FY2021-22 was an eventful one with a flurry of activities and conventions organised by us. A good number of people attended these events in person, and these events were graced by a galaxy of reputed speakers. Organizing these events wouldn’t have been possible without the support of our members. A recently organised event still lingers in our memory. It was about the war in Ukraine.

The Ukraine war is spilling over and is seriously impacting poor countries. It has spurred the biggest price shock in decades and choked the imports of basic commodities in many countries. Some 50 or more poor nations import 30% or more of their wheat supply from Russia and Ukraine. The two countries together provide a third of global cereal exports.

The Ukraine war: We should hedge our risks
The west is up against not only Russia but also other adversaries. We are all uncertain how this war will take shape in the coming days. We should hedge our risks. India’s abstentions at the UN on the Ukraine issue are not based on nostalgia but on facts and reality of protecting its own national interest. As far as the US is concerned, it needs India in Indo-Pacific to counter the rise of China; US’ strategic interests lie more in Indo-Pacific than in Europe. In the emerging geopolitical world order, irrespective of the outcome of the Ukraine war, it is important to have a multi-aligned foreign policy. As we found after 1991, the Western model is a good assurer of prosperity, but we live in Asia and the dictates of security means we must hedge our best. Let’s stay non-aligned!

With the stock prices of new age start-ups significantly lower, is it a good time for invest? New age stocks have been badly beaten down.

In this context, MMA with the support of KAS organised a national conclave on the theme “Ukraine Crisis: Is Global Focus Moving Back to Europe? on 22 March 2022. A galaxy of eminent speakers including Mr Kanwal Sibal, former Foreign Secretary, shared their thought-provoking insights. I am delighted to present an article on the event with embedded videos.

Indian economy, oil & inflation
Emerging data offers some comfort on the health of our economy. The numbers suggest there was only a limited damage due to the third Covid wave. Exports have bounced back smartly. We must ensure that tariff barriers do not get in the way of greater global trade integration. However, the threat of inflation is also always at hand. Crude oil prices have gone past $110 per barrel; a tough policy decision is expected soon. With too many economic variables up in the air, there is a nagging sense of uncertainty. To contain inflation and stagflation, it is imperative that the Government—for the time being at least—absorbs higher oil subsidies and passes on the oil price increase to consumers gradually. There should be no compromise in fiscal consolidation over the medium-term in following this policy option. It is also important that we manufacture what we consume; our current account deficit is also very high. Policy makers also need to ensure that our journey towards a $5 trillion economy is equal for all. We need to find a framework or support system for MSME and other sectors as well.

The IPO celebration is over!
With the stock prices of new age start-ups significantly lower, is it a good time for invest? New age stocks have been badly beaten down. Investors who would have bought stocks in these companies at their highest price post the listing would have lost close to 55% as on date. Consistent returns may be achievable only thorough competitive advantage. Investors need to be cautious in their approach. Entrepreneurs of Indian great tech wave should build products for the globe, as they might find it difficult to sustain the wave with only India as their market. A few start-ups specialize in making Do-It-Yourself (DIY) toys using concepts from Science, Technology Engineering and Mathematics (STEM, also STEAM with an ‘A’ for Arts!). Such toys keep children away from the screen, improving their motor and cognitive skills. They also enhance the kids’ problem-solving skills. MMA through its CSR initiative ensures that poor children are not deprived of these opportunities; courses on Robotics and other advanced topics relating to STEM are made available through this initiative.

A governance body for startups?
India now hosts the third largest startup ecosystem in the world. Startups in India have grown remarkably over the past six years. The numbers have increased to over 14,000 in 2021 -22 from a mere 733 in 2016 – 17. A record 45+ startups have achieved the unicorn status in 2021, taking overall tally of unicorns in India to 83. However, unicorns are facing hurdles after a successful run. The booming India startup ecosystem is set to face some head winds after two straights years of runaway success. Entrepreneurs must find a way of balancing spends and resources. Cash-guzzling startups may not be able to raise as much equity in 2022 as in 2021. The need for governance in startups is coming to the fore. The solution is to set up structures for better corporate governance with robust processing, internal audit committees, and meaningful and qualitative boards.

