Probiz August 2014

July/Aug 2014

Probiz July/Aug 2014

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INDIAN BUSINESS & PROFESSIONAL COUNCIL PUBLICATION

Vol 12 - July/August 2014

Dont Touch Feet, Touch Hearts P8

Narendra ModiIndia’s 15th Pr ime Minister

July/Aug 2014


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GREETINGS FROM MEMBERS OF THE

ADMINISTRATIVE BOARD

Mr. Paras ShahdadpuriPresident

Mr. Navin KapoorSecretary General

Mr. G.R. MehtaAdministrative Board Member

Dr. G M BajpaiVice President

Mr. Abbas Ali MirzaAdministrative Board Member

Dr. Ram BuxaniAdministrative Board Member

Mr. Lokesh V PuthranTreasurer

Mr. Kiran H. SanganiAdministrative Board Member

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PROBIZ INDEX

Index

The Indian Budget

16

New Ambassador and CG Welcomed

23

The Traditional Tamil Nadu

36

A Fast Rising Country

43

Snippets from India

45

Dietetics of Ayurveda

47

New Members 51

CONTENTS

Dont Touch Feet, Touch Hearts Page 8

Sheikh Hamdan Meets IBPC Board

Page 21

Launch Of Book -

“Re-Imaging India”

Page 27

July/Aug 2014 5

PROBIZ INDEX

EDITORIALGroup Managing EditorVijay Manikoth)MD & CEO - Winning Edge(

EditorArnab Ghosh

Contributing EditorsRaj VetiyeraVimitha DeepakMuhamed RiyazMeetu Mishra

Editorial CoordinatorAjith Philip

Art Direction / ProductionV. Vijay

Photographer K.N.Mani

Advertising & [email protected], [email protected]

Probiz is the official publication of Indian Business Professional Council and is for Private Circulation Only. The opinions and views contained in this publication are not necessarily those of the IBPC as publishers. Every effort has been made by the designers, printers and publishers in incorporating correct information in this publication and they regret that they cannot accept liability for any errors or ommissions contained herein, howerver caused.

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July 2014

Probiz July 2014

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INDIAN BUSINESS & PROFESSIONAL COUNCIL PUBLICATION

Vol 12 - July - August 2014

Page 36

President’s MessagePage 7

Probiz Calender 4Legally Speaking Page 53

IBPC CSR Page 31

Page 20

Indian Ambassador’s

Announcement

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PRESIDENT’S

My Dear Friends,

The much awaited change in the government in New Delhi has been received with great expectation and excitement. The in-stallation of the Modi government has brought a much needed breath of fresh air into the stagnating Indian economy. There is a confident sense of hope that India is on its way to achieving its rightful place as the third largest economy of the world which can spur the global economic growth. Prime Minister Modi is being looked at as a major driving force who would bring in good governance and confidence of an investor to invest in India. Mo-di’s slogan of ‘minimum government and maximum governance’ resonates well with the investors and masses at large who have seen policy paralysis during the past government. Looking at the size of his cabinet, he certainly seems to have walked the talk. He has already sent strong signals to his Ministerial colleagues and to the senior bureaucracy that he means business and not ex-cuses, howsoever valid those could be. He is a trend-setter when he says: “don’t touch feet, touch hearts” and get out of the syco-phancy culture. He also rightly said that we now need Actions and not Acts (of Parliament). It is heartening to note that the Prime Minister has given emphasis to not only good governance but for the rules and regulations to be pro-people and pro-active. His message has been very loud and clear.

He has very actively embarked on India’s foreign policy by giv-ing special emphasis on friendly relations with India’s neighbors which is evident when he invited SAARC leaders on his Inaugu-ration. UAE being an extended neighborhood, it is also likely to receive focus of Modi’s foreign policy.

I have known of the strong indications that the much-awaited Prime Ministerial visit to UAE, after long 33 years, should take place in not too distant timeframe. The last Prime Ministerial visit to UAE was by Mrs Indira Gandhi in 1981! Similarly it is ex-pected that the new Foreign Minister Mrs. Sushma Swaraj, would visit UAE shortly.

The Modi government’s maiden budget has been acclaimed as a very forward-looking, growth- oriented, reform-minded and bold budget. Bold, because no populist measures or freebies were announced. On the contrary there are strong indications that an amount of more than US$ 40 billion, which equals to 15% of the national budget, being spent on populist measures and subsidies will be reviewed. Strong focus on much needed infrastructure building, setting up of 100 smart cities, emphasis on manufac-turing sector are strong indications of government policies to take the country to annual GDP growth of 7-9 percent. Relax-ation in FDI in defense and insurance sectors is encouraging. It is believed that all these measures will have positive impact on India-UAE economic and investment relationship.

The active part being played by the state governments through their road shows in UAE and other countries is yet another good beginning because after all it is a sum total of states GDP which makes the National GDP. IBPC was privileged to host a high level

delegation led by dynamic Chief Minister of Madhya Pradesh, Shri Shivraj Singh Chouhan accompanied by his strong dele-gation of three Ministers and a number of secretaries. Similarly a senior Cabinet Minister of Gujarat government visited Dubai and invited businessmen and investors in the vibrant state of Gu-jarat.

At the local level, IBPC has been hosting a large number of events, notable among them being the visit of SBI chairperson, Ms Arundathi Bhattacharya, NAREDCO delegation, Times Now --post Budget event, Suhoor Dinner, Times Now- Arabian Busi-ness Czars event, besides Business Networking Meets with Swiss Business Council, etc. etc. IBPC held an impressive event in con-junction with McKinsey and Indian Consulate on “Reimagining India” which was a thumping success attended by almost 400 guests. The seminar provided a fresh thought on India’s capabil-ities, its vision and its potential in the next decade. At this event a very thought provoking book “Reimaging India” was launched with the attendance of a number of senior Emirati dignitaries.

IBPC played CGI Cricket tournament and also again the Inde-pendence Day 10-team Cricket Tournament. I am delighted to announce that in the face of stiff competition from many teams, IBPC came out as runners up.

On the social responsibility front, I am glad to say that IBPC dis-tributed 2000 food packets during the holy month of Ramadan to our unsung blue-collar heroes.

I welcome my dear colleagues back from the holiday season and back to the business. IBPC has lined up very exciting events in the last quarter of the year which I am sure will benefit my distin-guished members in their business and personal life.

I join our Administrative Board members to wish all our dear friends happiness and prosperity in their lives.

Jai HindParas ShahdadpuriPresident

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D o n ’ t t o u c h f e e t

T o u c hHearts

L iv ing the Dream and Ful f i l l ing the Promise s

f rom Ra i s ina H i l l

In those tree-lined avenues, colonial bungalows and in the corridors of Raisina Hill something was changing. The heat of May and early June

can slow down even the best of the best but here were a set of changes that would redefine all that government and governance stand for! As Narendra Modi and his team read their oath of office and secrecy, a new journey for India began. A journey where delivery mattered over empty promises, where quality of governance mattered over size of government and where actions prevailed over acts!

