chronos 2.0
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Department of Management Studies IIT Delhi brings to you the second edition of Chronos - The one of its kind webzine for Indian B-Schools.TRANSCRIPT
To our Readers,
With the thought of time
in terms of eventuality
and inevitability being
associated with the flow and
direction of time, it was
represented as a primordial divinity
called Chronos. Irreproachable and
Implacable, he like all other Gods was part of
the supposed perfection that governed us.
There were some individuals though who refused to
accept that the status quo is sacred.
These individuals defied notion of any inevitability that was not
created by their own selves. History books are full of them, because
as the curious habit of history goes, it remembers only those who
completely changed it.
These were the thoughts that pursued us to launch a webzine titled
Chronos in November 2009.
With an aim to give expression to enterprising individuals who dare to
challenge the conventional and come out with original and path
breaking ideas, Chronos returns with its second edition Chronos 2.0
with entries from individuals who believe in breaking new grounds with
their ideas. Also we have Mr. Anuj Guglani, CEO and Founder of
World Auto Forum and Ace Associates, who gives insight into his
entrepreneurial stint. A quiz for quizzing freaks sums
it all.
Happy Reading!
The Editorial Board
Chaos
The Power of Ideas……………… Pg. 16 In Conversation………………. ….. Pg. 28 Quiz Time……………………………. Pg. 32
Chronos 2010 April
Chronos 2.0
What‘
What‘s inside…?
India Unfettered… Breaking the shackles of
the past for a dynamic future…………… Pg. 4
Chronos 2.0
BUILDING INDIA –STRENGTHENING
FOUNDATIONS, MANAGING
BOUNDATIONS
India Unfettered… Breaking the shackles of the past for a dynamic future
Chronos 2.0
Last decade was probably
one of the most significant 10 years for
independent India. It was the decade of all
time highs; the GDP growth rates of 9 %,
foreign exchange reserves in the tune of
$300 billion, key indices of our stock
market touching 21000.But the real
question that is what lies ahead for India in
the new decade. As our honorable Prime
Minister Manmohan Singh had rightly put
in his New Year message to the nation ―As
we welcome the dawn of a new decade we
should build upon the achievements of the
past in striving for the realization of our
dreams.‖ For a better future, we need to
look for the forces that have guided our
growth in the last decade and the potential
avenues of growth in the future.
But first let‘s start with some key statistics
that defines growth for an economy. First
and foremost is unarguably GDP growth,
the cynosure of the eyes of the most
economists and governments alike. India
has witnessed an average GDP growth of
7.2 % for the period 2000-2009. Even
during the period of financial meltdown,
India has managed to grow by 6.7 % in the
fiscal 2008-09 surpassing all estimates. We
stands 4th in the world in GDP when
calculated at PPP basis and we are poised to
move further. A report by investment firm
Goldman Sachs predicts that "from 2007 to
2020, India‘s GDP per capita in US$ terms
will quadruple". A study report from
Business Monitor International has
predicted that India‘s GDP in nominal terms
will increase to $5.2trn from current $1.3trn
by 2020 and this will place India in to top
three economies of the world.
At least on the outline, the future looks
promising.
It is a good practice to use comparative
study for analysis. Some economist argues
that India is now standing at the point
where China was standing in 1990. The
point is whether India will be able to seize
this opportunity and can replicate the
success story of China. Some economists
even go ahead by predicting that India can
see a GDP growth higher than that of China
in the next decade. The argument is based
on the comparison of the broad
determinants of the economic growth which
are capital, labour and productivity. Both
India and China are investing as much as
40% of their GDP. But India‘s labour
growth is 1.8 % faster than that of China.
China has been able to outpaced India due
to its ability to gain from huge exports by
currency devaluation. Already the pressure
is building up on China by international
community and China‘s exchange rates are
expected to grow in the next decade. The
result can be seen as appreciation of Yuan
per dollar from 6 to 6.8 in just one year.
Increased currency valuation of China will
certainly help India in terms of increased
exports and better prospects for growth.
One of the key buzz words of the last
decade was reforms. Whether it comes to
the disinvestment in the government
undertaking PSU‘s or the 123 agreement on
nuclear energy, our financial policies are
Shashank Bharatwal talks about the challenges facing India
and the opportunities galore.
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targeted to bring economic reforms which
are based on strong fundamentals. But
stable government and good governance are
necessary for these reforms. The idea of
inclusive growth has seen its beginning
with the NREGA and Indira Gandhi Awaas
Yojana. Other innovative schemes for poor
like education for all and National Rural
Health Mission are also being implemented.
Although the bureaucracy has plagued the
implementation of these schemes but these
schemes are still changing the face of rural
India, adding to their purchasing power.
This will decrease the migration pressure on
large cities and will lead to high
consumption in the years to come.
Let‘s now look at some potential growth
drivers. Demographics are certainly the key
driver to growth. As most of the authors
have highlighted in their literature as the
―Great Indian Middle Class‖, this present
base of 300 million people will propelled
the domestic consumption in the next
decade. With the availability of low cost but
highly skilled labour, India is poised to
become most attractive off shoring
destination. Already this effect is visible in
IT sector which now constitutes 6-7% of
our GDP. New avenues for outsourcing will
be clinical research, law services and
Intellectual property which are gaining
grounds every day. This workforce is fairly
young with a higher consumption rate
which will help in driving demand in future.
Services sector has been the shining star of
the Indian Economy in the last decade. With
around 60% contribution to GDP, this
sector will continue to boost the Indian
economy. Most of this growth is due to
rapid advancements in technology and
skilled professionals. We have been able to
transform our population into human
capital. But the English speaking population
which has proved a strategic advantage for
India in terms of outsourcing is not bound
to stay forever as an advantage. Thus the
future growth will lie in moving up the
value chain in delivering services.
Over the past decade, Indian manufacturing
sector has seen a transformational change
and it has proved its potential mainly by
strong focus on quality and cheap labour.
Indian automobile sector is witnessing one
of the highest rates of growth when
compared to global counterparts. Some of
the key industries like steel, cement,
petrochemical and pharmaceuticals will
assume global presence. Big business
houses like TATA, Birla and Reliance are
already witnessing greater 40 % of their
revenues from other countries. But what
makes growth in industries much more
relevant is its impact on the wage earners. A
large chunk of Indian labour force is still
not skilled enough to be absorbed by
services sector. This section will find
employment in industrial sector provided
government has carried out enough
measures to ensure the growth of industrial
sector. The SEZ‘s and STPI‘s (Software
Technology parks of India) of India need to
be established with support from
government in terms of Infrastructure,
energy and Power utilities.
