8/6/2019 Domination August 2011
1/35
A Monthly Newsletter from the Students of
Department of Management Studies,
IIT Roorkee
In this issue
Cover Story-Tryst withDestiny
20 Years of the Reforms
The Revolutions that madea mark in India
Khakhi Man of Mumbai
Independence Dayan ear-nest behest of an aspiringheart
8/6/2019 Domination August 2011
2/35
2
2
-Regards
Team Domination
Dear Readers,
As we enter into month of August, an air of freedom and honour fills our lungs and fills our heartswith pride. With Independence Day round the corner, the month of august is all about reminiscingour glorious past and focusing on our march ahead. This edition of Domination essays the greatIndian story of progress and development tracing our countrys journey right from independenceto the present day. It takes the reader through the series of achievements which have shaped thevery fabric of our nation. This special edition comes to you, right from our hearts and goes out toevery one of our fellow nation lovers.
The cover story Tryst with destiny attempts to understand where we stand after 64 years of inde-
pendence. Though its impossible to cover each and every facet of our nation the writer has penneddown 5 different sectors namely: Education, Health, Infrastructure, Economic Condition and Sci-ence and Technology.
There have been few events which through their impact have accelerated the growth of the countryand played a crucial role in shaping our country as it stands today. These events were brought byutilizing the best of technology and the brightest of Ideas and are known as revolutions. A briefreview of such events in The revolutions that made a mark in India
This year also marks the completion of the second decade of throwing open our markets throughthe liberalization policy of 1991. Twenty years of economic reform throws light on the same.
Along with development and progress, independent India also faces the monster of terrorismwhich reared its ugly head again in Mumbai previous month. The article Khakhi Man of Mum-
bai attempts to realistically probe the responsibilities and limitation of Mumbai policemen in
these chaotic times.
The Alumni Section introduces readers to Mahesh Bansal, the vibrant and talented DoMSonianwho has managed to make his mark upon the world.
To round off the edition we have Independence Dayan earnest behest of an aspiring heart in thechlorophyll section.
And as you grab this edition of Domination, ignite in you the passion and will to move ahead to-wards what we were born forBe Indian, by heart, mind and deed Jai Hind.
8/6/2019 Domination August 2011
3/35
3
3
Independence Day
Interaction withMahesh Bansal
DoMS-da-Evince
Qutopia 19
Regardez I'economie
Cover Story-Tryst with Destiny
Chetna YadavRohit Menon
20 years of the ReformsRajneesh Kumar
The Revolutions that made amark in IndiaL.Nikhil Reddy
Khakhi Man of MumbaiAnupam & Paresh
8/6/2019 Domination August 2011
4/35
4
4
Cover Story
Tryst With Destiny
Long years ago we made a tryst with destiny,
and now the time comes when we shall re-
deem our pledge, not wholly or in full meas-
ure, but very substantially. At the stroke of
the midnight hour, when the world sleeps,
India will awake to life and freedom..Theappointed day has come -the day appointed
by destiny- and India stands forth again, af-
ter long slumber and struggle, awake, vital,
free and independent said Jawaharlal
Nehru, the first prime minister of Independ-
ent India on the eve of Indias Independence.
Its been 64 since that memorable speechand we are all set to celebrate Independence
day on 15th August, 2011. Few questions
however hover around us as to where are we
heading for after ourtryst with destiny. What
is that we have achieved collectively as a
Nation and where do we see ourselves going
forth from here, is a question that has to be
answered. This article is an honest attempt to
answer these questions.
In my opinion 64 years is a very short span
of time in the history of any Nation, argua-
bly of-course, still we have managed to
make our mark on the globe. So whatever
assessment one makes about the progressbeing made, has to be in sync with the above
stated fact. It would be overstatement to say
that we have achieved a lot, and I would be
undermining our capabilities if I say none at
all, still we all know we have a long way to
go, independently, fiercely and magnani-
mously.To cover each and every facet of our Nation
is beyond the scope of this article so I
penned down 5 different sectors namely-
education, infrastructure, science& technol-
ogy, economic progress and health. The
next few pages will take you through the
journey of these sectors. Savour it.
Education
With its plurality and paradoxes, India never
ceases to fascinate. Its ironic that the country
that has amazed the world with its quality
human resources houses a third of worlds
illiterates. Undoubtedly we have produced
the best of doctors, engineers, scientists but
on the other hand we also have grim statistics
in terms of literacy as we were ranked 105
8/6/2019 Domination August 2011
5/35
5
5
Tryst With Destiny
out of 127 countries by the Education for all
Global Monitoring Report, 2008. The world
could never achieve its target of every child
in school till 2015 without India working on
the same front.
So the Year 2009 recorded a historical mile-
stone not only for Indian Children but also
for people working across the globe for child
education as theRight of Children to free and
compulsory education was introduced as the
86th amendment of the
constitution. For the first
time in Indias history,
children (aged 6-14) will
be guaranteed their right to
quality elementary educa-
tion by the state with the
help of families and com-
munities. Though the act has been introduced
but there is a lot more to be done in terms of
training the teachers, providing the infra-
structure, checking the drop outs rate and re-
moving several existing prejudices. Funding
for the same is also an important issue. Also
the role of private players is growing inch by
inch. Apart from introducing the act the gov-
ernment has rolled out many plans to in-
crease the percentage of elementary educa-
tion since independence. The plans such as
'Sarva Siksha Abhiyan (SSA), District Pri-
mary Education Program (DPEP), OperationBlackboard, Mid Day Meal have been suc-
cessful to great extent.
If we talk about the higher education in India
the government has succeeded in maintaining
a respectable level. Long back in 1953, the
government had established the University
Grants Commission in order to develop the
higher education system with its primary role
being to regulate the standard and spread of
higher education in India. Past 64 years have
seen a marked progress in the expansion of
higher education .To
quote a recent example -
approval of 8 new
IITs,5 IISc and 7 IIMs.
Today IITs compete
with the best universi-
ties in the world and the
managers from IIMs are
at the leading front of various global multina-
tionals. AIIMS too have been given global
recognition due to the sheer number of pa-
tients treated and the economic pricing policy
followed.
Peeping into the current situation of literacy
rate of India we have the provisional data of
2011 census. For purpose of census, in India,
a person in age limit of seven and above, who
can both write and read with understanding
in any of the language is considered as a lit-
erate. India's effective literacy rate recorded
a 9.2 per cent rise to reach 74.04 per cent.Interestingly, literacy rate improved sharply
8/6/2019 Domination August 2011
6/35
6
6
Tryst With Destiny
among females as compared to males. While
the effective literacy rate for males rose from75.26 to 82.14 per cent marking a rise of 6.9
per cent, it increased by 11.8 per cent for fe-
males to go from 53.67 to 65.46 per cent. The
most literate state is Kerela with a literacy
rate of 90.86 per cent and the least literate is
Bihar with a meagre 47 per cent (The stats for
women is even worse, a mere 33 per cent).
The gap between the rural and urban literacy
rate is also very significant. As against almost
80% of urban people being educated the stats
for the rural population stand somewhere near60%.
Its clear that all the efforts only prove to be
toddler steps in the long journey we have to
travel. But nevertheless their importance cant
be ignored. Education will always play a piv-
otal role in shaping the nation and lets hope
that we continue our march onwards on this
journey unceasingly and relentlessly.
Health
Lets start with few eye
popping facts-As per
recent statistics, an esti-
mated 40.9 million In-
dian patients suffer from
diabetes currently which is the highest in the
world!
Total population: 1.15 billion, per capita
health spending: $109 a year (compared toBrazil $765, Russia $5638 and China $342).
Percent of population living on less than $1/
day: 34.7%.
30 million people in the country are infected
with Hepatitis B Virus (HBV).
