The final match

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It is the last chance for Advani to aim for prime ministership

Rahul Dravid may have relinquished the Indian cricket team’s captaincy, but BJP leader Lal Krishna Advani seems in no hurry to hang his boots. He is actively trying to cobble together the erstwhile NDA constituents and add a fresh lease of life into the election outfit. Prospects of snap polls have caused flurry of activity in BJP. Whether it is hosting lunch for Udhav Thackeray of Shiv Sena; wooing Jayalalitha in Tamil Nadu or once again invoking political Ram, using the Sethusamudram project controversy, the aim is apparent. This probably is the last chance for Advani to fulfill his dream of becoming the Prime Minister of India. “Advaniji is our leader & prime ministerial candidate”, BJP spokesperson Ravi Shankar told B&E.

That is the reason Advani is not leaving anything to chance this time around. No one can dispute Advani’s plans to resurrect the NDA, but what he seems to be forgetting is that, today, his party is a divided house – incapable of re-erecting a political edifice, incapable of challenging the UPA outfit. Moreover, with the Left hogging all the limelight normally reserved for the Opposition, BJP’s chances of attracting viable coalition partners is a difficult proposition.

The question is how long can the BJP go on shoulders of already crippled horses? What Mr. Advani needs to take cognisance of is, first & foremost, he needs to get his own house in order; get the likes of Rajnath Singh & Arun Jaitley to get into a huddle, shout out loud & clear ‘we are proud to be a part of the BJP’; give them a good practice session to field searching questions thrown in by the media from time to time; teach his party-men the virtues of playing honestly with a straight bat & bowling well-directed deliveries in the right spot to put the UPA on the back foot. It is only after doing this home-work that Advani should go in to woo external players. The only solace for him, though is that the RSS, angry with his Jinnah remarks is now backing him. Remember, Advaniji, this is going to be your last Twenty20 game. If you falter as a leader this time, history will not wait to offer you a second innings.


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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).


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With the Indian economy churning out magnificent growth figures, capital flows are flooding the country.

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Indian bourses received foreign institutional investments worth $4.7 billion, a figure that was never previously reached in history.

All in all, however, India stands to lose if the rupee appreciates further. The backlash in exports has started to hurt; trade deficit for April-June 2007-08 has widened to $21.58 billion, as compared to $16.94 billion in the corresponding period of the previous year. The trade deficit for August 2007 touched $6.88 billion, as against $4.08 billion in August 2006, a monstrous increase of 70%. Merchandise exports posted a moderate growth of 17.8% in Q1 2007-08, while the figure was 23.7% a year earlier. The situation will get worse as the effect of rupee percolates through the rest of the year and also with higher interest rates.

Now that the consequences are wide open in front of us, let’s take a look at why the rupee has suddenly started taking the course that’s breaching the comfort levels of many. One might term it as ‘growth pangs.’ With the Indian economy churning out magnificent growth figures, capital flows are flooding the country. In the month of September itself, Indian bourses received foreign institutional investments worth $4.7 billion, a figure that was never previously reached in history. All of it is quite substantiated by the fact that the benchmark indices are scaling new highs by the day. Capital inflows of such proportions bulldoze the domestic currency as demand for rupee shoots up in the international markets. Believe it or not, the proportions of capital inflows have been so epic that even the monetary authorities are finding it quite arduous to bring under control.

This brings us to the famous ‘Unholy Trinity’ mentioned earlier. The model put forth by Marcus Fleming and Robert Mundell suggests that it’s impossible to maintain an autonomous monetary policy, free flow of capital and a fixed exchange rate. Let’s see how it works. Taking into consideration the Indian context, capital inflows push the rupee up against the dollar and the central bank – the Reserve Bank of India, which has a clear mandate of sticking to a fixed exchange regime intervenes by buying dollars in the forex markets and selling rupee in order to maintain the requisite exchange rate and stem the rupee appreciation. This is quite in line with the mammoth forex reserve that the RBI has amassed up in the recent past (Reserve Bank of India made net market purchases worth $26.8 billion from the foreign exchange market in 2006-07, significantly higher than $8.1 billion as compared to the previous year).


