of the problem is evident
in a recent forecast based on data gathered by United Na-
tions together with various governments and non-govern-
ment organisations in a partnership known as the Solving
the E-Waste Problem (StEP) Initiative.
The StEP Initiative forecasts that the world will produce
about 65 million tones of e-waste in 2017 about a third
more than 49 million tonnes it produced in 2016. Thats
about 20 kg for each of the 7 billion people on earth.
Business economics April 01-15, 2017 17
COVER STORY
e-waste per inhabitant
Kg/inhabitant
15.6
15.2
12.2
1.7
3.7
Europe Oceania Americas Asia Africa
2015 onwards data are forecasts
Source: United Nations University, The Global E-waste Monitor 2014.
With 7.07 million e-waste, the US led the countries which pro-
duced the most electronic waste in 2014 according to the lat-
est report by United Nations University The Global E-waste
Monitor 2014: Quantities, flows and recourses
China was second in the list with 6.03 million tonnes waste in
the same year followed by 2.2 million tonnes of Japan, 1.77
million tonnes of Germany and 1.64 million tonnes of India.
According to this report the world generated about 42 million
tonnes e-waste in 2014.
Region-wise, most of the e-waste was generated in Asia, 16
million tonnes. This was 3.7 kg per inhabitant. However, the
highest per inhabitant e-waste at 15.6 kg per inhabitant was
generated in Europe. Oceania generated the lowest quantity of
e-waste in 2014 but the per capita inhabitant e-waste at 15.2 kg
was nearly as high as Europe.
Understandably, the less developed region, Africa generated
the lowest per capita e-waste (1.7 kg). The whole continent
generated 1.9 million tonnes e-waste. The Americas generated
11.7 million tonnes e-waste at 12.2 kg per inhabitant.
Actions taken by countries to control e-waste accumula-
tion
Maybe the US is generating the largest amount of e-waste or
China, the second largest, but the problem is not restricted to
either the US or China. The whole world is steadily but surely
moving towards a terrible crisis.
Countries are taking various steps and enacting laws to con-
trol the devil, but world at large has no uniform rule to mange
the e-waste. There are state-level laws in the US and 65% of
its population is covered by a state e-waste law (Electronics
TakeBack Coalition 2014). But despite laws only 15% of the
e-waste was reportedly collected in 2012.
The performance of China is better. In China, national e-waste
legislation manages the collection and treatment of TVs, re-
18 April 01-15, 2017 Business economics
frigerators, washing machines, air conditioners and computers
(desktop and laptops). In 2013, China officially collected and
treated around 1.3 Mt of these five types of e-waste, which
was 28% of the total e-waste generated for all categories.
For Japan, six products, namely air conditioners, TVs, per-
sonal computers, washing machines, refrigerators and mobile
phones, are regulated. This is nearly 40% of the e-waste gen-
erated for all categories investigated in this report
In 2012, only 3.2 Mt of e-waste was officially collected in the
28 member-states of the European Union, whereas 9 Mt of
e-waste was generated in 2012 in this region. The European
Union is one of the few regions in the world where there is
uniform legislation regarding the collection and processing of
e-waste.
Back home, India with a steady rise in the use of mobile
phones, the second biggest smartphone market, and in internet
users has emerged as the fifth largest e-waste generator in the
world. Computer devices account for nearly 7% of e-waste
another 12% is accounted for by telecom sector. Medical
equipment contributes about 8% and electric equipment about
7% in the total e-waste generation. According to Assocham
the e-waste is growing in the country at an annual compound
rate of 30%.
Global e-waste generation
million tonnes
60
47.8 49.8
50 43.8
39.8
40 35.8 45.7
41.8
30 37.8
33.8
20
10
0
2008 2010 2012 2014 2016 2018 2020
Source: United Nations University, The Global E-waste Monitor 2014
These pollutants are largely responsible for groundwater con-
tamination, air pollution and soil acidification. To check the
multiplication of e-waste the ministry of environment, forest
and climate change has notified E-Waste (Management) Rules
2016. The rules, the first time in India, introduced Extended
Producer Responsibility (EPR) that stipulates for collection of
30% waste in the first two years and up to 70% in seven years.
That the generation of e-waste is increasing is not surprising.
It will probably grow at an even faster rate in the coming years
with the ever increasing technological progress. Thus, the
question is not the growth of e-waste but their management.
A strong political will is required across the world to come out
with strict regulations to manage e-waste.
 COVER STORY

Urban solid waste man-

agement policy has
focussed on cleaning
streets and transferring
garbage to landfills,
ignoring the legal obli-
gation to segregate and
recycle. Hazardous
materials, includ-
ing heavy metals, are
dumped in garbage
yards, polluting soil
and water.

Varsha Singh

E very year we are introduced to new technologies, which

are improved versions of existing technologies. But
indias poor
do we ever think about what is done to these old electron-
ic products. The lack of awareness about e-waste manage- condition
in e-waste
ment has made India the fifth largest e-waste generator in
the world.
A study by Assocham-cKinetics on electronic waste man-
agement in India revealed that India is likely to generate 52
lakh metric tonnes of electronic waste by 2020 and become
one of the worlds major electronic waste generators. It fur-
management
ther said Indias e-waste is growing at a compound annual
of e-waste material followed by telecommunication equip-
growth rate (CAGR) of 30% per annum. The fifth largest
ment (12%), electrical equipment (8%), and medical equip-
producer of e-waste in the world, India currently generates
ment (7%). Household e- waste accounts for the remaining
18 lakh metric tonnes. Telecom equipment alone accounts
4%. The main sources of electronic waste in India are the
for 12%. The report further added that the global volume of
government and the public and private (industrial) sectors,
e-waste generated is expected to increase from 93.5 million
which account for almost 75% of the total waste generation.
tonnes to 130 million tonnes in 2018 at an annual growth
The contribution of individual households stands at 16%.
rate of 17.6%. It is a matter of concern to see the rising lev-
Computers, televisions, and mobile phones are most dan-
els of e-waste generation in India in recent years. According
gerous because they have high levels of lead, mercury and
to the report, with more than 100 crore mobile phones in
cadmium.
circulation, nearly 25% end up in e-waste annually.
Only 1.5% of the countrys total e-waste gets recycled ow-
Devices that account for maximum e-waste
ing to poor infrastructure and legislation. This diminishes
E-waste items that account for maximum waste are discard- natural resources and causes irreparable damage to the en-
ed computer monitors, motherboards, printed circuit boards, vironment. More than 95% of e-waste generated is managed
mobile phones and chargers, compact discs, headphones, by the unorganised sector and scrap dealers who disman-
LCD/plasma televisions, air conditioners, refrigerators, tle the product instead of recycling it. The main sources of
and so on. Computer equipment accounts for almost 70% electronic waste in India are the government, public and

Business economics April 01-15, 2017 19

COVER STORY
According to the Assocham
report, high and prolonged
exposure to these chemicals/
toxins emitted during unsafe
e-waste recycling leads to dam-
age of nervous systems, blood
systems, kidneys and brain de-
velopment, birth defects, respi-
ratory disorders, skin disorders,
bronchitis, lung cancer, heart,
liver, and spleen damage.
private (industrial) sectors, which account for almost 75%
of total waste generation. The contribution of individual
households is relatively small at about 16%.
Priti Banthia Mahesh, Chief Programme Coordinator, Tox-
ics Link, an Indian environmental research and advocacy
organisation, while talking to BE, said, India is not doing
enough to manage the huge quantities of e-waste which
are being generated in the country presently or the amount
which is set to increase manifold in the coming years.
Though India did bring in a regulatory framework in 2011
(effective from 2012), there has been no effort to implement
it. Also, there has been hardly any effort to work towards
reducing this toxic waste.
Causes and effects of e-waste
Electronic waste affects nearly every system in the human
body. They contain a number of toxic components including
mercury, lead, cadmium, polybrominated flame retardants,
barium, and lithium. Even the plastic casings of electron-
ics products contain polyvinyl chloride. Toxic chemicals
from e-waste enter the soil-crop-food pathway, one of the
most significant routes for heavy metal exposure to humans.
These chemicals are not biodegradable and they persist in
the environment for long periods of time, increasing expo-
sure risk.
E-waste accounts for approximately 40% of the lead and
70% of heavy metals found in landfills. These pollutants
lead to ground water and air pollution and soil acidifica-
tion. According to the Assocham report, high and prolonged
exposure to these chemicals/ toxins emitted during unsafe
e-waste recycling leads to damage of nervous systems,
blood systems, kidneys and brain development, birth de-
fects, respiratory disorders, skin disorders, bronchitis, lung
cancer, heart, liver, and spleen damage.
20 April 01-15, 2017 Business economics
Regions that account for maximum e-waste
According to a study conducted by Assocham and Frost
& Sullivan in 2014, Mumbai (96,000) tops the list in
generating e-waste followed by Delhi (67,000), Bengaluru
(57,000), Chennai (47,000), and Kolkata (35,000). These
cities have also emerged as major hotspots for e-waste pro-
cessing in the country.
Though the use and manufacturing of polychlorinated bi-
phenyls (PCBs) has been banned to reduce the pollution and
rise in e-waste, the use of these toxic materials has contam-
inated Indian soil and air quality. Analysis of soil samples
from seven cities has revealed that the average concentra-
tion of PCBs in Indian soil was almost twice the amount
found in global background soil.
India is a signatory to the Stockholm Convention, a glob-
al treaty and has banned the import and manufacture of
PCBs. In a study, 84 samples of surface soil up to 20 cms
and air samples were collected from different sites in New
Delhi, Mumbai, Chennai, Bengaluru, Kolkata, Goa, and
Agra along urban, suburban and rural transects. The study
found Chennai to be most contaminated in terms of PCB
concentration in soil, with an informal e-waste shredding
site recording maximum concentration. Lesser soil PCB
concentration was found in New Delhi and Mumbai, but
both the cities showed high levels in the air largely due to
emission during the crude process of informal e-waste re-
cycling.
India is one of the first developing countries which notified
Rules (2011) to tackle the problem. A fresh set of Rules has
come up in 2016. But of course the implementation is much
below expectation. Many efforts are taking place in the
country. But compelling the producers for taking respon-
sibility is not up to the mark. Business viability for such
management is still not achieved, said Sasanka Dev, Sec-

retary of Disha, a society for Direct Initiative for Social and
Health Action.
India lacks awareness
India generates about eighteen lakh metric tonnes of
e-waste annually while the 151 registered recycling facili-
ties can handle only half of that quantity. There are no sys-
tematic studies on Indias waste generation. Producers and
consumers of electronic goods have a responsibility under
the E-waste (Management and Handling) Rules 2011 to en-
sure proper disposal but progress has been slow for various
reasons. Priti informed, When the regulatory framework
Rules were notified in 2011, suddenly there was a spurt in
the number of authorised e-waste units in India. But barring
a handful, all of them are dismantling units, which means
there is hardly any infrastructure for recovery of resources,
especially precious metals. Moreover, the authorised units
are not being monitored.
Urban solid waste management policy has focussed on
cleaning streets and transferring garbage to landfills, ignor-
ing the legal obligation to segregate and recycle. Hazardous
materials, including heavy metals, are dumped in garbage
yards, polluting soil and water.
COVER STORY
One of the key reasons why E-waste system has completely
failed is because there is no awareness among general pub-
lic. You will see how people, even in large metro cities, are
unaware of the problems. The government and the produc-
ers (electronic brands) need to take initiative to make public
more aware of the issue and for that public campaigns are
required. Also, the future users, children and youth need to
be educated and this can be done through workshops, film
screenings, and collection drives etc., added Priti.
A Toxics Link report on What India Knows About E-waste
released in 2016 shed light on the fact that the rules, which
mandates that e-waste should be disposed to only authorized
e-waste agencies, have not been implemented in Kolkata,
Delhi and Chennai, where 93%, 90% and 74% respondents
respectively did not know anything about the legal frame-
work and its provisions.
The study further reveals that as many as 61% of the respon-
dents are ignorant about the impacts of improper disposal of
electrical and electronic equipment. The study also found
that 50% people sell their e-waste to kabaadiwalas, a prac-
tice known to lead to informal recycling causing harm to
humans and environment.
Business economics April 01-15, 2017 21
COVER STORY
Ayantika Halder, Anustup Roy Barman

A ccording to a report published by the Environmental Pro-

tection Agency of United States (UNEP) in 2015, 75%
of the defunct electronic items are not disposed due to lack of
knowledge regarding its disposal globally. Electronic prod-
ucts that have become futile contain hazardous components,
depending on their condition and

Say
density. This is detrimental to hu-
man health and the environment.
According to the study of The
Ministry of Environment, Forest
and Climate Change, Govern-
ment of India in 2016, India has
no
to
emerged as the second largest
mobile market with 1.03 billion
subscribers, but has also emerged

e-waste
as the fifth largest producer of
e-waste in the world, discarding
roughly 18.5 lakh metric tonnes
of electronic waste each year.
Telecom equipment alone accounts for around 12 % of the
e-waste.
The top ten e-waste producing states in India are
Maharashtra, Tamil Nadu, Andhra Pradesh, Uttar Pradesh,
West Bengal, Delhi, Karnataka, Gujarat, Madhya Pradesh
and Punjab. Scrapped computers, televisions, VCRs, stere-
os, copiers, fax machines, electric lamps, cell phones, audio
equipment and batteries, if inappropriately disposed can pol-
lute soil and groundwater. It is necessary to reuse, dispose and
recycle these products in a scientifically approved manner.
Methods of e-waste disposal
The most effective solution to tackle the discarded e-waste
products is to recycle the raw materials from the abandoned
electronic items. A variety of materials, including metals that
can be reused, constitute most electronic devices.
A huge variety of products can come under the possibility of
recycling, such as monitors, keyboards, laptops, hard drives,
floppy drives, modems, telephone boards, compact disks, mo-
biles, fax machines, printers, CPUs, memory chips, connect-
ing wires and cables. Different parts comprising of hazardous
substances are dismantled at the start of the recycling process.
Toxic substances like cadmium, palladium, rhodium and lead
solder present in electronic equipment need to be disposed
scientifically to avoid contamination. Strong acids are used
to remove valuable metals like lead, copper and gold. The
e-waste composition can be quite varied across different cat-
egories of electrical equipment and can contain more than a
thousand different elements. In India, the situation demands
strong steps to recycle electronic and electrical equipment. It
is important to choose the right kind of recycler that performs
according to the guidelines and adopts eco-friendly tools to
handle the e-wastes.
In order to minimize the volume of waste generation, reusing
equipment after certain modifications, can be a useful meth-
od. It is effective for computers and mobile phones. It is also
advantageous for the users, as they get paid in the process.
Landfill is another principal method of controlling e-wastes
disposal. Soil is gouged and trenches are made for burying the
e-waste. However, landfill is not a safe solution as venomous
substances like cadmium, lead and mercury are discharged in
the groundwater and soil.
Incineration, which is a controlled combustion process, is a
useful method in which the waste material is burned in spe-
cially designed incinerators at a very high temperature. It
reduces the waste volume and a few of the environmentally
hazardous substances are metamorphosed into less hazardous
ones. This process can also pose a threat as it emits harmful
gases.
Government initiatives
The E-waste Management Rules 2015 were presented by the
Government of India on June 10, 2015. The rules came into
force from October 1, 2016, in which the producers were, for
the first time, included under extended producers responsi-
bility.
The environment ministry has enforced strict rules on man-
ufacturers, dealers, retailers and refurbishers of electronic
goods to ensure that electronic or e-waste goods are collect-
ed and scientifically recycled. The new norms included fines,
states involvement in policing and collection and bringing

22 April 01-15, 2017 Business economics


exhausted compact fluorescent lamp (CFL) and other mercu-
ry-containing lamps under the purview of electronic waste.
The rules addressing e-waste have been in place since 2011.
The new rules notified that producers will have to ensure 30%
e-waste collection, based on their projected sales by 2018 and
70 % by 2023. This can be done by regulating a series of solu-
tions such as deposit refund scheme and an e-waste exchange
policy. The companies are required to pay for publicity and
awareness programmes.
The New Management Rules, 2016 prescribes stringent fi-
nancial penalties for non-compliance. However, the unorgan-
ised sector in India is estimated to handle around 95 % of the
e-waste produced in the country. The challenge lies in bringing
awareness and training to half-a-million unorganized work-
force countrywide who collect e-waste. Presently, according to
COVER STORY
industry sources it is troublesome and expensive for the hand-
set manufacturers to achieve the targets prescribed in the rules.
There are suggestions that state e-waste collection targets are
better implemented in a phased manner with lower and practi-
cally achievable target limits.
State governments need to organize e-waste dismantling
and recycling units in industrial parks and register work-
ers involved with the e-waste disposal and focus on the
safety of these workers. Though states are involved, equip-
ment manufacturers need to take a single-point clearance
from the Central Pollution Control Board to get their col-
lection centres approved. On the other hand, many experts
opined that the rules are extremely stringent and difficult to
implement. Channelization of E-Waste to Authorized Recy-
cler-A Viable Business Model.