Sustainability & environmental concern
IPCC’S latest report offers a grim scenario for Indian city dwellers if the world fails to arrest climate change. The Prime Minister’s Net Zero pledge for India announced at COP–26 in November shifted the context for Indian businesses. It means that businesses must set out sustainability plans of their own. Companies that take a long-term view of both opportunities and risks and begin preparing for the Net Zero transition stand a better chance of thriving amid major changes in the years ahead. In this context, the discussion organised during the MMA Annual Convention 2022 on the Future of Sustainability was thought provoking. Experts shared their insights on the important issue. You can watch the entire interaction by clicking the link below.

Mental well-being
For years, it is strongly believed that talent attraction and retention is a top priority for organizations. Post-Covid 19, it has become crucial for corporates to understand that mental well-being is more than just an issue faced by individuals. Organizational culture and practices impact the mental well-being of employees. Management teams at work need to be a little more understanding and supportive of their employees at the workplace. I strongly believe that managing physical health, emotional health, social connections, and spiritual practices would help to stay positive. You can change how you look without changing how you feel, and you can change how you feel without changing how you look! In this context, the talk organized by MMA on the theme “Toolbox for Emotional Coping” by Dr Prithika Chary is very relevant and informative. We present you on the article with embedded video. Read on and get emotionally fit!

Celebrating Women’s Day
MMA Women Managers Convention on the theme “Marching Ahead – Inspire Change in Humankind” was held on 26th March 202 at MMA Management Centre. Through this annual event, we present women achievers from different fields to inspire a large number of women professionals. We are excited to note how women are tackling their problems and changing the world. We interacted with the founders of the first women-led unicorn from India. If you have missed watching the convention live, here is the link for the recording.

Covid, covid, covid!
With Covid cases in India down to their lowest level in about two years, it is not a surprise to see public spaces get crowded and masks slip. The world is going back to work! But Covid isn’t gone yet. The virus has lost virulence in 2022, but that is not a reason to believe that we are in the clear. There is no need to panic, but let’s be realistic.
Stay safe, stay healthy!
Happy reading!

India’s latest economic survey offers a healthy revival picture and projects 8.5% growth in GDP for 2022-23. The fiscal situation is comfortable, thanks to buoyant tax revenues and successful post-pandemic recovery initiatives among others. The budget attempted a balancing act in a competing domestic and global environment. This increases the challenges and trade-offs confronting monetary policy. Keeping this in mind, this year’s MMA Annual Convention will focus on the key issues that underpin India’s ability to deliver on its promise.

Annual Convention at MMA
The MMA Annual Convention has been conceptualized over the course of three exceptional sessions and through conversations with several prominent industry experts/economists/thought leaders. I would also like to take this opportunity to congratulate Mr Suresh Raman, Chairman, MMA Convention Committee, and our Knowledge Partner, McKinsey & Company, for tirelessly working over the last few months to make the convention a grand success. I also thank the sponsors for their support in organizing the celebrations of propagating management movement in this part of the country. Please watch the convention live on Saturday, 12th March 2022. Click to view.

We need significant institutional reforms if Corporate Governance is not to remain an illusion. The cause of investors trust must never get short shrift. It is vital to India’s economic success and faith in the process and systems.

MMA Women Convention
Come March, usually it is time for our women members to interact with the women thought leaders, entrepreneurs and corporate executives at the annual MMA Women Managers Convention. The event is a celebration of the spirit of women, and the many diverse roles they play. We, at MMA, believe that Women’s Day Celebration is not another shallow exercise in tokenism but is a celebration of spirit of women. The MMA Committee has decided to host the Women Convention in person on Saturday, 26th March 2022 on the theme “Marching Ahead: Inspiring Change in Human kind.”

More recently, the burden on women has become heavier, owing to the pandemic. The result is a non-stop, high-stakes juggling act. Today there is some light at the end of the Covid tunnel, and we are here to explore what awaits! How do we march ahead and rise to the occasion to aspire for greatness?