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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).


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What’s the trouble with the US asset bubble?

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If asset prices soar because of excessive liquidity, asset bubbles can cause problem

Although I was not a particularly dedicated economics student, one of the first economic laws I learned was that countries which have a relatively high inflation rate have weakening currencies. Considering the steep loss of value of the US dollar over the last few years, it would seem that ‘inflation’ in the US was far higher than what the clowns at the Bureau of Labour Statistics would have us believe.

I have maintained times and again that the US policy makers had two options: a strong dollar because of tight monetary policies, but weakening asset markets or strengthening asset markets because of easy money and a weak dollar. Not surprisingly, on September 18, 2007, the Fed clearly showed the world upon which option it had decided! Stocks rallied, the US dollar fell and gold soared. So, whereas it is possible for US equities to make new highs in dollar terms, measured against a hard currency such as gold, stocks are likely to continue to drift.

A few observations: It is well-known that US equities have underperformed gold and other commodities badly since 2000. Even strong stock markets such as the Hang Seng Index in Hong Kong have also significantly underperformed gold. Moreover, whereas the Dow Jones marginally outperformed gold between May 2006 and July 2007, the easing moves by the Fed – first the discount rate cut and then the September 18 Federal fund rate cut – have again strengthened gold against equities.

In fact, I would argue that because of artificially low interest rates around the world, paper currencies have lost one of their principal functions, which is to be a store of value. Paper currencies have become confetti! The confetti manufactured by a subsidiary of General Motors in the US are inevitably of poorer quality than the ones produced by BMW in Germany and the ones made in Chinese sweatshops, and so their values fluctuate against each other to reflect the difference in quality. But, they are all confetti nevertheless. And once people realize that these confetti, deposited in a bank or lent out at a low interest, do not adequately protect them from the ongoing monetary depreciation (inflation), they exchange them for all kinds of assets such as equities, real estate, art, collectibles, commodities and foreign confetti of better quality in order to protect the purchasing power of their savings. The exchange of cash into assets then leads to rising prices, which does not escape the attention of speculators who then acquire assets and foreign currencies with borrowed funds at the prevailing artificially low interest rates. In turn, the increase in leverage drives asset prices even higher. Now, someone could argue that there is nothing wrong with asset prices appreciating. Correct, if asset prices increase because of favourable fundamental factors. However, if asset prices soar because of excessive liquidity (money supply and debt growth), asset bubbles develop which cause considerable economic pain.


Marc Faber

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).


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Analysts believe that Videocon’s main strategy after liberalisation is based on high growth potential businesses.

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They are here to achieve business goals rather than personal objectives.

During the 1990s, the electronics sector was visibly explosive & the market required more companies to cater to the burgeoning demand. In the same way, India’s rapidly expanding economy today has a voracious demand for oil & natural gas and the market has huge potential for private corporations, which can replenish it more efficiently working in sync with public sector units as a PPP model. The recent tie-up of Videocon Industries with BPCL to acquire EnCana Brasil Petroleo, which has interests in 10 exploration blocks in Brazil is one such instance. A diversified business portfolio allows Videocon to offset losses in any one division, thereby giving a stable market outlook. The company’s strategy in putting money where there is maximum activity (even though it’s a capital intensive sector) is paying dividends and further future expansion is now possible. As part of its global acclaim, Videocon has been reportedly assigned oil exploration blocks in countries as diverse as Australia & Oman. No wonder the tag of Indian multinational sticks on.

commanding excellence

Last, but not the least, playing a pivotal role in Videocon’s success is its corporate governance structure and the teamwork between the three brothers, who have a deep relationship with the city of Aurangabad, though V. N. Dhoot now sits in the Mumbai office. P. N. Dhoot confirms to B&E, “We are a family owned, professionally run business house.” He tells us the three brothers do not have any personal ego or politics between them. They are here to achieve business goals rather than personal objectives. P. N. Dhoot strongly believes there will be no ownership issues at least for the next 30 years. Moreover, he says that the three brothers have ensured a system wherein if one brother is not available at any point in time, the other can take decisions on his behalf. This was endorsed by Raj Kumar Dhoot (also a Rajya Sabha MP) as well, with whom we had a brief interaction over lunch. Their interference with the management is largely restricted to macro numbers.