Health sector is the lifeline for a nations well-
being. Health is a primary human right and has
been accorded due importance by the Consti-
tution through Article 21.Despite this, pro-
gress has not matched the countrys economic
growth during the last few decades. With steep
income disparities, India is also struggling to
tackle a "double-burden" of diseases which
include infectious diseases affecting the poor
on the one hand and chronic lifestyle ailments
typical of fast urbanization on the other.
Indias health indicators have continued to im- prove. Yes we have increased life expectancy
from 32 years to 63.5 years (though the global
average is around 67 years). But there is an
equally convincing set of data stated above
showing that we have a long way to go. A
high proportion of the population continues to
suffer and die from easily preventable dis-
eases, lack of access to affordable and quality
8/6/2019 Domination August 2011
7/35
7
7
Tryst With Destiny
care, and malnutrition. Women and children
from low-income households are the most
vulnerable. Problem areas include: Maternal
and child health, child nutrition, communica-
ble diseases, the new diseases on rise, unfin-
ished agenda of communicable diseases and
above all the challenge to deal with the finan-
cial burden.
The government has taken several measures
to improve the situation but still we lie far
behind in this as compared to other countries
who are on the same level of development.
New measures recently launched
include:National Rural Health Mis-
sion (NRHM) and Rashtriya Swast-
hiya Bima Yojana (RBSY).
Launched in 2005 the NRHM sup- ports a number of novel approaches to im-
prove health outcomes, together with more
traditional approaches to strengthen govern-
ment service delivery. RBSY is a social in-
surance scheme aims to provide financial
protection to BPL families against expenses
related to hospitalization. Within 2 yearssince its launch in 2008 over 13 million BPL
households have enrolled in RBSY.
Few of the systematic constraints include low
effectiveness of public health spending, un-
regulated private provision of health care,
lack of adequate health insurance, little em-
phasis on communication to improve health
and create demand for health services.
As per the Ministry of Health and Family
Welfare, the per capita public health spend-
ing is low in India, being among the five low-
est in the world. Taking cognizance of the
important role of public health expenditure,
the Eleventh Five-Year Plan (2007-12) docu-
ment suggests the necessity of building a re-
sponsive public health system
with the need for increasing the
public spending on health from
0.9 per cent of GDP to 2-3 per
cent of GDP and stepping upinvestment on primary care, communicable
diseases and HIV/AIDS prevention.
At the present stage of Indias development,
the health indicators have lagged behind the
impressive economic progress evident over
the past two decades. A new public health
policy needs to be drafted which will recon-figure the health system to make it more effi-
cient and equitable, so that this gap can be
bridged.
Science and Technology
The innovations and advancements in sci-
ences and the technological front form the
backbone of almost every country. Todays
dynamic world of continuous improvement
8/6/2019 Domination August 2011
8/35
8
8
Tryst With Destiny
and with new innovations coming in almost
every minute, this is a sector which must be
closely monitored and carefully planned.
Gone are the days when India was totally de-
pendent on the outer world for their techno-
logical support and for all technological
equipment. The past 64 years have seen India
progress tremendously in the areas of Science
and Technology.
We have always laid stress on developing our
technological front. In Pandit Jawahar Lal
Nehrus, own words ; Scientific
institutions are temples of mod-
ern India, and play a key role in
the gigantic task of national de-
velopment and nation building.
Under his leadership, innumer-able national laboratories were
set up, science departments in universities
were expanded, institutions like IIT's, IIM's,
and AIIMS were opened. In research publica-
tions too India ranks first in publication out-
puts in four areas Agriculture, Energy &
Environment, Biology & Biochemistry andPlant & Animal Sciences.
Besides setting up the best schools and col-
leges, and coaching the best minds of the
country to be at par with the best in world
India has not been stagnant in implicating the
knowledge and developing and advancing on
our technical front. The Green revolution in
1962 just proved to be the start of many revo-
lutions to come. India has emerged as the
largest paddy producer in the world finally
surpassing USA . Green revolution was fol-
lowed by similar revolutions in horticulture,
milk and fisheries. The use of new age tech-
nologies and indianizing them (adapting
these technologies to the local needs) we
achieved tremendous growth in the produc-
tion of fruits, vegetables, fish and milk. As a
result we rank 1st in milk and milk products
and 8th in fish catching.(Hard fact remains we
are below the worlds average per capita con-
sumption of milk, the two be-
ing 279.5 grams and 263
grams respectively).
India has not looked back
since its foray into computer
science and technology .In1987 when US refused to sup-
ply a Cray supercomputer, India developed
its own supercomputer PARAM. Today we
have placed an Indian supercomputer in the
top 10 supercomputers of the world
Even in the most advanced field of nuclear
research India has held its ground. BecauseIndia is outside the Nuclear Non-
Proliferation Treaty due to its weapons pro-
gram, it was for 34 years largely excluded
from trade in nuclear plant or materials,
which has hampered its development of civil
nuclear energy until 2009. Due to these trade
bans and lack of indigenous uranium, India
has uniquely been developing a nuclear fuel
cycle to exploit its reserves of thorium. India
8/6/2019 Domination August 2011
9/35
9
9
Tryst With Destiny
has a vision of becoming a world leader in
nuclear technology due to its expertise in fast
reactors and thorium fuel cycle. India has a
flourishing and largely indigenous nuclear
power program and expects to have 20,000
MWe nuclear capacity on line by 2020 and
63,000 MWe by 2032. It aims to supply 25%
of electricity from nuclear power by 2050.
The Indian Space research programme is a
success story of its own. Initially, space re-
search was started as a part of India's atomic
energy programme. This programme started
in the year 1962 as the Indian Committee for
Space Research (INCOSPAR) under the
leadership of Vikram Sarabhai. Even at its
inception the program was not developed to
facilitate development of missiles as a by product but to genuinely achieve the dream
of conquering the skies. Over the years now,
the Indian space programme has maturated.
India has its own launch vehicles capable of
sending satellites into polar orbits. The recent
chandrayaan-I and before that by simultane-
ously and precisely launching Ten satellitesIndia has proved its strength in Space re-
search. Today, India is emerging as a major
player in the arena of space technologies and
has got many ambitious plans for the future.
It was a major milestone when Indian scien-
tists decided to plan a mission to the farther-
most reaches of mankind- the Moon.
During last few years, ISRO has emerged as
a useful agency for the developing countries
to launch their satellites. It has so far pro-
vided countries like Argentina and Indonesia
to launch their satellites. This activity is also
helping India in revenue generation and it is
expected that in the years to come, India may
be able to manage 10% share of this fast
growing market.
All this paints but just a glimpse of the scien-
tific development and achievements of our
country over the past 64 years. These scien-tific development although provides a rosy
view of the scientific and technological com-
munity of the country the truth is that we still
have a long way to go. We are miles behind
the quality and quantity of research works
being carried out in developed countries like
America and China. And as Nehru used toquote Robert Frost miles to go before I
sleep, and miles to go before I sleep
Infrastructure
Infrastructure of a country in its most basic
form means the stock of fixed capital equip-
ment in a country, considered as a determi-
nant of economic growth . And as India tran-
8/6/2019 Domination August 2011
10/35
10
10
Tryst With Destiny
-sitions into an economic powerhouse, the
government has pledged to spend well above
$1 trillion on various infrastructure projects
over the next five to six years. Lets have a
birds eye view of the sector.
The most distinct part of Indias physical in-
frastructure development in recent years is
the improvement in the road network across
the country; every per sq. km. of surface
area in India is now endowed with one km of
roadways. India has one of the largest road
networks in the world. Indian Government is
planning to build 20 kilometers on an aver-
age every day as a major plan to overhaul the
infrastructure and subsequently boosting eco-
nomic growth. Currently India has the third
largest road network withmore than 3.314 million km
(2.059 million miles) of road-
ways.
