Explains Ramesh Viswanathan, Exec. Director, CavinKare

“The only other company like us with a spread of independent brands is Dabur,” points out CKR. Clearly, the man loves comparing himself to the Burmans and hopes to replicate the stupendous success of Dabur in the FMCG segment. Yet, come to think of it, it is Nirma that CavinKare has a lot in common with. Both companies have been tagged as price warriors giving HLL and P&G a run for their money in the detergent and shampoo businesses respectively. CavinKare too got positioned as a price warrior (the sachet player) and has more or less followed Nirma’s footsteps in its heydays. Like Nirma, CavinKare too has diversified into other product categories and is aggressively taking on the urban market now. But here’s the catch. While MNCs first saturated the urban market and are now moving rural; CavinKare is moving in reverse. Being a strong player in the low-income category, CavinKare is now climbing up the ladder to also straddle the upper middle class group. So will CavinKare be able to replicate its success among the urban consumers or will it fizzle out, like Nirma did? “It (Nirma) played on price alone. Price is a vehicle to get entry into the market, but not a differentiating factor in the long run,” clarifies CKR, arguing that CavinKare has already discarded its low price image. He gives the example of Meera, their herbal hair wash powder, which is today priced at Rs.2 (at par with Sunsilk and Clinic Plus). Even fairness cream Fairever has been priced higher than HUL’s Fair&Lovely. Acquired last year for Rs.28 crore, the Maa range of fresh fruit drinks (pitted against Mazaa, Slice & Frooti) have also been shrewdly priced at Rs.13 for 250ml (Mazza is available at Rs.12 for 200ml). So, CavinKare entered the business as a price warrior, but on its part, it has made a valiant effort to discard that positioning. The recent launch of Chik Satin shampoo is an effort to develop this fresh brand imagery. Explains Ramesh Viswanathan, Exec. Director, CavinKare, “The aim of Chik Satin was to focus on the ‘bottle’ consumer whose shampoo needs are very different from that of existing Chik consumers.” With a premium look and feel, Chik Satin is focusing on attracting the urban consumer. “The strategic tie up with Coty for Adidas and Jovan is also aimed at gaining greater strength in the urban and metro markets,” adds Viswanathan.

But changing consumer mindset is not easy, says Anand Ramanathan of KPMG. “Transcending from a premium to a mass positioning is easy, but the reverse is not true,” he says, adding that even as CavinKare reverse straddles (via Chik Satin Shampoo or Nyle premium shampoo), it is imperative for them to not deviate from existing brand imagery, a fatal move for its existing consumer base. The reverse is also true. Ramanathan gives the example of CavinKare’s toilet cleaner brand Topp Mopp. “It is difficult for a relatively new entrant–despite competitive pricing to survive,” he says. Topp Mopp’s positioning was similar to rivals like Reckitt Benckiser’s Lizol in urban markets. But since toilet cleaners as a category belongs to the SEC A segment, CavinKare’s imagary (that of a SEC B and C player) created a disconnect. Result? Despite a big distribution push, Topp Mopp’s brand imagery did not coincide with the group’s positioning and the product failed.

But an undeterred CKR is moving ahead confidently with all cylinders blazing. His big bets now to secure a pan-India urban base are coming from areas like personal grooming, restaurants and dairy business. Trends in Vogue, CavinKare’s salon retail chain is expanding. Cashing in on the growing personal grooming market, CavinKare has also launched two separate beauty salons – Limelite (a unisex salon for urban youth) and Green Trends (family beauty salon), straddling high and mid income groups. “With our experience in personal care, it was natural for us to enter the retail of personal grooming services,” shares B. Nandakumar, CEO, Trends In Vogue. Having spread its footprint across the southern market (Bangalore, Hyderabad, Chennai, Trichi, Coimbatore, Madurai), CavinKare is now expanding its salon business in the north as well. And while the business may seem like a me-too of HUL’s Lakme Salon business, Nandakumar is quick to refute the notion. “Unlike Lakme beauty salons, we don’t use our own products but source professional products. Besides, all our Trends In Vogue parlours are self-owned,” he explains.

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2010.

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

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AMCs find a shelter...

While market volatility is keeping investors away, fund houses have identified infrastructure as the new bet to lure them, says Deepak Ranjan Patra

When a country’s finance minister enhances allocation to urban infrastructure by a mind-boggling 87% to Rs.12,887 crore with a promise that infrastructure investments will be further increased to more than 9% of the GDP in next five years, you definitely need no rocket science to find out which sector will make it to the top of the investors’ minds. Yes, infrastructure is hot today in India and no one wants to miss this clear opportunity to make some moolah. So, how could the mutual fund industry stay sideway? Almost all Asset Management Companies (AMCs) have geared up to this infra-growth. Asserts R. K. Gupta, MD, Taurus Mutual Fund, “In coming six months you will see all fund houses having their own infra funds dedicated to the sector.” But the question remains, are these AMCs really hoping to offer a good return to the investors or are they just trying to skim the market when the buzz is still heavy?