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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).


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The Bon-Ton merchant...

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The luxury market in India is growing phenomenally & I want to trap this market in all the segments, be it watches or jewellery...

India is becoming home to millions of people from the affluent class and luxury players all over the world are mulling their strategies to bet big bucks on it. And if figures spoke all, then according to ‘Penetrating the Indian Wealth Management Market Report- 2006,’ the number of Indian millionaires is expected to grow annually at an exorbitant rate of 12.8%. No wonder, India has recently captured the fancy of the ritzy brands. And a survey conducted by AC Nielsen shows shoes, sunglasses, wallets, handbags and belts are the most ‘sought after’ designer accessories by the affluent Indians.

The world’s leading elite haute couture group, from Paris, the epicentre of fashion, identified this sizzling hot opportunity a decade back. Rightfully so then, Moët Hennessy Louis Vuitton (LVMH) will forever be considered as a pioneer among the bon ton brands in venturing into India. With the first movers advantage, this group has emerged to become the largest luxury group in India. Today, LVMH, to its credit, has as many as 50 of the world’s oldest elite brands (Louis Vuitton, Dior, TAG Heuer, Omas, Zenith) quite well established in the Indian market.

The man who’s buoyancy is keeping the group in sunny spirit in Asia and who has made India a lucrative market for LVMH, is its Group President, South Asia, South East Asia & Middle East - Ravi Thakran. An alumnae from the prestigious IIM Ahmedabad; Thakran, prior joining LVMH, has worked in a variety of challenging positions in Europe with Swatch Group, Nike and Titan. Equipped with such experience, Ravi joined LVMH’s Watches & Jewelry division in 2001 and in a span of five years, he has moved on to spearheading the group.

It was an evening appointment at his private suite at Maurya Sheraton, New Delhi, and as we entered his room, Ravi stood up to greet us. But apart from his warm welcome, there’s something more that makes this man create a lasting impression at first sight. And that was his polished personality supported by elegant corporate dressing. Well gelled hair, with French-cut bear and a dark suit matched the evening aura perfectly. And the question immediately came to mind – is aristocratic attire an essential ingredient of success in the luxury market? He smiles and replies, “No that might not be necessary but at the same time it shows that Indians are moving more into the high lifestyle bracket and we realised that long time back... Moreover, most of our brands are heritage brands, which have a legacy of their own.”

In 2006, however, many such legacy bon ton brands (like Versace) have forayed in India and many more have lined up for an entry. Especially in the luxury watch segment, Swatch and Longines are really giving tough competition to TAG Heuer. So is the monopoly pillar of LVMH being dented? Replies Thakran, “Amongst all the countries where we operate, India has the highest duty. In spite of that, we give to our customer the products at the same price, which is available in Italy or any other country.” He also speaks at length about how the company makes sure that if a TAG Heuer watch is available in Europe, it is there in India as well. He stresses on how it is immensely critical that a luxury brand company does not deprive its customer from global quality and collection and that’s why, according to him, LVMH stands out.

The retail fever has gripped the luxury segment as well and all premium brands are tying up with Indian partners to roll out exclusive out lets. By the end of 2007, Thakran is gung ho about unleashing 5 exclusive boutiques in the metros. Even he is testing the waters to tie up with the big retailers of the country. But he’s very fussy before entering into any agreement with any other retailers, which is against his concept of luxury retailing, as it requires a special level of commitment and expertise. He states, “When I say revolution, especially in the luxury segment, it means changes in every thing, even the salesman who is attending the customer needs to be perfect both in skill and attitude. My boutique will have sales people who can suggest what suits best to the customer and also can take care of all the aspects of customers.”