The shift came in much faster than one would have imagined. Sitting in the audience when Narendra Modi took oath as the PM were leaders of SAARC nations and the leader of Mauritius. This gesture showed both statesmanship and an offer of peace and brotherhood in the region. At the same time it demonstrated Narendra Modi’s commitment to strengthen relations with SAARC nations keeping in mind India’s eminent role as an economic superpower in the region.

• Setting the Agenda From Day 1From the time he led the NDA to a win till the present, Narendra Modi has shown that this is a Government that will be proactive and not reactive. It is the Centre that will set the agenda. Officials saw this as a welcome break from the past.

The proactive not reactive approach was seen everywhere! In the very first Cabinet meeting the Cabinet cleared the decision to set up an SIT on black money, a strong personal commitment of the PM himself. At the same time the PM met Ministers individually and all Ministers were asked to prepare a 100-day blueprint for the work of their Ministries. Ministers were told clearly that the focus was governance and service delivery not camera optics and statements. The Council of Ministers too got to work quickly with each Minister taking minutest stock of the working of their departments and initiating the wheels of change.

That the PM had little time for politics was

COVER STORY

9July/Aug 2014

evident when he declared that there is no need to bother on the names of various schemes be it JNNURM or any other. The focus is only one - to make these initiatives stronger for the larger benefit of the people. This definite break from tokenism was hailed across the board.Among the first decisions taken by the Centre was to abolish the E-Goms, which had become the norm of the day during the UPA regime. Over the years the E-Goms became synonymous with delays and policy paralysis, leading to a slowing down of economic growth. In the new dispensation, if there is someone empowered it is the Ministers and the officials. Things like E-Goms are now a matter of history.

• Empowering OfficialsOn the evening of 4th June 2014 the Prime Minister met a large group of Secretaries to the Government of India. News reports suggest that such a meeting was held after a long gap of 8 years but for Narendra Modi such meetings are nothing new. As CM he used to organise Chintan Shibirs, a retreat of sorts where officials would brainstorm together and have a frank exchange of ideas and views.For over 2 hours the Prime Minister heard the views of the Secretaries. In his talk he asked them to simplify administrative processes and make the government people-friendly. He also talked about institutionalizing processes that can last longer than individuals so that better results are

given. At the same time he emphasized on the 2 Ts of teamwork and technology that can address grievances of the people. The PM told the officials that the way ahead lies in coordination and not confrontation. Archaic rules that served no purpose in this day and age are to be removed. Status reports have to be presented on important projects.

The Secretaries came out of the meeting impressed! Amitabh Kant, currently Secretary DIPP Tweeted, “1st time in my career free, frank & fearless interaction with d PM of d country. Highly motivating! Gr8 flow of ideas!”

• Don’t touch feet, touch hearts!If there is one thing the Prime Minster does not have any time for, it is sycophancy. He categorically told the MPs that no MP should touch his feet and instead the focus should be on serving their constituencies better. Even for the most apolitical of beings, the contrast with the last few years could not be missed.Considering the 15th Lok Sabha would have the largest number of fresh MPs in the last many years, Narendra Modi ensured that he spoke to all the BJP MPs, particularly the new BJP MPs and encouraged them to join this movement towards development and good governance.The guidelines to Ministers were also clear - no family in their personal staff.Similarly the PM requested them to embrace social media and

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communicate with people directly through that medium.

• Pro People Proactive Good Governance

“Mere good governance is not enough; it has to be pro-people and pro-active. Good governance is putting people at the center of development process.”It has been Narendra Modi’s firm conviction that good governance alone is not enough; it has to be pro-people and pro-active. He believes there should be a tangible impact in the lives of the people through Good Governance.

• Minimum Government, Maximum Governance

On governance Modi said, “I believe government has no business to do business. The focus should be on Minimum Government but Maximum Governance. For decades, we have had extraordinarily large governments while ironically the quality of governance has been quite poor. There has been more attention paid to the size of the government and not so much to its quality. Thus, Narendra Modi’s model of a small yet efficient government stands out. Narendra Modi believes that the role of a Government in businesses should be limited to that of a facilitator.

• We need Action not Acts“The need of the hour is a bureaucratic shift! Governments boast of giving people the new rights but the Constitution of India has already provided us with many rights. What we need are not more new Acts – we need action”

• People Public Private Partnership. One of the main reasons of Mahatma Gandhi’s success while leading the freedom movement was that he could involve people on a very large scale in the movement for independence.Similarly for any Government to be successful, public participation in policy formation as well as execution is a must. Unless people partner

the Government in its initiatives, many a goal remain on paper and may not yield desirable results. Perhaps one of the lesser known reasons behind the success of Narendra Modi has been his ability to make development a mass movement by empowering people & harnessing their potential for the success of government’s efforts. When you make people part of the policy formulation and also make partner in execution, the people assume the ownership of the project and hence will leave no stone unturned to make the programme successful.

July/Aug 2014 11

COVER STORY

Sabka Saath, SabkaVikas : Collective Efforts Inclusive GrowthGovernment has only one religion – India first!Government has one holy book – the Constitution.The Government must be immersed in only one Bhakti- Bharat Bhakti!The Government’s only strength is Jan Shakti!Government’s only ritual is the well being of the 125 crore Indians!The only code of conduct of the Government should be ‘Sabka Saath, Sabka Vikas!

That’s the question everybody is asking…how much does the PM sleep? How much does he relax? On the very first day in the PMO he took a round of the PM office and met PMO staff. Those who attended the meeting were very impressed- the Prime Minister met them and heard their views. Since taking over its been over 19 hours at work for the PM.

The same is the case with Ministers. Take the case of the newly appointed Minister of State for Home Kiren Rijiju. The young Minister himself admitted that he had to adjust his sleep pattern keeping in mind the routine and work schedule of the Prime Minister. Another Cabinet Minister Harsimrat Kaur Badal recalled how she got a call from the PM at 9:00 am one day telling her that she had to meet him in the next ten minutes.

As the NDA government settles into office, one thing is clear - here is a government that means business and is going to leave no stone unturned to fulfill its promises to the people. The best from the past will be complemented by innovations of the future. There will be no politics, only a positive agenda of development. And for those not used to early morning calls, surprise checks into offices, detailed pep talks and lot more, the only thing to say is - get used to this for the coming years!

PM Modi fast tracks Government, silently !2 months since taking office, Prime Minister Narendra Modi has effected significant changes across the spectrum of governance at the Centre, almost always without media attention.

While experts on the Modi model of governance say that it will take six months for the changes to be visible, and two years before a new structure of

governance is completed for ignition of the economy towards 15% growth, senior officials say that the difference between Modi and his predecessors has already become visible across the bureaucracy. “The difference is much more than the cosmetic effect of coming to work early”, an official disclosed, adding that “what is changing is the pace and quality of decision-making, now that we have a PM who is fully involved in both the initiation of policy as well as monitoring its implementation.

