Innholdsfortegnelse for 26 May 2024 i Business Today

BUSINESSES IN INDIA are treading cautiously as they navigate through an uncertain summer, grappling with ongoing geopolitical tensions, muted rural demand, and a pause on policy decisions and investments due to the General Elections. So even as the growth predictions for the economy remain around 7% for this fiscal (FY25), the record-breaking performance of the equity markets and India Inc.’s confidence seem to have abated to some extent, at least for the time being. This is evident in the BT-C Fore Business Confidence Survey of 500 chief executive officers (CEOs) and chief financial officers (CFOs) for the January to March 2024 quarter, which dipped marginally from a record high in the October-December 2023 quarter. The Business Confidence Index (BCI) dipped to 54.3 in the January-March 2024 quarter from 56.5 in…

THE RESERVE BANK of India (RBI) has a history of taking stringent regulatory action against financial institutions to safeguard customers’ interests. The latest step taken by the regulator is against Kotak Mahindra Bank, prohibiting it from onboarding new customers through its online and mobile platforms and issuing new credit cards. RBI’s decision is rooted in concerns over the bank’s IT infrastructure and risk management practices. A week after RBI’s action, joint MD K.V.S. Manian stepped down citing plans to “pursue other opportunities in the financial services space”. Frequent tech outages have also been plaguing the bank. How will the curbs impact Kotak Mahindra Bank? “We think restrictions will impact growth, including the dwindling Current Account Savings Account ratio (down 13%) and new card acquisitions (growing at 21% YoY and spends…

AS CAMPAIGNING FOR the General Elections continues, discussions over the distribution of wealth and the possibility of an inheritance tax have been raging in public forums, social media, and dining rooms, bringing back memories of India’s flirtation with socialism. At the heart of the issue lies the vast inequality of incomes in India, highlighted in several reports recently, but experts prescribe a focus on economic growth and human development as policy panaceas. A working paper titled ‘Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj’ authored by economists Nitin Kumar Bharti, Lucas Chancel, Thomas Piketty, and Anmol Somanchi in March highlighted the increase in inequality in India from the 1980s onwards, which has seen a significant surge since the early 2000s. “Between 2014-15 and 2022-23, the…

THE TOP 25 BEST COMPANIES TO WORK FOR HOW WE DID IT AS ALWAYS, Business Today and Taggd reached out to salaried employees of companies in India, across sectors, to participate in an open online survey. There were more than 43,000 respondents this year, compared to 35,000-plus last year. A certain proportion of respondents were randomly called back to cross-check their credentials and to ensure the quality of responses were of acceptable standards. We asked the respondents to select and rank three companies that in their opinion are the best companies to work for in India. Rank 1 has a higher weight as compared to rank 2. Also, the gap between rank 1 and rank 2 is considered to be more significant than the gap between rank 2 and rank 3. This…

Visionary entrepreneur Kamlesh Kukreja, known for transforming the hospitality scene of Indore, has made it to the Brands Impact 20 Inspiring Business Leaders 2024 with the accolade of Inspiring Business Leader of the Year (Hospitality). Venturing from management into entertainment, Kukreja founded Tic Tac Toe in 2018, reshaping Indore’s indoor party circuit with creativity and perseverance. His brainchild has swiftly emerged as the city’s premier hotspot, attracting renowned performers and setting new standards for upscale events. Expanding his empire, Kukreja introduced Bella Buono, a culinary haven renowned for its diverse menu and inviting ambiance. Now, on the brink of launching Kahani, Kukreja’s innovative spirit continues to redefine Indore’s culinary and nightlife experiences. Kukreja’s journey epitomizes visionary leadership, reshaping Indore’s cultural fabric and paving the way for endless possibilities where passion…

International Security Organisation (ISO Group of Companies) CEO Rajat Kumar Pruthi features on our list of 20 Inspiring Business Leaders 2024 as Inspiring & Influential Business Leader of the Year (Security Solutions & Facility Management). Rajat has propelled the ISO Group to unprecedented heights in security and manpower services, cementing their brand image, and garnering recognition from global platforms. With ambitious expansion plans spanning the Middle East, Australia, and Southeast Asia, Rajat plans to establish an in-house uniform manufacturing unit and a robust supply chain management system soon. Rajat is known for fostering high-performance teams dedicated to delivering exceptional results as a passionate industry leader. His pragmatic approach and penchant for innovation have enabled ISO Group to thrive in competitive landscapes, setting new benchmarks for success. Rajat epitomizes excellence, inspiration…