Experience of DISHA in Kolkata

DISHA, a local partner of the project
tried to motivate some dismantlers and
traders to set up processing units to en-
sure responsible recycling. The project
intended to organize the informal sec-
tor for people in e-waste recycling.
So far two groups have agreed to set
up dismantling units. It should be not-
ed that setting up of a proper recycling
unit involves a huge amount of invest-
ment. Some fund can be mobilised by
the unorganized workers (around `10
`20 lakh) towards setting up of au-
thorised dismantling unit so that after
dismantling the segregated dismantled
waste can be sent to authorised recy-
clers. First group formed P U Steel &
Electro Processing Pvt. Ltd and the
second group formed Seikh Tiwari
Electronics Pvt Ltd. Both of them are
registered companies under Compa-
nys Act.
In the recent period informal collec-
tors were the main target group. DIS-
HA had worked with them earlier. The
basic objective was to divert the travel
route of e-waste from informal to re-
sponsible authorised formal sector.
To understand the issue of the busi-
ness of e-waste, examples of obsolete
mobile phones and its peripherals have
been taken. An obsolete mobile phone
from household is collected by a door-
to-door collector with all assorted
waste of that household. The collector
has to pay around `1 to `5 to the house-
hold for the same. Sometimes it can be
free of cost. These mobile phones are
sold to junk shops where the primary
collectors sell all kinds of wastes col-
lected from households. The price ob-
tained for such obsolete mobile phones
from junk shops is around `5 to `7.
Then the junk shops sort these wastes
and separate the obsolete mobile
phones and its accessories (including
other e-waste) for further sell. Some
middle ranking or secondary collec-
tors, who specially collect ewaste,
purchase these mobile phones at a cost
of around `10. The e-waste collec-
tors accumulate such obsolete mobile
phones from many junk shops.
There may be another layer of such
secondary collectors who buy and
sell specially e-waste The price varies
from `15 to `22 at this level of pur-
chase and sale. Finally these obsolete
mobile phones reach to some apex
collectors of the city. They control this
chain of primary to secondary collec-
tors. They have business with the large
informal recyclers in different parts of
the country. They sell these obsolete
mobile phones at `25 to `30 to the in-
formal unauthorised recyclers. Most
of the obsolete mobile phones of the
city converge to them through the net-
work of informal collectors of various
stages. Apparently these apex collec-
tors should be motivated to channelise
their waste to formal recycler. An au-
thorised recycler cannot afford to pay
more than `18 to `22 for an obsolete
mobile phone. They have to spend in-
frastructural and allied cost much more
than the recyclers of informal sector.
DISHA took another effort to orga-
nize the primary collectors so that they
form Self-help groups, sort and store
e-waste on their own. They themselves
tried to sell those direct to the autho-
rised recyclers. Their rate of profit
would be very high as they could get
a price of `15 to `18 from the autho-
rised collectors. This could not happen
as they cannot store or hold their item
for a period. Their livelihood depends
on daily earning and spending. They
cannot continue transaction with bank
though support and handholding were
provided towards bank linking.
DISHAs experience indicates that if
little support is available from the pro-
ducers of electric and electronic equip-
ment under Extended Producer Re-
sponsibility (EPR) or Corporate Social
Responsibility (CSR), authorised col-
lection centres can run with economic
viability. The middle level collectors
can be motivated and supported to
channelise their collection of e-waste
to the authorised recyclers.

Business economics April 01-15, 2017 23

COVER STORY
E-waste: hazards and opportunities
Ankita Chakraborty
I
ndia is at a peculiar crossroad. On one hand, it has wit-
nessed a tremendous growth of the electronic industry
and on the other hand, it is grappling with the exponential
growth of electronic or e-waste. India, which generates about
400,000 tonnes of waste annually, depends mostly on kaba-
diwalas to carry out the task of e-waste management in In-
dia. As they are mainly involved in dismantling the e-wastes
rather than recycling disposed products, these wastes gener-
ate health issues.
How e-waste contributes to global warming
Electrical and electronic waste (e-waste) currently contrib-
utes to the largest growing waste stream and is hazardous
and complex. E-wastes like those of air conditioners, wash-
ing machines, microwave ovens, florescent lights and bulbs,
and other electronic accessories and equipment are created
every year and grow at 4% per year.
Large household appliances represent the largest proportion
of e-waste (about 50%), followed by information and com-
munications technology equipment (about 30%) and con-
sumer electronics (about 10%). Electronic products contain
several persistent, bio accumulative and toxic substances
including heavy metals such as lead, nickel, chromium and
mercury, and persistent organic pollutants (POPs) such as
24 April 01-15, 2017 Business economics
polychlorinated biphenyls (PCBs) and brominated flame re-
tardants which contribute to global warming. Approximately
40% of the heavy metals found in landfills originate from
electronic waste.
In developing countries like China, India, Ghana, and Ni-
geria, e-wastes are often recycled and sold illegally even if
they are not fit to resold or reused. According to a report by
the International Labour Organisation (ILO), It is estimated
that between 50 % and 80 % of e-waste collected is for re-
cycling. It is either discarded into the general waste stream
or, perhaps, illegally exported to crude e-waste recycling
hotspots, which have been identified in Asian countries, such
as China, India, and Pakistan, and in some African countries
like Ghana and Nigeria. This situation is made worse by the
current system of gathering information, in which second
hand, used and waste products are, by and large, invisible
to national statistics on production, sale and trade in goods.
E-waste processes have resulted in environmental hazards
like contamination and can be linked to depletion of soil
and surface water. These toxins used in landfills may even
be released into the atmosphere by the soil and this act as
one of the major reasons of global warming. Lead, mercu-
ry, and cadmium when burnt directly goes into the atmo-
sphere and ashes accumulate everywhere on the planet and
eventually end up entering the food chain. When products
containing plastics and PVC are burnt, they cause harmful
dioxides to enter the atmosphere causing health issues like
severe breathing difficulties, respiratory irritation, coughing,
choking, pneumonitis, tremors, neuropsychiatric problems,
convulsions, and coma and can lead to even death.
Business opportunities for e-waste management
E-waste recycling provides many business opportunities to
recycle and reuse the waste after segregating the harmful
elements and disposing them safely. E-waste recycling re-
sults in recovery of many precious elements. In many as-
pects, e-waste recycling is like engaging in mining of pre-
cious metals and an interesting aspect of this mining process
is that it only involves a physical intervention and is quite
cheap. The precious metals were refined and used to make
the electronic device and do not require further chemical
processing during recycling. The precious elements only
need physical separation from each other. This process can
generate a lot of employment and is used by numerous entre-
preneurs and start-up companies to treat e-waste and make
it environment friendly. The e-waste recycling process initi-
ates with the dismantling of components like motherboards,
hard drives, cartridges, cabinets, cables, etc. Manual labour
separates metal, glass and plastics from the components
 COVER STORY
According to National Electrical Manufacturers Association (NEMA) the
precious elements that could be extracted from e-waste are:
Tin from solder, coatings on component leads.
Copper from copper wire, printed circuit board tracks,
component leads.
Aluminium from electronic goods including electrolytic capacitors.
Iron from steel chassis, cases, and fixings.
Germanium: from transistorized electronics (bipolar junction
transistors).
Silicon from glass, transistors, ICs, printed circuit boards.
Nickel from nickel-cadmium batteries.
Lithium from lithium-ion batteries.
Zinc from plated steel parts.
Gold from connector plating in computer equipment.

followed by shredding of printed circuit board (PCB). Glass
dismantling is done in a protective semi-automatic environ-
ment and by adhering to pollution control measures.
The recycling processes enable reutilizing the extracted
materials for other products which may not be completely
electronic in nature. For instance, Videocon makes CRTs of
television using glass cullets. Secondary metal refiner uses
metal scraps for smelting processes and makes pure steel,
aluminum and copper for manufacturing of metallic appli-
ances. Umicore Metal Refining (an integrated material recy-
cling firm in Belgium) extracts metals like gold, silver, nick-
el, copper, bismuth, palladium and vanadium 8. The reverse
supply chain of e-waste provides an array of opportunities to
create a new market where further investment will lead to a
win-win situation for all stakeholders.

Business economics April 01-15, 2017 25

POLITICS
Narendra Modi
and the Making of
a New India
Sanjeeb Mukherjee
S ocieties respond to changes in two major ways, either
passively adjusting to change or taking conscious charge
of the situation. The nationalist movement and Nehrus
India were periods when the country and its leadership were
imagining and giving shape to society, economy, culture and
polity. Indira Gandhi in a period of crisis largely reasserted
the Nehruvian paradigm, albeit in a populist and authoritarian
mode. But it was soon followed by a long period of rudderless
drift, merely adjusting and responding to larger forces of
change. What seemed to be a game changer led by Narsimha
Rao was actually a response to the new global economy and
polity nudged by a serious balance of payment crisis. Narendra
Modi is once again trying to offer a new imaginary picture of
the Indian nation and a new development direction to shape
the future of India. It is a big challenge. Without large popular
support such projects inevitably fail under a democracy. The
2014 elections followed by a series of successes in many
states, the latest being the spectacular performance in Uttar
26 April 01-15, 2017 Business economics
Pradesh, gives Modi an opportunity to remake India. Will he
succeed and what will be the state of the country he wishes to
realise?
It is obvious that after independence the nationalist fervour
would slowly die down and it soon dawned on the people that
ideals dont matter. This is almost a law of history. Modis
major achievement is to recreate that passion and zeal that
animates nationalism. He did this by claiming to purify and
reimagine the idea of India. His appeal lay in his critique of
the earlier imaginary picture of the Indian nation; it failed
to create an emotional oneness and unquestioned loyalty; it
was too divisive and diverse and it lacked a common culture
to hold the country together. Most important it made India a
weak country. Modi injected a strong masculine strength to the
idea of the nation by highlighting a sense of siege the majority
suffered from. It seemed the enemy is not outside but within
the country and they will have to be fought back decisively.
Modi thus raised the hopes and aspirations of the people,

which make this kind of nationalism so fervent.
This kind of unifying and essentialist nationalism would
also ensure a stable and long term majority in any election,
which is a must in modern democracies. It was also a period
of the decline of traditional identities and cultures like caste
or region; they were only useful for instrumental reasons like
reserved seats or jobs. Hence since the Ram temple movement
the BJP was trying its best to forge a new Hindu identity and a
nation whose essence would be Hindu. The Ram janambhoomi
movement did not yield long term electoral advantage to the
BJP. It was Narendra Modi who was successful in creating a
militant and political Hindu identity in Gujarat and then he
is trying to replicate that model to the rest of India. It gave
a sense of empowerment and pride to the majority. Plurality,
diversity and dissent were seen as signs of weakness and had
to be dealt with sternly.
The UP elections clearly show the decline of caste based
appeals and identities. The Hindu identity appeals especially
to this young, vernacular middle and lower middle classes.
The second import of Modis rise is the assertion of these
classes against the old English speaking elites, which makes
this nationalism populist and anti-elitist as well. Most of the
emerging leaders from Modi, Amit Shah, Yogi Adityanath to
the numerous babas, mahants, sadhvis and pracharaks belong
to this cultural milieu marked by a lack of higher education
or any exposure to the world of ideas. They see intellectuals
and universities as sources which undermine our culture and
tradition and hence the nation itself. For this class a cocktail
of Hindu heritage, modern technology, skills and nationalism
gives them a new identity and a sense of power and pride.
Thirdly, the strength of this populist cultural nationalism is
cemented by Modis vision of rapid industrialisation making
India the manufacturing hub of the world. This alliance not
only seeks to root out any divergence or dissent from this
nationalist essence but is equally firm against any opposition
to industrialisation or other economic activities, be it from
NGOs like Greenpeace or radicals resistance to mining or
land acquisition. With the help of this majority Modi seeks
to discipline intellectuals, universities, media and other public
institutions including the judiciary.
Will this strategy make India strong or will it drain away the
best of our civilisational ethos, including our plural religion,
our democracy and our Constitutional institutions and
philosophy? And what would be the future of such an order?
These are two key questions which face the country following
the rising power of Modi.
For ages Hindu religion and its extended family were
immensely diverse and plural without any central authority in
the form of any text or institution. In spite of Brahmanical
hegemony the beliefs and practices of the people could not
be unified or homogenised. This instead of being a weakness
was an immense source of intellectual and cultural richness,
POLITICS
The strength of this populist
cultural nationalism is
cemented by Modis vision of
rapid industrialisation making
India the manufacturing hub
of the world. This alliance
not only seeks to root out any
divergence or dissent from
this nationalist essence but
is equally firm against any
opposition to industrialisation
or other economic activities
which enabled our culture and religion to survive more than a
century of conquest and colonisation. Secondly, the nationalist
elites imagined a new India which had space for both unity
and diversity. Finally, this elite wrote a constitution which was
democratic, secular and promised justice. This is the primary
reason why in the postcolonial era Indian democracy, the nation
and the state survived whereas most third world countries
faced civil wars, dictatorships, famines or revolutions. A
look at each of our neighbours would confirm this. India was
truly an exception, of course there were exceptions within the
country as well, e.g in Kashmir or the North-east but they were
the product of the erosion of democracy and autonomy.
The permanent majority that Modi seeks to build based upon
cultural national unity could give us immediate strength
to counter all diversity or dissent to ensure large scale
industrialisation. India could emerge as a potential super
power, get a seat in the United Nations Security Council and
Modi could remain on first name basis with global leaders. If
Gujarat was Modis first successful experiment it seems he is
looking at Yogi Adityanath to make the second experiment in
the largest state in our heartland. If the Yogi succeeds the next
parliamentary elections would promise the same all over the
country. Will that hold us together, maintain our democracy and
civilisational ethos or we shall also, a little belatedly, follow
the sequence of dictatorships, civil wars or revolutions? If this
were to be the fate of a country of Indias size and diversity
it would put the partition violence into insignificance. This is
the reason why free intellectual debate and democracy is so
essential to imagine a better, just and peaceful future for India.
The author is a former Prof. of the Dept. of Political Science,
University of Calcutta
Business economics April 01-15, 2017 27
FACE TO FACE

AYUSH- the way to a healthy life

The AYUSH Ministry of the Indian government looks into medical practices
like ayurveda, yoga and naturopathy, unani, siddha, and homeopathy.
The department is responsible for various systems of alternative
medication and also promotes education and research in the field. It
was officially made a separate ministry in 2014 and was earlier a part of
Ministry of Health & Family Welfare.
BEs Madhu Raina spoke to Union Minister of State, Ministry of AYUSH
Shripad Yesso Naik regarding the departments plans for the future.