A rise in economic growth cannot be
achieved unless the development of
infrastructure. Last decade has seen some
key initiatives taken in this regard by the
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government. The development of golden
quadrilateral by NHAI (National Highway
Authority of India), new international
airport terminals developed at major metros
by AAI (Airport authority of India) and
improved public transit systems with the
implementation of metros are some of the
key steps undertaken to improve
infrastructure in India. India‘s power
requirement is expected to double by 2020
to 400,000 MW. The ambitious plan of
―Power for All‖ by 2012 and the 123
agreement depicts government concern for
raising Power needs. With 500 million
telecom subscribers we are in the league of
the top 3 countries in terms of subscribers
but this number dropped significantly to
mere 13 million when it comes to internet
subscribers. Tele communications has seen
a tremendous growth in the last decade but
still there is a huge potential for growth in
terms of internet services.
The idea of growth is incomplete without
considering the rural economy. As cliché as
it might sounds but ―India still lies in its
villages‖. Rural India is still a vast market
which has not been harnessed to its
potential. One must not wonder why the
sales figures of 3gm shampoo pouch is so
important for HUL or P&G. Rural India will
drive the volumes in the near future. The
next decade will see increased focus on
rural economy in both agriculture and non
agriculture sectors. Infrastructural support
in form of connecting roads, rural
electrification, biotechnological support,
genetically modified crops and better
irrigation facilities will define the future for
rural India. The result of telecom
penetration is already evident in rural India
and the next decade does holds new
promising opportunities.
In order to achieve sustained level of GDP
growth in the next decade, there is a need to
address some of the key issues. There are
certain major problems that the policies of
the last decade have merely touched. First is
the education. Indian institutions have
always been accused of producing non
employable graduates except some of the
National Institutions like IITs & IIMs. The
area of focus should not only be higher
education but also primary education
especially in rural areas which provides a
sound base for progress.
Other key challenges are economic
inequality, widespread corruption and
health services. We surely have 4
billionaires in Forbes list of top 10
billionaires but this achievement is
diminished when we see that 30% of our
population is not even able to get the bare
minimum of 2200 calories/day. The idea of
inclusive growth cannot be materialized
unless there is a check on the bureaucratic
corruption. There is a growing need of
Public Private Partnership models to
implement the rural schemes such that they
do the necessary. As we step into a new
decade, the growth drivers for the economy
are diverse and robust, but so are the
challenges ahead.
Shshank Bharatwal
PGDM, Class of 2011
Indian Institute of Management, Calcutta
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INTRODUCTION Silicon valleys,
knowledge societies,
techno-freaks,
buzzing night life, and multiplexes -If you
are wondering whether this fantasy land is
in the European mainland, then sorry, you
got it wrong. This is the new India - a face
that will revolutionize the Western world in
the forthcoming years. As technology soars
through the un- explored, so does it carry
with it novel professions that usher in the
nouveau riches - IT professionals,
nanotechnologists, astrophysicists and
above all, the new age global managers.
POSITION IN THE WORLD MAP As the new face of India revolutionizes the
world map, the country also carries with it
in due course, many hurdles as well as rosy
paths. In this age of the global Financial
Crisis, when the topnotch institutions like
AIG and Lehmann Brothers have fallen into
the gorges of recession, the ‗DESI‘ Central
Bank and the other organizations have
proved their mettle in being supreme
organizers. The RBI‘s move of buying 200
tonnes of IMF gold is itself an act that is
self explanatory, which implies the
devaluing American dollar as well as a
sinking U.S economy. The developing
nations like India and China can make use
of this golden opportunity to become the
flag bearers of the Universe, especially
when all the tables are turned against the
global leaders, including the U.S.
ONE INDIA-MANY FACES Turning away from the financial scenario,
our main focus should be on the Great
Divide-the split between the super rich and
the ‗SLUMDOGS‘. This has been a hot
topic for several years, but a satisfactory
answer has not yet been provided. While
the students of the prestigious IIT‘s, the
IIM‘s and the mushrooming number of
management and professional institutions
gain huge reservoirs of knowledge, the
other side of the coin poses a dismal face. A
country, where an Engineering or an MBA
degree is valued much more than the
instinctive talents of an individual, a
country where the latest trend among
parents is to cheer their newborns to get
past the final hurdle of the IIM‘s and grab
that dream job somewhere in the technical
jungle of the Americas, a country where
preparations start right from the age of ten
or eleven, so that by the time the kid
reaches the threshold of teenage, he can
‗flock‘ along with a ‗herd‘ of tech-savvy
geeks-that is the page 3 face of our novel
India! However the India which the world
knows is entirely different –still it remains
as a laggard on the global map, with
illiteracy levels reaching sky high at 35%.
What can we make out from this scenario?
This is undoubtedly in economic terms the
worst case scenario.
PRIDE AND SHAME The long strides that India has made in a
multitude of areas cannot be neglected-the 8
Oscars for Slumdog millionaire, the
Financial Policies of our country, IT sector
development, educational sector and after
all health care reforms-through all this India
Aiswarya Subramanian talks about reforms being the way ahead.
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achieves a grandiloquent stature in World
Economy. Yet look at the downside-As the
Ambani brothers fight for who will top the
Billionaire list, the scenes in Rural India
make us teary eyed with the people fighting
it out for a day‘s survival. What is this
Great Indian Paradox? As Gen-X youth of
the day, we should be more concerned
about such social and political issues that
endanger the firm foundation of our society.
GROWTH TRAJECTORY We are on the growth trajectory-but how?
The upward sloping growth curve is
contributed mainly by the services sector
that employs the creamy layers, whereas the
most vital agricultural sector is given less
importance, as the long term sustainability
factor sinks into oblivion. A second green
revolution can do wonders to the economy.
Though America puts the blame on India
and China for being the worst polluters, the
efficient carbon trading and other ‗green‘
measures can help India out of this
bottomless pit of the blame game.