Similar is the story of rail-
ways. Indian railways form
the lifeline for the nation. In-
dian Railways is known to bethe largest railway network in Asia and
world's largest railway system under a single
management. Indian Railways employs about
1.6 million people, making itself the second
largest commercial employer in the world.
Indian Railways proudly manage more than
7,500 railway stations in its periphery. It has
a fleet of not less than 7800 locomotives,
40,000 coaches & 3,26,000 wagons
Talking about the air transport, there are a
total of 449 airports and airstrips located
throughout India. The government owned
Airports Authority of India (AAI) operates
125 airports and civil enclaves out of them.
The cities of Bengaluru, Delhi, Hyderabad,
Kochi and Mumbai are served by privately
(or joint-venture) operated airports. All op-
erational airports handled a total of 143.3
million passengers (105.5 m domestic and
37.9 m international) in the year ended
March 2011. The total number of aircraft
movements amounted to 1.31 million and
freight handled exceeded 2 million tons in
2010-11.
The Power & Energy Infrastructure sector in
India is poised for a majortake-off. The APDRP
(Accelerated Power Devel-
opment & Reforms Pro-
gramme 2002 - 2012) has
seen an addition of around
22,000 MW during last
five years. And during thenext five years, a capacity addition of over
78,000 MW has to be setup by 2012. (A
commitment of 15,600 MW capacity addition
per annum ). At present we have an installed
capacity of almost 1 68000 MW in the coun-
try.65 % of the power is generated by ther-
mal processes and about 25 % is hydro-
electric power. Nuclear power forms a 7 % of
the same.
8/6/2019 Domination August 2011
11/35
11
11
Tryst With Destiny
However all this would almost be belittled by
the progress we have made in the fields of
telecommunications and information technol-
ogy. India has the third largest (based on the
total number of fixed/mobile subscriber lines)
telecom network in the world and the second
largest mobile network with over 840 million
subscribers while the total number of tele-
phone lines amounted to 875 million at the
end of April 2011. India is the world's largest
market for the number of mobile subscribers.
Nowhere up to 20 million new mobile sub-
scriber lines are being added every month.
India is the third biggest Internet market in
terms of users, with over 100 million internet
user base.
The numbers might seem impressive but not
if we view them in the light of the fact that we
are the second most populous country of the
world. If India plans to be at par with the
other developed nations of the world a fast
track infrastructure plan needs to be imple-
mented as efficient infrastructure is a neces-
sary support for all kinds of development ac-
tivities.
Economic Progress
Indias success story will be incomplete with-out the mention of its economic progress
made. Pandit Jawaharlal Nehru, at the time of
independence, held a pro socialist outlook.
Nehru was impressed with what he (and many
others at the time) saw as the successful mo-
bilization of resources for development by the
Soviet Union. In the shadow of the Great De-
pression only a decade past, it seemed nave
to believe that the private sector could suc-
cessfully and reliably generate the investment
that a growing economy needed. It is due to
this that they favoured a socialist model for
the development of the country in the earlier
years. It is now debated as one of the biggest
mistakes made by Nehru and his successors.
The pro socialism approach churned out a
form of government which is noted for manyfailures which included among its various dis-
advantage extensive regulation and red tape;
and isolation from the world economy. India's
per capita income increased at only around
1% annualized rate in the three decades after
Independence. It was not until the mid 80s
when India started opening its markets to-
wards foreign investors that a new age of de-
velopment was ushered in.
After more fundamental reforms since 1991
and their renewal in the 2000s, India has pro-
gressed towards a free market economy. With
the combined effect of Liberalization, Privati-
zation and Globalization, India over the past
20 odd years has been on turbo boosters in
term of economic development.
8/6/2019 Domination August 2011
12/35
12
12
Tryst With Destiny
Today India ranks 5th largest economy in
terms of Purchasing Power Parity. The overall
growth of Gross Domestic Product (GDP) at
factor cost at constant prices was 8.6 per cent
in 2010-11 representing an increase from the
revised growth of 8.0 per cent during 2009-
10, according to the Advance Estimate (AE)
of Central Statistics Office (CSO). India's
large service industry alone contributes a phe-
nomenal 57.2% of the country's GDP while
the industrial and agricultural sectors contrib-
ute 28.6% and 14.6% respectively. India is
today rated as one of the
most attractive investment
destinations across the globe.
Major industries include tele-
communications, textiles,chemicals, food processing,
steel, transportation equip-
ment, cement, mining, petroleum, machinery,
information technology-enabled services and
pharmaceuticals. The economic growth has
been primarily driven by the expansion of ser-
vices that have been growing consistentlyfaster than other sectors. Many economist,
after seeing the growth pattern of India may
be able to skip the intermediate industrializa-
tion-led phase in the transformation of its eco-
nomic structure. This has been quoted as a
source of concern as well as appreciated as a
modern growth and development model.
Even in terms of investment India has been
ranked at places which seemed near impossi-
ble to achieve only a decade or two ago. The
UNCTAD World Investment Report has re-
ported India to be the second most attractive
location for FDI for 2010-2012. India at-
tracted FDI equity inflows of US$ 1,274 mil-
lion in February 2011. The services sector
comprising financial and non-financial ser-
vices attracted 21 per cent of the total FDI
equity. Foreign institutional investors (FIIs)
have purchased stocks and debt securities
worth US$ 222 billion in the financial year
ending March 31, 2011, as
per the data available with
the Securities and Exchange
Board of India (SEBI). This
high betting behavior sup- ports the view that they
strongly believe in the
growth potential of Indian market.
The Indian success story has its dark chapters
too. Besides being ranked top in various list
as seen above, we also top the charts of cor-
ruption, pollution and worse healthcare. The
growth has been sporadic and uneven. The
rate of poverty decline has not been higher in
the post-reform period . The improvements in
some other non-economic dimensions of so-
cial development have been even less favour-
able. India today employs one of the largest
labour forces in the world. But the employ-
ment opportunities have not been able to
8/6/2019 Domination August 2011
13/35
13
13
Tryst With Destiny
catch up with the growing labour force. Un-
employment rate stands at 10.8%.The total
deficits of the public sector-state and local
governments, national government, and state-
owned enterprises together--now amount to
more than 10 percent of GDP. Inflation
threatens to run amok and RBI has been pull-
ing all stops to bring it under control.
However, all said and done, India still com-
-mands a respectable position among the de-
veloping nations. The growth achieved by In-
dia over the decades, in spite of various
handicaps, is nothing short of phenomenal.
Whatever be the scenario, the world's econo-
mists now have an example of an economy
that did not have remarkably favorable initial
conditions but that has sustained rapid eco-
nomic growth over two decades.
At this juncture, when the millennium has
changed, our peo-
ple and nation
evolved, we look
towards the future
with eyes of prom-
ise and expec-
tancy. Our nation has achieved much in past
65 years; we have transformed ourselves
from a nation of oppressed to a nation re-
vered. We have leapt forward, developing
and shaping the country into one treated with
awe and admiration. Our dreams are still big,
aspirations still higher, we foresee a future
that will elevate our great nation to even
greater heights. But as Panditji once said A
theory must be tempered with reality. If we
are to make the nation of our dreams a real-
ity, much is to be done much to be thought
about, much to be planned for, but ultimately
much to be done. We have walked miles,
we have leaped through many with poetic
ease, but we have miles to go before the
dream is a reality - The dream that we
pledge on this day to work on with our heart
and souls so that we can shape our own des-
- Chetna & Rohit
DoMS, IIT [email protected]@gmail.com
8/6/2019 Domination August 2011
14/35
14
14
Chlorophy
ll
i
R
d
I'
i
DMSdEi
20 Years of the Reforms
Change was in the air. The Berlin wall hadbeen torn down just a couple of years back
signaling the beginning of the end of the
Cold War. The Gulf war had spiked up the
oil prices. As the Congress government
came to power in 1991, the economy was
in shambles. Things got worse with Re-
serve Bank of India having to airlift 47
tons of Gold to the Bank of England & 20
tons of Gold to the Union Bank of Switzer-
land as collateral for a loan of $600 million
to wave off Balance of payment crisis . It
was in such turmoil that Prime Minister
P.V. Narasimha Rao brought in Dr. Man-
mohan Singh as Finance Minister in June
1991. Within a few weeks of action which
started with devaluing the currency, re-
vamping the Export-Import Policy (EXIM
Policy), culminated in an epic budget
speech on 24th July 1991 marking the wa-
tershed moment in independent India's his-
tory. As the years role on and we mark the
completion of two decades of the reforms,the importance of those few weeks grows
upon us. Gurcharan Das in his book
India Unbound aptly pointed out that
we may have got political Independence &
democracy in 1947, but our economic free-
dom came only in 1991.