Aware that the judicial system has become a bottleneck to growth, thanks to the inordinate cost and length of time of even routine litigation, the PM is setting up a National Litigation Data Grid )NLDG( “that would give immediate online information on every case being heard across the country as well as the judges hearing the case”. This would enable monitoring and feedback by the Supreme Court of efficiency in the disposition of cases, and also give the public accurate and real-time data about the progress of cases across the country.

Unlike in the past, when ministers operated as mini-PMs, running their fiefs as they saw fit, not bothering about directives or advice from the Prime Minister’s Office )PMO(, these days there is constant monitoring of all ministries and their political and departmental heads.

An example was a minister hailing from Maharashtra, who had gone on a stroll outside his residence dressed in jeans and sports shirt, only to get a call from the PMO that perhaps such attire was “inappropriate” for a Cabinet minister to don in public. Another minister was queried about a huge dinner that he was in the process of holding at official expense, and was told by a PMO official that such an expense was avoidable.

Does the Prime Minister relax at all?

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The dinner was called off.

Ministers are being made to justify the trips they have made by itemizing the work done during such sojourns. “The purpose is to create a culture of accountability at the top”, an official said, adding that “the hardest working member of the Cabinet is the PM himself, who seldom works less than 16 hours each day”.

Price rise has been flagged as a major concern, especially of food items. In this context, speculators )who were allowed to operate in an

uncontrolled fashion by the UPA( are sought to be curbed by the creation of a National Food Grid )NFG(. This would “give accurate online data on the 3,600 mandis or major food produce markets operating across India, and thereby weaken the agricultural mafias now controlling the supply of food items from farmer to shopkeeper”, a senior official said, adding that “each of these changes is coming straight from the top”.

Interestingly, forest and environmental clearances that were a major block to economic activity during the UPA decade, are now going online, “with clear instructions from the PM that decisions should be taken within 24 hours”, except in rare cases.

Rather than freeze or roll back economic activity as was the norm during the past decade, “this will be balanced against environmental needs so that any decision will be in overall public interest”, including the right of citizens to income and occupation. Importantly, keeping in view the need for food security, field trials have been cleared for 21 genetically modified foods, to supplement the five already okayed, which include

brinjal, rice and cotton.

The Land Acquisition Bill passed by the UPA “has made it impossible to set up a large-scale industrial unit in India”, according to a senior official.

Accordingly, changes are on the anvil that would lower the proportion of those affected consenting to land being acquired from 80% to 50%, while the definition of those who are “project affected” has been limited to husband, wife and children rather than — as previously — the extended family. Also, the “lapse clause” will be removed, so that those setting up units do not invest funds in the fear that the land will someday get reclaimed by the original owner. The officials stressed that this list, although long, is “only indicative, and there are many more such innovations being considered”.

The expectation is that within six months, the removal of the blockages created during the UPA period will result in an acceleration of overall growth to the double digit number in two years.

Modi struck all the right notes during his two day official visit to Nepal, the first bilateral visit to the country by an Indian Prime Minister in 17 years, though Indian leaders have routinely attended regional summits in Kathmandu.His unambiguous pledge of mutual cooperation was followed by an announcement of $1 billion concessional loan to Nepal for infrastructure i.e to help build power plants and roads, and vowed to expedite the finalization of two energy cooperation related pacts - a Power Trade Agreement and a Project Development Agreement - within 45 days. Nepalese President Ram Baran Yadav said “You have won our hearts with your speech at the Parliament”.

Nepal needs highways, information ways and transmission ways. India will support you in all these” Modi said in his address to the Nepali parliament.

Prime Minister Narendra Modi is expected to address the United Nations General Assembly on September 27, giving his first global speech to an audience of nearly 200 world leaders and foreign ministers at the annual gathering of the world body’s policy-making organ. He will also address thousands of Indian Americans at the famous Madison Square Garden in New York during his US visit. BRICS Development Bank was launched recently, the first President to be

“Prime Minister Narendra Modi visited the Bhabha Atomic Research Centre”

July/Aug 2014 13

COVER STORY

from India.

Leaders of the BRICS group of emerging powers met in Brazil, and created a Shanghai-based development bank and a reserve fund seen as counterweights to Western-led financial institutions. The leaders of Brazil, Russia, India, China and South Africa agreed to launch the institutions to finance economic crises.

The New Development Bank aims to rival the Washington-based World Bank while the reserve is seen as a “mini-IMF”. The development bank will have initial capital of $50 billion that could rise to $100 billion, funded equally by each nation.

To ease worries of any nation getting more power than the other, BRICS leaders agreed to put bank’s headquarters in Shanghai. The first President will be from India hence it will be Narendra Modi, while the first board chair will hail from Brazil.

Modi Magic yet to cast its spell on his promise to bring sweeping market reforms and other drastic changes to the over all development and progress of India, and also communal harmony.!

Some people are disappointed as PM fails to deliver on his promise to bring sweeping market reforms. To be fair, the Government has a five year term to achieve Modi’s goal of transforming India into an economic and military power able to withstand the rise of China on its doorstep. Modi will be looking forward to his first Independence Day speech from the ramparts of the Red Fort in Old Delhi, and the expectation within his party is that he may use the occasion to announce bold changes that have so far been absent. According to Economists, the Government has already moved with “unaccustomed alacrity” on a number of fronts,

such as opening up the state railways to foreign investment and providing new guidelines for a more streamlined bureaucracy. “But the stuff that will lift economic growth over time...requires deft and delicate handling’”.noting resistance to reform from the country’s states and the challenges of pushing legislation through the upper house of parliament, where the BJP does not have a majority.

Modi won India’s biggest election mandate in three decades in May after promising to revive growth that has fallen below 5 percent, choking off job opportunities for the one million people who enter the the workplace every month. He dangled the prospect of new roads, factories, power lines, high speed trains and even 100 new cities. These are humongous tasks, which will require an overhaul of India’s land acquisition laws, faster environmental clearances and an end to red tape. While Modi is yet to unveil major policy initiatives, he has been unrelenting in his focus on making government accountable and holding his ministers to high standards of public probity. As stated earlier, Cabinet colleagues routinely field calls at the crack of dawn or late at night from the Prime Minister’s office, often to check on work in progress.

Modi himself works 15-hour days and at weekends, and expects similar commitment from members of his government. One minister was refused permission to go on a private trip abroad to attend his daughter’s graduation. He was told that, if he really had to go, he should give up his post. Another, on his way to the airport for an official tour, was told to dress appropriately since he was representing his country. In all fairness, Modi has been taking quite a few incremental measures, which will make it easier to do business in India, “a banker said, on condition of anonymity. “People pay little attention to nuts and bolts reforms as they don’t make headlines, but they count a lot.”

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The President of the Indian Business & Professional Council in Dubai, Paras Shahdadpuri, speaking to the “Al Bayan” Arabic daily

Paras Shahdadpuri, the President of the Indian Business & Professional Council in Dubai, considered that the economy of UAE including the economy of Dubai is moving forward at a very high pace since the announcement of winning Expo 2020 bid by Dubai. He added to “Al Bayan” that the data indicates that there are about 30,000 Indian companies in Dubai and more than 40,000 companies owned by Indian nationals in UAE. It is estimated that the investments by these companies in UAE are more than AED 200 billion )US$ 55 billion(.