REFORMATION The Reformation of India has to begin from
the grassroots levels. The foundation has to
be cemented well for the house to remain
stable. Just like that, the primary interests
like education, food and shelter should be
taken care by the meticulous usage of our
abundant resources by the Indian
Government. The NREGA scheme and
Pradhan Mantri Gram Sadak Yojana are
some of the priceless initiations that the
Government has adopted towards the
redressal of some of their grievances. Even
today we hear the revolting news of the
CMs of states being arrested for corruption
and such illegal acts, a female child being
burnt to death because of gender preference
etc. It is in times like those that we
understand the values of the Guiding Lights
of India - an Oriental place that had always
been the green eyed monster for developed
economies. Though India has made huge
leaps into the universe of development, it is
also consistently making baby steps in the
negative aspects as corruption, escalating
divorce rates and various factors show. It
has come to an age when emulating the
leaders blindly can lead to our own
downfall. A serious reconstruction of the
Indian economy and society as a whole is
the only theoretical solution to the
gargantuan problem the country is facing.
But whether it is practical or not, we have
to wait and watch-a trial and error method
though costly may yield rich gains.
CONCLUSION As the young people of ―INCREDIBLE
INDIA‖ chat, send instant messages,
comment, share, like and post their
mundane routines on others walls, lazing
around in the cozy corners of virtual
networking sites, they shouldn‘t forget the
ultimate truth that beyond the imminent
shores of comfort lies a vast horizon of
pleas for hunger and survival. That one
thought spared for a fellow citizen can
bridge miles and miles of the Indian
Territory, standing tall as a testimony to the
words etched in gold-―India is shining‖.
Aiswarya Subramanian,
Institute for Financial Management &
Research- Chennai
Aiswarya Subramanian talks
about reforms being the way
ahead.
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We, as a nation had definitely ushered ‗thousand revolutions‘ when we set out for our ‗tryst
with destiny‘. But, destiny for India appears to be a janus-faced devil. Today, nothing
characterizes India better than its glaring paradoxes where opulence coexist with destitution,
where shiny BMW‘s jostle with medieval bullock carts for space and where glitz of malls faces
army of beggars. But nothing is quirkier about this divergence than hastening of its pace in
recent years. Clearly something has gone horribly wrong with our dream.
The technology driven economic changes which brought bounties in the cities failed to cheer
‗the teeming millions‘ in the countryside. The net which is connecting the globe is dividing the
nations & forces of globalization seem to have a distinct partiality for few, offering only
destruction to the rest. As a result ‗Bharat‘ and ‗India‘ appears to be hurtling towards their own
destinies with a potential to tear the fabric of the nation apart. It makes new methods of
thinking imperative.
Our constitution enshrines economic justice as one of the holiest commandments. This does
not necessarily means socialism but an assurance of dignified existence to its every citizen. This
was not an act of charity but recognition of the fact that when denied, it will bring the status in
to disrepute, challenging its very basis of existence and eliminating one of the essential
prerequisites for development. it will lead to ramifications in the fields of society, polity and
law& order which is beyond imagination. The problems such as naxalism, regionalism, and
terrorism all are rooted in this denial of justice to certain section of the population.
To change this course of doom we need to veer the course. What we need today is not more
IIT‘s but more ITI‘s, not more AIIMS but more PHC‘s and not more job seekers but more job
creators. The question here is not about either-or but about prioritizing. The focus of policies
should shift from the statistical growth to distributive growth. The effort should be to create
partners in the development and not fodders of development. In other words it is better to play
win-win game than to play a win-lose game.
Today we have around 65% of the population dependent on agriculture. But the sector as a
whole is not growing at all when population growth is taken into account. Therefore any
attempt at eradication of poverty and making majority a partner in the development must start
Team Greenbacks gives a clarion call to remove the difference between
India and Bharat.
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from here. More investment in the sector with a focus on value addition in the sector by means
of agri-based industries should be attempted. This can be done by a mix of legal reforms,
creation of infrastructure and policy support to the sector. Further, knowledge creation in the
sector by R&D through public-private partnership should be attempted.
Indian labour force in general suffers from low skills. As a result their employability in the
sectors outside agriculture is limited. Further, their marginal utility is very low. This has
created a vicious circle of low income leading to low skills resulting in low incomes. In order to
convert this circle into a virtuous one what we need is proper education system. Free, good
quality elementary education should made available within the reach of the people. After that,
attempts should be made to create skills by means of vocational education. In this regard
establishment of ITI‘s can be useful. Further, most of the Indian syllabi are oriented towards
theory with very little practical content. Any change there will also result in higher economic
growth of the population. At the same time it will also help in transfer of large segment of
population away from low growing agriculture to higher growth services and industry.
At the world forum, India needs to adopt a more proactive stand in favor of development.
Forums like UN, WTO can be used to air opinions in favor of protecting the interests of the
weaker sections of economy so that they should not become prematurely exposed to unfair
competition. An alliance of countries with similar interests should be created to have enough
clout to challenge the pressure of developed nations at such forums. In this regard initiatives
like BRIC are a welcome sign.
The distance between India and Bharat has risen in the past. But, we must realize that we have a
shared destiny. Either we sail together or we sink together. Therefore necessary course
correction should be done so that ‗twain shall meet‘.
Team Greenbacks
Kumar Bibhu
Vineet Jain
Management Development Institute Gurgon
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“In Peace prepare for War, in War prepare for Peace.”
This proverbial assertion of The Art of War has lost none of its pithy even as it comes down to us
after millennia.
In spite of our country witnessing an unprecedented economic growth & growing deference on
the global stage (Security Council seat anyone?), self doubt is often seen to mar our poise. This
is seen on diverse fronts, from Politics to Policy making, Sports to Scientific research. I do not
solicit a mercurial comportment, but when was the last time the country went in for the kill &
made it. The corpus politic has only reiterated appeasement (whether Hindu or Muslim, matters
hardly) & has been the biggest impediment against all things constructive. Decisions on
seemingly straightforward issues like SEZs or Reservations have turned into painful fiascos
creating schisms where none should have existed. The lack of interest in research & innovation is
all but apparent – the very committee formed to oversee the formulation of Patent Laws, is
resorting to intellectual thievery (read Mashelkar‘s plagiarism).
So, will we lose the vantage even as we arrive there? Why do problems like corruption, crime &
irresponsibility towards the nation persist & escalate even as the nation itself progresses (at least
statistically)? The only reason can be a lack of patriotism – why sacrifice personal motives when
you don‘t identify with ‗India‘.