Manmohan Singh as Finance Min-
ister had his work cut out. The Balance of
payment situation had worsened, the fiscal
deficit had taken its toll and the double
digit inflation was making life difficult for
the common man. As he informed the par-
liament in his budget speech that the cur-
rent foreign Exchange was sufficient only
for financing two weeks of imports, it sent
shivers through the establishment. He said
"There is no time to lose. Neither the Gov-
ernment nor the economy can live beyond
its means year after year. The room for
maneuver, to live on borrowed money or
time, does not exist anymore.
Dr Manmohan Singh giving an interview after he presented the Union Budget in Parliament
on 24thJuly, 1991.
8/6/2019 Domination August 2011
15/35
15
15
Chlorophy
ll
i
R
d
I'
i
DMSdEi
20 Years of the Reforms
The situation in 1990-91
Balance of payments : Sharpe decline in capital inflow during the late 1980s & early 1990s
Fiscal Deficit : Gross Fiscal deficit rose to 12.7% in 1991
Debt Servicing: Internal Debt rose to 53% of the GDP by the end of the financial year 1990-91
which increased the debt servicing burden
Foreign Exchange Reserves : About $600 million in June 1991, barely enough for two weeks of
imports
Political instability at the centre during 1990-91 add to the uncertainty
The Gulf War spiked the oil import bill for India
Double Digit Inflation was causing trouble for the common man
Actions proposed during July 1991 outlined in Dr Manmohan Singhs
budget Speech of 1991
Devaluing the currency
Revamping the EXIM Policy: export subsidies abolished. Import duty capped at 150%
Liberalize the policy regime for Foreign Direct Investment
Divesting stakes in PSUs, Referring Sick PSEs to BIFR and greater Autonomy to PSEs
Banking & financial System reforms, Interest rates on Loans & Advances to be decided by Banks
with RBI setting the floor price
Full statutory power to SEBI & Capital market reforms
Private Player to be allowed in Mutual Funds
Reduce tax on dividend received from off-shore fund and long term capital gain
Extend the tax concession under section 80HHC of the Income-tax Act to export of software
8/6/2019 Domination August 2011
16/35
16
16
Chlorophy
ll
i
R
d
I'
i
DMSdEi
20 Years of the Reforms
The steps proposed may seem obvious in
todays times but in the old days of sum-
mer of 1991 they were nothing but revolu-
tionary. Dr. Manmohan Singh went on to
present the union budget for the next five
years till 1996 where he broadly followed
reform agenda such as opening up Banking
& telecom to private players. The subse-
quent governments mostly followed the
contour set by him. Today, the Indian
Economy has wholly integrated itself with
the world economy having
the 10th largest economy in
the world with a nominal
GDP of $1.53 trillion and a
foreign reserve of over
$310 billion.
As, 20 years have passed
since those frenetic few
weeks of 1991, the reform
process is still moving in fits and stops.
Come this 15th August, the architect of the
reforms, Dr Manmohan Singh will be giv-
ing his 8th
Independence day speech from
Red Fort as Prime Minister of India with
his government embroiled in charges of
corruption and graft. The new challenges
of corruption, terrorism, naxalism & infla-
tion have to be tackled. The reforms wont
be termed successful if it cannot bring
about real change captured by improving
social indicators such as poverty reduction,
reducing infant mortality & maternal mor-
tality rate, universal education & health
care and improving basic infrastructure for
all citizen of the country.
As an end note, Dr Manmohan
Singh ended his epic
budget speech of 1991 by
quoting Victor Hugo, the
French poet & activist of
the 19th Century no power
on earth can stop an idea
whose time has come. The
idea of emergence of India
as a major economic power
envisioned in 1991 is on the verge of real-
ity today.
And an idea that the economic
power hence gained will act as a catalyst
for social empowerment is taking shape in
2011.
- Rajneesh Kumar
DoMS, IIT Roorkee
8/6/2019 Domination August 2011
17/35
17
17
Chlorophy
ll
i
R
d
I'
i
DMSdEi
The Revolutions that made a mark in India
After the Independence, India in the span of
60 odd years has seen rather significant
changes and improvements across several
spheresAgriculture and Milk production,
Information Technology (IT), Manufac-
tur ing , Atomic Energy , Te le -
communications, Advanced Satellites, De-
fense, Automobiles, Consumer Electronics,
Pharmaceuticals, Transportation (Airways,
Railways and Sea links) and a lot many
though one might argue we are considerably
behind other developed and developing
countries. However, taking into account the
positive phenomenon that has been happen-
ing in the country, the future definitely
looks promising and at this juncture, I
would like to muse over and rivet my focus
upon the three most important revolutions,
as I see, that took place in the country that
really made people around the world look
up to us the Green Revolution, the White
Revolution and the IT Revolution.
Green Revolution
Why Green Revolution was needed?
The world's one of the worst recorded food
disasters happened in 1943 in British-ruled
India, named as the Bengal Famine, where an
estimated four million people died of hunger
that year alone in eastern India (that included
today's Bangladesh). The 'explanation' to that
catastrophe was that there was an acute short-
fall in food production in the area. However,
Indian economist Amartya Sen, has related
that though food shortage was a contributor
to the problem, a more significant element
was the result of delirium related to World
War II which made food supplies a low prior-
ity for the British rulers. The situation was
further exploited by Indian traders who
amassed food in order to sell at higher prices.
India was still haunted by the adversaries of
the Bengal Famine, even after the Independ-
ence. It was therefore natural that food secu-
ritydefined as availability of food and one's
access to it was a paramount item on free
India's agenda. This awareness led, on one
hand, to the Green Revolution in India and,
on the other, legislative measures to ensure
that businessmen would never again be able
to hoard food for reasons of profit. However,
the term "Green Revolution" is applied to the
period from 1967 to 1978. Between 1947 and
1967, efforts at achieving food self-
sufficiency were not entirely successful. Ef-
forts until 1967 largely concentrated on ex-
8/6/2019 Domination August 2011
18/35
18
18
Chlorophy
ll
i
R
d
I'
i
DMSdEi
The Revolutions that made a mark in India
expanding the farming areas. But starvation
deaths were still being reported in the news-
papers. In a perfect case of Malthusian eco-
nomics, population was growing at a muchfaster rate than food production. This called
for drastic action to increase yield. The ac-
tion came in the form of the Green Revolu-
tiona general term that is applied to suc-
cessful agricultural experiments in many
countries and is not specific to India. How-
ever, it was most successful in India.
What was the Green Revolution in India?
With the initiative of M.S. Swaminathan
the father of Green Revolution in India, and
the scientific advancements of genetics pro-
pelled by the research of Norman Borlaug
(Mexico), three basic elements in the
method of the Green Revolution were im-
plemented in our country:
Expand areas of farming: As noted
already (above), the area of land undercultivation was being increased right
from 1947. But this was not sufficient
in meeting with the ever increasing
demand which called for other meth-
ods. Yet, the expansion of cultivable
land also had to continue. So, the
Green Revolution continued with this
quantitative expansion of farmlands.