Bandeep Singh Ranger, Chairman, IndusView avers, “Finance Minister’s commitment to increase investments in the infrastructure sector to more than 9% of the GDP by 2014 from 5% currently and other rural development and welfare programs opens scope for investment opportunities.” Moreover, Finance Minister’s inclination towards Public Private Partnership clears ground for the private players to avail a cool share in the returns to be generated. This combined with the fact that India is now considered as the preferred destination for doing business among the emerging BRIC countries (World Bank Report titled ‘Doing business 2009’) makes it a point worth mentioning that the sector may also see some foreign investments flowing in. Considering the expectations, possibilities, “the sector will now become hotter than ever,” claims Vinayak Banarjee, Chairman, Feedback Ventures.

However, AMCs’ rendezvous with the infrastructure companies is nothing new. Infra stocks always have been a part of different mutual fund schemes for the simple fact that majority of the BSE 500 companies belong to the domain. As a matter of fact, stocks of infra-based companies form a large portion of many of the diversified equity funds. The only new thing about the current trend is that this time around the AMCs are coming up with sector specific infra funds like ‘Reliance Infrastructure fund’ launched by Reliance Mutual Fund promising to invest in infrastructure and infrastructure related companies only. The fund managers too seem upbeat on the returns as Sundeep Sikka, CEO, Reliance Capital Asset Management told to media during launch of the new fund, “Undoubtedly, infrastructure is a key priority for India and we also hope a spurt of infrastructure spending in the economy on the back of the stable government and ease of project financing. Moreover, the valuation looks more attractive. The right time is now to invest in infrastructure and infrastructure-related firms.”

Explaining the prevailing bullishness in the sector R. K. Gupta explains, “Over the last two years other sectors are by and large flat or downward. The only good sector available is infrastructure. Moreover, it’s at a poor level in the country and government can’t survive without taking to higher levels. That means there is a better future in the sector with ample opportunities.” Perhaps that’s why Gupta feels that almost every fund house will soon have some infra-related funds in their portfolio. But the question is what impact will this flurry of infra funds have on the investors? Well, a lot of confusion as to which fund to chose.

Definitely it’s a tough time for the retail investors. While the abrupt volatility at the stock market is pulling them from entering into the market, launch of a number of infra-based funds are giving their investment strategy a tough time in case of mutual funds. The most common advice given by analysts at the moment is to go for existing funds with proven track records rather than jumping into the NFO bandwagon. The very basic reason for the same is that most of the new funds are typical sector funds, where the constituents are associated with similar type of risk that is attached to the sector. For the same, such funds often lack proper defensive stocks ending up as high-risk investments. In fact, the risk quotient associated with infrastructure sector as such is more than many others. That’s why, it’s time when investors need to be a little meticulous in their approach even though they know that infrastructure is the next big thing for them.

Deepak Ranjan Patra

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2010.

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

For More IIPM Info, Visit below mentioned IIPM articles.
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We won’t be surprised if your answer is a big “NO!”, for you only know this company as HTC !

Surbhi Chawla debates on the strategic & branding issues of HTC...

After a long lull of six months, the smartphone category has once again become the talk of town, with a slew of high profile launches. First, it was Samsung Star and Star 3G. They were followed by the Nokia N97, and now, HTC plans to get back at competitors’ heels with its first Android-based handset in India – HTC Magic. So what prompted such enthusiastic acts on the part of the smartphone manufacturers? Well, despite the fact that consumer spending on mobile handsets dried up during the first quarter of 2009 (it fell by 19% as compared to the same period in 2008, according to Gartner), the smartphone category recorded a swashbuckling growth of 25% during the same period, all thanks to the terrific market performance of the Apple iPhone, BlackBerry Pearl, BlackBerry Storm and of course, the HTC’s Android phone – G1. That was global, how about local? The story is no different for the smartphone market in India too, where sales in this category is currently growing between 20-25% (a trend expected to continue till 2010). And of all the ‘smart’ brands, perhaps the least discussed of late has been HTC. But does that mean that all is silent and still behind the HTC wall. 4Ps B&M decided to pay a visit to HTC’s Indian headquarters, to uncover strategies that it has drawn-out, to run through competition in India.

We begin with the HTC Magic. Surely, there are some ripples that this so-considered ‘magic’ device from HTC’s stable is causing, but of course, minus the loud marketing efforts made by Apple during the launch of its iPhone in India, about a year back. Of course, the unavailability of the handset model currently makes it a tad difficult to make predictions about its future, but some issues are as apparent as they can get, and the trouble starts right where its strength lies -the Android mobile OS on which HTC works. The USP of an Android is that it is open-source which enables one to install a host of applications on their handsets as per one’s needs. The problem is that Android’s application store is not functional in India yet, therefore customers who buy the Magic would have to play around with the existing applications that come pre-loaded with this handset or develop something for themselves. Simply stated, a hurdle that stands between HTC and the success of its latest Android-based handset.

So aren’t officials at the company worried over the same? Not really, as Jack Tong, Vice-President, HTC APAC states, “I think the response that Android mobiles have received worldwide was at times even beyond expectations and we expect something similar in the Indian market.” Of course, a spokesperson in the company acknowledged the fact that, “availability of an application store would have sweetened the offering.” However, he goes ahead and optimistically opines that there would be plenty of early adopters willing to get their hands on HTC Magic, despite the roadblock.