Even the name is Hellenistic in origin. Then with what does an Indian identify himself with? He
does not possess a homogenous language, race, culture or religion – factors which elsewhere
bind peoples into a nation. Even his citizenship looses meaning as the Government strives by
might & main to extend that cherished citizenship to half of Bangladesh as well. But do we need
a ‗feeling‘, something intangible, which binds us by a common thread. Yes, irrefutably we do.
Patriotism is not naïve rhetoric. It is the drive which spurs the leader & the masses of a nation to
survive Darwinism which holds well even on the scale of entire nations. The reason for
insurgencies & proxy wars ravaging the country, are not simply borne out of incentives (dar al-
harb or proletariat purges) which the antagonists see themselves wresting from the government.
They are more an expression of resentment against a country which they feel has alienated them,
the ‗country‘ being nothing more than an Imperialistic regime controlled from Delhi.
Then how do we hack this Gordian knot on our ‗Road to Glory‘, in a way which stands better
chances than Chappell‘s. The panacea is not welding history to create a pastiche of common
heritage. Ideology per se, is not palatable enough, nothing more than a ‗pie in the sky‘. This is
Akshat Shukla presents a case for Military conscription.
Will it add iron to the Indian spirit?
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especially true when the fact that the heritage is not shared equally, is painfully apparent. All
things which supposedly constitute our nationhood are ephemeral ideologies, now stone cold,
which fail to leave a lasting impression once outside movie theatres or cricket matches.
Historically, Rome was a country which was as diverse as India both geographically &
linguistically. It was able to dominate culturally, economically & strategically for centuries
despite of an immensely varied stock of citizens. The reason for this success was simply –
compulsory conscription.
Conscription provided Romans from all strata & spectrum of the society to mingle & have a
vivid experience of the most fundamental reason for a Nation‘s conception - the need to preserve
your Home. Whenever a citizen comes to witness that his nation‘s prosperity is directly aligned
with that of his home, the nation prospers. A Roman legionary when returning to the role of a
citizen knew what his citizenship meant – it was something he had earned with toil. All his
privileges stemmed from this citizenship, thus he had an innate sense of love & duty towards the
nation, which an Indian does not possess, because his citizenship is nothing more than garbled
ideology. The fact that the rich and the poor, the provincial and the urbane fought shoulder to
shoulder meant that all divisions of class, region or language disappeared.
Conscription in India will induce in us the discipline of the Chinese without meddling with our
democracy and will give young Indians, whatever their background, the right attitude, energy,
acuity of thought and commonality of action that distinguishes our army men. Subjective though
it sounds, conscription really can be the cure-all we have long been searching for redeeming the
golden bird.
Akshat Shukla
Department of Management Studies
IIT Delhi
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Someone once made this rather wise quote: "No matter how big a nation is, it is no stronger that
its weakest people, and as long as you keep a person down, some part of you has to be down
there to hold him down, so it means you cannot soar as you might otherwise.” That person was
Marian Anderson and it uncannily describes the position our country is in now. Disparities of
every possible type- rich and poor, urban and rural, working women and female infanticides- the
list goes on and on, so much so that it has become a cliché to even talk about it.
So, the question remains: how do we build an India free from such evils? There are no easy
solutions and the few that are feasible need not just be well planned but need to be correctly
implemented.
Let‘s first tackle that curse called poverty which has been plaguing our country for a time longer
than we care to admit. The two largest categories of poor in our country are the landless
labourers and the small and marginal farmer. Without addressing their problems, there is little
point in grand schemes and fancy conferences on poverty alleviation. With regards to the small
famers, credit is their single biggest concern (as is the case world over) considering the fact
while their expenditures are many; their income is only during the harvest time- a lopsided
equation if ever. The issue is: how to extricate the farmers out of the vicious cycle of multiple
borrowings, establish best farming practices, raise their incomes and facilitate savings? Here, it
is necessary that apart from the various banks, NGOs and MFIs working in tandem, cooperatives
are set up to ensure that farmers get the best prices for their produce, reap the profits generated,
have access to quality inputs and imbibe the practice of savings. Think Amul: has there been a
better intervention in this country in terms of elevating the famers to a better life? But here, too,
it is necessary that it is the farmers who manage and control the cooperatives- after all, they
should have the power to decide what‘s best for them and despite what the intellectuals would
like to believe, they are far smarter than us. Think community development through community
participation- exemplified by NGOs such as Dhan Foundation and cooperatives such as CDF.
When it comes to the landless labourers, schemes such as NREGA can prove immensely
beneficial although issues such as the low wage rates ought to be addressed. As for the objections
raised against such programmes regarding the huge government expenditure, one look at the
enormous tax waiver given to the IT industry and perhaps we would not feel so ungenerous after
all.
However, all this needs to be supplemented by the two most important requirements for a
dignified living: health and education. Without access to either of them, our country is consigned
to remain in the dumps. The pitiful conditions of government run schools and hospitals has been
A chain is as strong as its weakest link. Doesn’t it mean the same for India as well,
asks Team Advaita’s Sanjana Pegu.
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studied, researched, analysed and over analysed but not solved. Here, we can look at success
stories like the Rajiv Gandhi Super Speciality Hospital in Raichur and Rogi Kalyan Samiti- both
were public private partnerships and both are doing commendable work in their respective fields.
These models are replicable and scalable which means that assisted by a State willing to work for
its citizens and a civil society which dispenses with its responsibilities and not simply rights,
issues related to health and education can be addressed. Specific to education, one can‘t help but
quote Dr Shantha Sinha‘s definition of child labour-―Any child out of school is child labour‖.
Taking this definition as the mantra, a consolidated effort by the government and society is
required to ensure that none of our country‘s children have to work when they should be
enjoying their childhoods- and for that, we need to develop and maintain standards in school
infrastructure, quality teachers who are motivated and paid well and children who are nurtured to
be the country‘s biggest assets.
There are plenty of issues related to the haphazard urban development, people dwelling in slums,
the scourge of terrorism, Naxalite movement etc. The point, however, is that once the poorest
and the backward are empowered and can live a life of dignity with the basic amenities, most of
the country‘s ills will wither away faster than we can imagine. All it requires is a little bit of
effort from us.