However, this is not the most striking
feature of the Revolution.
Cropping twice on the existing
farmland: Double-cropping was a pri-
mary feature of the Green Revolution.
Instead of one crop season per year, the
decision was made to have two crop sea-
sons per year. The one-season-per-year
practice was based on the fact that there
is only natural monsoon per year. Thiswas correct. So, there had to be two
"monsoons" per year. One would be the
natural monsoon and the other an artifi-
cial 'monsoon'. The artificial monsoon
came in the form of huge irrigation fa-cilities. Dams were built to arrest large
volumes of natural monsoon water
which were earlier being wasted. Simple
irrigation techniques were also adopted.
Usage of seeds with advanced genet-
ics: This was the scientific aspect of the
Green Revolution. The Indian Council
for Agricultural Research (which was
established by the British in 1929 but
was not known to have done any signifi-
cant research) was re-organized in 1965
and then again in 1973. It developed
new strains of high yield value (HYV)
seeds, mainly wheat and rice but also
millet and corn. The most noteworthy
HYV seed was the K68 variety for
wheat. The credit for developing this
strain goes to Dr. M.P. Singh who isalso regarded as the hero of India's
Green revolution.
Economic reaps of the Green Revo-
lution
Crop areas under high-yield varieties
needed more water, more fertilizer,
more pesticides, fungicides and certain
other chemicals. This spurred the
growth of the local manufacturing sec-
tor. Such industrial growth created new
jobs and contributed to the country's
GDP.
The increase in irrigation created need
for new dams to harness monsoon water.
The water stored was used to create hy-
dro-electric power. This in turn boosted
industrial growth, created jobs and im-
proved the quality of life of the peoplein villages.
8/6/2019 Domination August 2011
19/35
19
19
Chlorophy
ll
i
R
d
I'
i
DMSdEi
The Revolutions that made a mark in India
India paid back all loans it had taken from
the World Bank and its affiliates for the
purpose of the Green Revolution. This
improved India's creditworthiness in the
eyes of the lending agencies.
Some of the developed countries, espe-
cially Canada, which were facing a short-
age in agricultural labor, were so im-
pressed by the results of India's Green
Revolution that they asked the Indian
government to supply them with farmers
experienced in the methods of the Green
Revolution. Many farmers from Punjab
and Haryana states were thus sent to Can-
ada where they settled, who remitted part
of their incomes to their relatives in India
adding, albeit modestly, to India's foreign
exchange earnings.
White Revolution
In one generation not so long ago, there was
an acute shortage of milk in our country and
high rise of malnutrition cases. Today, we
are the largest producer of milk in the world
and fought the malnutrition almost com-
pletely with the abundance of milkthanks
to the extraordinary vision of Dr. Verghese
Kurien. Operation Flood was a rural devel-
opment program started by India's National
Dairy Development Board (NDDB) in
1970. The program objective was to create a
nationwide milk grid links milk produc-
ers throughout India with consumers in over
700 towns and cities, reducing seasonal and
regional price variations while ensuring
that the producer gets a major share of the
price consumers paywhich enabled India
to evolve into the largest producer of milk
and milk products, and hence is called the
White Revolution of India. It was also
aimed at curbing malpractices by milk trad-ers and merchants. This revolution followed
the Indian Green Revolution complemented
it in alleviating poverty and famine levels
from their dangerous proportions in India
during the hardships of food production.
Operation Flood has helped dairy farmers,
direct their own development, placing con-
trol of the resources they create in their own
hands. The basis of Operation Flood has
been village milk producers' cooperatives,
which procure milk and provide inputs and
services, making modern management and
technology available to members. Operation
Flood's objectives included:
Increase milk production Augment rural incomes
Fair prices for consumers
"Anand Milk Union Limited" (Amul), a Gu-
jarat-based co-operation, was the prime rea-
son behind the success of the program, and
in turn became a substantial company based
on the cooperative approach. Tribhuvandas
Patel was the founder Chairman of Amul,
while Verghese Kurien was the chairman of
8/6/2019 Domination August 2011
20/35
20
20
Chlorophy
ll
i
R
d
I'
i
DMSdEi
The Revolutions that made a mark in India
NDDB at the time when the program was
implemented. Verghese Kurien a Padma
Bhushan, devoted professional management
skills and necessary thrust to the coopera-
tive, and is considered the architect of In-
dia's 'White Revolution'.
Software Revolution
There was a time in history when Indians
migrated to other countries; they were per-
ceived no better than drivers or rickshaw
pullers given the general standard of living
in the country then, even if they were in
highly paid jobs. It may not be an exaggera-
tion to say people of other countries now
believe that even the drivers and rickshaw
pullers from India know how to write a soft-
ware code. This paradigm shift on the Indi-
ans over the world is no joke and was possi-
ble only because of the Information Tech-
nology and Software Revolution that hap-
pened in the country. Production to China is
what Software is to India and so can be seen
as a branding mechanism for India among
the top nations.
The vision of Mr. N. Vittal propelled the
Software Technology Program strongly, fa-
vored by the economic reforms of 1991, laid
the strong cornerstone for the industrys re-
markable progress over 30% annual
growth has been registered in the last two
decades. Indias Information Technology
(IT) exports grew from $150 million in
1991-92 to approximately $60 billion in
2011, and are projected to reach $70 billion
by 2012.The IT industry is unparalleled for
several reasons - focused on exports, bench-
marked with the best global companies, fol-
lowed the finest principles of corporate gov-
ernance and created the largest number of
jobs in the organized sector; showcasing
that Indians could succeed in the most com-
petitive global markets.
With more advancements in terms of tech-
nology and competition in other sectors and
departments like telecommunications, finan-
cial services, manufacturing, automobile,
hospitality, logistics, supply chain led to
higher demand for more robust and sophisti-
cated software development and the world is
looking up to the IT industry. With more
and more engineers getting absorbed into
the IT industry, more and more IT multina-
tional corporations opening their offices in
the country, increased research and develop-
ment in this field; I can only see India be-
coming the center for any software services
and technological advancements in the near
future.
8/6/2019 Domination August 2011
21/35
21
21
Chlorophy
ll
i
R
d
I'
i
DMSdEi
The Revolutions that made a mark in India
Despite the fact that the education in India ison the rise, it has to completely shift gears
to keep itself on par with that of the world,
for this sector is the single most important
key to any kind of economic development in
the country. The major shortcoming of this
sector, according to me, has been the way
the primary education is being delivered.
Most of the children either just drop out of
school or most of them remain with educa-
tion below quality levels. The Indian gov-
ernment has been a big failure in conducting
itself while trying to offer education to its
people. Despite the number of schools in
every nook and corner
of the country, number
of quality teachers, gov-
ernment acts (for e.g.
RTE) and numerous
school dropout preven-
tion schemes, it is not
able to educate as many
children as it intended to, and probably
would never be.
The fact is that not many sensible people, let
alone the politicians and government offi-
cials, are willing to join their kids in the
government schools. The questions that
arise in my mind would be: What is making
the government to do all the tasks which it
is not good at? Why doesnt the government
allow the private sector in primary educa-
tion and eliminate itself and act as a regula-tor? Why not facilitate things for private
schools or private management in govern-
ment schools to enable quality? Any given
day, the private sector will bring in quality
in any sector. One might object that not
many in this country are rich enough to send
their kids to private schools. I concur. This
is the reason why I am looking forward to
the process innovations in the existing sys-
tem. For example, invite tenders from pri-
vate education firms for managing the edu-
cation on a region wide basis, with the same
old government schemes holding good and
with the already existing
faculty? Because, ac-
cording to me this is less
an issue of infrastructure
or lack of resources, and
more of a management
problem (as is the case
with Air India). I say so
because, there are many students who shine
from government schools too and there aresome exceptional teachers serving there. Im
envisioning that this high quality had to be
spanned for larger audience, by bringing in
some quality processes and standardiza-
tions. The more interest that we take and
faster we react in reviving the education
sector superior will be the outcome of the
human resource pool, better will be the
Where can we improvise?