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2009

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

For More IIPM Info, Visit below mentioned IIPM articles.
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Government’s new found love for private enterprises seems to be finally taking shape in the form of PPPs.

No doubt, they are the only way forward for the Indian economy towards growth at present, but then, there are areas which need immediate attention, if the government doesn’t want to hit a road block, feels Niharika Patra

What can be more surprising to a person, who is visiting India after a long time, than a host of long and shimmering roads, swanky buildings and above all, a sudden increase in the quality of basic amenities provided by the government. After all, it’s a never-seen-before India for him!

All thanks to the government’s new found love for private business houses, an impressive combination of public projects and private money is finally making India a place to be. Though, one cannot disagree that the results have been few and far, but the good thing is that the whole concept of mixed economy is finally coming up with the combination, which is certainly making the idea click.

In fact, public-private partnership (PPP) is that one thing which can make India rub its shoulders with the dragon nation, when it comes to world-class infrastructure coupled with the much needed push for the Indian economy. Agrees M. Y. Reddy, Committee Head, Infrastructure, FICCI, “Applying PPP model to the infrastructure is what can give the sector the necessary boost that it wants as of now.”

Though the idea is not new for the Indian policy makers, PPPs have been utilised to a greater extent only during the last decade or so (and that have been mostly limited to roads, airports, ports, bridges, et al). However, the recent announcements made by Finance Minister, Pranab Mukherjee, to provide infrastructure sector the much needed push, through clearing of pending PPP projects, would surely open new doors, not only for the private sector, but will also make projects like that under National Highways Authority of India (NHAI, which requires 60 highways to be built across India with an upward investment of Rs.70,000 crore) get going once again.

Even steel, ports and the Railways have been waiting for long for some big programme implementations under PPP. In fact, a latest report by BNP Paribas shows that the Railways alone provides for an investment opportunity close to a whopping Rs.2.7 lakh crore in the next eight years. Of the whole corpus, an investment of Rs.68,000 crore is alone needed by the Dedicated Freight Corridor, which covers 2,800 kms of rail corridor across seven states of India.

But then, that’s not all. Poverty eradication and social reforms too are reaching ground levels and this is where the PPP model is eying for a big opportunity. In fact, Food Security Bill, which talks about providing grains to the poor at Rs.3, can do wonders coupled with a proper distribution system. For instance, the use of Smart Cards (for the distribution of food grains), the latest innovative step that allows the holder to check the status of their application and stock while facilitating easier and more transparent distribution of stocks, provides huge business opportunity to Smart Card producers, who have been eagerly waiting to tap the huge potential in the public sector. The initiative (which has already tasted success in National Health Insurance Scheme) can be seen as a win-win solution for both the government as well as private players. Avers S. Kumarswamy, Chairman, Agrochemicals Promotion Group, “Public distribution has been a problem not only for the BPL families, but also for the ingredient suppliers of fertilisers and seeds because of the rampant corruption.” Certainly, Smart Cards would to a great extent also help in removing that devastating loophole.

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2009

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

For More IIPM Info, Visit below mentioned IIPM articles.
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Sunil Bharti Mittal believes that life gives everyone at least one big break, and he got his big break when he was awarded the telecom licence for the National Capital Region and launched services in 1995. The ‘big boys’ in India Inc. laughed at him then. But With Airtel a clear market leader today, they are not laughing anymore. teaming up with his brothers - Rakesh and Rajan Bharti Mittal now - sunil is bent on extracting another big break from destiny. financial services, retail or agri-biz: Where will the next big leap for the mittal brothers come from? savreen gadhoke, suRbhi chawla and gyanendra kashyap dive into the mittal empire for some answers...

“I am a new age entrepreneur. I believe I represent the changing face of India,” said Sunil Bharti Mittal (SBM to his friends and colleagues), while addressing faculty and students at the convocation function of a management school in Bangalore. His self-assessment could not have been more accurate! The manner in which he has been able to usurp a ‘pole-position’ in India Inc. (from right under the noses of the Tatas, Birlas and Ambanis of the world) stands testimony to his revolutionary streak. For those who came in late, the Ludhiana boy started with a bicycle parts business and today straddles a multi-billion dollar telecom empire.

It all began when he applied for and won a telecom licence and launched mobile services in Delhi and NCR in 1995. That was the beginning of SBM’s battle with the ‘big boys’ to stake his claim to a coveted ‘pole position’ in Indian business – a battle, which he has won, fair and square. With a market cap of Rs.1.52 trillion (as on June 2, 2009), Bharti Telecom now stands tall among India Inc.’s top rankers, amidst the Ambani and Tata empires – the very names that once perhaps sparked his envy! If the MTN deal comes through (see box on pg.71) , Bharti’s stature will grow bigger and better.