That’s also the reason why LVMH has always believed in solely walking the ramp in India, while quite a few other luxury brands are seeking Indian partners. So doesn’t tying up with the Indian partner help? “It does help, but at the same time, the Indian partner can govern in your activity and we, as a group, believe that it disturbs the growth of the company.” Due to the legal hassles involved with FDI restrictions, LVMH has decided to go the franchise route in India for now, which Thakran says will change when 100% FDI norms go through.


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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).


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B-schooled in India, Placed Abroad (Print Version)
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For Pete’s sake, don’t nuke world peace anymore! Those promising developments may well be reversed by the deal.

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The Indo-US nuclear deal sets a bad precedent, and should not be pursued further,Over the past few years, India and Pakistan have made strides toward easing tensions.

Nuclear-armed states are criminal states. They have a legal obligation, confirmed by the World Court, to live up to Article 6 of the Nuclear Non-proliferation Treaty, which calls on them to carry out good-faith negotiations to eliminate nuclear weapons entirely. No nuclear state has lived up to it, especially the US.

On July 27, Washington entered into an agreement with India that guts the central part of the NPT, though there remains substantial opposition in both countries. India, like Israel & Pakistan (but unlike Iran), is not an NPT signatory, and has developed nuclear weapons out of the purview of the treaty. With this new agreement, the Bush Administration effectively endorses and facilitates this outlaw behaviour. The agreement violates US law, and bypasses the Nuclear Suppliers Group, the 45 nations that have established strict rules to lessen the danger of proliferation of nuclear weapons. Daryl Kimball, Executive Director of the Arms Control Association, observes that the agreement doesn’t bar further Indian nuclear testing and, “incredibly, ... commits Washington to help New Delhi secure fuel supplies from other countries even if India resumes testing.” It also permits India to “free up its limited domestic supplies for bomb production.” The Indo-US agreement is likely to prompt others to violate rules as well. Pakistan is reported to be building a plutonium production reactor for nuclear weapons. Israel has been lobbying Congress for privileges similar to India’s. France, Russia & Australia are pursuing nuclear deals with India.

The Indo-US deal mixes military and commercial motives. Nuclear weapons specialist Gary Milhollin noted Secretary of State Condoleezza Rice’s testimony to Congress that the agreement was “crafted with the private sector firmly in mind,” particularly aircraft and reactors and, Milhollin stresses, military aircraft. By undermining the barriers against nuclear war, he adds, the agreement not only increases regional tensions but also “may hasten the day when a nuclear explosion destroys an American city.” Kimball points out that the US is granting India “terms of nuclear trade more favourable than those for states that have assumed all obligations & responsibilities” of NPT.

Over the past few years, India and Pakistan have made strides toward easing tensions. People-to-people contacts have increased and the governments are in discussion over the many outstanding issues. Those promising developments may well be reversed by the deal. One of the means to build confidence was the creation of a natural gas pipeline from Iran through Pakistan into India, which might become a casualty of the Indo-US agreement. The deal continues the pattern of the US taking every measure to isolate Iran. In 2006, the US Congress passed the Hyde Act, specifically demanding that the US government “secure India’s full and active participation in United States’ efforts to dissuade, isolate, and if necessary, sanction and contain Iran for its efforts to acquire weapons of mass destruction.”

This Indo-US agreement richly deserves to be derailed. The threat of nuclear war is extremely serious, and growing, partly since nuclear states – led by the US – are significantly violating them. A better way to go forward is to pursue the need for global nuclear disarmament, recognising that the very survival of the species is at stake.


Noam Chomsky

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).


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Sources in Yamaha India who witnessed the entire negotiation

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In July 2007, he launched a new internal campaign within the organisation New Yamaha

Not one to rest on past laurels, this CEO is relentlessly striving to create a new work culture within YMI, including initiating a new HRM system, performance appraisals on merit, among others. In July 2007, he launched a new internal campaign within the organisation New Yamaha: My promise dil se. “After all, employee retention is the key to public perception,” he reasons, adding that his ultimate dream is to have people say, ‘God! I’m so lucky to be working for Yamaha.’