Shripad Yesso Naik

Union Minister of State, Ministry of AYUSH

Q . Do you think there is a shortage of AYUSH medical

colleges in the country?
A. The central government has supported AYUSH medical
colleges under the central sector scheme of Public Health
Initiatives (PHI) as well as under the central sponsored
scheme of National AYUSH Mission (NAM). There are 607
(341 Ayurveda, 52 Unani, 10 Siddha and 204 Homoeopathy)
AYUSH medical colleges at present in the country. There are
two statutory regulatory bodies namely, Central Council of
Indian Medicine (CCIM) and Central Council of Homoeopathy
(CCH), which were set up as per the provisions of Indian
Medicine Central Council Act, 1970 and Homoeopathy Central
Council Act, 1973 respectively. CCIM and CCH maintain
the central registers of Indian Medicine and Homoeopathy
respectively and regulate education and practice of AYUSH
systems of medicine.
Q. What were the objectives of World Integrated Medicine
Forum on Regulation of Homoeopathic Medicine
Products? And what were the details of issues discussed
in the forum?
A. The World Integrated Medicine Forum on Regulation
of Homoeopathic Medicinal Products: National and Global
strategies was held in Delhi recently and 24 countries
participated in it. The main aims were to make access
to quality-assured, GMP-certified, homoeopathy drugs
easier and economical and to harmonize homoeopathic
pharmacopeias of different countries, to standardise
regulations for homoeopathic medicinal products across the
globe, to enable regular meetings of key global stakeholders
like drug regulators, manufacturers and pharmacopeia experts
from various countries to discuss specific areas related to drug
regulations and harmonization of pharmacopoeia.
The major issues highlighted in the forum were related to reg-
ulatory status and outlook of Homoeopathy in various coun-
tries, enhancing synergies with traditional and conventional
medicine systems, homeopathic drug development and regula-
tory innovation including discussion on challenges and oppor-
tunities in new drug discovery and exploring the possibility of
a new regulatory model, harmonization of homeopathic phar-
macopoeias and en-couraging good pharmacopoeial practices
and it also dealt with regulatory requirements covering strate-
gic aspects in regard to quantification of homeopathic prepara-
tions; ways to modernize monograph evaluation.
An MoU was signed between Homoeopathic Pharmacopoeia
Convention of the United States (HPCUS) and the Indian
bodies of Pharmacopoeia Commission for Indian Medicine &
Homoeopathy (PCIM&H) and Central Council for Research
in Homoeopathy (CCRH) related to cooperation in the field of
homoeopathic medicine.
Q. What steps are being taken by the government to
promote yoga globally?
A. We have undertaken various measures for global promotion
and popularisation of AYUSH systems of medicine including
yoga. We have deputed yoga experts to participate in
workshops organized by the Ministry of Tourism, Ministry of
External Affairs, Ministry of Culture, Ministry of Commerce,
etc. and regularly send them abroad for demonstration and
lectures. The Ministry has set up AYUSH Information Cells
in the premises of the Indian Missions and ICCR Cultural
Centres for dissemination of authentic information.
As of now, 26 AYUSH information cells have been set up in
24 countries. We also organize and participate in international
exhibitions, conferences, workshops and seminars to have a

28 April 01-15, 2017 Business economics


wider reach for international propagation of AYUSH including
yoga. To ensure credibility of knowledge and skills of yoga
experts, the Ministry of AYUSH has initiated a scheme for
Voluntary Certification of Yoga Professionals developed
by the Quality Council of India (QCI). The scheme aims at
promoting authentic yoga as a preventive, rehabilitative and
health system. A yoga college named India-China College of
Yoga has been established in the Yunnan Minzu University,
China under the MoU signed between the University and the
Indian Council for Cultural Relations (ICCR).
Q. What kind of diseases can be treated through
naturopathy and yoga?
A. There is a general trend that indicates an increase in the
number of people registered for yoga and naturopathy during
the last three years. Further, the diseases like digestive
disorders, respiratory disorders, skeleton muscular disorders,
skin disorders, non-communicable diseases such as diabetes,
hypertension, cardiovascular problems, etc. are treated through
naturopathy and yoga.
Q. Is there any plan to include yoga in school syllabi?
A. National Curriculum Framework (NCF), National Council
of Educational Research and Training (NCERT) 2005
recommended Yoga as an integral part of health and physical
education. Health and physical education is a compulsory
subject from Class I to Class X and optional from Classes XI
to XII. According to them, The entire group including health
and physical education and yoga must be taken together as
a comprehensive health and physical education curriculum,
replacing the fragmentary approach presently followed.
As a core part of the curriculum, time allocated for games
and for yoga must not be reduced or taken away under any
circumstances. Furthermore, they have already developed
an integrated syllabus on health and physical education from
Class I to Class X. The syllabus is available on NCERT website
where you would see that yoga has been included from Class
VI onward. They have also prepared a separate syllabus on
yoga from Upper Primary to Secondary stage.
FACE TO FACE
Q. There have been reports of rare medicinal plants
which have been used for centuries for the treatment
of cancer. How is the government pursuing research
in this regard?
A. Some indigenous people and traditional village healers
including tribal communities of Kerala claim that there are
herbs or medicinal plants which can be used to treat various
diseases including cancer. The plant species, Simarouba glauca
and Annona muricata are very popular among the traditional
healers. However, there is no scientific evidence available
on efficacy of these species. A research council of Ministry
of AYUSH, viz., Central Council for Research in Unani
Medicine (CCRUM) has conducted an ethnobotanical survey
in three forest divisions of Kerala and recorded folk claims of
one plant species (Decalepis hamiltonii) as anti-cancerous. As
per information provided by the Kerala government, various
institutions based in Kerala such as Amla Cancer Research
Centre (ACRC), Rajiv Gandhi Centre for Biotechnology
(RGCB), etc. are carrying on research for phytochemical
screening of plants for identifying potential compounds which
are effective against cancer.
Q. Is there any scheme for the cultivation of natural herbs
and medicinal plants in the country?
A. National Medicinal Plants Board (NMPB) is implementing
the cultivation programme towards promotion of medicinal
plants cultivation throughout the country since 2008-09 under
the centrally sponsored scheme of National Mission on
Medicinal Plants and National AYUSH Mission (NAM)
since 2015-16.
The scheme is primarily aimed at supporting market driven
cultivation of medicinal plants on private land with backward
linkages through establishment of nurseries for supply of
quality planting material and forward linkages for post-harvest
management for collection, storage, primary processing,
marketing infrastructure, etc. The cultivation of medicinal
plants is supported by providing subsidy to farmers through
the identified implementing agency of concerned states.
Business economics April 01-15, 2017 29
INFOCUS
S enior
Shantanu
journalist
Guha He believes companies did not involve
any subsidy from the

when a company is
Rays latest book The government or the banks
Target is gaining for any land, labour or
momentum in sales and taxes for which Indian

sold or liquidated
has been promoted to the state-run companies and
first position on Amazon corporates are known to

by the government, it
India, for the second time compete eagerly. Shah was
in a row. The book is a harassed because of
result of the authors vested political and

kills entrepreneurship
research regarding challen- business interests and
ges to entrepreneurship and was interrogated thrice.
technology-led innovations According to the author,
from quarters that are Shah was framed. He
responsible for facilitating The book reveals various unknown was proven guilty but
as the author opines
their growth.
facets surrounding Jignesh Shah that if there is a crisis in
The book takes a deep the ICICI bank then K.V.
dive at the NSEL payment
crisis. It explains what went Anustup Roy Barman Kamath cant be held
responsible.
wrong in the payment crisis
and how the crisis was The author admits that the
perpetuated. More importantly, book is about Jignesh Shah. He
it invokes certain pertinent believes when a company is sold
questions. In this book, the author or liquidated by the government,
meticulously probes the motives it kills entrepreneurship. Sugata
of those who shunted Jignesh Shah Ghosh wrote in The Economic
out of the exchange business and Times on May 9, 2014, that
what it meant for Indias political- Jignesh had ruffled many feathers
economic climate. In the foreward and made powerful enemies,
of the book Suhel Seth pens that including a senior bureaucrat. In
However, all concentrated the past six months, these men
actions were directed only at have worked overtime to make
Shah and the FTIL Group subse- sure Jignesh faced arrest While
quently to eliminate them out of Jignesh was waiting in the EOW
Exchange space. (on May 7, 2014), a senior officer
of the Mumbai Police was having a
The 233-page book looks into meeting in a suburb with a Finance
Jignesh Shahs global empire and Ministry official who had landed
how he had to pay the price for up unscheduled. When the EOW
breaking the market monopoly. officer returned a little after 5 p.m,
The chairman of Financial Jignesh was told that he was being
technologies India Ltd. (FTIL), taken in. Shantanu believes that
Shah created ten world-class Shah will not be able to return to
exchanges across a variety of asset classes, such as the market again after the prolonged legal battle. He believes
commodities, equity, currency bond and electricity in that the government is trying to promote a monopoly market,
a period of ten years in India and abroad. According to facili-tating certain companies. Whenever there is a Jignesh
the author, Jignesh Shah whose two vibrant com- in the market with new path-breaking ideas, it becomes an
panies, MCX and NSEL, were the finest platforms for obstacle in the path of the government. The irony, according
trading in agricultural commodities with an ultimate aim to the author, is that Jignesh had to go to jail thrice but the
to benefit the farmer. Shah had worked on the thoughts government is unable to bring people like Vijay Mallya
of the then Prime Minister, Dr Manmohan Singh, under its books.
who wanted a single market for both manufactured
and agricultural produce. Jigneshs companies were Shantanu Guha Ray is a Jaipur-born Bengali, who was brought
original IP-based innovations. Interestingly, these up in Delhi. Kolkata has also been an integral part of his life.

30 April 01-15, 2017 Business economics


The He is a Wharton-trained journalist with over
Author
three decades of experience, specializing in
investigative, business and human interest
stories. He has won the Laadly Award and
bagged the Wash Award for working on water
related issues. He has also won the Ramnath
Goenka Award and the Washington Press Club Award. He
scooped the billion-dollar coal scam in 2011, followed by the
T he Central Bureau of investigation (CBI) has charged 20
entities and some of their officials for cheating state-owned
commodities trading firms PEC Ltd and MMTC Ltd in connection
with the `5600 crore payments fraud. NSEL, its parent Financial
Technologies India Ltd (FTIL), PD Agro Processors Ltd, Dunar
Foods Ltd and Mohan India ltd are among the entities.
The chargesheet filed by the CBI in December with the special
court in Mumbai, accused Jignesh Shah, former Chairman, FTIL,
of cheating and criminal conspiracy. This chargesheet made CBI
the third agency to file a chargesheet in the case. The 150 page
chargesheet found a fund trail due to which PEC and MMTC
had a loss of ` 120 crore and ` 105 crore respectively. CBI
alleged at the beginning that Shah had devised a conspiracy to
cheat PEC and siphon by floating accommodative and fraudulent
paired contracts.
INFOCUS
airport scandal in Delhi the following year.
In an informal chat session with BE, Guha Ray recalls the
beginning of his journey. During the beginning of the 1980s,
there were news gatherers but over the years, journalists
have become news writers. He believes that there is a serious
lack of investigative work being pursued by journalists.
He feels that the corporate ownership of media houses is
altering journalism.
The chargesheet writes that the FTIL was the major beneficiary
of the revenue earned by NSEL. It is also alleged that paired
contracts were the main source of income for the commodities
bourse. The lawyers representing FTIL has sharply denied the
allegation on the ground of inadequate factual base. They are
also confident about their clients walking free. However CBI
says that the minutes of the board meetings of NSEL were vetted
and approved by FTIL before issuance. The chargesheet also
noted that FTIL received ` 90.69 crore from NSEL as software
maintenance charge during 2011-13, which again has been denied
by the accused. FTIL claimed that it did not receive any benefit
as NSEL never declared any dividends. A spokesperson said that
they were ready to refund the investors by selling the assets that
were not linked by the enforcement agencies.
Source: Article by Jayshree P. Upadhyay, March 24, 2017, Mint
Business economics April 01-15, 2017 31
INDUSTRY
Spiritual invocation of Westin Hotel
Sujit Kanoria, Hemant Kanoria, Debashis Sen, Dr. H.P. Kanoria and Swami Suparnananda Ji at the event (L-R)
T he Shristi Hotel Pvt.Ltd., taking a different approach,
opted for a spiritual invocation of Westin Hotel, a five-star
hotel, in New Town, Kolkata. This event will soon be followed
by an official inauguration ceremony. The event was attended
by distinguished guests like Dr. H.P. Kanoria, Sujit Kanoria,
Hemant Kanoria, Swami Suparnananda Ji, and Debasish Sen,
Chairman, Housing Infrastructure Development Corporation
(HIDCO).
At this spiritual invocation ceremony, Dr. Kanoria, Chair-
man of the SREI Foundation, said, The Srei Foundation
envisions that this hotel will be an extremely good option for
the government, the entrepreneurs, and the people. The hotel
has good amenities to attract tourists. Moreover, it is located
near the airport which will be convenient for the travellers. We
seek blessings from Lord Ganesha who is also known as Vig-
na Harta to remove all the future obstacles. We pray to Mother
Laxmi and Mother Saraswati to lead us to a path of good for-
tune. I thank everyone for attending this spiritual invocation
ceremony.
Sujit Kanoria, Managing Director, Shristi Hotel Pvt. Ltd., said,
It has been a long journey and finally the day has come when
this spiritual invocation of the hotel is taking place. It is in line
with the Kanoria Foundations thought which is work with de-
votion. When we first conceptualised the project, I was certain
that we are to create an infrastructure which becomes one with
the nature. So we hired a world renowned architect from Spain.
When anyone goes round the hotel, one will get the glimpse
of our culture through the mural of a lady Goddess in the re-
ception and also of various scripts from our Vedas which are
present in different parts of the hotel. The journey of construct-
ing the hotel had its share of highs and lows but the journey
has made me more enthusiastic for taking future challenges of
creating such mammoth infrastructure projects.
At the event, Hemant Kanoria, Chairman and Managing Direc-
32 April 01-15, 2017 Business economics
tor, Srei Infrastructure Finance, said, It is indeed a privilege
to be here for the spiritual invocation of this hotel. The team
has put in a spectacular effort. I have travelled to many parts of
the country and I am happy to say that I havent come across
such a magnificently constructed hotel. People in Kolkata will
find this hotel very convenient for hosting social ceremonies.
Also, this hotel can be used for hosting business conferences
like Global Business Summit which was held in Kolkata re-
cently. Once our services become operational, I would request
the government to utilise our facility to hotel such events in
future. On our part, I would like to say is that we and our staff
would make sure that everyone has a great stay at the hotel.
Swami Suparnananda Ji, Secretary, Ramakrishna Mission
Institute of Culture, Golpark, said, I was talking to Dr. H.P.
Kanoria regarding the inauguration where he categorically
stated that this is the spiritual invocation ceremony. An inau-
guration ceremony will be held later. In this regard, I would
like to throw some light on the difference between spiritual
and political concepts of things and events. A political agenda
thrives on the basis of expressing ones views against others,
while spiritualism is a connection which helps to develop a
cordial relationship between individuals. Humanity is diverse.
But through spiritualism each individual is connected. Swami
Vivekananda propagated the concept of unity. Sri Ramakrishna
also treated all people alike. This unity in diversity connected
through spiritualism is what will help the mankind.
Debasish Sen, Chairman, Housing Infrastructure Development
Corporation (HIDCO), who was the chief guest, said, I, on be-
half of the West Bengal government, congratulate the Kanoria
group for making this major investment in the state. We from
the government are building the Bishwa Bangla Convention
Centre at an investment of `450 crore, which is going to roll
out in July. There are already bookings for events and shows.
This convention centre can also provide substantial business
to the hotel. BE Bureau
 INDUSTRY

Coal India
taking a lead
in improving
the sector
Sutirtha Bhattacharya, Chairman, Coal India Limited, addressing the
symposium in Kolkata Anustup Roy Barman

C oal is an important source of energy. It occupies a central

position in most economies energy policies. India is an
emerging global economy and its energy demands are on the
pledged to upgrade its laboratories. Bhattacharya also added
that all the consumers should also internally check the quality
of the coal that is supplied to them. Anjani Kumar stated that
rise, with the renewed focus if the producer supplies coal
on heavy industries through as per the required grade, then
programmes such as Make in there will be no need for third
India. Under the leadership party sampling.
of Sutirtha Bhattacharya,
Sutirtha Bhattacharya informed
Chairman, Coal India Limited,
that the railways should also
India has scaled such a stage
be included in the process to
where it can afford to export
create green channels which
coal.
will help in increasing storage
Though the sector has time. Railways and new plants
developed significantly, there will help in this case. Mining
are some aspects where it still technology is also another
lacks credibility. According to important aspect for this sector.
Anjani Kumar, Coal Controller, The most recent and improved
the quality of coal is crucial. Dignitaries present at the dias of the symposium in Kolkata technology can guarantee an
Indian coal consumers are assured quality of coal for
mostly peeved with the quality of coal they get. In many the consumers. Coal India has an online tracker to know
cases it is said that the consumers do not get the grade of where their coal crates are going for grading and
coal which they pay for and that is a major issue as it sampling. If the proper grade of coal is not supplied to the
hampers production. consumers, then the consumers
Lack of trust between the Indian coal consumers are are entitled to compensation,
according to Coal India sources.
consumers and the producers
is giving way to the third party mostly peeved with the The main motto for Coal India
is to first fix the quality and
sampling and analysis in the
sector. To meet this problem
quality of coal they get. In ensure transparency. Secondly,
an intra-state gradation unit
has been set up with the help
many cases it is said that the third party sampling will be
strengthened and finally the
of the IITs. Indian coal is not consumers do not get the issue of taxation will be taken
care of. Coal India is trying to
indigenous.
It is created by drift in the earths
grade of coal which they pay create a comfortable atmos-
phere for consumers. One can
crust. So every layer of each for and that is a major issue as expect that with such measures
sample has a different grade in
the Indian case. Coal India has it hampers production. in place, the coal sector can
grow significantly.