In this context, the Convention Committee headed by Dr Ranjini Manian and knowledge partner, EFL, are putting together a great convention with a galaxy of outstanding speakers. The convention content and structure have been finalized with great care, keeping in view the aspirations and expectations of our women delegates. Look forward to seeing you at the convention and you can also watch it live.

A step closer to the Olympic dream!
It isn’t the medal, but the honour nonetheless. In 2023, India will host the annual session of International Olympic Committee in Mumbai. It is inspiring to know that at this year’s conclave in Beijing, India received 99% of the votes for hosting the meeting after a gap of 40 years. What Indian sports enthusiasts are keen to know is whether India would be in a position to make a winning bid for an opportunity to host the summer Olympic Games. I strongly believe that India would have the added advantage of being a major economy which could swing a few votes just based on this fact. Hopefully, India will project a well worked out proposal that IOC members will find attractive and award us the hosting of 2030 Winter Olympics. Let’s hope for the best!

The Ukraine war
After the end of Cold War, many former Soviet Union nations have joined the North Atlantic Treaty Organisation (NATO). Russia is concerned by the security implications if Ukraine too were to join the bloc. Ukraine made a strong statement that any military escalation could bear a heavy cost. But ignoring global pleas, Russia launched a multipronged invasion of Ukraine. The Russion aggression is a danger to the world. While we may have defence and other ties with Moscow, India must act now, at this moment, in a sensible and logical way and as an exponent of non-violence. With Russia and China enjoying veto power, any UN resolution considered against Russian interest is bound to fail.

India has advised its citizens, including students living in Ukraine, to return home. The free world calls upon the Russian President to re-consider and withdraw his troops and start dialogue with Ukraine leaders and other world leaders. At the moment, peaceful co-existence should be the top priority. In this context, MMA in partnership with KAS and ORF is organising a conclave on the theme, “Ukraine Crisis: Is Global Focus Moving Back to Europe?” with a galaxy of international experts, including Mr Kanwal Sibal, Former Foreign Secretary, Government of India, sharing their insights on 22 March 2022 at Hotel Leela Palace, Chennai.

Corporate governance
There is never been a dull moment with issues of corporate governance in India. Board room and chat rooms have been equally spellbound by the latest revelations emerging from the country’s premier bourse, National Stock Exchange (NSE), that an outsider was said to have guided its Management with business and regulatory advice. Despite the total freedom and authority granted to the exchange’s top executives, the board members betrayed the trust of shareholders whose interest they had to protect. Hopefully, regulators will not resort to a routine approach to governance issues, but will seek to balance flexibility and accountability with iron hands. Convulsions of outrage after a particular episode will not take us very far. We need significant institutional reforms if Corporate Governance is not to remain an illusion. The cause of investors trust must never get short shrift. It is vital to India’s economic success and faith in the process and systems. In this context, I am delighted to share with you a proposal under consideration to set up an MMA Centre for Business Ethics to focus on how to build ethical leadership to strengthen ethical culture in organisations and promote ethics research in India. This quote of Mahatma Gandhi is very relevant: “We must be the change we want to see in the world.” To spearhead that change process in ethics and business, I am sure that the MMA Center for Business Ethics will play a vital role. I am also delighted to share in this issue an article with an embedded video on the theme, “Ethical Blindness: Why ethical awareness is the bedrock for success and sustainability?” Please do share your view to strengthen our endeavour to promote ethics and trust as a culture in our society.

Not even a tulip
In her budget speech, the Finance Minister introduced a 30% tax on income earned from transfer of virtual digital assets. The budget’s move was taken as an implicit admission of the legitimacy of crypto token as an asset class. In this context, the RBI Governor’s flag of caution deserves attention. Urging investors to recognize the risk of putting money in crypto, he said, “The crypto currencies have no underlying (asset) not even a tulip.” This was a likely reference to a 17th century bubble of tulip prices inflated by a frenzy of buying in Europe that left many speculators with huge losses after it’s inevitable burst.

A crypto ban would be hard to enforce, given the secrecy with which password “Keys” can be held. Moreover, why forgo a loss of tax revenue? People should be left at liberty to buy the tokens they want. Caveat Emptor.