A true Technology Visionary Entrepreneur, Pioneer in Indian Technology World, Known as the “Steve Jobs of India” and “Guru in Semiconductors”, INDRAJIT SABHARWAL Founder and Chairman of SIMMTRONICS SEMICONDUCTORS holds Engineering and Post Graduate Management and certifications from USA and UK universities. Being the first in India to manufacture Semiconductors Chips device from 1992, lndrajit has been supplying to all the PC companies including Acer, Dell, LG, HP, IBM and more. Manufactured various components for PC and Laptop Segment. His company is the first in India to have manufactured Smartphones and Tablets from 2010 for OEMS and is ranked No. 3in the world in Tablet PC. Winner of 80 Global Awards, lndrajit’s Expertise in Semiconductors and Technology for the past 33 years and Unmatchable Vision and Technology roadmap to create…

Distinguished Digital Transformation Leader, Saurabh Suman Choudhuri has made it to our 20 Inspiring Business Leaders 2024 list for his holistic contributions to the tech industry, academia and the society with Artificial Intelligence (Al) & emerging technologies. Saurabh, Global Vice President at SAP, spearheads Al-powered innovations & incubations, enhancing productivity and global customer experiences. In addition to his corporate role, Saurabh is a guest speaker on generative Al at Georgia Tech University, advisor on sustainability using Al at the United Nations, mentor at TechStars in Atlanta and a board member of an NGO SMLA, empowering US Veterans to join back the workforce. Saurabh is a 2024 Forbes Business Council member and has published many articles on topics that matter to the nation, such as promoting ethical, safe, and secure Al…

WHAT DO THE employees of a company that provides answers to practically everything search for? Like other professionals, they too are looking for a workplace culture that values respect and has avenues for personal growth. What is the answer of the company (it’s Google in case you haven’t guessed it already) for them? For Google India, it is flexibility in their approach towards how (and where) employees work. And there’s a simple reason why Google is doing it. “For two decades, India has been the crucible where Google’s innovation has thrived. We’ve grown our presence across five cities and created a workplace and culture for India’s best talent to develop many of our global solutions with India’s unique needs at the forefront,” says Sanjay Gupta, Country Head & Vice President…

REVIEW This Yoga is a stunner. The 2-in-1, with its teal-coloured aluminium chassis (for which Lenovo charges a premium of ₹1,000), weighs just 1.49 kg, and is convenient to carry around. And since this device is from the Yoga line (with its signature 360-degree hinge), it can easily transition from a laptop to a tablet, along with tent and stand modes, thus catering to diverse tasks with ease. What I liked best about the device was the ease of use: from an extended hinge facilitating opening the lid with one hand to a well-spaced and backlit keyboard, it is these small but significant touches that make using the Yoga a dream. Powering the butter-smooth performance is an Intel Core Ultra 5 processor and 16GB of RAM; the review device came with…

IMAGINE EVADING THE peak-hour traffic of Bengaluru and covering the 35-km odd stretch from the airport to the centre of the city in under 10 minutes. Or imagine spending just seven minutes to travel to Gurugram from Connaught Place in Delhi, where driving takes somewhere between one and one and a half hours. This could be a reality soon—in fact in around two years’ time—when air taxis are set to be introduced in the country. They will cut down commuting times significantly, revolutionising the experience. InterGlobe Enterprises, the parent company of leading airline operator IndiGo, and US-based Archer Aviation have tied up to launch an all-electric air taxi service in India by 2026. Archer Aviation will provide 200 electric Vertical Take-off and Landing (eVTOL) aircraft, each capable of carrying four passengers…

Bondada Group, a trailblazer in the telecom, renewable energy and green construction products sectors, has made significant strides in its industry since 2012. The group mainly focuses on EPC and O&M activities in Telecom and Renewable energy sectors apart from diversified products in its kitty. Dive in to experience the success story of Bondada Group, a pioneer in its industries, led by visionary leader Dr. Bondada Raghavendra Rao, Chairman and Managing Director, discover the essence of the group and the inspiration that has fueled its remarkable achievements. Bondada Group has established itself as a leader in the rapidly expanding markets of India, including 4G and 5G telecom, solar/renewable energy, and green construction products. As the company marks its 12th year anniversary, the company has seen many positive developments unfold this…