Business economics April 01-15, 2017 33

INDUSTRY

mjuntions online solution has greatly

boosted the tea industry
Ayantika Halder

T he online trading platform designed by mjunction for

a tea packaging company in 2013 has proved to have
resolved many operational inefficiencies of the existing on-
line system. In 2008, an e-auction process initiated by the
Tea Board replaced the centuries-old public outcry system.
However, this process had its limitations. For one, it was
conducted only through the six registered auction centres had dropped considerably. In order to resolve this, its online
in India. The participants had to register themselves every solution ensured that small tea producers got direct access
time they intended to participate. The sellers had to trans- to a large buyer base. With access to a large buyer, cost of
fer the processed tea 14 to 21 days prior to the auction at sampling and transport reduced.
the warehouses, which was problematic. As an owner of a
The platform makes the process scalable, enabling any
bought leaf factory in Assam shared, The current auction
number of sellers to deal with the buyer privately. A sup-
mechanism did not raise the volume sales for us. It took two
plier offer site has been created, where suppliers offer their
to three weeks to send the tea for auction catalogue and an-
produce as per client requirements and according to the
other two weeks to receive the payment. We could auction
given schedule. The platform allowed them to offer their
our produce only when the auction date and time were is-
tea through online competitive bidding that instilled trust
sued and at the registered auction centre. Also, transporting
between the stakeholders. mjunction has introduced selling
our produce to the central warehouse which was far from
portals for two large tea suppliers. This platform is accessed
the factory is time consuming. Five years later, mjunction
by small buyers and distributors who sell it locally or pack-
came up with the online trading platform, which resolved
age it for small scale selling. It provides the sellers a greater
many of these problems.
access to buyers and also increases operational efficiency
mjunction recognized that the demand for tea at the auctions for both sides of the supply chain.

Food Corporation of India(FCI) selects

mjunction for e-auction of foodgrains
I n its endeavour to make its existing processes better and
provide timely and transparent distribution of food grains
to a 4000-strong buyer base across India, the countrys larg-
est stockholder of food grains, Food Corporation of India,
chose mjunction to auction food grains for two years be-
ginning from April 2017. The countrys largest B2B ecom-
merce player, on a war-footing, created a model in just 15
days addressing the existing points and creating an efficient
and transparent system. mjunction has started the empanel-
ment of interested buyers from 20th March 2017.
mjunctions e-auction model will strengthen the distribution
mechanism of FCI, which in turn has a key role to play in
addressing challenges such as insufficient storage. Signifi-
cant process improvements brought in by mjunction include
introduction of a single window for pan-India e-auction and
an automated end-to-end service. The process automation
will significantly reduce turnaround time, benefiting both
the buyer and the FCI. A buyer will not have to open sep-
arate windows for each state auction and can access these
auctions with a single login screen simultaneously. The
buyer can also download the sale orders, release orders
from multiple states using the same login ID from anywhere
in the country.
Vinaya Varma, CEO of mjunction said, We are already in
the agro-commodity market with tea. With this partnership,
we are adding wheat and rice to our bouquet. A transpar-
ent, automated, customized and user-friendly mechanism
has been devised, and I am certain that FCI will benefit im-
mensely from our services. After metals, idle assets, rough
diamonds and spectrum, this is one of the new areas that we
are entering. Pulses, cotton, forest timber and produce are
the other commodities that we are exploring.

34 April 01-15, 2017 Business economics


I n 2012, India ranked 73rd in the Global Entrepreneurship
and Development Index (GEDI), published jointly by the
Imperial College Business School, George Mason University,
and the University of Pecs. The evaluation was limited to 78
countries. Globally, India was considered a laggard in terms of
its entrepreneurial performance. But gradually India worked
on its entrepreneurial skills and just four years later, young
Indians outperformed in Forbes 30 under 30 list. Every year,
Forbes publishes a series of lists called 30 under 30 that
features 30 of the brightest entrepreneurs, breakout talents
and change agents under the age of 30 in diverse fields.
Indians are performing extremely well to make their names in
the list. Last year, 46 of the Forbes listed were of Indian origin.
The Indian government initiated wide-ranging programmes,
such as Make in India, Digital India, Skills India, Start- the youngest VP in the companys history. Neha Gupta helped
up India and Stand-up India with the aim of transforming In-
dia into a global economic power. The entrepreneurial skills of
Indians have improved.
Young Indian
and Indian
origin
global
entrepreneurs
shine
The Indian government initiated
wide-ranging programmes, such as
Make in India, Digital India, Skills
India, Start-up India and Stand-up
India with the aim of transforming In-
dia into a global economic power. The
entrepreneurial skills of Indians have
improved.
This year, over 30 entrepreneurs, innovators and leaders of
Indian-origin have been featured in Forbes magazines list of
super achievers under the age of 30, out of total 600 achiev-
ers. The 600 featured in the magazine were selected from
around 15,000 nominations.
INDUSTRY
The names of the 30 Indian super achievers included Shaun
Patel, the orthopaedic surgery chief resident at Harvard Medi-
cal School. He also started a company called OrthoNinja, which
helps doctors communicate with one another (for consultations,
etc.) through an app. Sudhakar Nuti, 25, is an MD candidate of
Yale University and studies the healthcare provided in the US.
Prathna Desai dropped out of Harvard in order to use drones
to provide medication to people in third world countries. She
is currently based in Rwanda. Nishant Gharg and Jimit Shah
co-founded FlowLabs and created a small wireless enabled
device that will help homes conserve water. Anurag Garg is
the CEO of Dattus, an Industrial Internet of Things company
that helps old manufacturing units to become smarter fac-
tories. Akshay Goyal, Vice President of Starwood Capital, is
launch The Honest Company and played a key role in the
sale of Beats by Dre to Apple is also in the list. Aditya Agar-
walla is amongst those featured in the social entrepreneurs
category. He co-founded the Kisan Network that works like a
market-place in the online space for farmers in India.
Last year, entrepreneurs who made it to the list were Ruchit
Nagar, 22, founder of KhushiBaby, maker of an innovative-
ly designed necklace for toddlers that is actually a wearable
digital device that is recognised by the UNICEF, for storing
their immunisation records, and thereby being capable of sav-
ing lives in developing countries. Andrew Yakub, 28, founder
of Rayton Solar, is revolutionising solar energy technology by
replacing the wasteful conventional process of slicing silicon
wafers off a block. He has pioneered a way to use laser tech-
nology to deposit the silicon, micro-layer by micro-layer, and
thus create wafers that are one-hundredth the thickness of con-
ventional ones.
Business economics April 01-15, 2017 35
INDUSTRY
Digital Music industry in India is
touching the sky
The era of CDs and cassettes is pass. Its time for digital music.
Ayantika Halder
T he digital music industry in India is in a growth mode.
According to a report Digital Media: Rise of On-demand
Content presented by a consulting firm Deloitte, Indias digi-
tal music industry is expected to reach `3,100 crore in revenue
while the number of online music listeners is expected to reach
273 million by 2020. It is estimated that the video subscrip-
tion market will make a profit of `3000-4000 crore by 2020.
Deloitte reported that Indian mobile internet users most-
ly devote their time on social media and entertainment. Out
of the total time spent on digital media by the youth, 21%
is exhausted on audio and video entertainment. Ringtones,
ring back tones, downloads and mobile radio streaming
services, besides downloaded singles and albums from
online stores are generating additional fees from mobile sub-
scribers and more licensing revenue for record companies.
Durjoy Chowdhury, co-founder of Friday Night Originals,
opined, The digital music industry is a fast-growing indus-
try worldwide. In India, digital music production, distribution,
promotion and sale have increased exponentially. An indepen-
dent artist from Kochi is able to reach his audience in Shillong
36 April 01-15, 2017 Business economics
Durjoy Chowdhury
or Delhi or Kolkata easily. Five years ago, this was a distant
dream. It is the best thing that could happen to the music in-
dustry of India, mainly from the perspective of independent
music.
According to a study by Nokia in 2015, music applications
are the third most popular items to be downloaded followed
by games and social networking apps. In India, music is the
most downloaded application and the second most used ap-
plication after social networking. The demand keeps growing.
Rahul Mukherjee, a software engineer from Tata Consulting
Services (TCS), said, I am in IT sector and hardly get time to
enjoy at home. What keeps me motivated are the songs that I
hear while I travel. There is no end to good music. I download
songs almost every day. Apps like Gaana.com and Saavn are
my saviours.
The digital music industry has generated a lot of employment
in the last few years. Durjoy Chowdhury added, The employ-
ment that is being created is huge. Several start-ups are coming
into the market like OK Listen, Bandcamp, Spotify along with
artist promotion start-ups like Muslate, Yahavi, Reverbnation,

and artist management start-ups and record labels like OML,
VLT, Big Band Theory. Then there are the upcoming indepen-
dent production start-ups, which produce not for the popular
media of the television but for the internet media on platforms
such as YouTube or Vimeo like Sofar Sounds, Balcony TV
(both UK based), Dewars and finally Friday Night Originals.
Digital music industry expanding
According to International Federation of the Phonographic In-
dustry (IFPI) Global Music Report 2016, there has been an in-
crease of 10.2 % in digital music revenues, which have soared
to $6.7 billion, with a 45.2% increase in streaming revenue
more than downloads and physical formats. Recently, indus-
try revenues grew by 3.2 % to $15.0 billion, leading to the
industrys first significant year-on-year growth in nearly two
decades.
Streaming is in demand as people are opting to stream music
through their computers, smartphones and tablets. It has risen
from 8 million users in 2010 to 68 million in 2015. Online
radio and live performances known as performance rights con-
tribute 14% of the total industry revenues. A miniscule por-
tion of the industry earns from the synchronization of income
which includes the use of music in TV ads, films, and brand
partnerships.
Several start-ups are coming
into the market like OK Listen,
Bandcamp, Spotify along with
artist promotion start-ups like
Muslate, Yahavi, Reverb-
nation, and artist man-
agement start-ups and
record labels like OML,
VLT, Big Band Theory
Listeners are attracted to utilizing the web for its myriad op-
tions. Spotify, which contains 35 million songs, SoundCloud
and YouTube with their abundant remixes and unique con-
tents, are ensuring the growth of the digital music industry.
Gaana.com mentions that the site currently has almost 3 mil-
lion unique visitors per month. Hungama has 20 million users
via various touch points and its paid download has reached
75 million across digital entertainment content in the form of
music tracks, music videos, movie streaming and more.
Challenges
Even though the sector has benefited hugely, it is plagued
INDUSTRY
with certain problems that need to be resolved to ensure its
growth. One of the major challenges faced by the industry is
related to the revenue sharing pattern. There is disagreement
on how the streaming income is divided among record labels,
music publishers, recording artists and songwriters. Although
rights owners are guaranteed minimum per-stream payments,
streaming deals are mostly revenue-sharing arrangements.
As streaming services are unable to sustain loss-making
ventures without end, DSPs need to focus where revenue sharing
arrangements outperform the minimum guarantees.
It is during the release of a music album that marketing is giv-
en importance. An album release profits within the first month
of the release. After this period, marketing for the particular
album generally drops off, as the label focuses attention else-
where. This becomes a problem for the music industry as it
moves towards the streaming model. Successful album sales
in the first weeks will only be of immense benefit to the label.
Other stakeholders are required to focus on driving sustained
listening if they want to make sufficient money. Instead of
purchase marketing campaigns, playlist marketing cam-
paigns will take centre-stage.
Not only this, many music companies are trying hard to evolve
their data systems. Through such systems, they can report us-
age and royalties to artists, songwriters and other companies.
Even with the existence of appropriate systems, there is a ne-
cessity for the artists and the songwriters to be able to easily
navigate this data.
What now?
The experience of listening to music anytime anywhere at a
nominal monthly fee or for free has rewarded the industry
with gains and success. No matter how much digital music
industry has evolved in recent years, one thing that remained
untouched is the audiences desire to watch their favourite
singers perform live. If the loopholes are rectified and tech-
nology is utilized smartly, digital music industry will reach
new heights.
Business economics April 01-15, 2017 37
INDUSTRY
The economic
development of
the country, rise
in income levels
resulting in
improved stan-
dards of living,
and the exposure
to internation-

The
al brands and
trends have given

rise
the online gift
industry a boost.

in online
gift
Varsha Singh

T he gift industry has When segregated into three categories, the share of festival

industry
evolved significant-
ly in the past few years.
Online gift portals have
become popular in India.
Consumers are increasingly taking to the concept of find-
ing a variety of options on one platform, buying it within
minutes and getting it delivered to the desired address. This
is more popular in the metropolitan cities like Mumbai,
Delhi, Kolkata, Bengaluru, and Hyderabad.
The economic development of the country, rise in income
levels resulting in improved standards of living, and the
exposure to international brands and trends have given
the online gift industry a boost. The online gift market in
India is expanding for the customised and corporate sec-
tions. Gift cards and vouchers are also gaining popularity.
The rising trend of personalised gifts has augmented the
online gift industry. People buy gifts online and personalise
any product by writing a message, quotes etc. Personal gift-
ing has been encouraged with the number of gifting oc-
casions increasing. India has also witnessed a rise in cor-
porate gifting culture. Consumers want to buy gifts from
online stores, which are unique, stylish, personalized, and
in tune with their preferences.
Huge business
The gifting market in India was pegged at $30 billion of
which $400 million could be attributed to the digital space.
gifting stands at $7.5 billion, personal gifting accounts for
$20 billion and corporate gifting is at $2.5 billion. Accord-
ing to Technopak, one of Indias leading management con-
sultants, the total size of Indian corporate and personal gift-
ing market put together in 2017 is about `250,000 crore.
Of this, corporate gifting market in India is estimated to
be `12,000 crore and is growing at over 200% per annum.
Mridula Bhatia, an IT professional from Bengaluru, said,
It is very convenient for me to buy a gift online as I dont
have to go to different shops to search for a desired product.
Surfing for products online saves me a lot of time and I can
also have the gift delivered on the said day.
Gifting portal
With the rise in online gifting trend, there has also been a
rise in online gift portals. Wishtry, a unique online gifting
registry, provides users the ability to create ones person-
alized registry for gift-giving occasions. It allows the user
to browse through different websites, select the gifts they
want and add it to their Wishtry list. One can create a wish
list with handpicked items from varied online stores and
share it with their family and friends. Along with offer-
ing registry services to individuals, organizations can use
Wishtry as a valuable fundraising tool.
Shailie Parekh, Co-Founder & Vice President, Wishtry,
spoke to BE about the growth of online gifting industry and
the challenges in the sector.