Young professionals giving back to society.
I am delighted to note that a new generation of wealthy Indians with a desire to give back and build a better country is driving philanthropic activities. The world giving index ranks India 82nd.. The US, which experienced significant wealth creation in the early 20th Century, is ranked first globally. As philanthropy grows, advisors and facilitators are needed to assist givers in creating an enduring and sustainable impact. There is no harm in enjoying wealth, but many of us have more than required, so why not we use some of it to help others? And to start asking ourselves how are we paying off our debt to society and our planet?’

RIP Lata Mangeshkar
An era has ended. Lata Mangeshkar’s voice transcended generations and it remains eternal. In a way, she led a full life and let us cherish the lovely moments she gave to this country. That she could rise to impossible heights in the world of music in those days where sound technology was at its nascent stage by dint of her hard work and sheer discipline sends a message to budding singers and management professionals. “After silence, that which comes nearest to expressing the inexpressible is music,” said Aldous Huxley. Lataji has exemplified this truth in her music journey. The magic was her mellifluous voice.

As always we would be happy to hear your view, comments and suggestions.

Stay safe, stay healthy and keep learning!

Now, Omicron has added an element of uncertainty to the global economy. But when it comes to emerging markets, the unanimous view is that the prospect remains bright. India’s GDP rebound (from the previous year’s pandemic contraction) does not necessarily mean than an economic recovery is underway; our economy was slowing well before Covid! The Government’s challenge is to not only ensure a revival of growth but also make sure that it is broad-based. Only then the real incomes of most Indians can rise. It will require policies that facilitate employment generation and increase the real income of a worker. We need to begin the process of structural reforms to undo the damage done to the large majority of informal workers and enterprises. The labour market remains disrupted like never before, and some of the changes might prove permanent. Many workers are wondering whether their jobs are even worth it.

The policies we choose now will have consequences for decades to come. We may have brought an end to the pandemic roller-coaster, but in 2022 we must act just wisely and quickly to enact strategies that will lead us into a better future. We are indeed delighted at the appointment of Dr V Anantha Nageswaran as the Chief Economic Advisor for India’s Finance Minister. An outstanding economist, he will surely provide the recipe for high growth, reviving investments and containing the budget gap. We have had the privilege of Dr Anantha Nageswaran addressing the members of MMA last month during the conclave on the theme “Participative Leadership”. An article on the thought provoking address is published in this issue with an embedded video. Enjoy reading the inspiring address on “The Traits of Great Leaders” by our CEA.

Leaders should use all their resources to generate awareness and push reforms that are aimed at keeping the skill-sets of the workforce up to the mark. It is critical for leaders to work with everyone and create a mechanism that encourages innovation and adaptability.

Change is the only constant
As the proverb goes change is the only constant. The field of technology has been evolving at a rapid pace that many of us find it tough to keep up. It is rightly predicted that the post-pandemic era is going to witness a shift in global dynamics. The heads of state and corporate executives will have to evolve and rework their strategies. Leaders should use all their resources to generate awareness and push reforms that are aimed at keeping the skill-sets of the workforce up to the mark. It is critical for leaders to work with everyone and create a mechanism that encourages innovation and adaptability. It is the endeavour of MMA to carefully conceptualise and curate its programmes to meet the aspirations and expectations of our stakeholders. In this context, we organised a number of conclaves / seminars in December 2021 on varied themes for the benefit of our members and management professionals. The recording of these high profile events is available for your viewing.

Indian economy & reforms
The state in India is not large relative to the size of the country, but still it spreads itself aggressively in doing many things. It fundamentally lacks the capacity to do all things well, ending up with poor governance and delivery of essential public services. Hence, it is critical to strengthen state capability to do those things well, whether it is for delivering public services such as education, healthcare, infrastructure development, law and order or enacting regulation to protect the environment. In that light it would be better to focus on a few key reforms, strengthen state capacity for reforms and leave the rest to the invisible hand of the market. In this context, MMA – KAS organized a conclave on the theme, “Robust Public Policy for Business Transformation.” The thought-provoking keynote address by Mr P R Ramesh, Former Chairman, Deloitte, is published in this issue with embedded video; please click to read on and get inspired!