IT’S A TALE AS OLD AS SPORTS. A highly skilled sportsperson, whose ability is frequently doubted and who is overlooked repeatedly, storms onto the global stage and proves the doubters horribly wrong. Perhaps no career better captures this arc than that of cricketing legend Mohinder Amarnath. He was doubted constantly and dropped from the team, only to defy all the odds at the 1983 World Cup that India won—the quintessential ‘comeback man’ of Indian sports. It’s no surprise then that Mumbai-headquartered ICICI Bank chose to tap into this powerful story and invited Amarnath recently to have a chat with employees. In the fast-changing banking world, there are times when an employee feels overlooked, and wishes to reskill and upgrade. Amarnath’s journey serves as a compelling narrative of the triumph of…

The brains behind Equirria CreativeStudio and ldiotCube, Sunny Goel has made it to the Brands Impacts List of 20 Inspiring Business Leaders 2024 List, earning the title Inspiring Business Leader of the Year (Branding Communications). Sunny was raised in the bustling streets of Delhi, and his transformation from a streetwise hustler to a visionary brand alchemist is remarkable and inspirational. Stepping beyond the confines of the corporate world, he founded Equirria Solutions Private Limited in 2018 with the aim of creating engrossing brand narratives that evoke strong emotions. The studio is one of the few to use technologies for curating brand narratives that reach and making an impact diverse audiences. Sunny’s story inspires many with his virtues of grit and vision, and skills like storytelling and innovation. He is a…

Leading the way in India’s biofuel industry and driving the country’s sustainable energy initiatives is TruAlt Bioenergy, the country’s largest ethanol producer. The organisation’s emphasis on excellence is steered further ahead by its Chief Financial Officer, Debnath Mukhopadhyay. Debnath’s incredible financial acumen is demonstrated by his rise from junior accountant to CFO at TruAlt Bioenergy. He has a strong educational background and has worked in various industries for 24 years, from FMCG to renewable energy. Debnath uses his vast experience from prestigious positions in various industries to shape the company’s financial strategies. He has received multiple honors for outstanding work, including SAP S4 Hana Implementation Excellence and CFO of the Year. Debnath’s leadership advances India’s sustainability goals by strengthening TruAlt Bioenergy’s position in the biofuel industry. His commitment to excellence…

Dr. Aishwarya Selvaraj, a visionary with a keen eye for innovation in the field of aesthetics, has carved a unique path as a boss, doctor-entrepreneur and social media influencer. At the helm of Skin Envy, a Chennai-based skincare clinic, Dr. Aishwarya prioritizes accessibility by offering the world’s most advanced technologies at affordable prices. Her expertise and influence extend beyond her clinic walls as her love for skincare extends to her fashion venture, Sarvatva Sarees! Prioritizing skin health, Sarvatva Sarees utilizes organic, skin-friendly fabrics free of endocrine disruptors. Sourced ethically from women weavers, the brand reflects her commitment to ethical and sustainable practices. Recipient of the National Fame Award for Most Popular Cosmetologist of the Year, Dr. Aishwarya seamlessly blends her international medical expertise with her entrepreneurial vision to redefine the…

Dr. Amit Kumar stands as a beacon of expertise in healthcare, with over two decades dedicated to diabetes care and general medicine. Amit has been recognised as one of Patna’s top three diabetologists for seven consecutive years, his accolades stemming from a meticulous SO-point evaluation by a US-based firm, Three Best Rated. Amit began his journey at the esteemed All India Institute of Medical Sciences New Delhi, followed by a post graduate diploma in diabetes from Cardiff University, UK. His professional trajectory spans from internships and residency at AIIMS, New Delhi, to five years of internal medicine training in Singapore’s Tan Tock Seng Hospital. Currently, Amit orchestrates his diabetes clinic with precision, concurrently serving as a consultant physician at Power Grid, Eastern Region. Beyond clinical practice, Amit enlightens audiences on…

ON FEBRUARY 15, 2024, just three months after its launch, Zerodha Fund House—a joint venture between India’s largest stockbroking firm Zerodha Broking and portfolio investing platform smallcase Technologies—attracted 100,000 investors and ₹500 crore in assets under management (AUM). The fund house took just 40 more days to accomplish the next ₹500 crore in AUM, because of the sharp rally in the market. But what makes Zerodha Fund House such a popular choice among investors looking at the mutual fund (MF) route is its unwavering focus on passive investing. It is India’s only purely passive MF company. However, the shift towards passive investing is evident across the industry. According to the Association of Mutual Funds in India (AMFI) data, the total AUM of all passive funds surged to more than ₹9.34…