38 April 01-15, 2017 Business economics


Indian consumers are well-
heeled and well-travelled
and are continuously on
the lookout for something
more. They want value for
their money and appreciate
getting what they want. Till
date, we have received a lot
of positive responses, espe-
cially from the youth
Q. What opportunity do you anticipate in the online
gifting space in India?
A. According to us, its a very important concept for the
Indian market. This trend is gaining popularity and the
e-commerce space is changing. Now everything is avail-
able online ranging from home dcor items to pets. With
more conscious customers, the demand for gift registries
has shot up sharply. The response to our service has been
good till now and we aim at sustaining the momentum.
Q. Is the new generation more inclined towards the on-
line gift industry?
A. Indian consumers are well-heeled and well-travelled
and are continuously on the lookout for something more.
They want value for their money and appreciate getting
what they want. Till date, we have received a lot of pos-
itive responses, especially from the youth. A section of
young Indian consumers are technologically updated and
look forward to achieving services that are convenient and
economical. Additionally, a rise in their income levels has
paved the way for new entrants like us.
Q. Which segment do you think is more popular when it
comes to online gifts?
A. Times have changed and so have gifts and gifting styles.
Gone are the days when only birthdays, anniversaries, and
festivals were the occasions which guaranteed gift pur-
chases. Now there are so many occasions that we celebrate.
INDUSTRY
Shailie Parekh,
Vice President & Co-Foudner, Wishtry
However, weddings remain the most popular in terms of
gifting.
Q. How has been the traction so far on the site?
A. Since our launch in October last year, we have received
a lot of positive responses from our target audiences. Work-
ing professionals within the age group of 25 35 years,
who are tech savvy, upwardly mobile, discerning, and usu-
ally on a time crunch due to their busy schedules are some
of the key characteristics of our target audience. They are
welcoming the concept due to its efficiency quotient.
Q. What are the challenges in this industry and where
do you see yourself in future?
A. The online gift registry, like any other industry, has
certain challenges and cultural biases attached to it. First,
we need to change the Indian mindset of it being inappro-
priate to ask for gifts. It is essential for us to have a more
modern approach to gifting. Furthermore, the concept of
gift registry is new to India and would take some time
before it is well established.
In future, we would love Wishtry to be used as a reference
point for the celebration or planning of any event. Keeping
this in mind one of our biggest plans in the pipeline is to
have our own bar code scanners, where a consumer can
go to a store and scan the bar code of any item and it will
automatically be added to Wishtry. We also want to tie-up
with small stores and websites who want us to promote
their products.
Business economics April 01-15, 2017 39
INDUSTRY
chamber news
FICCI
PFRDA & Ficci on
expansion of pension
schemes
At FICCIs second annual conference
on the pension sector on the theme
India: Moving Towards a Pensioned
Society, Hemant G. Contractor, Chair-
man, Pension Fund Regulatory and De-
velopment Authority (PFRDA) stated
that the biggest challenge in providing
income security to the aged was to
bring the unorganised sector, which ac-
counts for 85% of the countrys labour
force, under the ambit of pension. Pen-
sion schemes offered must therefore
be well-regulated and supported by
the government as this segment lacks
awareness about pensionary benefits.
Contractor also added that Indias or-
ganised sector, comprised of only 15%
of the working population, is well cov-
ered under varied pension schemes.
However, the instances in the past of
people being cheated by Ponzi schemes
were due to lack of trust and confi-
dence which kept the workers away
from pension schemes in the organised
sector. It is essential to bring about
awareness about pension schemes and
make the policies transparent and easy
to manage.
On the occasion, the PFRDA Chief re-
leased the FICCI-KPMG Knowledge
Paper Employee pensions in India
Moving towards a pensioned society
which highlighted several challenges
in augmenting participation in the pen-
sion society. Amitabh Chaudhry, Chair-
man, FICCIs Insurance and Pensions
Committee and Managing Director and
CEO, HDFC Life Insurance Compa-
ny Limited, said that the presence of
multiple regulators in the sector, with-
drawal before retirement leading to
wasteful expenditure, lack of clarity on
portability, high disparity in tax treat-
ment of different pension products, and
40 April 01-15, 2017 Business economics
non-alignment of pension funds with
inflation were some of the deterrents
which needed to be addressed.
ASSOCHAM
Artificial Intelligence is
the need of the hour:
AssocHAm-Pwc study
An ASSOCHAM-PwC paper stated that
the effectiveness of Artificial Intelli-
gence (AI), machine learning, robotics
and cognitive automation directly in-
crease the quality and quantity of train-
ing data that the systems are exposed to
and that the conditions are ripe for India
to emerge as a leader in AI.
India is already on the path of a digital
revolution and the next step is utilising
the big data generated to take intelligent
decisions. This requires close collabora-
tion between the academia, the private
sector, and the public sector in order
to understand the problems holistical-
ly and solve them, noted the ASSO-
CHAM-PwC joint study on Artificial
Intelligence and Robotics 2017.
AI augmented manufacturing opera-
tions can employ more reliable demand
forecasting, a flexible and responsive
supply chain, quicker changes in oper-
ations, and more accurate scheduling
and inventory optimization leading to
increased productivity and quality, low-
er costs and a more robust health and
safety framework.
The application of AI in the field of de-
fense and security is huge. AI shows
remarkable potential in aiding control
and remedial actions in the aftermath of
environmental and man-made disasters.
A key area of AI intervention in lo-
gistical operations involves adaptive
scheduling of deliveries and routing
of vehicles. This has made transpor-
tation less susceptible to disruptions
caused by weather, traffic and unnatural
events. AI in the banking and financial
services, travel and transportation
sector, agriculture, consumer goods
and service, will prove beneficial in
the long run.
MCCI
mcci session on
Healthcare Awareness
Merchants Chamber of Commerce &
Industry (MCCI) organised a session on
Healthcare Awareness with Dr. Moon
Chattaraj, Dental Consultant and Im-
plantologist and HOD, Dental Depart-
ment, AMRI Hospitals and Dr. Somdutt
Prasad, Eye Surgeon, AMRI Hospitals.
Dr. Anushree Agrawal and Dr. Amish
Shah, Dental Consultants of AMRI Hos-
pitals were also present.
Dr. Moon Chattaraj informed that Root
Canal treatments are now painless, done
without medication and needs ten min-
utes for one tooth if done with laser.
AMRI Hospitals has the highest num-
ber of implant cases in India. Implants
are done within three hours and a pa-
tient takes three months for restoration.
EMI facilities are also available. Cost of
implants depend on materials used and
could range between `40,000 and 1lakh.
The team at dental department of AMRI,
Kolkata has 51 dentists, specialized in
different fields.
Dr. Somdutt Prasad highlighted the im-
pact of diabetes on the eye, especially
retina. India has maximum number of di-
abetic patients. So with bad disease, like
smoking, the problem of the retina also
increases. In England and Wales, after
carrying out national screening process
for over 20 years, research shows there
is no more blindness due to diabetic reti-
nopathy among the working age popula-
tions in these regions. Diabetic patients
should go through annual screening of
their retina. Sudden loss of vision, vi-
sualization of cobwebs and flashes are
early signs for retinal issues. Most oph-
thalmologists are concerned about the
lenses in case of cataract patients but not
the accompanied health problems.
Smt. Seema Agarwal, Chairperson,
MCCI Ladies Forum in her welcome ad-
dress mentioned the need for prevention
rather than cure and enquired about the
practices that aids in sustaining better
oral health and good vision.
 NATION

Swaraj is my birth right and I shall have it

Ayantika Halder

O ne of the guiding lights of the Indian national movement,

Bal Gangadhar Tilak was believed to be a multifaceted
Swadeshi Movement. A big Swadeshi market was opened
in front of his house.
personality. He was a social reformer, freedom fighter, national Tilaks beliefs and ideas opposed the milder policies of the
leader, and an exemplary scholar. Tilak was popularly called Congress. As a result, the Congress was split into two camps-
Lokmanya (Beloved of the people). Moderates and Extremists. Extre-
His slogan, Swaraj is my birth mists led by Bal Gangadhar Tilak
right and I shall have it inspired opposed the moderate faction
millions of Indians. led by Gopal Krishna Gokhale.
Extremists were in favour of self-
Since childhood, Tilak had fought
rule while the moderates thought
against injustice. He was one of that the time was not yet ripe for
Indias first generation to receive such demands. Tilak championed
modern college education. He the view of radicalism at the Con-
joined the Anglo-Vernacular gress meetings. During the time of
School in Pune. In 1877, Tilak got Lord Curzon, Tilak stood as the
his B.A. degree with first class in strongest opponent of the British
mathematics. He continued his Empire. He strongly recommended
studies and got an LL.B. degree too. the militant method of agitation.
After completing his graduation, Many like-minded Congressmen
Tilak taught mathematics in a like Lala Lajpat Rai of the Punjab
school at Pune and later became a and Bipin Chandra Pal of Calcutta
journalist. He was determined to became his followers.
instill knowledge of Indian culture Tilak organised the Ganapati and
and national ideals among Indian Shivaji festivals in Maharashtra
students. He founded the Deccan for rousing mass consciousness
Education Society to impart and the feeling of unity. The
quality education to Indias youth. extremists expressed their
Tilak also started two weeklies, dissatisfaction with the increasing
Kesari and Mahratha. Kesari He fought against child wester-nisation of Indian society,
was a Marathi weekly while marriage and supported widow exposed the deteriorating econo-
mic condi-tions of Indian
Mahratha was an English weekly. remarriage. Tilak launched the
economy and highlighted the
Tilak portrayed the sufferings of Swadeshi Movement and reactionary policy of Lord Curzon
and the brutality towards Indians advocated boycott of foreign and criticised the partition of
at the hands of British rulers.
Through his powerful writings, he
goods and promoted swadeshi Bengal. The extremists ad-
could arouse nationalistic feelings goods, national education and vocated boycott of foreign
among Indians. passive resistance. goods and promoted swadeshi
goods, national education and
Tilak joined the Indian National passive resistance. Tilak preached
Congress in 1890. He was a member of the Municipal Council non-cooperation with the government in all sectors. In 1902,
of Pune, Bombay Legislature, and an elected Fellow of at Poona, he said, You must realise that you are a great
Bombay University. He fought against child marriage and factor in the power with which the administration of India is
supported widow re-marriage. In 1897, Tilak was charged with controlled. You are yourself the great lubricants which
writing articles that were instigating people against the colonial enabled the gigantine machinery to work so smoothly. Though
government, breaking rules, and disrupting peace. He was down- trodden and neglected you must be conscious of your
sentenced to rigorous imprisonment for one and a half years. power of moving the administration impossible if you
Tilak was released in 1898. After his release, he launched the but choose to make it.

Business economics April 01-15, 2017 41

AGRICULTURE

Electoral promises of waiving agri loans

and real development of agriculture
Kishore Kumar Biswas

TABLE 1

T he recent landslide victory of BJP in the Uttar

Pradesh assembly election has sparked a debate on
the implementation of the electoral promise of waiving
Growth Rates of GDP of Agriculture Sector and
GDP of the Economy, 1981-82 to 2013-14 (%)

agricultural loan in the state. This is not new, it can be traced Periods Growth Rate GDP Growth
back to the 1970s or even before, agricultural loan waiving of Agriculture Rate
became a short cut rout to election victory. In UP, the BJP
198182 to 198990 2.9 4.7
promised agricultural loan waive in the election manifesto.
It is also reported that Rahul Gandhi also mentioned similar 199091 to 199900 2.8 5.3
promises in his public election meetings in UP.
200001 to 200910 2.4 6.8
TABLE 2 It has been reported that
201011 to 201314 2.1 3.7
Share of Output from in a written reply to the
Agriculture in GDP, Rajya Sabha, Minister Source : Handbook of Statistics, Reserve Bank of India, various years.
198182 to 201314 (%) of State for Agriculture,
generally waived by the government for rescuing disaster
Parshottam Rupala said
Year Share affected people. There is another area of agricultural loan. This
that the total agricultural
is agricultural credit card which is an institutional credit.
198182 29.6 loan outstanding as on
198990 25.2
September 30, 2016, stood Some stands on agricultural loan waiving
at `12.60 lakh crore. The
199495 23.5 After the UP election Arundhati Bhattacharya, Chairman,
data show that out of this
SBI (State Bank of India), expressed her reservations on
19992000 19.6 only `1.45 lakh crore
continual declarations of waiving crop loans. She said that
and `1.57 lakh crore
200405 16 are with regional rural
it disturbing the credit discipline of the borrowers. As there
arise expectations of waiving of the subsequent loans also. It is
200910 12.3 banks and cooperative
reported that out of a total loan of ` 86,000 crore (most of which
201314 11.8 banks respectively. But
is with the PSBs), about ` 13,000 crore has been extended by
an amount as high as
the SBI alone. It is not only the SBI chief. Professor Raghuram
Source : Handbook of Statistics, ` 9.57 lakh crore is with
Reserve Bank of India, various years. Rajan, former RBI governor had also stood against large scale
the commercial banks. In
debt relief. He was reported as saying, Waiving loans is an
the case of UP only, as has
unhealthy activity.Every time a waiver is done, it diverts
been reported, the outstanding agricultural loan is ` 86, 000
access to credit and shrinks credit availability. Quite a number
crore. Now the question is : can a responsible political leader
of high officials of PSBs expressed their personal support to
talk of a huge financial burden to win assembly elections
the opinion of the SBI chief on the basis of similar experiences
knowing well that state governments cannot waive the PSB
on the same issue.
loan? At the same time there are instances of waiving agro
loans where peoples sufferings were really cause of concern. There are other objections against large scale credit waive.
This type of credit relief benefits, mainly, the rich farmers,
Agricultural loans by the banks
businessmen, traders and moneylenders. In most cases they
There are three broad heads where agricultural loans from are the largest landowners in villages. Rajen Nagar, President,
banks are available. One is crop loan. Banks give it every year AIBEA told BE that in the case of small and marginal
to its customers on annual or seasonal basis. In this case there farmers they support loan waive policy. But they do not
is no bar to disbursing loans to poor or rich farmers. This is to support it universally.
be returned by phase after the crops. Two, loans for purchasing
An overall trend in agriculture in India
items like tractors, machinery and other durable implements.
This loan is not for all, it is selective. Third, related to natural The overall agricultural growth and productivity started to
disasters like drought, flood, and tsunami. The last one is decline in the late 80s. In the reform period it was argued that

42 April 01-15, 2017 Business economics

 AGRICULTURE
the agriculture sector will also prosper with the other sectors. Credit-Deposit Ratio of Commercial Bank in
The terms of trade between agricultural products and products Rural Areas, 1986-2014 (%)
of industry and services would improve. This means a unit 120
of agricultural goods could buy more and more one unit of
products of industry or services. But after the onset of 25 100

years or so of economic reforms agriculture has been given a

80
secondary importance. If it was given the proper importance
that would enable agricultural producers to increase surplus 60
products. This would in turn increase investment in agriculture
40
to make long tem productivity by improving quality of land,
purchasing machines and farm implements and so on. 20

The actual performance of the agricultural sector, compared 0

1986

1990

1994

1998

2002

2006

2010

to the pre-reform period, is not at all impressive in the post-
reform period. Shantanu De Roy professor, TERI University,
New Delhi, has mentioned (EPW, March, 4, 2017), that
several studies show that different parts of India have
shown a significant proportion of households were earning
negative income from crop production. He also pointed out
that cultivators have failed to gain from more exposure to
international markets and prices.
Declining agriculture
The declining contribution of agriculture in GDP in India is
seen as factor of development. Table 2 shows that share of
agriculture in GDP had decline by half in 1989-90 and 2013-
14. It was sharper in the 1990s. Even the highest growth rate of
food grains was also in the 1980s. In the 1990s the rowth rate
of wheat and rice only was commendable. Other food grains
grew at a slow rate. Cotton grew very well in 2000-2009.
Poor capital formation is a cause for concern in agriculture.
The declining trend in agriculture produce since the1990s can
mainly be due to, lesser investment in the sector as compared
2014
Source : Computed from the Handbook of Statistics,
Reserve Bank of India, various years.
is that after 2001 rural credit, particularly in the priority sector,
agriculture, increased. But the researchers showed that this
was largely due to increase in indirect finance in agriculture
and after definitional changes of priority sector. When export
oriented agro-sector and capital-intensive agriculture were
brought under the priority sector, large agribusiness companies
and big cultivators began to be benefited more. Share of this
section in total rural sector credit outstanding began to soar. It
was also shown that revival of rural credit after 2001 in better
performance in agriculture as a whole and particularly in the
condition of the small and marginal farmers, if one compares
it to that of the 1980s.
Shares of Priority Sector and Agriculture in
Total Outstanding Credit of Commercial Banks (%)
50

to non-agriculture. the interesting thing is that studies show Priority sector

40
that long term capital formation has more positive impact on
production in agriculture than short term subsidies. Citing the
30
estimates of Chand and Kumar EPW, vol.39, 2004, Roy has
shown that a rupee spent on public sector capital formation
20
contributes to GDP growth in agriculture by ` 35.21 over Agriculture
a period of 58 years. They showed that diverting 1% of 10
resources from subsidies to public investment raises output by
more than 2% and was highly desirable in ensuring growth of 0
agricultural GDP.
1981

1986

1991

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

Credit availability Source : Computed from the Handbook of Statistics, Reserve Bank of India, various years.