The telecom dream is on track. But not resting on past laurels, Mittal already seems to be looking for the next big leap. In fact, he had started fantasising about new frontiers years ago. And last year when he gave up the role of Bharti Airtel’s CEO to Manoj Kohli, the desire in part was to focus more on emerging businesses. Along with brothers Rakesh and Rajan Bharti Mittal, the winsome threesome have laid out the roadmap for Bharti Enterprises. Financial services (where Bharti teams up with AXA); retail (with Walmart as their winning gambit) and processed foods (a JV with Singapore based Del Monte) are the new playing fields. Question is, which of them will deliver the goods? Do these forays have it in them to come up to the stature of brand Airtel? More important, do the Mittal brothers have it in them to repeat their telecom achievements?

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2009

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

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All that glitters...

IIPM only B-school in India to be Ranked Ahead of The IIMs in so Many

Gold has again emerged victorious, but investors need to be selective in choosing the right instrument

As the global stock markets continue to ride the turmoil roller-coaster and fixed deposit returns bite dust amid falling interest rates, investment in gold seems to be the right choice for all investors. And why not, after all when the equity markets were melting last year, gold was silently surging to new highs justifying Indian women’s love for it for once at least.

From Rs.10,658.75 (per 10 gms) on January 1, 2008, gold prices have taken a giant leap and touched Rs.15,150.00 on April 1, 2009 – offering a phenomenal 42.13% return to its investors in just 15 months. Amar Singh, Head of Research, Angel Commodities confirms, “Gold buying in the last one year has not yielded any losses.” This is primarily because the base cost of bullion can never become lower than its cost of production unlike in equity market. Agrees Pratim Patnaik, AVP and Head Retail Business, Kotak Commodities, “Gold has always been an investment for retail public. The risk reward ratio in gold is highly favourable for the long term investors as the returns are expected to be skewed positively.”

However, while investing in gold, investors must keep a few things in mind like they must avoid investing in gold jewellery. It’s simply for the fact that such a move attracts VAT at a very high rate and thus investors’ return on investment falls sharply. To get a proper return on the yellow metal analysts suggest to invest in gold coins or bars, which are stamp duty and VAT free.

As fund houses are going gaga over Gold ETFs (Exchange Traded Funds) these days, investors can also evaluate their options to make some investments in these schemes. Investment in GETFs will make investors’ life a lot easier as while giving the benefits of investment in gold, GETFs relieve the investor from all hassles associated with physical possession of gold like, the storage cost, liquidity, purity et al.

As per Keyur Shah, Associate Director, World Gold Council, “Currently, gold is one of the best performing asset classes. It continues to remain the most accepted and time tested asset class for its proven ability to preserve value over time and act as an effective portfolio diversifier, which come to the forefront in times of economic downturn, making it extremely relevant in today’s time.” Going by his words, this is definitely the time when investors must give a serious thought about investing in gold; but at the same time they must invest in the right instrument.

Deepak Ranjan Patra

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

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BenQ T51WA

IIPM Programme :- SUPERIOR COURSE CONTENTS

Technical Specification
HD TV Support: No; Contrast ratio: 400:1; Response time: 8ms; Brightness: 200cd/m2
PRICE: Rs.7,600 without taxes
WARRANTY: 3 years

The BenQ T51WA proves highly advantageous, especially for jobs which demand long ‘high-strain’ hours in front of the desktop screen. It comes with a 15.4 inch LCD monitor for more comfortable viewing. Its response time is 8 milliseconds and thus makes gaming a great experience. The monitor with 262k colour display has an immaculate brightness ratio of 200cd/m² & a contrast ratio of 400:1; all which provide sharp viewing. In terms of pricing, “the BenQ T51WA wide screen makes the jump to a wide screen monitor viewing affordable, while keeping performance and output intact,” observed Ish Bawa, Marcom Head, BenQ India.

Marketers’ delight: The least response time in its category & quality of display make it a consumer magnet. Besides, BenQ calls it ‘the world’s first 15.4 inch Wide Screen LCD Monitor’. Beat that!

Tester’s note: Pros – Wide screen. 8ms response time. High contrast. Wide viewing angle. Cons – Small for general entertainment purposes. No High-Definition support.

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

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

For More IIPM Info, Visit below mentioned IIPM articles.
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Sizzling Gadgets that India Desires

Now IIPM's World-Class Education... for everybody!!

Technology evolves and with it evolves the needs of those swimming around in this sea of gadgets. 4Ps B&M-ICMR and The Indian PC Magazine present a handful of gadgets that India most desires... Welcome to the world of sizzling gadgets!

Technology is rather a strange term. It gives to its beholders a strange sense of pride and power. But why’s it strange? Well, the same individual suddenly realises that the great gadget that felt like a 24th century virtual mouse or a spanky futuristic hovercraft in his hands, now, makes him feel like a 19th century slowcoach! And that’s where his wants get a new kick... to buy a better gadget, a sizzling piece which makes him stand out in a crowd!

Currently, the topic of technological change has been discussed to death... And there are theories unbound, some blaming it on the changing consumer psychology and some on peer influence. However, one theory stands – the paths of old technology and new technology cross paths. And more so, the performance level of the new technology platform is much higher than that of the previous one. However, there is a pleateau. And that changes it all... So what gives? A new technology again!!! The world of sizzling gadgets sees a new star rise every day (perhaps moment) and there’s a clutter of options for those who want to hop onto the new platform. That’s where this survey conducted by ICMR in association with 4Ps Business and Marketing & The Indian PC Magazine comes in, to relieve you of your dilemma, giving you a list of the most wanted gadgets in various categories in the country.