Back to school
Over 200 million children have lost at least two years and we risk having a ‘learning lost’ generation. After a long gap, schools have finally opened their gates to enthusiastic learners. With in-person learning in place, classrooms are going to brim again with the chatter of students. Offline learning although familiar also comes with post-pandemic demands. Students and teachers need to take care of themselves and should not drop their guard. We strongly believe that educational space provides the best opportunity for promoting these lessons among children to foster a strong sense of responsibility in society. The MMA CSR initiative supported by ACSYS Investments and Super Auto Forge would focus on these areas to ensure students are provided with the best possible educational experience. The future of in-person learning in schools is bound to be bright and highly satisfying. There is hope because there are remarkable people unseen, unnamed but holding the world together and moving it.

Air India back in the Tata Group hangar
The Air India deal made all happy. This was the toughest company to divest. A loss-making venture and a debt of over Rs. 60,000 crores was a deterrent for any potential buyer. But Air India has some of the best aircrafts and routes. Tata’s prevailed and paid just Rs. 18,000 cores including cash of Rs. 2,700 crores only. It was a home-coming for the Tatas: The government was happy to get the company off its hands. The Rs. 42,000 crores debt was transferred to a special purpose vehicle. Everyone wins. The entire story must serve as a lesson for the management of other public sector companies—how undertakings large and small should not be allowed to go sick. The travel space now is crowded with many private airlines. It is up to the Tatas to ensure that passengers can reminisce the Air India of the good old days.

Budget 2022
India completes 75 years as an Independent nation this August. The Finance Minister will present the annual budget of the Union against this backdrop. There is a lesson to be taken from the past 75 years.

The Indian economy has broken free from many of its old structural constraints. The Finance Minister will present the new Union Budget at a time when the economy is recovering from the Covid shock. The recovery in domestic demand is still uneven, inflationary pressures are building up, global economy is preparing for higher interest rates and crude oil prices are close to their highest level in seven years. Budget 2022 will obviously focus on these challenges.

Women in leadership roles
Gender diversity across the Indian start-up ecosystem narrowed only a little in 2021 even as start-ups managed to raise record funds at high valuation during the year. A recent report showed that about 70% start-ups in the country have less than 20% women in leadership roles. While gender diversity in start-ups and tech has started to get a lot more attention lately, it continues to be a challenge. In this context, we are delighted to present to you in this issue an article on the theme “Gender Diversity & Inclusive Board Room” based on the thought proving address by Dr Amarnath Ananthanarayanan, Managing Director, The Sanmar Group – Corporate Division during the Conclave on the theme “Robust Public Policy for Business Transformation”.

We are also delighted to know that start-ups inc have begun 2022 with a bang: over 3.5 billion dollar investments in January 2022! Record funds amid downturn in global markets signals sustained investor interest. I strongly believe that it is a show of continuation of the long term investors belief in the Indian tech capability and success. We are indeed delighted to present the article on the event organized under the start-up series – Mr V Shankar in conversation with Mr Jahabar Sadique, Co-Founder & CEO, Chai Kings, on the theme “Chai Kings – Rising from the Ashes”.

The Russia-Ukraine crisis
As tensions heighten between Russia and Ukraine, Moscow is gambling a stand-off with the West. In this context, two major questions are of particular concern. Is Mr Putin rational? And can he be deterred? It is probably also wrong to suggest that Mr Putin cannot feel threatened by NATO because it would never invade Russia. A strong NATO with more members, especially in the East, would make Mr Putin look and feel more constrained, hence Mr Putin’s anti-NATO demands shouldn’t be seen as a sheer manipulation. May be NATO could have signalled earlier that the membership of Ukraine was unlikely. Let statesmanship prevail and hope for the peace!

Wishing our readers once gain a brighter 2022—raising a toast to those who adapt and change forever during the New Normal.

As always, we would be happy to hear your views, comments and suggestions.