At the time of nationalization of banks it was thought that Conclusion

distribution of bank credit would be broad based. So rural
people could also avail institutional credit. Actually that
happened in a macro sense. A portion of bank credit went to
that sector. All the banks had to open rural branches following a
norm of the RBI. But what happened was quite expected. Only
a section of rural people could reap the benefit most. The poor
and marginalized section was little benefited. Ramakumar and
Chavan (EPW, vol.42, 2007) have done a good study on this
matter which Roy has also mentioned. The common perception
Unless agricultural growth is inclusive, poor and marginal
farmers get the benefit of government policies and of
institutional credits. It is hardly a positive improvement in
the economy as whole. Total waiving of agricultural loan can
make the matter worse. Public sector banks will be the worst
hit. Proper agricultural development policy with a long term
view is the need of the hour. Election orientation promises
should be declared with more care.

Business economics April 01-15, 2017 43

NATURE BEAT
Veganism, a superior
way of life
Maneka Sanjay Gandhi, Minister, Women & Child Welfare, GoI
(Contd...... from previous issue)
M ost people who follow a religion never read its holy
books. They simply follow social customs that pretend to
be part of the religion. For instance, the Prophet Mohammeds
eating habits were very frugal and he espoused vegetarianism
by his actions and teachings, but every Muslim will swear that
eating meat is part of his/her religion. The Sikhs do the same
with eating meat even though all their Gurus are vegetarian.
So do the Buddhists.
The Tamilians grow up thinking they know the teachings of
Thiruvalluvar, the poet who wrote one of the worlds finest
treatises on practical morality, Thirukkural. But, like all
proponents of religions and philosophies, they take selectively
and out of context what they need to bolster a way of life
that suits them whether drinking, gambling, eating meat or
bigamy, whether beating women, stealing or whoring.
During the recent mob violence in Tamil Nadu, that pushed the
local government into a frontal attack on the Supreme Court,
many people quoted Thirukkural as giving the sanctions for
the annual assault on bulls that leaves many dead and maimed.
There any many savageries on animals in India and this is
one of the worst. Unfortunately, since the mob got away with
it, many other states are now demanding that the Supreme
Court allow their people to be equally savage cockfighting,
bullfighting, cow racing, bulbul fighting, all this is now being
pushed along with the appropriate Hindu scriptures.
How sad to see the descendants of Thiruvalluvar pushing
for permissions to be cruel to bulls and quoting his immortal
Thirukkural as a reason. Give alcohol to a bull so that his liver
is permanently damaged, tear out bits of his skin so that he is
in agony, cut off his tail, put lime juice in his eyes and chillies
on his genitals and then jump all over him till he falls and dies.
This is not the sport that the poet advocated it has become a
furious, mad violence unleashed on an animal victim.
The Thirukkural is composed of 1,330 couplets in Old Tamil.
Each kural, or couplet, contains exactly seven words, known
as cirs, with four cirs on the first line and three on the second.
Each one teaches you how to live life at its purest level in a
way that makes you enjoy being alive.
What does the Thirukkural say about compassion?
44 April 01-15, 2017 Business economics
Wicked men do not fear, but worthy men dread : The
arrogance of sinful deeds. 201
Only the forgetful plot another's ruin; others
remember : That virtue itself devises a plotter's downfall.
204
Let him who wishes to be free from afflictions' pain:Avoid
inflicting harm on others. 206
One can escape from hate-filled enemies : But one's own
hateful acts will relentlessly pursue and destroy him. 207
Among the wealthy, compassionate men claim the
richest wealth : For material wealth is possessed by even
contemptible men. 241
Find and follow the good path and be ruled by compassion :
For if the various ways are examined, compassion will prove
the means to liberation. 242
Those whose hearts are drawn toward compassion : Will
never be drawn into the woeful world of darkness. 243
Evil deeds dreaded by the soul will not afflict : The
compassionate who foster and protect all life. 244
This wide and wind-swept fertile earth is witness to the truth
: That misery is not for men who keep compassion. 245
They say those who act cruelly by forsaking compassion :
Must have forgotten what it means to forsake morality. 246
As this world is not for the penniless : So is that world not
for the pitiless! 247
Those without wealth may one day prosper : but those
without Kindness are utterly forever doomed. 248
Practising charity without compassion is as inconceivable :
As realizing Truth without clarity of mind. 249
Before advancing against those weaker than yourself :
Ponder when you stood before those more powerful. 250
The face's smile and the heart's joy are slain by anger : Does
there exist a greater enemy than one's own anger? 304
If a man would be his own guard, let him guard against
anger : Left unguarded, his own wrath will slay him. 305

Drawing near it, men are engulfed in fury's fire : Which
burns even rescuing friends and family. 306
If hurting others would bring princely riches : The pure in
heart would still refuse. 311
It is the principle of the pure in heart never to injure others :
Even when they themselves have been hatefully injured. 312
To harm even those who antagonize us unprovoked:Will
bring boundless suffering. 313
What good is a man's knowledge unless it prompts him to :
Prevent the pain of others as if it were his own pain? 315
Any actions which a man knows would harm himself:He
should not inflict on others. 316
The supreme principle is this : Never knowingly Harm
anyone at any time in any way. 317
Why does one hurt other lives : Doing what he knows can
hurt oneself? 318
If a man inflicts sorrow on another in the morning : Sorrow
will come to him unbidden in the afternoon. 319
Harm descends on those who harm others : Hence, those
who wish not to be harmed, do no harm. 320
What is virtuous conduct? It is never destroying life : For
killing leads to every other sin. 321
Of all the virtues summed by ancient sages the foremost are
these : To partake of food one has shared and to protect all
living creatures. 322
NATURE BEAT
Not killing is the first and foremost good : The virtue of not
lying comes next. 323
What is the good way? It is the path that reflects on : How it
may avoid killing any living creature. 324
Among all who disown the world out of dismay, the
foremost are : They who, dismayed with death-dealing,
embrace non-killing. 325
Life-devouring death will not assail the living days : Of one
whose code of conduct is to never kill. 326
Refrain from taking precious life from any living
being: Even to save your own life. 327
By sacrifice of life some gain great wealth and benefits : But
wise men scorn such gains. 328
The savages whose trade is killing creatures are defiled :
Wise men know the defiling nature of being mean. 329
The beggar who suffers a sore ridden body and
destitute life must have : Once deprived another's body
of life. 330
All of you who believe that an animal, or even a human being,
who has less power than you, is simply a being to be hurt and
used, read these immortal verses and think about the quality
of your own mind and life. Are you happy?
Did you get any happier when you were hurting someone
weaker than you?
Business economics April 01-15, 2017 45
 IMPACT FEATURE

Balco provides
sustenance
to vital
Ramesh Nair inaugutaes 1200mw power plant
industries
B alco, incorporated in 1965, was closely associated with the
growth of the Indian aluminium industry. Balco played a
pivotal role in making aluminium a leading metal with myriad
uses ranging from household to industrial to strategic defence
and aerospace applications. Balco is vertically integrated from
sourcing of bauxite from its captive mines and the production of
a range of semi-finished products.
Balco had contributed significantly as a primary aluminum
producer, providing sustenance to vital industries. Balco was a
supplier of special aluminium alloys to the nations intermediate
range ballistic missile, Agni and surface to surface missile,
Prithvi. The Indian government held a 100% stake in Balco. In

A view of 1200 mw power plant

government to put off finalizing the sale agreement till the

A scene of 1200 mw power plant inauguration
2000, the government decided to divest 51% stake in Balco to a
long-term strategic partner.
In February, 2001, the Government of India (GoI) struck its first
disinvestment deal in the fiscal 2000-01. It approved the sale of
its 51% in Balco to Sterlite Industries Ltd. (SIL), for ` 551.5
crores. Balco was a profit making entity under the Ministry of
Mines (MoM). In 2000, it had a turnover of ` 898 crore and a
profit after tax of (PAT) ` 56 crore.
Fierce opposition to the Balco-Sterlite deal forced the BJP
matter was discussed in Parliament. In March 2001, Parliament
approved the controversial deal with the opposition-sponsored
motion being rejected in the Lok Sabha by 239 to 119 votes. But
the story did not end there. The employees union launched an
indefinite strike protesting against the Balco sell-out.
After a protracted battle, an agreement was reached between the
Balco management and the union. With this agreement, the Balco
disinvestment saga was put to rest. But, with the employees not
completely satisfied with the terms and conditions laid down in
the agreement, the future of Balco did not seem very promising.
The former C.E.O. of Balco, Ramesh Nair accepted the challenges
presented to him and ensured all round development. As per the
fundamental concept of the management he focused on the vast
scope and future of the aluminium market. He recognized the
need of new mines to enhance the production of the aluminium.
He envisioned separating the departments of bauxite and coal
and modernized manufacturing techniques.
Ramesh Nair basically worked around the concept of Planning,
Organized, Direction, Staffing, Control, Reporting and Budget
(PODSCRB). He succeeded in his aim and the company is on the
path of economic growth.

46 April 01-15, 2017 Business economics


Mr. Agrawal welcomed by a rural lady
The company aims to hike the target of production to one million
tonnes per annum. At present, six lakh tonnes of aluminium is
on production. The company plans to commission a new project
for a one million tonnes plant and is looking forward for new
bauxite mines. The Indian aluminium market is favourable and
indicates a bright future for Balco.
Balco has focused on coal and bauxite mines and the
departmental heads have been assigned their roles. New mines
are being sought in in Menpat and Kabirdham to ensure the
smooth supply of raw materials to the plants. Ramesh Nair, in his
tenure, raised the pertinent issue related to the minimum import
price of aluminium. The government is yet to take a call on the
subject. Balco has improved its efficiency. Its well-disciplined
work atmosphere has aided its progress.
As the C.E.O., Ramesh Nair insisted on the need for higher
collaboration between the private and the public sectors to
ensure large-scale development. During his short tenure, he
could successfully reduce tensions between the management and
unions in Balco. He could also ensure that the company gave
back to society and ensured various developmental activities
around the plant.
The statics dependency of the people on Balco is more than one
hundred fifty thousand. The company funds CSR that entails
community skill development programmes. Almost two lakh
people are linked with Balco for their livelihoods. Speaking to
Mr. Anil Agrawal meets with female employees
IMPACT FEATURE
Mr. Agrawal gave his wishes to divyang children
BE, Ramesh Nair stated, Balco has found that people have faith
in Balco and that has attracted me a lot. The local administration,
the provincial government has always cooperated.
During the period of Nair, many benchmarks have been set,
some of which are shutting down the 270 MW Balco Captive
Power Plant and starting the 1200MW of electrical plant
keeping in view that there must not be the financial deficit of
any employees and officers. A new smelter plant has been
erected and a new smelter plant of the capacity of 3.25 lakh
tonnes per year has been brought into operation.
Balco is the only aluminium producing company in
Chhattisgarh and it has increased its capacity of production after
the operation of the new smelter plant and the new electricity
plant. Now the production of aluminium is 3.5 lakh tonnes
whereas in the beginning it was producing only one lakh
tonnes. The company has played a vital role for the economy
of Chhattisgarh as the company has given the state business
opportunities of ` 2800 crores. Balco has made its mark in
the Missile project of India, aviation and general supply of
aluminium to different company for the production of various
valuable items.
When it comes to CSR programmes, it has its operations in
121villages of Chhattisgarh in the field of education, health and
infrastructure development. Almost two lakh people benefited
from these programmes.
Mr. Anil Agrawal receives memento from female SHG Group
Business economics April 01-15, 2017 47
HEALTH, CULTURE & LIFESTYLE

The future of non-feature films

is gloomy Amartya Bhattacharya
Engineer by profession, Amartya Bhattacharya is an art lover. He has been awarded the Silver Lotus
(Rajat Kamal) for the best cinematography in the non-feature film section at the 63rd National Film Awards by
the Indian President, Pranab Mukherjee for his fantasy documentary, Benaras-the unexplored attachments.
His movies Hyto kobitar jonye and Capital I have received international recognition. He spoke to BEs
Ayantika Halder about his works.

Q. What message do you want to render to the public through

your movies?
A. My movies deal with the innermost desires and traits, which
are mostly suppressed and subverted by our social conditioning
and consciousness. Through an existential approach, my films
search for the unknown self. They bring forth the real face of
characters, which are hidden deep inside their socially construct-
ed mask, painted with colours of prejudices and misconceptions.
I dont want to give any direct message. I dislike propagandist
films. When I sit as a viewer to watch a film, I want to get a
chance to apply my creativity to extract the meanings out
of the film. When I make a film, I want to give the same
opportunity to my viewers. I dont want to inject any so-
cially or politically motivated message. I want them to
think independently.
Q. Your movie Hyoto kobitar jonyo has been made
with a budget of less than `2000. How did you manage
to do it?
A. My films are not like the ones which are ceremoniously sold
in the market. These are niche films, enjoyed by those who want
to apply their sense and sensibilities. Since I dont foresee a huge
commercial success by making such niche films, I try to keep
the budget as low as possible. For me, its social service. I put in
every possible effort to make the film without a sense of financial
loss. For that to happen, we have to work on such ridiculously
low budgets. It is very difficult and a big constraint, but as you
can sense, money is always in the wrong hands. When you aim
to do sensible work, society knows how to make your life mis-
erable.
Q. What are the challenges that you face as an independent
filmmaker?
A. Not just the language or the region, being an independent
filmmaker in India is in itself a big challenge. One major prob-
lem is how you make your films reach the people. Distributors
dont really entertain independent films, and if they do, most put
forward conditions that are difficult to meet. Without commer-
cial big banners, promotion remains a big hurdle. In regions like
Odisha, subject matter can be a constraint. In case of Capital I,
the orthodoxy and conservatism of some Odia people stood as a