Team: Advaita
Indian Institute of Management Bangalore
Author: Sanjana Pegu
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Introduction
In a broader sense, financial inclusion is providing or ensuring banking services at affordable
costs to the weaker sections of society or the unbanked segment which does not have access to
the formal banking system. In bigger cities, every household may have more than one bank
account but thousands of villages in India do not even have a bank branch. With a population
of over 1 billion, India surprisingly has only around 300 million bank accounts. Of the six lakh
Indian villages, only 30,000 have bank branches. A government-sponsored report says only 10
per cent of Indians have a life insurance cover, 13 per cent have debit cards and just two per
cent own credit cards.
Absence of a formal banking system forces people living in these areas to opt for informal
financial system and mostly private money lenders for their financial requirements. It also
prevents flow of funds from such areas in form of deposits into the formal banking system.
What is present system and Reasons for financial exclusion?
The informal financial service providers include moneylenders, pawnbrokers, savings and
credit associations such as chit funds, community-based organizations and credit services
offered by few NGO‘s. Informal providers often rely on personal relationships to assess risk.
Chit funds have huge risk of mismanagement, fraud and bankruptcy. Moneylenders often
charge exorbitant interest rates, sometimes forcing customers into a debt trap or even bonded
labour.
Out of the many factors that deter the adoption of banking, specifically in rural parts is the
proximity. Other reasons are:
Lacks of suitable products- Formal banks are unwilling to give loans without collaterals even
in the cases of small loans. Poor people won‘t be satisfied with cheaper, stripped down
versions of mainstream products.
Poor financial Literacy and awareness: Cash is still preferred more over electronic transactions
in most of the towns and villages. People do not consider savings account for their savings.
People invest their money in assets like jewellery or chit-funds.
Banks disinterest: Rural branches and not-much-profit areas are not serviced by banks
properly. Banks lack staff and customer service is not much stressed upon.
F i n a n c i a l I n c l u s i o n a t t h e b o t t o m o f t h e P y r a m i d
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Government and Private Initiatives
The government has set a target of reaching out to all 1.07 lakh unbanked villages having
population over 2,000 by 2011. Rewards in form of financial incentives are being offered to
commercial banks that open branches in the unbanked areas of the country as government
attempts to bring about financial inclusion—ease of access, availability and usage of the
formal financial system.
Banks are opening no-frills account for the low-income groups. The central bank has
simplified the Know Your Customer, or KYC, norms in cases where the account balance does
not exceed Rs 50,000 and credit does not cross Rs 1,00,000 a year. Recently, the Reserve Bank
of India (RBI) has decided to allow self help groups (SHGs) and primary agriculture credit
societies (PACS) as business correspondents to ensure a greater banking penetration in the
country s interior rural belt.
Among the private players, Citigroup is rolling out a network of biometric automatic cash
machines aimed at illiterate Indian slum dwellers, using the latest technology to woo the
country‘s millions of unbanked poor. The machines will recognise account holders‘
thumbprints, eliminating the need for a personal identification number, and will have colour-
coded screen instructions and voiceovers to help guide them through transactions. Mobile
companies like Nokia are expected to soon roll out their financial and banking services under
the banner of ‗Nokia Money‘. It plans to tap its huge network of 1.9 lakh phone retailers and
dealers who will act as the consumer point and banking correspondents.
What to do for financial Inclusion?
Financial Inclusion has to be a multi-prong procedure which would involve partnership and
collaboration between different players like retailers, telecom companies, banks, government,
and private palyers.
5-step procedure
Product: By downsizing the offerings according to rural need and not degrading. Customizing
products like low payment instalments, ability to delay or consolidate instalments.
Customer Reach: Evaluation of new channels for distributing financial products like Moblie
technology, NGO‘s, post offices, kirana stores etc. It is also important to educate and make
people aware of financial products.
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Risk management: Use of community guarantee as collaterals, maximum use of local
knowledge to assess risk, risk evaluation through tie up with telecom companies and retailers
in local region etc.
Administration and collection: Centralization of back-office operations can greatly reduce
the expenses incurred by the banks. Use of local correspondents, particularly for collection
could help greatly. Banks could even use traditional institutions like ‗Nyaya panchayat‘ which
help resolving issues at village level.
Initiatives by banks
Flexibility: People at bottom of pyramid do not have a fixed and steady source of income.
Therefore they require their financial services providers to be very flexible.
Simplicity and speed: Simplicity to financially excluded means fast processing and less
cumbersome paperwork.
Small product size: In the form of small personal loans, small premium paying insurance
policies etc.
Mobile technology
Mobile is a superior medium to reach the large masses of unbanked and it is beneficial to both
the banking fraternity - which can cover significantly more customers than it could by setting
up physical branches - and to the unbanked, which are unlikely to otherwise have a formal
bank account.
The deep penetration of the mobile telephony, across India, presents a huge opportunity to
unbanked Indians to leverage the same, transact freely and benefit from the nation‘s economic
growth. With the right technology, a mobile phone can be used for credit card transaction,
balance enquiries, direct debits, and bill payments. Mobile connection could also be used as
debit cards. Banking through mobile phones will boast must lower costs and greater
convenience than traditional banking products.
Mobiles can be used to educate the consumers as well as providing information about new
products
New business channels and Touch-points
Innovative and new channels could be explored for conducting banking business as agents of
the banks at places other than the bank premises. These could include intermediaries such as,
NGOs/ Farmers‘ Clubs, cooperatives, community based organizations, IT enabled rural outlets
of corporate entities, Post Offices, insurance agents, among others, besides micro-finance
institutions.
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Profit or Loss making?
Access to financial services will provide the poor opportunities to build savings, make
investments and avail of credit. Also, such access helps them insure themselves against
income shocks and equips them to meet emergencies such as illness, death in the family or
loss of employment.
Financial inclusion can also help the government reach the benefits of social security efforts,
NREGA payments to the rural poor directly through the banking system, thus reducing the
time and transaction costs. Better flow of money in the economy could be guaranteed by
ensuring money from poor are also circulated. Even financially, opening branches in such
areas is not such a bad deal.
Successful Initiatives in other countries
Mobile-commerce activities in Asian countries like Philippines, Malaysia, Pakistan and in
different African nations had helped reinforce the convenience and leverage of the M-
commerce eco-system, particularly for the unbanked populations. Pioneered in Zambia,
flourishing in Kenya, and recently introduced to parts West Africa, money transfers using
mobile phones and other forms of telephone banking are taking off across the continent. In
Zambia, 2% of Zambia‘s GDP was transferred through mobile service.