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

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

For More IIPM Info, Visit below mentioned IIPM articles.
IIPM INTERNATIONAL - NEW DELHI, GURGAON & NOIDA
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Standard & Poors does not predict a deep recession

IIPM INTERNATIONAL - NEW DELHI, GURGAON & NOIDA

This time, post the financial coup, the Dow Jones average of industrial stocks surged by approximately 400 points and the markets elites have in fact started claiming that the capitalist crisis is over. “Standard & Poors does not predict a deep recession,” insists John B. Chambers Chairman, S&P Sovereign Rating Committee. But one wonders, is it really the end, or will history repeat itself?

Roubini opines that in a recession, the S&P 500 typically drops by 28% and having come off 12% so far, it has a long way to go. Financial crises do not come along until and unless there are underlying problems; and the problem lies in the stark differential between production and consumption patterns in the US. Former Fed Chairman, Paul Volcker, too has critically questioned the rationale behind the Bear bailout and cuts; according to him (when addressing the Harvard Business School), “The only trouble (with the US economy) is you can’t go on forever spending more than you’re producing.”

The Senate Banking Committee also questioned the $30 billion taxpayer bailout for a Wall Street firm while people on the Main Street struggled to pay their mortgages. Ben Bernanke had this to say to the committee, “...damage caused by a default by Bear Stearns could have been severe… the adverse impact would not have been confined to the financial system but would have been felt broadly in the real economy through its effects on asset values as well as on credit availability.” The committee apparently seems to have bought the logic, but some market watchers apparently have not. Victoria Wagner, Credit Analyst, S&P, calls it a risky move as she feels that, “The mortgage GSEs (Government Sponsored Enterprises) face heightened demand to provide mortgage financing, which comes at a time when their need to raise capital and improve earning has come under extreme pressure against the backdrop of a historically weak housing markets and seized securitisation markets.”

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

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

For More IIPM Info, Visit below mentioned IIPM articles.
IIPM - Admission Procedure
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VISHAL DADLANI - MELODY OF MATURITY

IIPM INTERNATIONAL - NEW DELHI, GURGAON & NOIDA

VISHAL DADLANI
MELODY OF MATURITY

When Vishal Dadlani started as a vocalist of an electronic band with friends from all over Mumbai, he could have never imagined the dizzying heights of fame that he would be catapulted to and the accolades that would soon come his way. Pentagram was never meant for the masses, thanks to its metal undertones and hair-raising lyrics. But it enjoyed its ardent fan-following nonetheless. But that was nearly a decade ago. Vishal teamed up with Shekhar Ravjiani to form the duo of Vishal-Shekhar and after the colossal success of the movie Jhankaar Beats, they became hot property in the industry.

The critics held back from going full out in their appreciation of the new-found talent. Most sceptics did not take Vishal-Shekhar seriously and believed them to become a likely addition to Bollywood’s list of one-hit-wonders. But the duo followed their lucky streak with movies like Salaam Namaste, Dus and Bluffmaster, and as Saif Ali Khan and Ahishek Bachchan grooved to their beats on-screen, the Indian music lovers lapped up their albums.

In retrospect, Vishal has come a million miles from where he had started; both in terms of the genre of music he belts out and the audience that he caters to. So if music was the first choice, one wonders if this was Vishal’s first love. “Well, I would say that I did not take up music but it took me up instead. In 1993 I started Pentagram, which was the turning point of my life. 1996 is when I started off in this industry and here I am. Even as a child I always loved music,” reminisces Vishal.

For someone with high credentials in the music industry, it becomes even tougher to maintain the status. But our man has one mantra of success that is not that easy to overrule. “Make good music and keep trying to do better.”

With the kind of competition in the business, many would wonder how he intends on managing to keep up with the high standards that have now come to be expected of him. “Some of the music directors are good friends of mine. I learn a lot from them and we talk about what we like, which is music. So it’s all good,” says Vishal. Hope this camaraderie and excellent music are here to stay because it will easily take an eternity or more before we would have had enough of this man.

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

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

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History of broken promises

IIPM - Admission Procedure

Populism and profligacy are becoming a habit with finance ministers. Sutanu Guru and Atul Bharadwaj analyse how P. Chidambaram has set a really dangerous and insidious precedent for the economy.

It is February 1985 and the then Finance Minister Vishwanath Pratap Singh (arguably the worst Prime Minister that modern India had to endure) presents a Union Budget that electrifies the nation. Rajiv Gandhi is the Prime Minister and India, wounded by Indira Gandhi’s assassination, Operation Bluestar, carnage in Assam and lack of economic opportunities, is desperate for redemption. Apart from loosening the grip of the state on entrepreneurship, V.P Singh unveils a Long Term Fiscal Policy (LTFP). The LTFP is a blue print that promises that the government will refrain from reckless spending and ensure that fiscal deficits reach acceptable levels within a well defined time frame.