48 April 01-15, 2017 Business economics


People dont understand the
need for art. Commercial fea-
ture films thrive on their
entertainment value, but for
non-feature films, I forsee a
gloomy future. Unfortunately,
I find big differences
in the lifestyle of the present
generation.
major block against the film. But of course, swimming against
the tide is what I enjoy. So, all these challenges are a part of
my filmmaking. I could have resorted to smoother options, but I
chose to struggle without any regrets.
Q. Had it been possible by you to manage the entire funding
and exposure if you werent a software engineer?
A. No, it wouldnt have been possible. I cannot deny this fact.
My profession as a software engineer has given me the freedom
to be choosy and carefree when it comes to art. The fact that my
survival is not dependent on my cinema is a big relief. If I had
to rely on films to make a living, I could have been exploited by
the industry and would have been forced to be a part of it. My
independent stance would have been threatened.
Q. Your films are mostly surreal, dark in concept and psy-
choanalytic in nature. Is the Indian market open to these
films?
A. The acceptance is low. But there are people who are thrilled
and overwhelmed by films like Capital I. I got a good response
at International Film Festival of Kerala and some other festivals
too. In a country as diverse as ours, we have a wide range of
viewers. Unfortunately, the mainstream industry with the al-
liance of mainstream media has created an illusion that Indian
viewers love only melodramatic commercial movies. Since peo-
ple like us have no resources, we have no voice. I shouldnt just
blame the commercial industry and the media for it. Even some
of the sensible and knowledgeable filmmakers have stuck them-
selves within the boundaries of the obvious. We havent ventured
enough into the unknown territories, and therefore our people are
not exposed to such cinema. But our films will not remain in cof-
fins forever. They will be discovered, either today or tomorrow.
Q. How are you profiting by making these movies?
A. Theres a lot of struggle to break even and then make
profits. My producers dont produce my films just for prof-
it. They produce simply because they understand the im-
portance of it. Im blessed that a personality like Susant
Misra and a dear friend like Swastik Choudhury have shown so
HEALTH, CULTURE & LIFESTYLE
Amartya Bhattacharya
much faith in my films. While some of my films have struggled to
just break even, a film has also given us a return of over 20 times.
Q. What technologies do you use to make these movies?
A. I am not a fan of technology. I use my camera and editing
software.
Q. What is the future of the non-feature films in India?
A. Few people consider the condition of documentary
movies in India to be good, some say its bad. I say, its
horrible. The future is gloomy. People dont understand the need
for art. Commercial feature films thrive on their entertainment
value, but for non-feature films, I forsee a gloomy future. Un-
fortunately, I find big differences in the lifestyle of the present
generation. Some are highly privileged, and some are extremely
underprivileged. The highly privileged class doesnt care about
anything. The extremely underprivileged class, on the other
hand, is so troubled by life that one cant expect them to concen-
trate much on artistic things. So, the future is dependent on those
who lie in the border of these two extremes.
Q. Do you think non-feature films are more accepted and
recognised internationally compared to India?
A. Yes, but not in every country. European countries and the US
have cultivated the viewers, which we have not done. They have
introduced students to subjects like theatre, which in our country,
is a mere luxury.
Q. What is the career prospect for documentary filmmakers?
Is it possible for everyone to choose the field as their profes-
sion?
A. The prospect is bad. I wont recommend a young aspir-
ing filmmaker to jump into troubled waters without under-
standing the consequences of it. I will rather say, fight a tac-
tical battle. Hold on to a separate source of income, and then
invest your heart and soul into your films. In that way, youll
be able to survive and make films. My advice may sound de-
pressing, but I choose not to be an impressive optimist, but an
expressive realist.
Business economics April 01-15, 2017 49
HEALTH, CULTURE & LIFESTYLE
Worlds first human clinical trials focused on
immediate effects of alcohol on the DNA re-
veals extensive damage within
two hours of alcohol consumption
Kara Kenney
n a history-making first, Chigurupati Technologies con-
I ducted human clinical trials to study the immediate im-
pact of alcohol consumption on the DNA, as well as the
protective properties exhibited by their alcohol industry dis-
ruptive NTX technology.
In multiple randomized, double-blind, placebo-controlled,
crossover clinical trials (conducted with an effective sample
size of over 140 subjects), it was discovered that alcohol
starts impacting the DNA within 15 minutes of consump-
tion, and showed significant damage within two hours. It
was also proved that NTX technology, developed specifi-
cally to reduce the amount of alcohol induced stress on the
body, offered significant protection on the DNA during the
same time periods.
DNA damage, the focused endpoint of these clinical trials,
were measured using the Comet Assay, (also called single
cell gel electrophoresis), the most common method to mea-
sure DNA damage in individual cells.
In some cases, the studies exhibited an increase in DNA
damage by over 100%, and the protection by NTX tech-
nology by over 70% at the two- hour timepoint, reported
Harsha Chigurupati, Founder, Chigurupati Technologies.
Chigurupati and his team were not the first group to perform
human trials to monitor the effects of alcohol damage on the
body. An earlier trial had been conducted to determine the
level of oxidative damage caused by alcohol consumption
in two groups of people between the ages of 18 and 23. The
goal was to monitor the oxidative damage caused by alcohol
consumption within a younger, healthy subject group who
consumed alcohol for a period of 48 hours.
Chigurupati wanted to shorten this time frame to a two- hour
window, to better illuminate the real short term damage of
alcohol. To do an in-depth analysis of the immediate harm
to the body, it made sense to observe the short-term effects
on DNA, which reflect a more immediate reaction to dam-
age caused by alcohol consumption.
Multiple human clinical trials with an effective sample size
of 150 subjects exhibited the short term damaging effects
of alcohol and the protective properties of NTX Technolo-
gy. The trials were conducted in both India and the United
50 April 01-15, 2017 Business economics
States, and found that alcohol infused with NTX technol-
ogy reduced damage and protected the liver from alcohol
induced stress by up to 93%.
Chigurupati discovered an even more astonishing fact. Re-
sults showed an increase in alcohol induced oxidative stress
on the body in as quickly as 15 minutes of consuming alco-
hol with DNA damage at two hours.
Damaged DNA can mutate into diseased cells, changing the
epigenetic expression of the genes, as well as increasing the
probability of other possible complications such as allergies
or even cancer.
Chigurupati and his group first began working on the con-
cept of NTX Technology in 2006, finally unveiling his
development in 2016 through a licensing partnership with
Bellion Spirits, an American Spirits company pioneering
a new category of liver and DNA friendly alcoholic bev-
erages infused with NTX Technology deemed Functional
Spirits.
We completely understood the many complications of cre-
ating a safer way for consumers to enjoy alcohol, Chigu-
rupati explained, especially when the alcohol industry is
monitored by so many regulatory organizations. That said,
developing a smarter option to drinking alcohol, and un-
derstanding that over two billion people around the world
consume spirits, validation of our technology was critical. It
will improve the lives of all two billion people. It is a small
price for such a great development.
Chigurupati Technologies core mission is to develop addi-
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52 April 01-15, 2017 Business economics

 HEALTH, CULTURE & LIFESTYLE
Dr Sarfaraz J Baig

I am sure each one of us has either heard or seen or been

a witness to someone having hernia issues. Some of the
concerns and questions that I have frequently faced re-
garding this are - I have heard it comes back!, how do
I choose the right mesh?, should I do open or keyhole
surgery? Since this is a common problem, a little technical
knowledge may come in handy for the readers.
Hernia surgery has undergone a sea change. These defects
in the abdominal wall are no more a simple issue of stitching
the defect back with sutures. Rapid technological advance-
ment in the last two decades has expanded the options for
repair.
Earlier, a hernia would mean a conventional surgery putting
large incisions over the hernia, dissecting the edges of the
defect and stitching them back. A week long hospital stay
with tubes coming out of the abdomen, along with a loss of
work for a month used to be the standard norm. Fortunately,
hernia surgery has come a long way.
Nowadays, a hernia surgeon needs to be a champion in both

Hernia
open and laparoscopic techniques for repair.
Most cases can be managed laparoscopically (with tiny the approach to obese
holes in the abdomen) whereby a large mesh is placed in- patients with hernia. Its
side the abdomen to cover the defect adequately. The most
important advantage of this keyhole technique is that there
is hardly any wound complications. The other benefits are
Surgery now common knowl-
edge that obesity in-
creases the pressure
better cosmesis, less hospital stay, earlier return to work and
possibly less chance of failures. has come a within the abdomen
and all repairs of hernia
defects are no match
Some cases such as the hernias with very big gaps, poor
condition of overlying skin, stuck bowels and recurrent her-
nias are best treated by open surgery that also reconstructs
long way! to this high abdominal
pressure. This leads to
higher failure rates. The
the entire abdominal wall. Nowadays there are many tech-
best approach is to get
niques of open surgery that are versatile, efficacious and
the weight loss first either by dieting or by bariatric surgery
more cosmetic for these difficult patients. One recent meth-
and then perform the hernia surgery. This has improved the
od of closure that is promising is the component separation
success rate dramatically.
technique which is ideally suited for large midline herni-
as. This technique is unique in the sense that it restores the Choosing the right procedure is vital for the best outcome
functionality of the abdominal muscles better than any other for the patient. This comes with training and experience.
procedure. Plainly put, a mesh cannot behave like normal Each patient is different with different gap size, location,
human tissue and may interfere with normal movement of other diseases which the patient may have and previous sur-
the abdomen for larger defects. In component separation geries. Due consideration to all these factors are essential to
technique, the defect is closed with the mobilised muscles plan the best procedure for the patient.
of the patient and hence the patient is able to perform move- To conclude, hernia surgery is not a single procedure but an
ments at the torso level more efficiently. Additionally we array of procedures from which the best procedure is chosen
may not use a mesh in this technique. This may be useful for the patient by a trained and experienced surgeon for best
in situations where putting a mesh is not possible such as results.
in presence of infections. So, if you are looking for surgery
for a complex large defect, recurrent hernia, then look for a
surgeon who does is competent in this technique. The author is a specialist in bariatric, complex ventral hernias and GI
cancer surgery. He is the Director of the Digestive Surgery Clinic, Belle
Another major change that has come in hernia surgery is Vue Hospital, Kolkata, India

Business economics April 01-15, 2017 53

ENLIGHTENMENT
A Adityas the
dityas meaning of Aditi,
refers to the child of Aditi and
Kashyapa. The twelve forms of the
solar deity
Adityas are all manifestations of the
Sun God. They have been described
in the Rig Veda as bright and pure
as streams of water, free from all
guile and falsehood, blameless and
perfect. A separate Aditya depicts Samarpita Ray
each month of a year. As Indra,
he destroys the enemies of the Gods. As Dhata, he creates living
beings. As Varuna, he showers rain. As Tvashta, he lives in the
trees and herbs. As Pushan, he makes food grains to grow. As
Bhaga, he is in the body of all living beings. As Vishnu, he destroys
the enemies of the Gods.
Varuna
Varuna is the one who encompasses
the whole world, is one of the oldest
Vedic deities. He is the personification
of the sky and is also associated with
clouds, water, rivers and ocean. He
is sometimes clubbed with Mitra and
praised as Mitravaruna. Whereas
Mitra is the rising sun, Varuna is the
setting sun and uses his power to form
the three worlds, namely the heavens
(consciousness), the earth (physical reality) and intermittent space
(time). He has a thousand eyes and oversees the whole world.
Hence he is the lord of the moral law. He punishes those who
transgress this law but also forgives them out of compassion if
they repent and pray. By activating Vayu, the lord of the wind, he
sustains life by giving rain and crops. He may be the same as the
Zoroastrian supreme God Ahura Mazda. He controls the fate of
humans and has the power to grant or deny immortality to some
beings. Varuna is the deity of Shatabhisha nakshatra.
Mitra
Mitra, the God of oath is the
personification of the morning star
and represents the fertile light of
the sun where the first stirring of
manifestation begins to take shape
based on our actions. He represents
friendship, integrity, harmony,
and all else that is important in the
successful maintenance of order in
human existence. He is usually paired
with Varuna, the guardian of the cosmic order. Mitra was highly
revered and invoked for proper fulfillment of civil and religious
acts and duties. Mentioned 175 times in the Rig Veda, he has been
described as one of the most wonderful, glorious and mightiest of
the Vedic Gods. As the spirit of the day, he is sometimes depicted
with solar characteristics. His Iranian counterpart is Mithra, who
eventually came to be worshipped as the God of the mystery
54 April 01-15, 2017 Business economics
religion Mithraism. This deity
rules the Anuradha nakshatra.
Aryaman
Aryaman means dear friend and
symbolizes the suns dharma and his
dutiful nature in controlling time.
The God controls the movement of
time. He is the God of unions and
contracts. He is combined as a triad
with Mitra and Varuna and is associated with chivalry, honour and
rules of society. He has renown as a leader and a fighter who is
confident of his strength. He represents determination, belief and
perseverance. Aryaman is depicted as
the God of sacrifice and aspiration as
he travels towards perfection and light.
The leaders of the path are Mitra and
Varuna. In the Rig Veda, Aryaman is
described as the protector of mares
and the Milky Way is stated to be his
path. The deity controls the Falguni
nakshatra.
Bhaga
The Bhaga manifestation symbolizes
marital bliss, wealth and prosperity
and is said to bestow riches, affluence
and material prosperity. Bhaga is the
God of the forenoon. Usha or dawn is
mentioned as his sister. Bhaga means
patron, gracious God or dispenser.
In Sanskrit, the meaning of Bhaga is
destiny and in the Rig Veda he is the
God who oversees the destiny of man
in accordance with merits. As he bestows high status, Hindus pray
to him for blessings of wealth not necessarily financial wealth,
but well-being, good health, prosperity, positive outcomes etc. The
wife of Bhaga is Siddhi, meaning perfection, unusual skill and
dexterity. Bhaga rules Purva Falguni nakshatra that allows one to
develop dexterity and skills and enables a fulfilling and satisfying
sensual and romantic life.
Dhata
Dhata, or Dhatr is mentioned in the
Rig Veda as a creator and the literal
translation of his name in Sanskrit
is the creator of all things. He is
therefore the forerunner of Brahma
and thus emerges from the source of
consciousness, which is, Vishnu. He is
the sustainer of the wealth and fulfills
desires and can ensure decay-less life.
As per Bhagavad Purana, Goddess
Anumati was the wife of Dhatr Aditya. Presently, Dhatr is one of
the names of Lord Vishnu, Shiva and Surya.