Paras Shahdadpuri clarified that in addition to these business investments, Indians have invested another AED 45 to 55 bn )US$12-15 billion( in the real estate sector which is perhaps the highest investment by any single expat community which is impressive. He indicated that the property sector, both in value and rentals, has witnessed sharp rise of more than 30% during the past eight months which is a clear barometer of the development that is taking place in UAE economy, and I believe that this trend of development will continue given the current political and economic developments that are taking place in the neighbouring countries.

Another important development is the installation of the new government in New Delhi headed by the dynamic Prime Minister Narendra Modi. India is on the move again and it is expected that its GDP will soon grow at the annual rate of 7 to 9%. Any economic growth in India shall have its positive influence on UAE as UAE is India’s one of the biggest trading partners and is an extended neighbourhood. In reply to a question, Paras Shahdadpuri said: “in my assessment, the sectors that are likely to see high growth are the real estate with the impending Expo 2020 mega projects, Tourism, logistics and Services”.

Initiatives & Plans of IBPC

The Indian Business & Professional Council in Dubai

frequently organises high level seminars and hosts events for visiting Indian Ministers and dignitaries and for UAE government entities and business community, in an attempt to raise awareness between its members and the Emirati community. The Indian Business & Professional Council also launched another initiative by holding joint meetings with the business councils of other countries in UAE in order to seize the available opportunities in third countries.

15% Membership Growth in IBPC

The President of the IBPC said that the base of membership of the Council is growing, as the membership grew by almost 15% through the joining of new members to the Council, which is a testimony of the increased interest in the Council and its activities.

Future investments in UAE

Shahdadpuri confirmed that the international investments in the UAE as estimated by “Morgan Stanly” will grow, expecting that the Indian investors, as usual, will take a lead in further investments in the UAE economy. The Indian companies have investible funds and are hunting for the attractive markets that may provide them with the higher return on investment, clarifying that such flows from the foreign direct investment will naturally bring benefit to the UAE economy and generate quality wealth creation.

Expo Projects

Concerning the chances of the Indian companies getting projects for Expo 2020 or the other contracts related to it, Mr. Shahdadpuri said that Indian companies will actively participate in Expo projects as and when the authorities invite tenders for the purpose. Indian manpower is very skillful, experienced, disciplined, law abiding and is very competitive in pricing, and therefore, I feel that Indian companies stand a very

200 BILLION DIRHAM IN THE COUNTRy

July/Aug 2014 15

INTERVIEW

good chance of winning these tenders. Indian manpower is well respected for its hard work, ethics and peaceful character. Thus, he assured: “I have all the reasons to believe that the Indian companies, whether individually or through partnerships with UAE nationals or in cooperation with major international companies in the sector, will be able to bid successfully”.

India’s participation in Expo 2020

Paras Shahdadpuri added: I am sure that India will build impressive Indian pavilion in Expo 2020 to be held in Dubai. It is hard to predict the number of companies

that will participate in the Indian pavilion but I am confident that the Indian pavilion will be one of the largest and most attractive one in the entire Expo 2020. Other than companies from the private sector, it is expected that entities from public sector would also participate in the Indian pavilion.

Regarding the number of visitors from India to Expo 2020, Paras Shahdadpuri said that it is expected that the Indian visitors alone should touch the figure of 3-4 million during the 6 long month Expo out of the total expected 25 million visitors. Indian visitors are expected to be biggest group visiting this great event of the world.

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Probiz July 2014

INDIAN BUDGETAfter rave reviews, Indian budget faces one key challenge: on-time execution

Perhaps the Indian budget is the most talked about national budget in the world every year.

Even the budget proposals of the world’s economic superpowers always pale in comparison in attracting so much attention and reviews from respective nationalities. Invariably, discussions and reviews will go on for more than a month. It is not hard to find the key reason. India’s vibrant and passionate overseas community spread across the globe that eagerly looks forward to such annual exercises with unbridled exuberance.

For me, as a journalist, it has been a personal privilege not only to chronicle the budget in detail for several years in row but also been able to listen to the negative and positive commentaries of prominent NRIs, business and community leaders representing a whole spectrum of activities.

Personally, I have always found all budgets over the past 22 years interesting, inspiring and forward looking in varying degrees in some way or another. Most budgets in the past used to draw mixed reactions: criticism and praise, and sometimes angry outbursts from the NRI community in the UAE. However, very rarely did I have come across a budget that has evoked so much positive comments than the most recent one presented by the new government.

The proposals presented by Finance Minister Arun Jaitley appeared to be good, pragmatic and promised to have far reaching positive implications. But it is too premature to call the budget a super hit or a dream budget as some has described. Just like the saying: the proof of the pudding is in the eating, we have to wait and see the efficacy and success of the budget which depend on its on-time delivery. If you look back, you will realize the poor track record of Indian budgets in fulfilling the goal and target. This time, however, the budget seems to be relying on

THE

Issac JohnAssociate Business Editor,Khaleej Times

July/Aug 2014 17

PROBIZ ARTICLE

excellent execution rather than great planning.

Why did the budget receive such rave reviews? I believe, it is because it has given a glimmer of hope for a nation languishing in despair and disillusion. The new budget seeks to assure the nation that at long last some pragmatic steps are being taken by a visionary leadership to lift the moribund economy out of the quagmire.

The nation of 1.3 billion people has been yearning for a change, in fact a sea change. They hoped for the salvation of the economy from the dismal and sluggish state so that it is restored to its former fast growth track. That is why the nation voted a new leader to power with a resounding mandate, a leader who they believe has the resolve and courage to deliver

on the promises and take the nation, the world’s 10th largest economy in nominal GDP term but the third largest economy in purchasing power parity, to its next level of inexorable, unstoppable and irreversible growth.

There is no big bang impact, I agree. All proposals are plain and pragmatic leaving little to ambiguity. In a nutshell: All proposals are bold, growth-oriented, reform-minded and realistic enough to convince the electorate that Prime Minister Narendra Modi’s inspiring election promises are not unreal or unachievable.

The budget appears to be first step in a long and arduous journey towards fulfilling the election pledges ranging from creating more jobs, reining in soaring inflation, prudently balancing public

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finances, improving infrastructure and initiating urgently needed structural reforms.

However, Minister Jaitley made only a weak attempt to hinting at the need to increase the tax-GDP ratio, which is dismally low at 10-12 per cent of the GDP. He also was not assuring enough with his plans for a critical restructuring of the non-productive subsidy regime. There is also not enough clarity on retrospective taxation, a move which had rendered a big blow to the confidence of global investors.