Conclusion
To engage financially excluded, financial institutions must first understand this segments
financial needs and aspirations along with barriers that give rise to exclusion. Creative new
business models supported by government initiatives and regulatory reforms can upend the
economics of reaching financial excluded and allowing financial service providing companies
to unlock opportunities for profitable expansion.
Rohit Kumar Goyal
MICA, Ahmedabad
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History of Radio:
In India, radio broadcasting started in 1927 at Mumbai and Kolkata with two privately owned
transmission stations.
In 1930, the government acquired these stations and started operating them under the Indian
Broadcasting Service. This service was later renamed AIR in 1936 and has since been operated
as an independent Government department. From 1957, the radio service also came to be
referred to as 'Akashvani.' Vividh Bharati, AIR's main entertainment channel, was started in the
1960s.
Commercial broadcasting was first introduced on Indian radio in 1967. In the mid- 1970s, AIR
started offering sponsored programs. Radio's commercials started during the early 1980s on its
primary channel Vividh Bharati and were extended to other channels by the mid-1980s.
In July 1999, the Government of India decided to allow private players to enter the FM radio-
broadcasting sector. It planned to offer ten-year licenses to private players in 40 cities across
India.
The first private FM radio station Radio City began functioning in July 2001 in Bangalore,
Karnataka. By October 2001, sixteen companies were issued licenses to operate private FM radio
stations.
Some of these were Entertainment Network, India FM Radio, Vertex Broadcasting,
Radio Today, Sun TV, Music Broadcast, and Millennium Broadcast etc..,
Radio Industry Characteristics:
Cost Effective Medium to Advertiser
Radio offers reach, frequency, impact and economical advertising solutions for advertisers.
Radio advertising rates are low on cost-per-thousand basis as compared to other media
Excellent Complementary Medium
Radio forms an excellent complementary medium to television and print. It can extend the reach
of a campaign, focus the delivery, and enhance or reinforce a message.
Interactive medium
Radio speaks to its audience in a highly personal manner. Listeners build a relationship with
their local radio personalities - a rich resource into which the community can tap.
Low Content Costs
Unlike television, radio does not require any commissioned original content. Most of the content
on radio is live. The biggest content - music - requires a royalty which is payable to the relevant
Team Rayo brings to light The Power of Radio!
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society‘s viz. Phonographic Performance Limited (PPL) and Indian Performing Rights Society
(IPRS) and certain music companies.
Prime Time differs from Television
The prime time for radio listenership differs from prime time television viewing. Radio
listenership peaks in the morning, afternoon and late night time slots, while Television
viewership reaches its peak during the night slot.
Delivers relevant audience
Listenership of radio as indicated by the Indian Listenership Track (ILT) survey is the highest as
a percentage among the younger audiences (15-29) and the SEC A audiences. The research
indicates that almost 70% of SEC A audiences listens to radio every day. This is the audience
most sought by advertisers.
Current Scenario:
• Business model is mainly advertising driven
• Impacted by the global recession, growth in the last two quarters of 2008 was slow because of
slowdown in the advertising industry
• A cost effective medium for advertisers as it has more penetration and reach compared to the
traditional print and television.
• Controlled by few business groups having sizable stake in different media properties
• Mainly an act of diversification from existing media players as a risk mitigation exercise with
slowdown experienced in traditional media outlets such as print.
• Regulated and recently privatized
• Phase II licensing made the business viable
• Has huge infrastructure setup costs
• Oligopoly and witnesses price wars
• Overall growth rate is impressive
Key Indicators:
• Highly fragmented and regulated
• Top 5 players part of large media groups control 63% radio stations
• Top 5 players earn 40% of total revenue
• More than 240 private radio stations
• Slowdown in promoter‘s primary business activity has resulted in diversification in radio
business
• 2004-2008 CAGR ~9% (realized)
• The current size of the radio market is India is Rs.300 crores and is expected to achieve the
highest growth rate of 32 per cent in coming years.
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*CII-KPMG (2005) Indian entertainment industry, Focus 2010: Dreams to Reality.
Metro market phenomenon:
• 18% of all private FM stations in metro markets
• Metro markets contribute maximum revenue to the industry
• No room for expansion in metro markets – metro markets already have maximum number of
permitted stations in operation.
• Witness fierce competition
Key Private Players:
Radio City
Big FM
Radio Mirchi
Radio One
Red FM
Advertiser Driven:
• Radio globally is optimized for local advertisers but Indian Radio industry vies for advertisers
with national presence. The mix currently is in favor of National advertisers.
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• Advertisers who provide big business are largely based out of metro markets.
• Advertisers give maximum business to market leaders who have large presence, e.g. Radio
Mirchi, Big FM.
• Radio commands 4% of total advertising revenue.
• Industry expert opine that small players distort market by virtue of their inability to support
large advertisers.
Future Drivers:
• Consolidation in the industry
• News and current affairs broadcast for content differentiation
• Phase III licensing to ease industry expansion
• New stations to result in more fragmentation
• Advertising revenue generation from national to local base
• 2009-2013 CAGR ~15.4% (projected)
• Big radio companies to go global.
• Radio Mirchi acquired Virgin Radio in the UK
• Big FM launched a dedicated station in Singapore
• Growth to come from locally targeted advertising
• More awareness about the medium and its potential to result in better utilization with the
advertisers.
Conclusion:
"Radio won't die; even today, the reach of radio is more than that of television. In rural
India, every individual has a transistor. And you can listen to the radio even when you are tilling
the soil."
A few years ago, if you told your friends that you listened to the radio, you were
`uncool,' and `outdated.' Today, the radio is hip, totally with the times and like any teenager
would say, "It's so rad!" (Radical). The radio is no more a medium that will be on the
backburner- not for the youth of today and not for the scope it offers.
The commercial aspect of the radio is enormous as are the people it reaches out too.
Right from the neighbourhood pan wallah to the corporate banker, they are all hooked to the
radio. The latest music, regular news updates and even updates on the traffic scenario in some
cities- with the radio offering all this and more, an increasing number of people are tuning in to
their favourite frequencies to find out what's happening around their city.