In the tranquil depths beneath the surface lies a realm ripe for discovery. It’s within this sub-merged world of marine marvels that Ashok Vashist, the Founder and CEO of the cabhailing start-up WTiCabs, finds peace. With 50 dives under his belt, Vashist, a certified scuba diver, has ventured into the depths of destinations like the Andamans, Phuket in Thailand, and Bali in Indonesia. For Vashist, scuba diving isn’t just a hobby; it’s a family legacy. Inspired by his father’s distinguished service in the Indian Navy as both a proficient instructor and an adept diver and swimmer, Vashist found his calling beneath the waves. “Growing up in coastal areas, I naturally developed a profound love for the sea. Therefore, it was only natural for me to choose scuba diving as my…

FOR NESTLÉ, the Swiss packaged foods giant, it feels like history repeating itself. Nearly nine years after facing scrutiny over the quality of one of its top-selling products in India, there’s a feeling of déjà vu. If it was Maggi instant noodles last time, now it’s Cerelac infant cereal, another prized product. Following a recent report by Public Eye, a Swiss investigative organisation, and the International Baby Food Action Network (IBFAN), concerns have surfaced about added sugar in the popular infant cereal. This controversy is one Nestlé India would rather have avoided. The report highlights Nestlé’s practice of adding sugar to Cerelac in countries like India, Thailand, and Ethiopia, while selling the same product without added sugar in wealthier nations like the UK and Germany. In other words, accusations of…

A retired Joint Commissioner of the Income Tax Department bringing a unique perspective and a fresh approach to Radhey Constructions India Pvt. Ltd. and Cloudswood Constructions Pvt. Ltd. Mr. Prasad Rao Daggumalla is a towering figure of patriotism and unparalleled achievement. Emerging from the esteemed corridors of the Income Tax Department, Mr. Prasad’s journey, marked by dedication and service, has taken him to new heights as Chairman of Radhey Constructions India Pvt. Ltd. and Cloudswood Constructions Pvt. Ltd. He now ascends to the pinnacle of political glory, where he advocates a symphony of change, justice, and national pride. Education: A Testament to Triumph Born on January 9, 1962, in Chinthagumpalle, Chinnaganjaam Mandal, Chittor Dist, Mr. Prasad Rao Daggumalla hails from humble beginnings. Raised by his late parents, Luke Daggumalla and…

FOR THE PAST two years, Hindustan Unilever Ltd (HUL) has gone to business schools specifically looking for graduates inclined towards digital commerce. That’s nothing unusual, except that traditional sales and marketing functions have made way for new job descriptions. It indicates a changing India where many opportunities have forced companies regardless of size to look for talent but with a difference, and this comes forth in the BT-Taggd survey of The Best Companies to Work For in India this year. Just what is the change? Today’s talent—and there’s plenty of that in India—is looking for a new set of challenges and new-age roles. For them, a sales and marketing job is passé. For instance, HUL has created the position of e-commerce manager. Large FMCG companies see around 10% of their…

RAJESH KINI, A 31-YEAR-OLD with visual impairment, knows that true vision transcends the gift of sight. Despite his condition, he harbours a dream—to champion accessibility and empower individuals with visual impairment through digital literacy. Since joining Accenture in India in 2019, Kini has been a beneficiary of the company’s robust accessibility initiatives, which have only made his commitment towards inclusivity stronger. Now a member of Accenture’s Accessibility Centre of Excellence team, Kini imparts knowledge and provides training on accessibility, striving to make virtual and physical spaces accessible to all. Kini is just one among many who have benefitted from the IT major’s robust policies towards disability inclusion. “We are proud of the strides we have made towards disability inclusion. In December 2022, we received the National Award for the Empowerment…

Renowned psychic guru Dr. Karishma Shetty has made it to our 20 Inspiring Business Leaders 2024 list for her unique contributions to remedial Vastu and modern parapsychological techniques. Revered by many as “Guruma,” Dr. Karishma Shetty is a shining light in astrology, healing, and spiritual guidance. Karishma was born with psychic abilities and found her calling early on. Her knowledge encompasses various spiritual disciplines, such as Numerology, Reiki, Lenormand Reading, Lithomancy, Oracle Card Reading, Tarot Reading, Energy Healing, etc. Her team helps people discover and use their spiritual gifts to spread happiness and joy. Karishma’s contributions have been widely acknowledged, and she has received multiple awards for excellence. Her accolades include the BE Publications WOW Ace’s Numerologist Par Excellence Award, Swasth Bharat Awards, Golden Glory Awards 2021 for the Most…