But the budget gives a clear indication that the government has chalked out a road map aimed at reinvigorating the flagging growth of Asia’s third largest economy with a determination to propel it to a higher growth trajectory of seven to eight per cent in three to four years. Another urgent challenge addressed by the government was through measures to tackle the widening fiscal deficit to reign in inflation and rescue the nation from an otherwise shameful downgrade to junk status.

The budget has a series of bold measures aimed at bringing in the much needed foreign funds, including the hiking of caps on foreign investment in the defence and insurance sectors and scuttling the move for retroactive taxation that remains a serious concern for overseas investors.

Another bold but arguably a non-populist step taken is the overhaul of subsidies for food, fuel and fertilizer that cost the government some $43 billion or more than two per cent of the GDP a year and proving a heavy drag on the economy.

The proposed huge spend on infrastructure on a private public participation basis and the development of Smart Cities and a plethora of other modern projects reflect the government’s resolve to usher India to a new era of vibrant growth and prosperity.

Indeed, Prime Minister Modi seems to have acted quickly and decisively to deliver on promises to

revive stalled economic growth as his Finance Minister Jaitley outlined the Rs18 trillion )$301 billion( budget, billed as a departure from the “mere populism and wasteful expenditure.”

In no uncertain words, Jaitley also seeks to send the message that India’s economic growth has to be accelerated from the current 4.7 per cent to an average of eight per cent over the next few years to ensure jobs for the 13 million young Indians who enter the workforce each year.

The roadmap provided for fiscal consolidation is indeed reassuring for investors. The target to bring down fiscal deficit to a level of around three per cent by 2017 from around 4.1 per cent is indeed challenging.

A Key proposal was the Rs 2.4 trillion recapitalisation of the public sector banks and the commitment to initiate Goods and Services Tax. I also found the raising of FDI limits in crucial sectors like defence and insurance a very positive and reassuring signal to global and domestic investors about the infinite prospects and opportunities India offers. The huge outlay into improving road infrastructure, national highways and rural road, Rs 530 billion underscores government’s long-term growth and development strategy.

However, what I admire most in the budget is the bold hint about an unpopulist move to review the subsidy regime which is not only a heavy drag on economy but in certain cases are counter-productive and abusive. A case of point is Kerala. The food subsidy of Rs2 per kilo rice and $9 billion National Rural Employment Scheme have made Kerala workers dismally productive and lazy.

I believe long-term growth is only going to be possible if we improve the skill levels of our citizens, encourage more businesses to come up, have unambiguous policies and above all invest in building a robust infrastructure.

To ensure financial stability, which is critical for an

July/Aug 2014 19

PROBIZ ARTICLE

economic rebound, greater emphasis was given to strengthening the banking sector. Indian banks would require Rs 2.4 trillion government infusion by 2018. The budget has clarified that the capital of these banks will be raised by increasing the shareholding of the people through the sale of shares in banks to retail investors

All economists are of the view that increasing India’s tax to GDP ratio, which is one of the lowest in the world, at 10-12 per cent compared to Sweden’s 44 per cent or socialist China’s 17 per cent or US 27 per cent was imperative to meet the growth and investment aspirations.

To sum up, the first budget of Modi regime certainly lives up to the expectations of a nation that longed for a critical bounce back from a dismal period marked by rampant corruption, inertia, sluggish growth and policy paralyses.

In the UAE, NRIs raved over Modi government’s maiden budget, irrespective of the fact there is very little for them to cheer about in the proposals. Most of the Indian businessmen sounded very upbeat about the long-term positive implications

the budget will have in propelling India to a higher growth trajectory in the coming years by re-igniting the stalled reforms and incentivizing foreign direct investment.

Ardently optimistic of an inevitable economic rebound the new budget would trigger for a nation of 1.2 billion people, an upbeat NRI investor and business community in the UAE described it as “a pragmatic and futuristic” road map.

Regardless of their political leanings or other diverging interests and beliefs, Indian businessmen and professionals greeted in unison the budget with a blend of enthusiasm and optimism. They feel assured that the new leader is determined not to disillusion the nation by failing to deliver on his election pledges of ushering in new era of growth for Asia’s third-largest economy. They also see in the budget a realistic formulae to stimulate the country’s stagnant growth, restore its global and domestic investor appeal and a host of other innovative initiatives to catapult the economy to a higher trajectory of sustainable growth and prosperity.

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In d I a n am b a s s a d o r ’sa n n o u n c e m e n t

July/Aug 2014 21

IBPC EVENTS

H.H. SHIEkH HAMDAN BIN RASHID AL MAkTOUM, DEPUTY RULER OF DUBAI & THE MINISTER OF FINANCE & INDUSTRY,

GOVERNMENT OF UAE MEETS IBPC BOARD

IBPC AND SBC EXPAND NETWORk

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IBPC EVENTS

MONTHLY NETWORkINg EVENINg — APRIL / MAY / JUNE

IBPC BOARD ATTENDS DCCI MAJLIS

July/Aug 2014

IBPC EVENTs

23

NEW AMBASSADOR AND CONSUL gENERAL WELCOMED

SBI CHAIRPERSON DISCUSSES INDIAN ECONOMY

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IBPC EVENTS

24

ANNUAL gENERAL MEETINg

July/Aug 2014

IBPC EVENTs

25

ANNUAL gENERAL MEETINg AT CROWNE PLAZA HOTEL, DUBAI - 22.03.2014IBPC - TIMES NOW SEMINAR - INDIA’S STORY : WHAT’S NExT?

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IBPC EVENTS

26

IBPC - NAREDCO SEMINAR ON FDI & INVESTMENT OPPORTUNITIESIN INDIAN HOUSING AND REAL ESTATE SECTOR AT THE ANNUAL INVESTMENT MEET

July/Aug 2014

IBPC EVENTs

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LAUNCH OF BOOk : RE-IMAGINING INDIA JOINTLY ORGANISED BY IBPC,

CONSULATE GENERAL OF INDIA, DUBAI AND McKINSEY & CO.

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IBPC EVENTS

28

LAUNCH OF BOOk : RE-IMAGINING INDIA JOINTLY ORGANISED BY IBPC,

CONSULATE GENERAL OF INDIA, DUBAI AND McKINSEY & CO.

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IBPC EVENTS

INTER-BUSINESS COUNCIL NETWORkINg EVENTJOINTLY ORGANISED BY CANADIAN BUSINESS COUNCIL & FRENCH BUSINESS COUNCIL

INDIAN BUDgET -LIVE TELECAST FROM NEW DELHI FOLLOWED BY AUDIENCE INTERACTION

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IBPC EVENTS

30

CgI CRICkET TOURNAMENT

July/Aug 2014 31

IBPC CSR

IBPC EMBRACES RAMADAN SPIRITIBPC DISTRIBUTING 2000 FOOD PACKETS IN THE AL QOUZ LABOUR CAMP

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IBPC EVENTS

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POST BUDgET PANEL DISCUSSIONIN ASSOCIATION WITH TIMES NOW

July/Aug 2014

IBPC EVENTs

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IBPC SUHOOR DINNERTO CELEBRATE THE HOLY MONTH OF RAMADAN

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IBPC EVENTS

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POST BUDgET PANEL DISCUSSION BY MR. DINESH VYAS,SENIOR ADVOCATE, SUPREME COURT OF INDIA

July/Aug 2014

IBPC EVENTs

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www.ibpcdubai.com36

The Traditional

Tamil Nadu

July/Aug 2014 37

PROBIZ LOCATION

Tamil Nadu is one of the 29 states of India. The capital Chennai is the largest city. It lies in the southern most part of India bordered by Puducherry which a Union territory and close to the states of Kerala, Karnataka and Andhra Pradesh. It is bounded by the Eastern Ghats on the north by the Nilgiri hills, Anamalai Hills and Kerala on the West. Bay of Bengal is in the east of Tamil Nadu and Indian Ocean on the south.