8/6/2019 Domination August 2011
22/35
22
22
Chlorophy
ll
i
R
d
I'
i
DMSdEi
The Revolutions that made a mark in India
skills and productivity, higher will be thenumber of labor force and faster will be the
growth of industries and eventually results
in steadier and steeper emergence of Indian
economy.
We are advancing at a
faster pace, in soft-
ware industry, but theinfrastructure sector
has not been doing
very well. The explo-
sive growth of population has been throw-
ing extreme challenges for the smooth func-
tioning of any system or organizations (for
e.g. Road and Railway transport in the
country has not been completely able to sat-
isfy the increasing number of commuters,
the testimony to which is the heavy traffic
conditions everywhere). With only infra-
structure development, will the businesses
in the country bloom to the maximum extent
possible. The government should take nec-
essary measures to take the sector to the
next level so as to ensure we dont fall out
of place in the global competition. This
should be one of the top priorities the gov-
ernment should have in its agenda, because
any companys progress and thereby the
nations progress depends on the avail-
ability and ease of access and usage of re-
sources across geographies.
It was mentionedabove in Green
Revolution that
we have been do-
ing great in food
production. Nevertheless, there are limita-
tions.
Even today, India's agricultural outputsometimes falls short of demand. And
also as we depend on monsoons which at
times are unpredictable.
We have not succeeded in extending
the concept of high-yield value seeds to
all crops (largely confined to food grains
only, which makes the more widely used
varieties prone to pests and less immu-
nity) or all regions (only Punjab and
Haryana states showed the best results of
the Green Revolution and the results were
less impressive in other parts of India).
This growth in irrigation has led to an
alarming drop in the water table in a num-
ber of key agricultural Indian states, such
as Punjab.
It relies on extensive use of pesticides,
which are necessary to limit the high lev-
els of pest damage that inevitably occur in
mono-cropping the practice of produc-
ing or growing one single crop over a
wide area. This is leading to enormous
Where can we improvise?
8/6/2019 Domination August 2011
23/35
23
23
Chlorophy
ll
i
R
d
I'
i
DMSdEi
The Revolutions that made a mark in India
levels of soil pollution.
Though the Green Revolution pre-
vented people being affected by hunger
and die from starvation, it slipped out in
the other aspect of malnutrition where
many are affected by iron or vitamin-A
deficiencies, because Green Revolution
agriculture produces monocultures of ce-real grains, while traditional agriculture
usually incorporates poly-cultures.
This definitely requires us to re-look the ex-isting practices and do our best possible to
address the above problems in an eco
friendly mannerotherwise, the success of
the Green Revolution will certainly be short
lived. The next version of this Green
Revolution 2.0, has to be implemented with
advanced technological and management
practices, and at the same time carrying it
out with an ecological and environmental
sense.
Where can we improvise?
- L.Nikhil Reddy
DoMS, IIT [email protected]
8/6/2019 Domination August 2011
24/35
24
24
Chlorophy
ll
i
R
d
I'
i
DMSdEi
Khakhi Man of Mumbai
Recent Mumbai bomb
blasts again brought
back the memories of
previous blasts that
shook the entire coun-
try. Three near-simultaneous explosions
petrified Mumbai at rush-hour on 13th
July, 2011, killing at least 21 people and
injuring 141. However, the blast didnt
seem to be any aberration from what thefinancial capital of India had been going
through over a decade. Invariably all the
blasts have been religious in nature, tar-
geted to create heightened communal ten-
sion in the region. And this time, it was no
different. So, if communal violence has
such a pattern of occurrence and regularity
in frequency, how is it that the administra-
tion turns conveniently indifferent towards
their recurrence, one of the few questions
raised again and again with no definite an-
swer. After every attack, we bolster the
resilience attitude of Mumbaikars, citing
examples of other countries not able to
control similar situation. But, are we justi-
fied in giving such explanations to our in-
ability to prevent such attacks.
In a similar fashion, politicians are ready
with their own expert comments as it
seems they prepare it for the next blast as
soon as the previous blast take place.
What is shocking beyond words is the ar-
rogance with which the terrorists challenge
the government time and again. Breadwin-
ners are killed, women widowed and chil-
dren orphaned. Our leaders talk of strin-
gent punishment to the perpetrators. But
our judicial process is too slow. Too long a
rope is given to the Afzal Gurus and the
Ajmal Kasabs wasting, in the process, tens
of crores of taxpayers' money. It is clear
that political leaders have no fear of terror
strikes. It is the common man who has to
fear for his life, as his safety is no longer
guaranteed. Post 2008 Mumbai attacks,
Indian officials say they have made ex-
traordinary security reforms since 10 Paki-
stani terrorists rampaged across the city
nearly three years ago, but following the
latest attack they warned they may never
be able to guarantee a terror-free nation in
a region plagued by extremism. So, is it
that our lives now rest in the hands of ter-
rorist and waiting for the time till we are
going to be one of the victims? Is there no
one on whom we can rely to safeguard the
city? A question keeps ringing- Is the po-
lice of our country so highly inefficient
that it does nothing to safeguard us?
Mumbai is the city that never sleeps be-
cause of work, travel and for security. In
March 2009, a man was allegedly killed by
five persons for Rs 9,500. Guarding such a
city that never sleeps is not easy, thats
why the role of Men in Khaki is neither
easy nor defined. Also they are the first
8/6/2019 Domination August 2011
25/35
25
25
Chlorophy
ll
i
R
d
I'
i
DMSdEi
Khakhi Man of Mumbai
one to be blamed with in-efficiencies. They
face wrath from political class and from the
common public as if they are the real cul-
prits. But people dont know the Khaki-
mans position.
An RTI has revealed that from 2006 to
2010, 292 Mumbai policemen died. Of
these 163 policemen - more than half - died
from cardiac arrests and heart-related com-
plications. This is mainly because of fa-
tigue, excessive stress and circumstances
where communities are often hostile. To
add to their apathy, shabby quarters, mar-
ginal salary, extremely long working hours
stretching up to 14 to 16 hours a day, their
work places are most
unhygienic and even
their arms & ammuni-
tions are not in proper
working condition. This
must change before we
can hold them com-
pletely responsible.
Though lately, ZIPNET, Zonal Integrated
Police Network, which is a very useful tool
for sharing of information on real time ba-
sis has been functional but its real potential
is yet to be utilised. Following the 26/11
terrorist attacks, the Mumbai police had
gone on to purchase several hi-tech equip-
ments. The central and state governments
had sanctioned funds of Rs.106.17 crore
and Rs58.45 crore on the police modernisa-
tion projects, for the year 2010-11. 20 am-
phibious vehicles of Mumbai were pur-
chased but now are hibernating on Gir-
gaum Chowpatty since November 26,
2009. Similar is the condition of the 20 sea
legs because of mechanical problems and
lack of trained manpower, claims Mumbai
police sources. In December, last year, the
central government sanctioned Rs1 crore
for the purchase of 24 Unmanned Aerial
Vehicles (UAVs) for the Mumbai police.
But fearing, these will also meet the same
fate as that of amphibian vehicles, Mumbai
police has requested not to purchase them
unless the bureaucratic
hurdles and poor plan-
ning are taken care of.
An example of bureau-
cratic hurdles free well
equipped and rela-
tively independent po-
lice force is Delhi Police Force.
