After a lifetime spent powering TCS to its current position as the country’s pre-eminent technology company, S. Ramadorai took over as Advisor to the Prime Minister in the National Council for Skill Development in February 2011. He spoke to Chaitanya Kalbag and Shamn Pande on the gigantic skiIIing challenge the country faces. Edited excerpts: It…
A disgraced Ranbaxy has a long and expensive journey ahead before it regains the trust of global and Indian customers. By E. Kumar Sharma and Chaitanya Kalbag Two inspectors working for the US Food and Drug Administration (FDA), on a trip to a Ranbaxy Laboratories factory late in January 2008, were stunned by what they…
Kishore Biyani reveals why he sold a controlling stake in his flagship Pantaloons stores to the Aditya Birla Group in a candid conversation with Chaitanya Kalbag Kishore Biyani is waiting, relaxed, in a darkened hotel suite. He’s just flown in from cool London to broiling Gurgaon. He talks softly and very fast, jumping in before…
V. Vaidyanathan takes wing with a $17 million stake in a star NBFC. By Chaitanya Kalbag The next time you are flying somewhere, do not bury your nose in a book or plug in your earphones. Take a good look around. And if you happen to be sitting next to Vembu Vaidyanathan, a wiry, fast-talking…
Quit moaning and hear the good news, folks! India is going to be the world’s largest beef exporter in 2012, beating out Australia and Brazil with 1.4 million tonnes of buffalo meat hoofing it to distant shores. You may think the domestic economy is all blood and gore, but it is not. Last weekend, it…
Maruti will not end Contract-Worker System Simmering unrest among contract workers at the Manesar (Haryana) plant of Maruti Suzuki exploded in violence and arson on July 18; one HR executive died, and 96 employees were injured. Suzuki Motor Corp Chairman Osamu Suzuki made a point of visiting Manesar and meeting every injured worker during a…
“There are companies which are defying the law…. We have taken a series of measures.” In the 20 months he has been Chairman of the Securities and Exchange Board of India, Upendra Kumar Sinha has taken several initiatives, but has also been involved in controversies. The Supreme Court order upholding SEBI’s decision asking Sahara to…
Until July 1991, directors at Indian companies could not be paid more than ₹15,000 a month. Commissions as a percentage of net profits were permitted but capped at half the annual salary. Today, the top-paid director in India, steel tycoon Naveen Jindal, takes home more than ₹6 crore a month, and scores of Indian CEOs…
Roberto Zagha has been the World Bank’s Country Director in India since January 2009, when the economy was reeling from the global financial crisis and just before the national elections that brought the UPA back to power. Zagha, a Brazilian national, has been closely involved with India policy at the Bank for 17 years. During…
“Everybody is going to die, but I am going to die last.” He started out as a scrap trader in Patna. Today, with a personal fortune of $3.5 billion, Anil Agarwal is one of the richest men in the world. Over the last three decades, he has transformed the Vedanta Group into a $14-billion minerals…
Since June 2005, when he took up the mantle of Non-executive Chairman of Hindustan Unilever (then Hindustan Lever), harish manwani has seen three executive leadership changes at the consumer goods major. First, there were two managing directors, Arun Adhikari and S. Ravindranath, under him. Expat Doug Baillie ran hul between March 2006 and April 2008…
YOGESH CHANDER DEVESHWAR has been with ITC for nearly 43 years. The past 15 years as chairman and chief executive. Having turned ITC into a multi-product company no longer synonymous with cigarettes, he is seeking a five-year extension during which a successor will be anointed. In a candid interview with CHAITANYA KALBAG, he talks of…
The US is on life support, and Asian creditors led by China, which holds $1.16 trillion of US treasuries, control the intravenous drip. Asian central banks will not be dumping their dollar assets, but there is no doubt that US power is waning. For a while there, it looked like we would all, lemming-like, race…
Edited excerpts of a conversation BT’s Chaitanya Kalbag and Josey Puliyenthuruthel had with GE Chairman and CEO Jeffrey Immelt On the US economy Things are getting better in the United States. It’s a slow recovery, and some of that is based on how steep the crisis was, on consumer deleveraging, and the savings rate going…
The US economy needs India more than ever, says Barack Obama had barely walked out of Parliament’s Central Hall when the debate began on whether his India visit was “transactional” or “strategic”. It was neither. Obama, accompanied by an unusually large contingent of CEOs, many of them small and medium businessmen, was in search of…
“In India, I See a Lot More Acceptance of Gender in the Workplace” Do you think the India-US CEO Forum you are a member of has managed to get things moving a bit in terms of a more positive attitude towards bilateral trade? It is very important to get things on the table to understand…
Take a deep breath and don’t run for the door Reading An Account of the Great Fear, or Grande Peur, that swept across France in July and August of 1789, I was struck by the description of what triggered the French Revolution: “economic concerns, rural panic and the power of rumour” With the BSE Sensex…
It’s good we now have a GST, but its design is another matter Since you all love acronyms for the Good and Simple Tax and the Grand Stupid Thought, the headline is my humble contribution to your lexicon. I dare you to find me a single expert who can measure the financial cost of the…
The government must resist the temptation to dip its hand in the till. The Reserve Bank Of India (RBI) is the best-run company in India: transparent, diligent, accountable, and (ostensibly) independent. Its official capital is a paltry Rs 5 crore, yet year after year it rewards its sole shareholder, the government, with mind-boggling dividends. The…
Governments cynically scoop out value from their own companies. Privatisation will work only when the government sells more than 50 per cent of a state-owned company’s capital to the public and relinquishes management control. This has not happened. Successive governments have mostly destroyed value by divesting only thin slivers of public sector undertakings (PSUs) and…