It is the eleventh largest state in India by area and the sixth most populous state in India. The state is ranked 6th among states in India according to the Human Development Index as of 2011. It is the second largest state economy in India as of 2012. The state has the highest number of business enterprises and stands second in total employment in India, compared to the population share of about 6 per cent. In the 2013 Raghuram Rajan panel report, Tamil Nadu was ranked as the third most developed state in India based on a “Multidimensional Development Index”.

The region has been the home of the Tamil people since at least 1500 BC. Its official language is Tamil, which holds a status of being a classical language. Tamil has been in use in inscriptions and literature for over 2500 years. Tamil Nadu is home to many natural resources, classical arts, music, literature, Hindu temples of Dravidian architecture, hill stations, beach resorts, multi-religious pilgrimage sites, and eight UNESCO World Heritage Sites.

Tamil Nadu is the seat of the great dance form Bharata Natyam which is a classical Indian dance form that originated in the temples of the state. This dance form denotes various 19th- and 20th-century reconstructions of Sadir, the art of temple dancers called Devadasis. Bharata Natyam is known for its grace, purity, tenderness, and sculpturesque poses.

Tamil Nadu is the southernmost state in India and it is home to a range of attractive tourist destinations. Tamil Nadu tourist destinations include but not limited to picturesque valleys, stunning beaches, tranquil hill stations, wildlife parks, gorgeous temples, and scenic

Tamil Nadu Fact filePopulation : 72.15 million as per 2011Area : 130,058 km²Capital : ChennaiMain language : TamilOther languages : English, Hindi and other regional languagesLiteracy Rate : 90.3 per cent as per 2013 census Temperature : Most of the time sunny Summer : March to May Winter : November to FebruaryMonsoon : June to December

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Chennai city which is the capital Tamil Nadu is the fourth largest of the Indian cities. It is considered to be the gateway to the south of India. It was the first major British settlement in India. The city of Chennai is a fascinating blend of tradition and modernity. While the growing and changing exterior presents an increasingly cosmopolitan look, while the city interior remains traditional and religious.

The British influence on Chennai can still be noticed because of the presence of the buildings of Indo Saracenic style, wide tree lined avenues and old cathedrals. It was previously known as Madras. This city originally grew up around Fort Saint, a British settlement. Gradually some of the surrounding villages were incorporated in Chennai which is a major trade center and is very well connected by road, rail and air to all the important cities of the country. Kamraj National and Anna International Airports are situated

about 20 km away from the city, in Tirusulam. The major railway stations of Chennai are Central and Egmore. Chennai is also a major sea port. Marina Beach is a natural urban beach in the city of Chennai along the Bay of Bengal, part of the Indian Ocean. The beach runs from near Fort St. George in the north to Besant Nagar in the south, a distance of 13 km, making it the longest natural urban beach in the country and the world’s second longest.

Some of the important cities near Chennai are Kancheepuram, Pondicherry, Bangalore, Tirupati, Vellore and Mamallapuram. Very good network of roads connects Chennai of Tamil Nadu to these cities. Chennai is well known for quality vegetarian chain of outlets as well as all type of lodging & hotels including that of many International Groups like Le Meridien, Sheraton, Hilton & National groups like the Taj group.

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PROBIZ LOCATION

Sights to view in

Tamil Nadu1. Vellankanni is a small hamlet on the shores of Bay of Bengal. The sacred Basilica of Our Lady of Health, situated here, is one of the most important Christian Pilgrimages in India. It draws pilgrims from all over the world irrespective of caste and creed. The awesome building is adorned with Gothic style architecture and is a marvel in itself. Mysteries and miracle-stories are common here and the Church is held in high-esteem for its wish-fulfilling power. The sidewalls are beautifully decorated with biblical incidents. What is more peculiar is that, pilgrims here follow many Hindu ways of offering which includes tonsuring of heads and ear-boring.

2. Vedaranyam is also known as Thirumaraikkadu, Vedranyam had been witness to C. Rajagopalachari’s Salt March and Gandhiji’s Dandi March.

3. Kodikkarai is the popular seaside town of Kodikkarai which is better known as Point Calimere. It has a wild life sanctuary for animals and Bivats sanctuary for migrating birds. The birds are known to travel from as far as Russia, Siberia, Iran, Australia and the Himalayas. Species include the flamingos, ibises, herons, spoonbills, woodcock, hornbills, storks, willow warbler, wagtail and the wild duck. The light house is reminiscent of the Chola period and popular belief says there is also a foot print of Lord Rama called Ramar Patham.

4. Thirunallar is located at a distance of 5 Kms from Karaikkal & it is the seat of Lord Saneeswara.

5. Thirunelveli or Nellai in Tamil Nadu dates back to 2000 year old. Once the capital of the Pandya Kingdom, the city is named after the Kanthimathi Nellaiyappar Shiva temple.

6. Mundanthurai-Kalakad wildlife sanctuary

is a National Tiger Reserve from 1988 onwards which stretches over an area of 817 sq. km. Predators other than Tigers include panthers, jungle cats, civets, dholes, jackals and striped hyenas. It is a safe haven for the endangered species like Nilgiri Tahr, Malabar giant squirrel, sloth bear,

Indian bison, Indian elephant, mouse deer pangolin. Poisonous reptiles, amphibians and a large variety of birds are also found in the sanctuary. Trekkers have the choice of 24 different nature walks for exciting adventures. The Tiger Reserve is open all through the year for tourists between 6 a.m. and 6 p.m.

7. District Science Centre at Thirunelveli showcases scientific applications adding a new dimension to science teaching through a process of discovery. Inspiring creative talents, the centre has 3 permanent galleries on ocean, a semi permanent gallery on popular science and a six acre science park where numerous exhibits help create awareness and try to satisfy the jest for knowledge. It is equipped with a planetarium, an animatarium and an observatory. The District Science Centre also organizes Mobile Science Exhibition, Film Show, Temporary Exhibitions, Science Drama and Science Fair.

8. Koonthankulam Bird Sanctuary

is a popular Bird Sanctuary in the far south of Thirunelveli which is fast developing as a haven for migratory birds. During winter, 35 various species of birds are sighted here.