Currently, we are living in a city that guar-
antees no full proof security to us. One
cannot be sure while leaving for his work
whether he will be able to enjoy his tea
with his loved ones in the evening. In such
a situation, public is disgusted with politi-
cians who promise security, but do nothing
after the media cameras are gone. After the
2008 attack and the bolstering done by the
8/6/2019 Domination August 2011
26/35
26
26
Chlorophy
ll
i
R
d
I'
i
DMSdEi
Khakhi Man of Mumbai
government regarding the expansion of
police force, buying high-tech equipment
and updating its ancient police arsenal,
public thought that they are safe. But the
recent attack has again startled them of
their vulnerability. There is yet not enough
equipment provided to police force to
counter such catastrophe. Its really high
time to look forward to countries like
U.S.A and learn how effectively they have
been able to implement the security meas-
ures instead of giving hollow reasons
every time. I end this note, hoping that the
coming future of the Indians is going to be
much secure and stringent measures are
going to be taken by the Government of
India.
-Anupam & Paresh
DoMS, IIT [email protected]
8/6/2019 Domination August 2011
27/35
27
27
P
ti
i
R
d
I'
i
DMSdEi
Independence Day: An earnest behest of an aspiring heart !
At 65, she is more stunning than her Youth,So majestic, who is very proud of her family's history,
So elegant, for she has her own unique varied mix,So gorgeous now, that she never ceases to get attention.
Her curious eyes voraciously pried like a dying fish to water,
Is anyone listening she said before I said am all ears,Relief evident for she had found a soul (me) to chat with
In the revelry crowd for it's festival time today in her home.
Her grief laden heart begins to enunciate without auspicating,I love you all equally though I dont know who is more abominable,
A few among you destroying yourselves for your own principles,Or the nature's other face (disaster) destroying all of you.
Her eyes got damp now as grieves continue to rain on me,Seeing the War memorials (in my house) my conscience still torments me ,
I hope they all knew that I never wanted war but for my neighbors.My gratitude swells whenever precious ones make me feel proud!
My heart is light now (after sharing) but I have more to convey,The traditional demure girl that I am, I abhor ignominy.It has been good and bad,the generations there has been,
But I have an earnest behest for your generation.
Help the poor! You may not but do not live on others' money,Please do not let your political & religious discords ruin my growth,
For I aspire to sit someday with my head high in developed nations' company.It's your choice to play Hero but please dont play Villain in my growth Story!!
Our growth Story. . ,The nation's growth story. . . "The rise of India" !!!
-Alex
DoMS, IIT [email protected]
8/6/2019 Domination August 2011
28/35
28
28
P
ti
Chlorophy
ll
R
d
I'
i
DMSdEi
Qutopia-19
Its Exquizite, Kills your Quriosity and adds to your Quizdom. Need we say more?
Qutopia A Utopia of the best Biz Quiz Tidbits to wreck your brains! Rush in your
answers [email protected], [email protected] 31st
August, 2011. The winner will have their names published in the next issue. Also, per-
son getting the highest score in the current quarter (July-September 2011) will get a
gift voucher. Answers in the next issue ofDoMination.
Section A(1 Point for each correct answer)
1. How is this postage stamp special?
2. What does a chicken market mean in relation to a Stock Market?
3. How is The Santa Clara county in California, USA famously known as?
4. This was the brand started by the Tata Group in 1952, later in 1996 it was sold to Hindustan Lever
Limited (now HUL)?
5. The "News of the world", the tabloid Newspaper started in 1843 and closed publication on 10th
July 2011. In which year did Robert Murdochs News Corporation acquire it?
6. McLaren Formula 1 cars have the engine of which car manufacturing company?
mailto:[email protected]:[email protected]8/6/2019 Domination August 2011
29/35
29
29
P
ti
Chlorophy
ll
R
d
I'
i
DMSdEi
Qutopia-19
Section B(2 Points for each correct answer)
2. What connects Wipro, Britannia, Marico, Lakme ?
3. Unit Trust of India (UTI) is the first mutual Fund in India launched in 1963 by the government.
Which was the first private sector mutual fund?
4. This is the index published by The Economist for measuring the Purchasing Power parity (PPP)
between two currencies. Name this Index in which Indian Rupee is making its debut in July
2011.
1. Identify this logo?
Answers to Qutopia 17
Answer: Section A
1.The Silk Route or the Silk Road
2. Sub-Prime Borrowers
3. Red-herring prospectus
4. Coal India and Sun Pharmaceutical Industries
5. Amitabh Ghosh
6. Aditya Birla Group
Answer: Section B:
1. Dr. Yaga Venugopal Reddy
2. Mauritius does not charge Capital Gains Tax, allowing FIIs to escape tax altogether
3. These are last 3P's of the Extended Marketing Mix or Service Marketing Mix
4. Monopolistic competition
Winner:
Udit Gupta (Batch 2010-2012)
G.Manoj (Batch 2010-2012) - Rajneesh Kumar
DoMS, IIT [email protected]
8/6/2019 Domination August 2011
30/35
30
30
P
ti
Chlorophy
ll
i
R
d
I'
i
DoMS-da-Evince
1.) What were the roles and responsibili-
ties while working with NIIT Technolo-
gies Limited?
I am working as BA and QA lead ensuring
quality systems and processes for on board-
ing new clients with the help of a six mem-ber team.
My responsibilities also include mentoring
less experienced colleagues, conducting
trainings for enhancing domain knowledge
and supporting business development.
2.) How has been your experience as IT
Consultant in Banking and Financial Ser-
vices?
It has been mixed in terms of challenges. It
requires a good base in both Finance and IT.
With experience I have came to know how
to manage when we are chasing a moving
target which has become a common thing in
IT world!
3.) How difficult was switching across
various firms? What were the changes in
the roles and responsibility?
It was difficult but worth it. Changes have
its pros and cons. Besides professional, per-
sonal considerations need to be taken into
account before you take a dive. Changes
give you chance to start afresh. I also got
senior roles as I switched couple of firms
during my career spanning a decade.
4.) How was the experience working with
Lehman Brothers?
Environment at Lehman Brothers was highly
This time in DoMS da Vince, we bring excerpts from an interview with
Mr. Mahesh Bansal who is a dynamic and vibrant professional with
over 10 years of experience. He is a management graduate in the field
of finance and systems from DoMS, IIT Roorkee ( Batch 2001). He has
worked with Lehman Brothers and is presently associated with NIIT
Technologies.
8/6/2019 Domination August 2011
31/35
31
31
P
ti
Chlorophy
ll
i
R
d
I'
i
DoMS-da-Evince
charged with tight deadlines. I had worked
for it during 2003-04 which was an excel-
lent exposure early in my career. It was my
first assignment in USA. My stint there
honed my skills greatly and significantly
boosted my confidence.
5.) What challenges did you face working
as Business Analyst at SEI Investments?
SEI has been building and enhancing a
global wealth management product at a
scale no-one has done earlier ever. Its prod-
uct includes over ten third party systems
which are best in their respective area. Of-
fering such a system under one umbrella
involves a lot of complexities. Main chal-
lenge in my role at SEI was integration be-
tween systems. With third party systems
built and enhanced independently, it was
challenging to bring about integration in all
aspects. Many a times we needed to settle
with a compromise though acceptable to all
stakeholders!
6.) What has been the most challenging
role in your career so far?
I think role at Lehman Brother where I was
involved in integration of Neuberger sys-
tems with Lehmans system was the most
challenging one. It gave me all sorts of ex- perience, as a business analyst to a project
manager. It included working with people
who were uncertain about there future after
the acquisition. I had to deal with human
aspect too besides the technical angle.
7.) How has DoMS, IIT Roorkee contrib-
uted in your success?
I had specialized in Finance and System
while at DoMS and got the first break ( read
placed) from there in the current field. So
DoMS, IIT Roorkee gave me the necessary
base where I stand today. I believe it contin-
ues to provide a good platform for building
oneself. However it is more of a facilitator
and it is up to us, what maximum we extract
out of it !