Team RAYO
Ms. Ratika Kapoor
S.Yogeswaran
IIFT – Delhi
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―I hear and I forget, I see and I remember, I
experience and I understand‖ are the golden
words which were said by Confucius
hundreds of years ago. Now Marketing and
Advertising gurus are following these words
and new type of Advertising has been
evolving which gives emphasis on surprise,
catchy slogans and graphics, the term is
―Ambient Advertising‖. Instead of
advertising one's product through TV, radio,
prints or hoardings on the pavements, these
ads creep before the viewer when he least
expects it. The whole idea of ambient
advertising is to be clever and catch the eye
of the target even before they realize that
they are a target.
Defining Ambient Advertising in view
of its need and sustainability Ambient was first used in relation to
advertising in 1996 by Concord Advertising,
a UK agency specialising in outdoor
campaigns. It evolved from a need to apply
a single term to what was an increasing
request from clients for ‗something a bit
different‘ in their advertising. Clients,
concerned with issues of cut-through
competition, decreased effectiveness and
disinterested audiences wanted (and still
want) advertising ‗with bite‘ from their
agencies. This push by clients for something
different saw agencies placing ads in
unusual places.
Unusual locations are considered a defining
characteristic for Ambient advertising.
However, ‗unusual locations‘ lose their
point of difference with repetition and time,
and so cease to be something different. This
suggests two things. Firstly, that if ‗unusual
locations‘ is a part of the definition of
Ambient advertising then, what might be
considered ambient one day may not be the
next, as audiences become familiar with any
given location and the point of difference or
‗unusuality‘ fades. Secondly, and related to
the first point, is that Ambient could be seen
as a moveable term and defined by
advertising norms of the day. Unusual
location is not the only point of difference
for Ambient. The method of execution is
often unusual as well. Holographic
projections, role-plays and graffiti are a few
examples of this and certainly fit within the
‗something different‘ imperative.
The preceding discussion has highlighted
the factors of location, execution and
temporal issues as being important to
‗Ambient advertising‘. So now Ambient
Advertising can be defined as:
The placement of advertising in unusual
and unexpected places (location) often with
unconventional methods (execution) and
being first or only ad execution to do so
(temporal).
Why Ambient Advertising
Increased competition in crowded
categories, short term focus in industry,
greater focus on accountability, a decline in
media advertising effectiveness, and the
proliferation of brands has businesses
demanding more effective advertising at
lower costs. Concurrently, perception of
Sulabh Sood talks about Ambient Advertising
Chronos 2.0
increased ad clutter arising out of the
information technology revolution has led to
a decrease in effectiveness of traditional
advertising (print, radio, television,
billboards, and transit etc). To what degree
traditional advertising is less effective is, in
one sense, not the critical point? The mere
fact that there is a market place perception
of decreased effect is in itself problematic
and indeed an important driver towards a
more confrontational approach to
advertising, or at least a re-think on what
may work.
There are many advantages associated with
Ambient Advertising (the following
examples are real Ambient cases), such as:
1. Large Audience Involvement: Due to
greater emphasis on surprise, humour and
creativity, Ambient Advertising
automatically appeals audience and the
product become cynosure.
There was a moving board ad campaign
done in Melbourne CBD (Central Business
District) by ―AmbientAdvertising,
Australia‖ for Common Wealth Games.
Throughout the seven days of activity busy
foot traffic areas in Melbourne‘s CBD were
targeted to create maximum awareness and
exposure. The boards displayed a concise
visual message and the promo team backed
it up by offering advice and directions to
those who required more information. No
one had seen the Moving Boards before and
promo staff noticed that many people
stopped and went out of their way to see
what it was all about.
Apart from the great informational value of
the map and directions displayed on the
boards, people were very appreciative of
further help offered by the staff.
2. Low Cost: Ambient Advertising does not
involve large bill boards, real estate space,
hoardings, costly TV or radio slots, high
priced ad space in newspapers and celebrity
endorsement. For e.g. consider a watch
manufacturing company which has
introduced a new brand and huge range of
watches (maybe 50-75 new type of
watches). In order to advertise the whole
new range, the company may require huge
advertising investments. Ambient
Advertising provides simple solution.
As seen in the photo, the company can
create different type of bus/train hand
holders and advertise its different range of
watches.
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3. Precise Audience Targeting and
Maximum Viewing time: Ambient ads can
appear on store floors, at gas pumps, in
washrooms stalls, on elevator walls, park
benches, telephones, fruit and even can be
pressed into the sand on beaches. According
to the product, the audience and their most
likely place of availability can be
determined and then Ambient Ads can be
devised.
For e.g. consider a football match, where
mostly football lovers will come to spend
their leisure time. In the below image, an
Ambient Ad is very strategically placed in
every seat of the stadium to have repeat
reading from targeted audiences. It is basic
human nature that a person reads a thing
many times, if displayed continuously.
Is Ambient Advertising Perfect? There are some disadvantages also
associated with Ambient Advertising. The
main issue in ambient media is clutter; every
big city in the world faces this problem. All
the ambient media forms added in the last
decade, which includes phone boxes,
stencils in the street, sampling postcards
being distributed, construction sites, sky
advertising, are what people face when they
are not in their first contact point (home) or
second contact point (workplace). They
experience this type of advertising in their
third world, that is, when they are simply
walking or doing leisure activities.
Unfortunately, most ambient advertising is
developed in a way, which really annoys
people. When it reaches that level,
consumers ignore it and secondly, they are
aggressive against it. People don‘t want to
be hammered by advertising; they still want
to see architecture in the city. It‘s better for
the industry to think of possibilities that
brighten up the city and accentuate the
architecture such as neon and LED (light
emitting diode) screens.
Conclusion Consumers and advertising messages have
evolved and become more sophisticated.
From this background has risen Ambient
advertising. The ‗communications and
technology revolution‘ has given us
omnipresent information. Ambient
advertising is a new arena for both marketer
and consumer engagement, and one still
very much in need of exploration. If we look
into the timeline of advertising, we can see
that new type of Advertising emerged only
when new invention or innovation was done.
From newspapers we shifted to radio, from
radio we shifted to television and from
television we shifted to Internet. Now the
era is of Ambient Advertising, as long as
innovative, catchy, humorous and surprising
ideas will be generated, Ambient
Advertising will be there.
Sulabh Sood
Department of Management Studies
IIT Delhi
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CHAOS: We are pleased to have today Mr.
Mr. Anuj Guglani who is the CE O of the
World Auto Forum. Welcome sir, first of all
we would like to know about your
connection with DMS.