9. Courtallam is a picturesque health resort near Thirunelveli which is known for its gorgeous waterfall

that divides itself into further eight forceful falls and is perfect for bathing all day through. The water is said to have therapeutic qualities and cures rheumatic joints, chronic headache and nerve disorder on regular use.

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10. Tiruchirappalli was built by the Nayaks of Madurai on the banks of the serene Cauvery river. Spread over an area of 146.90 sq.kms,

Thiruchirappalli was under the stronghold of the early Cholas and then to the Pallavas. Lovingly called Trichy, this ancient city is famous for its architectural marvels. This bustling city of Tamil Nadu is famous for colorful glass bangles, artificial diamonds, cigars, handloom cloth, and wooden and clay toys.

11. The Rock Fort is perched on top of an abrupt massive rock formation within the town.

The rock dates back to 3.800 million years and is in itself a marvel. The main tourist attraction is, however, the temple inside rather than the fort itself. The Uchipillaiyar Koil temple dedicated to Lord Vinayaka offers a spectacular view of Thiruchirappalli. Amidst the ruins, a climb of 344 steps takes you to inscriptions of 3rd century B.C.

12. Theni in Southern Tamil Nadu is a favoured tourist spot and is known

for its serene environment, enchanting dams, mesmerizing waterfalls and innumerable pilgrim centres amidst the verdant green landscape make it very different from the hustle and bustle of busy tourist spots.

13. Thanjavur formerly the Tanjore city of eastern Tamil Nadu, lies in the Cauvery River delta stretching over an area of 29.24 sq.kms.

It served as the seat of power for the Chola )Cola( empire from the 10th to the 14th century and became important during the Vijayanagar, Maratha, and British periods. Known as a centre of learning and culture it is famous for its unique art in bronze, handicrafts and South Indian Musical Instruments.

14. The Palace of masonry was built partly by the Nayaks around 1550 AD and partly by the Marathas. It is spread over an area of 530 acres and surrounded by 15 feet high wall. Inside the complex the 190 feet Arsenal tower stands majestically in eight storeys and attracts large number of tourists. Built to a little north of Arsenal Tower in Serginayakas style, the Bell Tower houses the famous Maratha Durbar Hall abounding in exquisite paintings. The Saraswathy Mahal Library offers priceless collection of ancient books and manuscripts while the Art Gallery is enriched by granite, bronze and stone sculptures of the Chola Period. The Sangeet Mahal is a wonder and especially known for it bears mark of the engineering skills of the period which is reflected in its acoustically perfect musical hall. Schwartz Church stands in the Palace Garden.

15. Thanjavur Churches attend the annual car festival of the Pookara Street.Our Lady of Sorrows Church

which is celebrated every year with pomp and gaiety in the third week of September. The Sacred Heart Cathedral Church, St. Peter’s Church, Fort Church and the Lutheran Church all stands as testimony to the religious harmony existing in Thanjavur.

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PROBIZ LOCATION

16. Pudukkottai, the princely state is presently a part of the state of Tamil Nadu. The origin of the state dates back to the 17th century. The city is rich in archaeological reminiscent deposited in various part of Pudukkottai. The city also has an abundance of temples, tanks and canals constructed by the various dynasties that ruled Pudukkottai.

17. Hosur is a town and a municipality in Krishnagiri district in the Indian state of Tamil Nadu.

It is the headquarters of the Hosur taluk of Krishnagiri district. & Iocated about 35 kilometres south east of Bangalore and 306 kilometres west of Chennai, the state capital. Hosur is known for its expanding manufacturing industries and its pleasant climate. It is where Shri Rajagoplachari alias Rajaji or the first Indian Governor General of India, spent child hood days. During the British rule, Hosur was known as “Little England” because of its wonderful weather. It is actually a satellite town of Tamil Nadu but because of its close proximity with Bangalore people consider it as a satellite town of Bangalore as well. It is all set to be the next IT destination since it is located just 30 km from the Electronic City where the land rates are relatively less and a sound infrastructure along with the pleasant climate makes it a great place to settle down or to invest. Hosur SEZ )Special Economic Zone( is planning for a Software Technology Park, along with a floricultural park which will quicken the moving of IT companies into Hosur. It is only a matter of time before the need for living spaces will be realized and developers will flock to Hosur.

18. Hogenakkal Falls is a waterfall close to Hosur on the banks of river Kaveri.

It is sometimes referred to as the “Niagara Falls of India”. With its fame for medicinal baths and hide boat rides, it is a major site of tourist attraction. Carbonatite rocks in this site are considered to be the oldest of its kind in South Asia and one of the oldest in the world.. This is also the site of a proposed project to generate drinking water.

19. Kodaikanal is a city in the hills.Its name in the Tamil language means “The Gift of the Forest”.

It is referred to as the “Princess of Hill stations” and has a long history as a retreat and popular tourist destination. This tourist site was established in 1845 as a refuge from the high temperatures and tropical diseases of the plains. Much of the local economy is based on the hospitality industry serving tourism.

20. Ooty is a town, a municipality and the district capital of the Nilgiris district.

It is a popular hill station located in the Nilgiri Hills. Originally occupied by the Todas, the area came under the rule of the East India Company at the end of the 18th century. Today, the town’s economy is based on tourism and agriculture, along with manufacture of medicines and photographic film. The town is connected to the rest of India by road and rail, and its historic sites and natural beauty attract tourists.

21. yercaud is also a hill station which is located in the Shevaroys range of hills in the Eastern Ghats;

the Yercaud hill area is called the Shevaroy Hills. It is situated at an altitude of 1515 metres above sea level, and the highest point in Yercaud is the Servarayan temple, at 5,326 feet . It is so named owing to the abundance of trees categorised as a forest near the lake, the name signifying Lake Forest. As a popular tourist destination, Yercaud is also called as Jewel of the South.

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July/Aug 2014 43

PROBIZ ARTICLE

U A EA Fast Rising Country in global Competit iveness

IMD, a top ranked global business school based in Switzerland issued its Annual World Competiveness

ranking 2014 on May 21, 2014.As a part of ranking of 60 economies for 2014, IMD World Competitiveness Centre also considers perceptions of each country as a place to do business. The 2014 rankings lists USA as no 1 and followed by Switzerland ) 2 (, Singapore ) 3 (, Hong Kong ) 4 (, Sweden ) 5 (, Germany ) 6 (, Canada ) 7 (, UAE ( 8 ), Denmark ) 9( and Norway ) 10 (.

IMD, also announced its rankings for Governmental Efficiency and it is a matter of great pride for all of UAE residents that UAE topped the list at No 1 spot followed by Hong Kong ) 2 (, Switzerland ) 3 (, Singapore ) 4 (, Qatar ) 5 (, Norway ) 6(, New Zealand ) 7(, Canada ) 8 (, Australia ) 9 ( and Sweden ) 10 (.

The business efficiency ranking, which ranks countries on the extent to which enterprises are performing in an innovative, profitable and responsible manner, the UAE was at 15th position where USA topped the list.