We doubt if Mr ‘Mandal’ remembers his LTFP speech, but the fact is that by 1990-91, the government was bankrupt and India had to pledge gold to pay for oil imports in 1991. The reason: despite tall promises, successive finance ministers had behaved like profligates playing around with tax payers’ money. In fact, N.D. Tiwari as Finance Minister presented the notorious ‘pre-election’ budget in 1988 when excise duty exemptions on ‘bindis’ were the talk of pink papers!

The current Finance Minister P. Chidambaram is luckier and India is more fortunate. Buoyant tax revenues and bulging foreign exchange reserves have given Chidambaram the playing field that V.P. Singh, and for that matter Rajiv Gandhi, never enjoyed. The pink papers and pundits are marveling at how the Harvard educated lawyer (who incidentally represented Enron in India when he was not the Finance Minister) has managed to keep the revenue and fiscal deficits quite close to targets. And what are the targets for this fiscal year?

The targets were to reduce overall fiscal deficit to 3% of GDP by 2009, and reduce revenue deficit to 1% of GDP by 2009 and zero the next year. While presenting the latest abracadabra budget, Chidambaram boasts that he is successfully meeting the targets set by the Fiscal Responsibility and Budget Management Act of 2003. Chidambaram insists that he has been fiscally prudent and that his wild grandiose allocations on social welfare schemes and loan waivers will not lead to huge deficits since tax revenues are buoyant.


But look closer at the financial jugglery that is going on and you will realise that Chidambaram is being economical with the truth, and the reality. And the precedent set by Chidambaram will in all probability mean that no Finance Minister in the future can even hope to be fiscally prudent and genuinely meet the fiscal and revenue deficit targets set by the FRBM Act. Chidambaram has cleverly unleashed a genie. But he has been too clever by half. And India will pay dearly. “I see some risk number on account of the sluggish GDP growth, the impending sixth pay commission hikes, higher interest costs on sterilisation bonds, growing interest payments on oil subsidy bonds and the continuation of various subsidies,” shares Deepak Uppal, Principal Consultant, PricewaterhouseCoopers. However, Gaurav Dua, Head Research, Sharekhan Limited feels that, “Given the fact that it is an election year, the populist budget is line with the general expectations. Despite the increased spending on rural and social sectors, the finance minister has set the fiscal deficit target at 2.5% for 2008-09. Steps are also taken to contain inflation (through excise duty cuts) and boost domestic consumption (through increasing the annual income slabs for tax rebates).”

wer in 2004 much to the surprise of most thinking Indians, Chidambaram presented his first budget where he announced that the Fiscal Responsibility and Budget Management Act (FRBM) will be a ‘mantra’ that he will follow meticulously. This coming from a man who presented a ‘Dream Budget’ in 1997 promising fiscal responsibility to have the Fifth Pay Commission hikes ravaging government finances for a few years was a tough call for hacks who were not sold on his dreams, and his smug smiles. Now he has done the trick again…

If you go by his budget speech and the papers that you have to scour through, Chidambaram has done the impossible: he has given away thousands of crores in doles, waivers and sundry welfare schemes and yet assured voters and tax payers that his government has enough revenues to ensure that the fiscal deficit will remain at 3% of GDP. What he has forgotten (perhaps deliberately) to tell-with the connivance of pink papers-is that more than Rs.1,00,000 crores will be spent by the government the coming year without any idea of where that money will come from. Countering this point Sandesh Kirkire, CEO Kotak Mahindra MF argues that “It is worth commending that while the total expenditure for the present Budget has expanded by only 5% over the previous year, yet the non-plan expenditure for FY09 is projected to expand by only 1.2% over the previous year. This indicates the increasing emphasis on planned and monitored outlay as well as constraining non-planned expenditure. The tax revenue has also been projected at a rate lower than the current year to account for the drop in excise duty rates while the non-plan expenditure growth has been kept flat for the next year. Thus, this year’s Budget proposes to achieve revenue deficit of 1% and fiscal deficit of 2.5% of GDP.”

Let’s start with the mother of all loan waivers. When Chidambaram was giving his speech, the waiver package was set to cost Rs.60,000 crore. Now, even Congressmen and other insiders are saying the bill could go up to Rs.100,000 crores if UPA chairperson Sonia Gandhi and her son Rahul Gandhi insist that all loans must be waived before the next General Elections. Then there is the Sixth Pay Commission that is all set to recommend massive pay hikes for government ‘servants’ who have been slaving away. B&E estimates that the exchequer will take a hit of at least Rs.30,000 crores a year only to give hikes to babus who are central government employees. The horror story will happen again when state governments implement the Sixth Pay Commission There is more. By issuing so called oil bonds, Chidambaram has pledged another Rs.90,000 crore or so as government expenditure. Please do not be surprised if the fertiliser subsidy goes beyond Rs.75,000 crores in the next fiscal year. And be prepared to see India spending billions of dollars on wheat imports.

Conservatively, this will add at least 1% to fiscal deficit. Chidambaram may or may not remain the Finance Minister. But what he has ensured with this Budget is that the future finance ministers, from any party, will have to try very hard not to become a V.P. Singh or an N.D. Tiwari. Even Chidambaram doesn’t know if Rahul Gandhi, who may most probably be the next Congress leader, will be really up there when it matters the most.