8.) Any message for the readers, espe-
cially the current batches of DoMS?
Try to stay out of your comfort zone and
keep evolving! .
Develop your soft skills (communication
skills, dealing with people at all level etc.)as they are crucial for your sustainable
growth.
I know current batches would be anxious
about future. However, I have witnessed
that sooner or later things work out for
good. So dont let stress overwhelm you af-
fecting your health and performance. All theluck!!
8/6/2019 Domination August 2011
32/35
32
32
P
ti
Chlorophy
ll
i
DMSdEi
Regardez I'economie
In this edition, we delve into the major economic activities of July2011 that had an impact on Indian
economy
Last month saw the an-
nouncements of the 1st Quar-
terly results of India Inc. for
the financial year 2011-12
and as always, investors
waited in anticipation for the
announcement of the resultsof most lovable stock on the
Sensex which is none other
than Infosys Technologies,
also popularly called as the
bellwether of Indian IT In-
dustry despite being number
two in terms of volume be-
hind the largest software ser-
vice provider, TCS and as
usual, was the first to an-
nounce its quarterly results
ahead of TCS and Wipro.
Infosys plunged more than
four per cent on bourses as
the company's first quarter
results for this quarter lagged
market estimates and the fu-
ture guidance by the com-
pany regarding its financial
performance was also not
very optimistic owing to con-
cerns in the Euro zone. It also
saw its first quarter profit fall
by 5.3% compared to the
fourth quarter of last year
whereas TCS posted a 28 per
cent rise in quarterly net
profit to Rs 23.8 billion ($535
million) and revenue rose 31
per cent to Rs 107.97 billion.While Infosys raised con-
cerns on demand ahead for
outsourcing because of eco-
nomic uncertainties in the top
markets of US and Europe,
TCS denied any such trend.
Analysts are of the view that
TCS might well replace Infy
as the countrys IT bellwether
going by the performances of
the two companies in the last
few quarters.
The RBI, in its monetary pol-
icy, once again hiked the key
interest rates. This time by 50
basis points or by 0.5% (100
basis points = 1 percentage
point) and this was the 11th
time in the last one year or so
that the rates have seen the
upward spiral. RBI, it seems,
is ready to compromise on
the economic growth in order
to contain the head-line infla-
tion, which this Government
is just not being able to con-
trol. With this hike, the cur-
rent repo rate (rate at which
RBI lends to the banks)
stands at 8% while the re-verse repo rate was also
hiked by the same amount
and now stands at 7%. It
seems that the rate hike is
bearing some fruit, though
minimal, as cheaper pulses
pulled down food inflation to
its lowest in 20 months at
7.33% for the week ended
July 16 even as prices of po-
tatoes, onions, fruits and milk
hit household pockets. Infla-
tion stood at 7.58% in the
previous week. It seems that
the Indian stock market is
beginning to take the blasts in
its stride as the BSE rose
0.1% to 18618.20, after fal-
ling early to 18449.23. Of the
30 Sensex constituents, 18
ended higher in the next trad-
ing session after the blasts.
The Sensex is seeing serious
8/6/2019 Domination August 2011
33/35
33
33
P
ti
Chlorophy
ll
i
DMSdEi
Regardez I'economie
resistance at around 18800
level as it has mostly re-
mained in the 1830018800
range all throughout July,
wherein bears are mostly
holding the guard.
It seems that the ever declin-
ing margins in the Indian
telecom sector has com-
p e l l e d
companies
to hike the
call tariffs
after a
long, long time as Bharti
Airtel, the largest telecom
operator by subscriber base,
raised rates for pre-paid us-
ers by 20 per cent for certain
packages across several cir-
cles and the move was
quickly followed by its clos-
est rivals Vodafone and Idea.
India is the worlds second-
largest mobile market after
China. In the past few years,
it witnessed a cut-throat tar-
iff war which led to the
boom in the sector and
one of the lowest call rates in
the world. Telecom is proba-
bly the only industry where,
despite increasing inflation,
tariffs have been falling un-
abated. Continuously declin-
ing margins, high 3G and
BWA auction prices, con-
strained spectrum and rural
roll-out aspirations left them
with little choice but to make
some price corrections. The
tariff cuts dented the profit-
ability of most mobile phone
companies in the 14-player
market, but also saw the sec-
tor add over 400 million new
customers in the past 2-3
years.
On the international front, a
lot has taken place over the
last 15 days or so. To an ex-
tent that it has left everybody
thinking from leaders to
economists to financial insti-
tutions to bankers to brokers
to students and the best
part is nobody is sure of
what to expect in the near
future and how the markets
worldwide are going to
behave after the Worlds
leading Rating agency S&P
downgraded the US rating
by a notch from the coveted
AAA to AA+, which is for
the first time in the history of
the United States that it has
seen its rating downgraded
which implies that even the
US isnt a totally risk-free
borrower anymore, thereby
sending the stock market
into a tailspin and causing a
sharp rally in the Treasury
market. Stocks were hit hard
on Monday the 8th of Au-
gust as the Dow and
NASDAQ both fell by triple
digits after the Standard &
Poors downgrade of the
U.S. credit rating Friday.
The Dow slipped 634 points
to 10.809, the S&P fell 80
points to 1,119 and the
N A S D A Q c o m p o s i t e
dropped 175 points to 2,358.
Taking a look at how the In-
dian markets reacted to the
downgrade, the investors in
India were left poorer by
over Rs 1.33 lakh crore after
Friday's stock market crash,
even as the market managed
to recover nearly half of the
losses suffered earlier during
the day. The benchmark
8/6/2019 Domination August 2011
34/35
34
34
P
ti
Chlorophy
ll
i
DMSdEi
Regardez I'economie
Sensex had plunged over
700 points to below the
17,000-point level. How-
ever, the markets managed
to recover nearly half of the
losses and some buying at
lower levels in afternoon
trade helped the Sensex
close 387.31 points down at17,305.87.
In Europe, on July 21,
an emergency summit of
European leaders of the 17-
nation euro-currency area
agreed to a second Greek
bailout (Mark II), compris-ing two key elements: (i)
the debt exchange (holders
of 135 billion euros in
Greek debt maturing up to
2020 will voluntarily accept
new bonds of up to 15 to 30
years); and (ii) new loans of
109 billion euros (through
its bailout fund and the
IMF). Overall, Greek debt
would fall by 26 billion eu-
ros from its total out-
standing of 350 billion eu-
ros. By mid-July, the Greek
debt drama had become a
full-blown euro-zone crisis.
Policy makers' efforts to
insulate other countriesfrom a Greek default, nota-
bly Italy and Spain, have
failed. The crisis has
lurched from one scare to
another. First, it was
Greece, then Ireland, then
Portugal; and then back toGreece. Financial markets
in desperation turned to It-
aly, the euro-zone's third
largest economy, with the
biggest sovereign debt mar-
ket in Europe. It has 1.9
trillion euros of sovereign
debt outstanding (120% of
its GDP), three times as
much as Greece, Ireland
and Portugal combined.
Well, since the global econ-
omy is entirely intertwined,
so the news from the US
and the Euro-zone is defi-
nitely a cause of concern
for the Indian economy,
even though India has leastrepresentation in their debt
markets but the situation
could have a slowing effect
on the economy, which is
why the Government of In-
dia should keep an open
eye on these fronts andshould act in a proactive
manner instead of waiting
till the last resort.
- Mukesh Rathi
DoMS, IIT Roorkee
8/6/2019 Domination August 2011
35/35
35
The Team
Shruti Goel
Anuj Mody
Chetna Yadav
Anirudh De
Deep Pathak
Harsh Singh
Mukesh Rathi
Pallavi
Rajneesh Kumar
Rohini Sharma
Rishi Arora
Udit Gupta
Sudeep Dakua