Passionate about work, here is a CEO who firmly believes in ‘all work and no play’. Well, at least that’s what he shared with this magazine. His three sons are spread across continents, in Australia, Tokyo and Singapore respectively, while his wife is in Japan. So once he’s home after a 14-16 hour grueling work schedule, it’s only TV, Internet and exercise for this Japanese warrior. “I don’t need any distractions, so I have not asked my wife to join me here in India,” he grins.

But, the smile lasts only for a while, as Ishikawa’s eyes cloud up with the uncertainty that Yamaha faces in India. Even the best laid plans sometimes do not work, more so in a market like India, which engages with only those that dare to understand and bury themselves in the nation’s local flavor and idiosyncrasies. The road ahead is rough and a lot is at stake for Ishikawa. After all, if he fails in turning around the sagging fortunes of YMI, it will be an embarrassingly big blot on his otherwise spotless track record.


Edit Bureau: Aditi Prasad

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).


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B-schooled in India, Placed Abroad (Print Version)
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1500-plus IIPM students placed across the country with 44 bagging international offers
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IIPM awards four Bengali novelists
The Hindu : Education Plus : Honour for IIPM
IIPM ranked No.1 B-School in India, Management News - By ...
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» IIPM ranked No1 B-School in India :: Education, Careers ...
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Blistering barnacles! it’s london!

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With due apologies to Tintin’s bumchum Captain Haddock, if you had to define the philosophy of being ‘British’ in one word, ‘London’ takes top honours without even batting an eyelid. Yes, Hugh Grant would come a close second surely…

The most populous city in Europe (7.5 million), London is now one of the top financial centers of the world. With over 50 races of people and 300 different spoken languages (according to the last London census), this is easily the most metropolitan city in the world! For the intrepid tourist, rather than enter London from the spectacular Heathrow Airport (the world’s busiest in terms of passenger traffic), one would suggest a sojourn from Paris through the 50 km long Channel Tunnel Train, of which 38 kms are actually underwater, making it the longest tunnel project in the world. While the Thames is definitely the most famous geographic expanse in London, a hop to Big Ben (the famous tower of the UK Houses of Parliament; better known as Palace of Westminster) comes out number one on the visitors’ rating scale. The 30 minute ‘tour’ of London on the British Airways London Eye, the world’s highest observation wheel provides astounding views of around 55 of London’s most famous landmarks. For the connoisseur, the National Gallery (displaying breathtaking paintings of Botticelli, Leonardo da Vinci, Rembrandt, Van Gogh and many others) and the prodigious National History Museum (displaying the rarest animals in the world; don’t miss the 40 million year old spider fossil) are the uppity icings.

The ladies for some retail therapy can take the world’s costliest cabs to some of the world’s swankiest shopping streets, including Oxford Street, Carnaby Street, Covent Garden, Soho and Islington; not forgetting Knightsbridge that has the world famous Harrods! Lakshmi Mittal’s residence at 18-19, Kensington Palace Gardens, is one of the world’s costliest properties. And before you leave this land of the high brow, may woe befall you if you miss our favourite Hammersmith Hospital in London. And why? Girls, that’s where Hugh Grant was born!


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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).


Read these article :-
B-schooled in India, Placed Abroad (Print Version)
IIPM in Financial times (Print Version)
IIPM makes business education truly global (Print Version)
The Indian Institute of Planning and Management (IIPM)
IIPM Campus

ZEE BUSINESS BEST B SCHOOL SURVEY

For More IIPM Info, Visit below mentioned IIPM articles.
1500-plus IIPM students placed across the country with 44 bagging international offers
IIPM set to beat economic slowdown
IIPM, GURGAON
IIPM - Admission Procedure
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The Hindu : Education Plus : Honour for IIPM
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IIPM Ranked No1 B-School in India
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The Hindu Business Line : IIPM placements hit a high of over 2000 jobs
Deccan Herald - IIPM ranked as top B-School in India
India eNews - IIPM Ranked No1 B-School in India
IIPM Delhi - Indian Institute of Planning and Management New Delhi ...
domain-b.com : IIPM ranked ahead of IIMs
IIPM makes business education truly global-Education-The Times of ...