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

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

For More IIPM Info, Visit below mentioned IIPM articles.
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It takes two to tango

IIPM : EXECUTIVE EDUCATION

Having participated at both Wills and Lakme Fashion Weeks, Arshiya Fakih chooses to be with Mumbai’s LIFW

“For a country like India au courant with fashion as well as deeply involved with it, a fashion week holds a relevance of its own. It is the only way you can showcase your nation’s designers’ genius internationally. It is at such events that the whole world looks at us and therefore, it becomes even more crucial to project oneself well professionally. The Fashion Design Council of India (FDCI) has bridged the gap between government policies and fashion designers and has helped not just by organising a fashion event but by also ensuring that the fashion industry grows on the whole. Its work is quite commendable.

I have participated in both the Wills Lifestyle India Fashion Week (WLIFW) and the Lakme India Fashion Week (LIFW). I don’t prefer any one of them over the other. In fact, the two are more similar than different. Both are balanced. While the Mumbai fashion week (LIFW) is more Mumbai centric and the Delhi one (WLIFW) more Delhi centric, the participating designers are often different. If one gets to see a lot of fresh and young talent in Mumbai fashion week, the Delhi fashion week can boast of the established designers. And if, the Delhi fashion week enjoys the brand image of being the older and the experienced one, Mumbai fashion week has Lakme as its official sponsor that has been party to fashion weeks in India since the very beginning. Both enjoy great brand value and that’s why a designer’s criterion of choosing a fashion week has more to do with viability and feasibility than the promoting companies. For instance, I am based out of Mumbai and my brand is largely present over here with of course one store each in Delhi and Bangalore. My clients and even my retail customers are based in Mumbai. As a result, there is a certain level of brand image and goodwill that I enjoy in Mumbai. So, at this point of time from my business perspective, I prefer Mumbai FW over the Delhi FW. Though Delhi has a higher number of international buyers, Mumbai has plenty of local buyers to balance that.

At present, there are more designers than buyers in the market so participating in both the fashion weeks might get you that edge. If one has the infrastructure and commercial feasibility to support both, participating in both is quite viable. On a few occasions, the buyers do overlap but showcasing different collections in the events makes it viable. Normally, one doesn’t change the design aesthetics for buyers in a fashion week unless it is a specific buyer that you regularly supply to. So, it is more like deciding the aesthetics first and then finding the buyers whether in the Middle East or Europe.

While I have my plate full with almost two lines a year, there are a lot of designers who aim at films and TV. While location isn’t anymore a constraint for films, there tends to be a comparison between the fashion weeks. In that respect, LIFW and WLIFW are still at a nascent stage but are evolving. If the presence of two big fashion events causes a division between designers and buyers, it also keeps the two from becoming complacent. That means there is no short cut for experience in this journey of being the best.”

Swati Hora and Neha Sarin

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

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

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Sachmuch Kafi Bada Hai

IIPM : EXECUTIVE EDUCATION

Big FM, backed by the ADA Group, has forced private radio channels to reach grassroots levels, say PALLAVI SRIVASTAVA & RATAN BHAGAT

‘Veni Vidi Vici.’ This is what Emperor Julius Caesar pronounced when he conquered the almighty Romans. In India, we have witnessed the rise of a new Corporate Caesar. He’s a man, who was once virtually written off as one with a playboy image and little business acumen. In less than three years, after he ventured out on his own, he forced tectonic shifts in sectors like telecom and financial services. What are not so well-known are the waves that Anil Ambani created in the least likely area, Radio.

Like his late father, Dhirubhai, and estranged brother Mukesh, Anil thought Big for his Big 92.7 FM channel. Instantly, he created a buzz with a high-profile advertising and promotion strategy that included a brand ambassador like Abhishek Bachchan. Agrees Amit Kumar, Media Analyst, Kotak Securities, “Big 92.7 FM made a big-bang entry in radio; it launched aggressive campaigns, won maximum licenses, invested huge amounts and shook the existing players in the industry.”

B&E presents the Sun Tzu behind Big FM’s tactical warfare. Tactic No 1: Throw Big Bucks

Anil decided to invest Rs.4 billion in the venture to buy transmission equipment, set up infrastructure, and grab licenses in dozens of Indian cities. At the time of its entry, it had won 45 licenses. In comparison, Radio City won 16 licenses during the same phase of bidding. “Since we were clear that our target audience was SEC AB cities, we tactically opted for select markets, which account for 80% of the mass premium audience,” explains Ashit Kukian, Executive VP and National Head (Sales), Radio City.

However, Big FM plans to reach 200 million listeners across 45 cities, 1,000 towns and 50,000 villages.

Within a year, it has launched 40 stations, which makes it the biggest private FM network. “In smaller cities, we have created a ‘Radio Wave’. There are several cities, which had never experienced radio as an entertainment medium and welcomed it with open ears,” says Praveen Malhotra, VP (Sales), Big 92.7 FM. It has had several cities tuned in.