Varnika Gulati, Creative Director of Gulati Editions, embarked on a digital transformation journey after graduating from Flame University in 2019. Her mission is to redefine the traditional consumer market and promote Indian handloom nationwide. Through her innovative digital strategies, she aims to reach millions, showcasing Gulati Editions’ niche range of handloom Banarasi sarees. Varnika’s passion for India’s handloom craft and weaver community has been featured in prominent editorials like Forbes India, Fortune India, and Femina India. Today, Gulati Editions is not only renowned for its handloom sarees and fabrics but also for supporting thousands of weavers, preserving legacy spanning generations. Owing to her creativity and sharp business accumen, Varnika makes it to our list of 20 inspiring business leaders 2024.…

A Trailblazing HR Consultant Making Waves in the Industry Vinutha is a seasoned HR professional with two decades of experience. She has mastered skills both at dynamic start-ups & billion-dollar corporations. In her recent role as a Global HR Head, she successfully scaled a company from 20 to over 1500+ employees, showcasing her ability to oversee diverse regions & drive significant revenue growth. In 2020, Vinutha embarked on her entrepreneurial journey, founding, “Deeva Consulting”, with a vision to revolutionize business performance through practical and impactful HR strategies. Her consultancy delivers crafting vision & mission statements, devising engagement strategies & performance management systems. Vinutha has a track record of working with clients helping them with business strategy and leadership through training and coaching, earning a reputation as a trusted advisor. Her…

IN 2011, WHEN Deepti Varma started her journey with Amazon India, it was a time when the American giant was yet to etch its name firmly in the Indian market. Despite her senior role at a private healthcare firm, Varma was drawn to Amazon by the company’s values, particularly its ethos of empowering innovation regardless of geography. Reflecting on her decision, she fondly recalls, “The mindset of the owner—giving you the freedom to operate, irrespective of the geography… those are some of the qualities that I felt unique.” Since then, Varma’s trajectory within Amazon has been remarkable. Initially managing technology teams, she now serves as the Vice President of Human Resources, overseeing corporate and Amazon Stores across APAC, Japan, Middle East, Africa, and the Emerging Markets. Simultaneously, Amazon itself has…

THE SUPREME COURT IN ITS RULING ON NOVEMBER 4, 2022, UPHELD THE VALIDITY OF THE EPS AMENDMENTS OF 2014 IT STRUCK DOWN THE NEED FOR EMPLOYEES’ CONTRIBUTION OF 1.16% FOR HIGHER PENSION IT GAVE FOUR MONTHS TO ELIGIBLE EMPLOYEES WHO DIDN’T OPT FOR HIGHER PENSION PRE-2014, TO DO SO WITH THEIR EMPLOYERS EPFO HAD SOUGHT APPLICATIONS FROM PENSIONERS AND SUBSCRIBERS FOR HIGHER PENSION EPFO IS CURRENTLY PROCESSING APPLICATIONS FROM PENSIONERS, BUT A STAFF CRUNCH HAS SLOWED ITS PROGRESS OVER 17 MONTHS and counting. That’s how long members of the Employees’ Pension Scheme (EPS) have been waiting to see the implementation of the November 2022 Supreme Court ruling on higher pension. While they still have hope, there is little clarity on when the apex court’s ruling will be implemented by the…

If food was fashion, then it would be called Gaggan,” declares the menu at the swanky new Gaggan Anand restaurant called Gaggan at Louis Vuitton, nestled within the recently opened LV The Place Bangkok, a majestic edifice along Ploenchit Road in the Thai capital. This latest venture by the French fashion powerhouse promises guests an immersive journey into the maison’s universe, complete with a tech-driven exhibition, a chic patisserie, an expansive retail space and a one-of-a-kind fine-dining experience crafted in collaboration with maverick chef Anand. Since its grand unveiling in March, the sleek 40-seater restaurant has been fully booked, with reservations for its 17-course tasting menu, priced at 8,000 bahts (around ₹18,500), pouring in from Louis Vuitton’s HNI client base. Anand, arguably the most well-known Indian chef in the world,…

What was the problem you were grappling with? When we started CarDekho, the term ‘start-up’ was relatively unknown, and the online car research industry was yet to take shape. This posed a unique challenge, especially in a Tier II city like Jaipur, where finding talent that shared our vision and gaining their trust proved to be a daunting task. Whom did you approach for advice and why? The primary sources of advice and support were my family and colleagues at CarDekho Group. The biggest support came from my brother, Anurag, Co-Founder & COO of CarDekho Group. In this entrepreneurial journey, we have had good times and bad times, but he has been the same always—supportive, calm, empathetic, and the best listener. What was the advice you received? The advice I…