Mr. ANUJ GUGLANI: the connection is
very deep rooted and special. I am
an alumnus of this institute
of 1999-2001 batch. It has
been eight years that DMS
has thrown us to the
world of big sharks; so
far so good I think we
have done well and
have a lot to look up
to the future. The one
thing which I liked the
most at DMS was the
inclination towards industry based term
papers and we also did a lot of assignments
in the industry as a part of our summer and
winter training. To top all this we also
organized many cultural festivals like
Parivartan, Rendezvous and Blitzkrieg
which helped us develop an all round
personality.
CHAOS: You have had an illustrious career
with Honda and GM so what your corporate
career was like and what made you decide to
start your own venture?
Mr. ANUJ GUGLANI: After DMS the first
company I worked for was Honda and at
Honda I ensured that I worked for a lot of
other functions and not concentrate on my
own job profile alone. For this it is very
important to have a very supportive
boss and supervisor. I was
fortunate in this respect
and my boss helped me
get a 360 degree view of
the company. Then I
worked at GM for 4 years
where I mainly looked after
the dealer trading aspects of
the company. It was not
overnight though that I decided
to start my own venture, the
seeds had been sown right here at DMS
as I was also a part of the eDC
(entrepreneurship development cell) started
by Prof. S. K. Jain. The idea came to me at
the World Auto Expo in Delhi. I realized
that I knew a lot of people there so this idea
Chronos 2.0
Two most important things in a
startup therefore are to manage
your emotions and managing
your cash flows.
of creating a platform for auto companies to
always stay connected came to me. In my
family also there are a lot of entrepreneurs
who are doing their own things so I had
inspiration from the family as well; my wife
was also very supportive to go ahead with
my plan. So I started my company in
August, 2007 as ACE associates.
CHAOS: There are always some problems
when you start a new venture. What were
the problems which you faced as a start up?
Mr. ANUJ GUGLANI: The going was not
easy certainly. When you have spend seven
to eight years in the corporate world you get
a lot of perks, you get a position and people
listen to you but suddenly all that is gone.
My bills were being taken care of; the
mobile bill, car‘s EMI, house loan EMI due
to a monthly pay check. But after leaving
the job one thing which I missed the most
was my monthly pay check because
suddenly your emi checks start
bouncing as there is no
monthly paycheck.
Two most
important things
in a startup
therefore are to
manage your
emotions and
managing your cash
flows. It can really get
tough and it can be like
a sudden reality hitting
you.
When you are working in a
corporate you have the best people working
with you and for you but when you are on
your own there is this big challenge of
attracting and retaining good man power
because you don‘t have a brand; you don‘t
have a swanky office. You cannot throw
your weight around to have things done your
way. You need to be a very humble person.
You also have to multitask because any
work in your company is your work and you
really need to have a feel for it.
CHAOS: What is your current business
model and how did you arrive at it?
Mr. ANUJ GUGLANI: Back in August
2007 we started a company called Ace
Associates and this name also has
inspiration from DMS. One of our
professors used to say that whatever
you do in life you have to be an ace. I
have already told you that this idea
came to me at the Auto Expo. We
have created a platform for the
auto industry where the auto
companies can meet each other
plus they can also meet their
vendors and service providers,
we have also thrown in the
social networking tools
where they can blog, make
connections, there is a market
place, there is job section etc. we are
getting good response from all over the
world; USA, Europe, India even Alaska. It
is a platform for the auto industry and it is
not for the end consumer.
Chronos 2.0
CHAOS: Given that it is a B2B model is it
absolutely necessary to have that contact list
with you to get into such a model?
Mr. ANUJ GUGLANI: Well it‘s a B2B
model and they can go either way; they can
be very successful as there are many
websites working from China with market
cap of over a billion dollars or they can fail
miserably and the portal just run and it
becomes more of a charity. The model we
have come up with was started with a very
noble intention that the automobile industry
has to be together. Once we achieved this
objective we started to think how to get
users over here.
Once we get users which we
are in a process of, we still
don‘t have many users as we
have started recently. I have
done calculations to
encashing it but then we
want to wait till we get to
our magic figure of users
and think about monetizing
it. But I really feel that each person in the
auto industry should feel that he or she has
to be on this portal, have to have their
profiles on it if they really want to make it
big.
CHAOS: You mentioned that retaining
talented manpower is really tough for a
startup. How do you do that?
Mr. ANUJ GUGLANI: It is very tough.
You have to show them the bigger picture.
Even if you pay them more than the market
they would still say that hey! What‘s the big
deal about it? At the end of the day what
matters to them is the job satisfaction, the
work satisfaction, is your family happy
about it. It makes all the difference. It is a
very personal perspective though. Having
said that many people don‘t like to work for
a big brand where you are only a small fish
in the ocean. Flexible timings, more power,
more control and more warmth do matter a
lot to most of the people so you just have to
find the right people. They are there and you
just have to search for them the right way
but the search is very challenging.
CHAOS: What is your current revenue
model and what is your vision for this
company?
Mr. ANUJ GUGLANI: We are just a startup
though I have an excel
sheet which is very nice
looking one but I don‘t
believe in excel sheets.
We will first like to have
adequate traffic before
monetizing the whole
model. My vision for the company is very
simple. The vision has to be dynamic and it
is that whoever comes and registers with
WAF should want to come back to WAF,
interact and share their views and ideas. If
the people value you then the market share,
market cap and valuations all follow. The
auto industry should want world auto forum
to exist.
CHAOS: Thank you sir for giving us your
valuable time. We wish the very best to
World Auto forum.
Mr. Anuj Guglani is the Founder & CEO at
Ace Associates and World Auto Forum.
We are just a startup though
I have an excel sheet which
is very nice looking one but I
don’t believe in excel sheets.
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4. Connect:
5. Which is the world’s first patented product?
6. During its initial promotions, this beverage was advertised as "Esteemed Brain Tonic and
Intellectual Beverage“. Name the beverage.
7. Connect:
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8. Connect:
9. Connect:
For answers logon to http://www.orkut.co.in/Main#Community?cmm=94944488
Chronos 2.0
Team 2011 (from left to right)
Akshat Shukla
Navdeep Jain (Co-ordinator)
Team 2010 (from left to right): Parvinder Singh
Harsh Pradhan
Saiba Kataruka (Co-ordinator)
Deepu Narayan
Contact us on:
|Team Chaos|