“The growth in radio has been at the bottom of the pyramid. It is our endeavor to attract local audiences and build a brand that connects with, and at, the grassroots,” explains Malhotra. With Big FM’s penetration, there’s suddenly a lot of excitement in virgin markets. For example, Big FM is the first private FM channel to reach cities like Jammu, Srinagar & Guwahati.

Tactic No 2: Create hype

To enter a market already entrenched with strong players, it was imperative for Big FM to make a loud noise, and scream about its product. Logically, it launched an aggressive promotional campaign. Agrees Abneesh Roy, Media Research Analyst, Religare Securities, “With Big FM’s entry, overall marketing spends of the industry have shot up.” Such all-round investments have added to the credibility of the radio sector. “Anil Ambani’s investment strategy alone has given visibility and credibility to the sector. People think that the business is promising,” points out Irfan Ahmed, Manager (Investment Research), EvalueServe. And when such a large business house enters a low-profile mass communications medium, it boosts the confidence of the potential advertisers too. Adds Nikhil Vora, Media Analyst, SSKI India Research, “After Big FM’s entry, the advertising share of the industry has surely gone up.”

Tactic No 3: Think local

Big FM turned out to be the first station in Bangalore to dish out content in the local language. Says Tarun Katial, COO, Big 92.7 FM, “The radio stations are working well in small towns. We have, in fact, revolutionised media and media consumption habits in Tier II and III towns and cities.” It has understood that radio is a local medium and needs to have both localised content and marketing to make it successful. Fortunately for the company, these tactics have made it more attractive to the advertisers. Its pan-India presence makes it a favourable medium to woo potential customers. As Gaurav Dixit, a media planner in a leading media-buying agency, explains, “Since Big FM is present across India, I get more effective advertising rates for my clients than any other radio station.”

Also, regional advertisers choose it due to strong content and wide reach. Revenues in smaller towns come from retailers and local advertisers, who feel that Big FM offers an economical and penetrating medium to grow their brands. At present, 30-40% of the channel’s revenues come from local players. Big FM is perhaps the only private FM network that provides an effective platform for both local advertisers & brands that need a national platform. Adds Dixit, “Clients who want to reach regional population often prefer Big FM; most of the time they state their preference too. Also, the Ambani factor boosts their confidence.”

Tactic No 4: Tie up the back-end

As Anil moves ahead with his grand convergence plans, as he strives to offer all form of content (including gaming, shopping and financial services) on the mobile platform (he owns Reliance Communications), Big FM serves to become a small, but critical, cog, in the giant strategic wheel. Consider the example of how Anil’s acquisition of Adlabs, a movie production and distribution firm, helps the radio network. “Adlabs churns out around 25 movies a year and has the music rights of these movies. Therefore, the cost of content to be provided on the radio channels, essentially music, comes down,” says Kotak Securities’ Kumar. This gives Big 92.7 FM a huge advantage in an industry, which is largely content-driven and where content comprises a major proportion of the overall annual expenditure. Obviously, access to cheap content increases its profitability quotient, as well as adds to the programming quotient.

Clearly, Anil Ambani’s initiatives have made competitors shake with repeated seismic shocks. Big FM is ready for the inevitable earthquake that will change the way the radio industry is managed. It will establish a new blueprint for success that’s likely to be replicated by both existing players & newcomers. After AIR, which ruled the roost for years, Big FM will create a new entertainment mass medium that’s owned, operated & managed by a private player. What’s happened in TV will be repeated in radio. Then, rural and urban India will become One or, rather, 92.7.

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

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

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Check judicial corruption

IIPM : EXECUTIVE EDUCATION

If only he could cleanse the Indian courts!

Balakrishanan, Konakuppakatil Gopinathan became the 37th Chief Justice of India in the beginning of 2007. Revently, a bench comprising Justice A. K. Mathur & Justice Markendya Katzu made a stinging observation on “judicial activism & overreach,” the judgment caused confusion in the judicial circles. This made the CJI to clarify that the observations of the two-judge bench did in no way mean that PILs could not be entertained. The public expects the CJI to reform the judicial system & tame the advocate community.

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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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Can we ignore?

IIPM’s 36th Glorious Year of Academic Excellence

Time to redefine the definition

To be disabled in India is a stigma since time immemorial. With all the vociferous exhortations that India makes about its snazzy IT boom…what’s with the primitive way of defining who the ‘disabled’ really are? Though India puts itself in sync with developing countries like Australia and the UK, it fails to focus on the nitty gritty. In a developed country, a disabled could even mean a diabetic patient apart from the obvious one – kidneyed or one-lunged or for that matter a single-limbed person. However, in India, the disabled are confined to being blind, single limbed or crooked. And perhaps because of the realm of disabled being so small, India manages to flaunt its percentage of disabled at a beguiling 6%, whereas UN officials estimate it at approximate ly 12%. The blatant truth still remains that India has 70 million disabled, of which a mere 2% is educated and a meagre 1% is employed. The Persons with Disabilities Act also failed to make any difference. It’s time India comes out of a mode where it assumes that merely ignoring the presence of the disabled would nurse the problems arising out of it.

For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2008

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

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