Anshuman
Anshuman is used to describe the sun.
It represents the power of the sun.
Ansuman preserves the vital organs in
a sound state.
Indra
Indra is the chief deity in the Rig
Veda. Almost a quarter of its hymns
are devoted to praising him. Armed
with the thunderbolt (Vajrayudha)
and riding in a chariot whose speed
exceeds that of the mind, he travels
everywhere. Being a war-lord, he
became a symbol of royal power. He
is capable of granting minor boons
to his devotees. He is not directly
worshipped, but often invoked in
sacrifices. It is said that Indra is not
one person, but rather the generic
name of the king of heaven. Upon performing certain sacrifices or
penances, a mortal can ascend to heaven and attain the position of
the king of heaven. His reign shall last till another person becomes
eligible for this position. It is said that performing a thousand
Ashwamedha sacrifices makes one eligible to be Indra. Therefore,
the present Indra will always be jealous of his position and always
keeps an eye on mortals performing sacrifices or penances, lest
they fulfill the necessary conditions and dethrone him.
Savitr or Surya
Savitr and Surya are used
interchangeably as the name for the
sun in Vedic texts. It is thought that
Savitr represents the sun when it is
invisible to worshippers. However, it
reflects the suns light at night. Here
we have the light and dark aspects of
our conscious actions. The light of day
is said to be good dharma, whilst night
represents the dark passenger that leads
us into temptation. The sun Gods infuse energy into all creatures
and bring life whereas Savitri takes the souls of the departed to the
abode of righteousness. It represents the change in our attitudes
and behaviours that occurs through gaining knowledge.
Tvashtha
Known as the lord of the womb, he is
a creator God that produces bodies of
men and animals. In Hindu mythology,
Tvashtha is the heavenly builder who
makes divine tools and is the guardian
of soma. Tvashtha encourages us to
move forward with confidence, but
can also be the God that punishes
ENLIGHTENMENT
us when we stray. Tvashtha is also the grandfather of the twins
Yama and Yami which represent dharma and karma. Their father
is Surya. The Rig Veda calls him the artificer of the Gods. He
does not have a whole hymn dedicated to him in the Rig Veda,
but is mentioned in conjunction with other deities. He is said to be
the most skilful of workmen. He is also thought to be the same as
Vishwakarma.
Vishnu
In later Vedic literature, Vishnu is
recognized as one of the supreme
Gods of the Trinity, but in the early Rig
Veda texts he is mentioned as one of
the Adityas. Vishnu is the initial spark
of energy that gives birth to Brahma,
the creator God who represents our
thoughts. Vishnu is one of the principal
Hindu deities, worshiped as the
protector and preserver of the world
and restorer of dharma (moral order). He is known chiefly through
his avatars (incarnations), particularly Rama, Krishna and Buddha.
Ten incarnations of Vishnu are most commonly recognized.
Pushan
Pushan is the solar deity who beholds
the entire universe. He traverses the
distant path of heaven and earth. He
assists in the revolutions of day and
night and is invoked most frequently
with Indra. He is a supportive guide,
a good God leading his adherents
towards rich pastures and wealth.
Pushan is the deity of Revati nakshatra.
He is a guardian who knows and
beholds all creatures. He follows and protects cattle, brings them
home and drives back the lost. The hymns addressed to Pushan in
the Rig-Veda states, Conduct us, Pushan, over our road, remove
distress, son of the deliverer, go on before us. Smite away from
before us the destructive and injurious wolf which seeks after us.
Drive away our path the way-layer, the thief and the robber.
Vivasvat
Vivasat is the 12th Aditya, who was
the eighth son of Aditi and cast away
by his mother. Vivasvat was born
with a deformity and even though his
seven siblings tried to improve his
appearance he could never be perfect
and was abandoned. The character is
also known by the name Marrtanda
which means lifeless. A piece of
Vivasvat is cut away and transformed
into an elephant. In Hindu symbolism, elephant represents
patience, strength and wisdom, thus identifying the qualities we
need to adopt in order to manifest perfect creation.
Business economics April 01-15, 2017 55
ENLIGHTENMENT

Swami Vivekananda: An Excellent Exponent

and Expander of Basic Indian Philosophy
Dr. Ravindra Kumar

T o understand the contributions of Swami Vivekananda in

totality, one needs to delve deep into the fundamentals
of Indian philosophy. For this purpose, familiarity with
philosophy share these concepts. Along with this, the most
important thing or reality, which becomes evident from a fair
or prejudice-free study or analysis of fundamentals of any of
foremost concepts of the basic Indian philosophy is necessary. the schools of thought of Indian origin, is that the Vedic-Hindu
These concepts include the universal unity creature unity, philosophy is the most ancient in the Indian subcontinent. It
interdependence of everything movable or immovable on one- could also be assessed that the Vedic civilization developed
another while essentially staying within the scope of the eternal about 4000-8000 years ago in the Indian subcontinent. Thus,
Law of Change and human divinity. A thorough understanding the Vedic-Hindu philosophy is the fountainhead of almost all
of the various aspects of Indian schools of thought in India.
philosophy will be essential to
The Vedas are the fundamental
know Swami Vivekananda.
source of the Vedic-Hindu
Swamiji identified himself by philosophy, which are also the
donning the spirit of basic Indian most ancient of sacred texts.
philosophy, which has an age- The first among the Vedas, the
old history of broad outlook. He Rigveda is the oldest scripture of
developed himself according to the the world. The Vedas are the first
fundamentals of Indian philosophy and basic source of the Dharma
and also emerged as one of the and Adhyatma. Indian philosophy
best exponents and expanders of attributes the source of all truths
this philosophy. Indian philosophy to the Vedas and therefore all
is accepted not only as one of the philosophical discourses are
most ancient philosophies of the related to these sacred texts.
world, but it also recognised for its
As has been said already, the
egalitarian nature.
Vedas are the fundamental source
Indian philosophy includes various of the Vedic-Hindu philosophy
schools of thought. Besides, and way of life. The Upanishads
Hinduism, Jainism, Buddhism are the inseparable parts of the
and Sikhism originated from it. Vedas and can be referred as the
Theist and atheist, both are the interpreters of the Vedas. They
components of Indian philosophy. direct people to lead life according
Along with all the six leading to the teachings and guidelines
Vedic-Hindu schools of thought of the Vedas. Additionally, the
the Nyaya, the Vaisheshika, the Samkhya, the Yoga, the Puranas, the Smritis and the timeless compositions like the
Meemamsa and the Vedanta, various branches of knowledge Shrimadbhagavad Gita and the Ramayana are also exponents
such as the Pashupata (Shaivism), the Shaiva (theistic Samkhya of the Vedic-Hindu philosophy and way of life.
school), the Pratyabhijna, the Raseshvara, the Panini Darshan
The VedicHindu philosophy stands on four pillars. The
or the Ajivika are within the ambit of Indian philosophy.
first of the fundamentals of the Vedic-Hindu philosophy is
Indian philosophy gives due importance to Dharma, the its belief in universal unity. Almighty Ishwara Paramatma,
Karma-Sanskara, the state of Dukha in life its root cause Parameshwara or Parabrahman is Himself the maker of
and cessation of grief or sorrow, the Dhyana-Chintana the universal unity. He is Himself the supreme director of
mediation-contemplation and the Nirvana liberation of the universal order and the upbringer of His creatures. The
the Soul as the ultimate goal of life. All branches of Indian Vedic-Hindu philosophy embraces the reality of the eternal

56 April 01-15, 2017 Business economics


Law of Change and calls for active goodwill towards living
beings in all situations. The eternal Law of Change expects
a human being to keep evolving in all walks of life according
to the demand of time and to involve himself in welfare
oriented activities.
The entire ideas of Swami Vivekananda and his works can
be well assessed keeping in mind the above-mentioned
fundamentals. Swami Vivekananda accepted the authority of
God His perfection in all manners, and the basic source of
the Dharma. In his own words, I believe in God and my find something higher, we have to jump out of the mind, out of
mission is to show that religion (the Dharma) is everything
and in everything. Hence, the Dharma of the conception of
Swami Vivekananda is the manifestation of God Himself. It is
His Order. God Himself is the basic source of the Dharma. The
Dharma in its true form guides man at every step at all levels
in all walks of life to get him well realized and discharge his
duties towards humanity. His following statement can also be
assessed getting his broad viewpoint regarding the Dharma as
the nucleus, If there is ever going to be an ideal religion (the
Dharma), it must be broad and large enough to supply food
for all minds. It must supply the strength of philosophy to the
philosopher, to the devotees heart, to the worshipper and to the
ritualist. It will give all that the most marvellous symbolism
can convey to the poet, it will give as much of heart as he can
take in, and other things besides...
It is only the Dharma, which makes one capable to obey the
Authority and the Rule of God. Through the Dharma one can
realize and embrace the reality of universal unity and draw
inspiration to work for this. It is the key message of the Vedic-
Hindu philosophy teachings of the Vedas and the Upanishads.
Swami Vivekananda conveyed this very message continuously
through his addresses. He said, Our watchword...will be
acceptance, and not exclusion. Not only toleration, for so-
called toleration is often blasphemy, and I do not believe in it;
I believe in acceptance.
In this very perspective divulging the ever significant aspect
of the basic Indian philosophy, which calls for infinite love,
welfare of one and all and serving the humanity selflessly,
Swami Vivekananda put forth, Good motives, sincerity, and
infinite love can conquer the world. One single soul possessed
of these virtues can destroy the dark designs of millions of
hypocrites and brutes.
The Dharma never inspires one to be dependent on anyone
or anything, or surrender to the lower instincts in a state of
compulsion. The Dharma is the Eternal Order God manifested
and it is well and predominantly defined in the Upanishads
the Vedanta. The Dharma leads one to become his own
pathfinder and reminds him of his duties towards humanity.
The Dharma shows one the way to discharge responsibilities
through righteous acts. In the words of Swami Vivekananda,
Religion the Dharma is that which does not depend upon
ENLIGHTENMENT
books or teachers or prophets or saviours, and that which does
not make us dependent in this or in any other lives upon others.
In this sense Advaitism of the Upanishads is the only religion.
Swami Vivekananda rightly accepted human beings to be the
best of the creatures of God. Regarding mans superiority in
the creation of God, he has beautifully mentioned, Man is
the highest being that exists, and this is the greatest world. We
can have no conception of God higher than man, so our God
is man, and man is God. When we rise and go beyond and
body and the imagination and leave this world; when we rise
to be the Absolute, we are no longer in this world. Man is the
apex of the only world we can ever know. All we know of
animals is only by analogy, we judge them by what we do
and feel ourselves...
Revealing the truth of the Advaita Vedanta, he declared every
human being woman or man equally to be divine, the possessor
of divine virtues. Thus, everyone is similarly the holder of
the highest position among the entire creatures. According to
the Advaita Vedanta, Brahman and Atman are not different
realities. Rather, they are identical, the eternal, all-pervading
realities underlying all existence. They are two different labels
for the one and the same reality behind all the objects. Through
the realization and development of divine virtues one possesses,
and making them the basis of his Karmas, thus transforming
Karmas in the Satkarmas the righteous acts, he can achieve
the ultimate truth. He can become identical with Ishwara can
become one with God, which is the ultimate goal of life. The
statement of Swami Vivekananda himself divulges this reality
in which he said, To emancipate myself from earthly ties and
attachments so that there will be no rebirth for me. When I die
I want to become at once absorbed in the divine, one with God.
I would be a Buddha. As an excellent exponent and expander
of the basic Indian philosophy, Swami Vivekananda worked
throughout his life. His life remained dedicated till the last
breath to this great cause.
Swami Vivekananda called his fellow beings to take human
welfare as the prime duty of their life. He urged human-
equality in the Indian context. He desired man to offer
service to humanity, taking the motto and principal practice of
his life to be the best way to follow the Dharma and reaching
the Satya God.
Today, when crores of people are hungry all over the world
and are without shelter, deprived of basic needs like medical
facilities and have no means to live a decent life, the
significance of the message of Swami Vivekananda multiplies
manyfold. His message reminds those haves to discharge
their responsibilities towards the have-nots and to support
those who are depressed, helpless, poor and underprivileged.
Dr. Ravindra Kumar is a Former Vice Chancellor of CCS
University, Meerut; he is also the Editor-in-Chief of Global
Peace International Journal.
Business economics April 01-15, 2017 57
 Manisha Lohia
My dear parents I would like to quote a few lines from Kahlil Gibran:-
" Your children are not your children.
They come through you, but not from you.
You can give them your love, but not your thoughts,
For they come from a land that you cannot enter,
Not even in your wildest dreams."
Kahlil Gibran was an accomplished artist and poet. He is primarily known
for his book, The Prophet, a compilation of philosophical essays written in
poetic English prose. This was to give you all a brief about Kahlil. Further
more my reason for quoting a few of his lines here is to bring an awareness
for parents that children are unique and we should never feel that we are
their sole owners. I would like to describe each sentence in depth:-
'Your children are not your children.'
In reality our children are not our children. They have come with their own
destiny. As my Revered Guru Mahatria says, " Human life takes place only
when the formless presence intervenes." The formless presence intervenes
with a purpose destined for them. We as parents are not given the right to
define and confine that. THE FORMLESS PRESENCE that is God is the
co author of their destiny. Why do we get so attached to them and thus re-
strict their growth? Is a question we all should ask ourselves. As Professor
Dr. APJ Abdul Kalam kept reiterating " Have wings to fly. Discover your
own potential."
' They come through you, but not from you.'
We are the bearers of these lives as planned and conceived by God, yet
they do not come from us. They are in reality God's children and we are
only transient bearers of these souls. So why at all be obsessed about them.
I feel what we as parents need to do is impart important moral and ethical
values to our children along with good education and a compassionate and
kind heart. The rest will be taken care of. If we sow the right seeds with the
appropriate manure they will surely sprout into fruit bearing plants.
' You can give them your love, but not your thoughts.'
Children require our love, care and time. Very often as parents we do not
give them our love and care, most importantly our time. In the present day
scenario we fill the lives of children with all the toys and gadgets available
in the market equating it with the love we have for them. But I am sorry to
say this is not what they require. Have you ever thought that what are the
prerequisites of growing a seed into a plant? First and foremost we require
to nurture and take care of it regularly by giving it our time and love. This
will ensure that it grows into a plant, time and again removing the weeds
from it.
Children are as fragile as a plant which without adequate nurturing will
Subscribe to our Audio Video Interactive E-Magazine for Children at www.isparks.in
58 April 01-15, 2017 Business economics
die. Sometimes we as parents not realising kill the dreams and ambitions
of our children by 'imposing our thoughts' on them.
Let us pledge to give them our love not our thoughts, removing from them
the weeds of doubt, fear and anxiety as and when it appears.
' For they come from a land that you cannot enter.'
They are life's longing unto themselves and we cannot ever fathom what
is destined for them. We simply have to be an inspirational role model for
them to emulate. As is very true that it is futile to merely preach transfor-
mation. Let us be that catalyst for transformation and keep inspiring them
to aspire because the fact is:-
"What they are destined to become cannot be revealed now, it is prede-
termined."
' Not even in your wildest dreams.'
What is important is what our thoughts and feelings are for them as they
are growing up. Enriching them with positive thought and vibrations
and developing the right attitude in them is what will enable them to
STAND OUT and become a NUMERO UNO in whatever they do. Above
all introduce them to GOD right from the conception stage while in the
womb of the mother and as they grow up encourage them to dream.
Dream Big, dream the unexplored and have the courage and strength
to attain it. God, our creator has stored within our minds and person-
alities great potential strength and ability. Prayer helps us to tap and
develop these powers. Dreams are those which do not allow us to sleep
before fulfilling them.
We all are born with a divine fire within us. Our efforts as parents should
be to channelise this fire in our children towards the right path and direc-
tion. Our life will serve its purpose only when we as parents are able to
help in the growth of our children. Simply by not possessing them but by
liberating them...
I wanted to reiterate these few lines in depth particularly in the month
of March when the children are giving their final and board exams. It is
imperative for parents to understand this and augment the growth of their
children.
My dear children a small message for all of you from what Revered Ma-
hatria says; " The beliefs you hold in the beginning of the journey defines
the journey. " Believe in yourself that you are not made for ordinary things
in life and you will be the ruling star wherever you go always shining and
bringing light to the world. Let every cell within you vibrate with Professor
Dr. APJ Abdul Kalam words:-
"If you want to leave your footprints on the sands of time do not drag
your feet."
Business economics April 01-15, 2017 59
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Business economics April 01-15, 2017 63
 'UNIVERSAL PRAYER - Love & Peace'
O God!Thou art our Father, Mother, Friend,
We, thy children, love thee and our parents.
Thou art in our hearts and minds,
And make us fearless.

Thou art in Temple, Church, Mosque, everywhere

Thou art in Vedas, Bible, Koran, Gurugranth, all scriptures,
O God! Thou infinites reflection in all living beings,
Love reflects as love

Thou art alone the truth.

In motherly way thou forbear us,
Life is a joyous journey,
Love and service that matter, all worship to Thee.

Joy, sorrow, censure, fame,

We bear all equally with thy blessed strength.
What we sow, we must reap,
No one but us to blame.

We have Eternal faith in the self in all,

O God! Grant us a mutual intimacy with Thee,
Bless us with love, wisdom, intellect, virtues,
Lead us through paths of trouble to perfection.

Thou art our Master, Thou art our souls real friend,
Guide us in our daily activities and lead us,
Fearless, we are marching ahead to make Bharat- World
O God! never turn away from us, thy children.

We surrender our will at the altar of Thy will.

We love Thee, Thou love us
Thou love our complete surrender.
We aspire for work, knowledge and devotion

Work, work, for the world.

Love, love, love and bring
Peace, peace and peace
Om, Amen, Amin, EkOnkar, Ahura Mazda
God, God, God. Dr. H. P. Kanoria

Prayer was invoked at 3rd Annual Global Officials of Dignity (G.O.D.) Awards at United Nations, New York, 2015

http://fb.me/UNZivILn
Website : http://sachbharat.in/video-gallery
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64 April 01-15, 2017 Business economics

 Dr. H. P. Kanoria

Business economics April 01-15, 2017 65

 Dr. H. P. Kanoria
Dr. H. P. Kanoria

66 April 01-15, 2017 Business economics