The government must take courage and embrace privatisation Two numbers speak eloquently about our schizophrenia over privatisation: the Rs 2.11 trillion ($32.5 billion) package announced on October 24 to recapitalise public-sector banks (PSBs); and Rs 2.67 trillion ($41 billion), the total earned by the government in 26 years from the divestment of its stakes, in…
Let’s quit beating the bushes and chase the real quarry The government is striving mightily, but the needle is moving inexorably lower on the jobs meter. The Centre for Monitoring Indian Economy (CMIE) and the Bombay Stock Exchange (BSE) jointly produce a weekly unemployment rate based on a sample of about 12,000 adults in the…
Can the new Railway minister outrun the challenges? Piyush Goyal is a chartered accountant, lawyer, former investment banker, former Bharatiya Janata Party treasurer, and a go-getter. Goyal, who likes taking leadership courses (currently Harvard; and Yale and Oxford and Princeton earlier) likes stretch targets, just as his boss Narendra Modi favours BHAG (Big Hairy Audacious…
Wish the government would stop trying to defend demonetisation. Every time there is bad economic news, the government jumps up to proclaim that demonetisation was the boldest and best reform since cowrie shells were first used as currency three thousand years ago (now you know the origin of “ek phooti kauri”). Trying too hard to…
Can we even dream of saying bye-bye to China’s economy? Sushma swaraj said it simply in parliament in early August when she ruled out war with China over the Doklam plateau: “China has contributed to our growing economic strength. For them, there’s a lot at stake… here. They have been awarded many contracts.” That’s putting…
Team leader Modi is fishing in a shallow talent pool How much of a hurry is prime minister Narendera Modi in? It depends on your horizon. By one measure, he has 22 months, but then he has set an October 2, 2019 deadline for Swachh Bharat, and August 15, 2022 for a New India. Mohan…
I believe the government is counting too much on the RBI to wield the magic wand India’s economy is lurching like a car with two flat rear tyres. The monsoon has been better than expected: a bumper kharif crop is expected, and CRISIL says tractor sales could hit a record 650,000 in 2017-18. Consumer price…
What lies ahead? A messy GST rollout could be one shock too many after demonetisation… Finance Ministers take on a certain air when they think things are going swimmingly and nothing can rock the economy when it is cruising along. Even if all the lookouts are calling out to them to mind the shoals, they…
Modi has promised to double farmers’ incomes by 2022, but angry farmers have lost faith Two-thirds of Indians depend on agriculture for their livelihoods. As our farm crisis deepens, the government is tinkering around the edges by pushing irrigation, rural roads, and village electrification, distributing soil health cards, and offering crop insurance. It has done…
We need our institutions as much as we need our democracy Narendra Modi’s first term in office will be bracketed by malodorous stand-offs with two governors of the Reserve Bank of India. The bad blood between the central bank and the finance ministry is just one of the stains blotting the government’s copy-book as it…
Independence Day is a good excuse for some economic chest-thumping. We should be proud that lndia is a free-enterprise democracy. Imagine the world’s burden if we were a basket case of 1.35 billion poor people. We may complain about inequality and the disproportionate number of billionaires, but it is possible to rise from rags to…
Strong, sustained growth is possible—if we don’t trip ourselves up We can hope that in the run-up to the next general election we will not suffer the type of jolts to our nervous systems that hit us in November 2016 and July 2017 with demonetisation and the introduction of the GST. “Those two shocks seem…
Will we get our act together, or continue to muddle in middle income mediocrity? So let’s see: 2018 is supposed to be a good year for India. We have low inflation, the monsoon may be normal, manufacturing is finally picking up , salarymen (and-women) are looking at good pay rises, and a litre of petrol…
63 million ‘missing’ women: we need a pink revolution Look Carefully at all the Headlines, screaming or otherwise, that are popping up these days about corruption. How many of them feature women? Study after study has found over the years that more members of the ‘fairer sex’ in parliament and in the top echelons of…
The only antidotes to fake news are truth and commonsense Start exercise your smartphone thumb, because the next big election will be fought on our mobiles. The latest Internet and Mobile Association of India survey says 86.5 per cent of users access the Internet via mobiles and smartphones. That works out to over 430 million…
Like the clever taxpayer, it will wag the system There is no loophole that has not met an Indian taxpayer. A Hindi proverb says you can never straighten a dog’s tail (kutte ki poonch…). Don’t blame the poor soul who is using adaptation techniques that would put other evolutionary survivors to shame. The Smithsonian lists…
Time to stop being a semi-skilled nation In India if you book a plumber to come and rescue you from a flooded bathroom, chances are you will get a call at 11 a.m. the following day asking you to repeat your complaint or checking on directions to your address. If you sputter in rage, the…
Palliatives, pain-killers or band-aids: take your pick We are so frozen in the headlights of the on rushing slowdown that even a flicker leads us to believe that we have seen friendly djinns in the darkness. It is clear that Narendra Modi’s sixth year in power will be his worst in economics terms. The GDP…
Shutting Kanpur’s tanneries has not helped the Ganga much Hell for leather means to run very fast, but the leather industry in and around Kanpur has nowhere to run. Hundreds of tanneries and manufacturing units in Kanpur’s Jajmau quarter, and the clusters of Banthar and Unnau as you drive towards Lucknow, are tottering as they…