The IMD rankings indicate a strong correlation between a country’s overall competitiveness ranking and its international image as a place to do business.World Economic Forum’s Global Competitiveness Report 2013-14 assesses countries’ competitiveness along the 12 pillars corresponding to three main

stages of economic development:

Stage 1: Factor Driven;

Stage 2: Efficiency Driven;

Stage 3: Innovation Driven.

Countries are also classified in the transitions from one stage to the next as they progress in their economic development.

The Global Competitiveness Report 2013-14 ranked the UAE 19th out of 148 countries globally-an improvement of 5 ranks from last year in 2012-13 and ahead of countries such as Australia, France, Korea, China and Spain.

The Report quotes “The UAE has also been aggressive at adopting technologies and in particular using ICT’s which contributes to enhancing the country’s productivity. Overall, the country’s competitiveness reflects the high quality of its infrastructure, where it ranks a solid 5th, as well as its highly efficient goods market )4th(, strong macroeconomic stability )7th( and some positive aspects of the country’s institutions – such as strong public trust in politicians ) 3rd ( and high government efficiency ) 9th(round up the list of competitive advantages.”

C o n t r i b u t e d b y : S u n i l B a h r i

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globa l Compet it ivenessand Bus iness Exce l lence

Wikipedia defines concepts of Competiveness, Firm Competitiveness and National Competitiveness as under: “Competitiveness pertains to the ability and performance of a firm, sub-sector or country to sell and supply goods and services in a given market, in relation to the ability and performance of other firms, sub-sectors or countries in the same market”.

Firm compet it ivenessEmpirical observation confirms that resources )capital, labor, technology( and talent tend to concentrate geographically )Easterly and Levine 2002(. This result reflects the fact that firms are embedded in inter-firm relationships with networks of suppliers, buyers and even competitors that help them to gain competitive advantages in the sale of its products and services. Within the capitalist economic systems, the drive of enterprises is to maintain and improve their own competitiveness, this practically pertains to business sectors.

Nat iona l compet it ivenessIn recent years, the concept of competitiveness has emerged as a new paradigm in economic development. Competitiveness captures the awareness of both the limitations and challenges posed by global competition, at a time when effective government action is constrained by budgetary constraints and the private sector faces significant barriers to competing in domestic and international markets.

World Economic Forum in its Global Competitiveness Report defines competitiveness as “the set of inst i tut ions, pol ic ies , and factors that determine the level of product iv ity of a country”.

Global competitiveness rankings are one way to benchmark a country’s progress. Rankings are important to private sector and government. Businesses use them as a way to assesses potential for growth, investments and to attract global talent; governments use them to evaluate policies that underpin the business environment and determine areas of legislation and procedural improvements. This Report remains the flagship publication within the Forum’s Global Competitiveness and Benchmarking Network, which produces a number of related research studies aimed at supporting countries in their transformation efforts.

global Competit iveness and Business Excel lence

Business Excellence was adopted in UAE in 1994 when The Dubai Quality Award )DQA( was introduced by Dubai’s Department of Economic Development. The award, which is based on the Excellence Model of the European Foundation for Quality Management was inspired by the vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. It is presented to companies that have demonstrated a commitment to best practices in their respective fields, and is open to all companies operating in the UAE.

The same was followed by many awards in UAE and at present UAE is a role model amongst all GCC countries and Middle East and organizes major EFQM / Non EFQM Based 10 Excellence Awards

• Sheikh Khalifa Excellence Awards )SKEA(• Abu Dhabi Award for Excellence in Government

performance• Dubai Quality Awards )DQA(• Dubai Service Excellence Scheme )DSES(• Dubai Human Development Award )DHDA( • Dubai Government Excellence Awards )DGEP(• Sharjah Economic Excellence Awards• Mohammed Bin Rashid Al Maktoum Business

Awards )MBRA(• Ajman Excellence Program Award• RAK Award for Creativity and Excellence

The impact of these Business Excellence Awards on developing the internal competitiveness amongst various organizations with UAE )Both Public & Private(

has been tremendous. The consolidated impact of such improvements has ultimately resulted in Sharp rise in UAE‘s position in Global Competitiveness Index )GCI( as maintained by World Economic Forum.

There is no doubt that there is a very strong link between Global Competitiveness and Business Excellence models implementation and this is nowhere visible in the world except our Proud Country – United Arab Emirates.

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PROBIZ NEWS

N e w s

SNIPPETS from India

Royal Enfield to Enter Markets in Latin America, South East AsiaThe Chennai-based firm, which makes various popular motorcycle models including Bullet, Classic, Thunderbird and Continental GT, is also looking to

scale up its production capacity to around 4 lakh units at its two facilities in Tamil Nadu by next year-end.

Whistleblower complaints on rise this yearComplaints to the Central Vigilance Commission )CVC( by whistleblowers have increased from 625 in 2013 to 470 in just last

six months, according to data accessed through RTI )Right to Information(.The highest number of complaints is from the railways, followed by banks and the income tax department. The information was made public by the CVC in response to an RTI query filed by Commonwealth Human Rights Initiative )CHRI(’s Venkatesh Nayak. The total number of complaints between 2012 and 2014 is about 1,900. The CVC has received 470 complaints up to June 2014. In 2012, the commission received 805 complaints which dropped by 23% to 625 fresh complaints in 2013. Analysis reveals that only 10% of the cases reported under the whistleblower’s policy, also called the Public Interest Disclosure and Protection for Informants )PIDPI( resolution, were sent for investigation and reporting. In 2012, 169 of the total 805 complaints or 21% were sent for investigation.

Coal India Q1 Profit Rises to Rs. 4033 Crore,

Beats EstimatesConsolidated net profit, including results from units and shares in joint ventures, rose 8%

Rs. 4,033 crore. Analysts had expected R s . 3 , 9 5 2 c r o r e , according to Thomson Reuters data.

Donald Trump Launches Trump Tower in MumbaiMr Trump has entered into a

licensing pact with Lodha for Trump Tower in Mumbai, a luxury residential tower that will offer its residents indoor jacuzzi tubs and world-class concierge services. He is yet to make an equity investment in the country.

Tata Motors’ Zest Priced Lower Than Rivals to Revive SalesThe car, named Zest, is a compact

sedan built on a new platform and, in a departure from previous models, boasts user-friendly features such as touchscreen control panels.

Oil India Q1 Net up 40% at Rs. 851.87 Crore

Net profit in April-June rose to Rs. 851.87 crore, or Rs. 14.17 per share, from Rs. 609.08 crore, or Rs.10.13 per share, in the same period a year ago, the company said in a statement here.

Mindtree Bags M u l t i - m i l l i o n Contract From

BBC. People in know of the development said the contract is worth about GBP 25 million, however Mindtree declined to reveal the contract value.

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Mukesh Ambani’s Reliance Aims for Fortune 50 glory with $30 Billion InvestmentReliance Industries chairman Mukesh Ambani

on Wednesday announced plans to invest more than Rs. 1.8 lakh crore or $30 billion across its businesses, including telecom and oil and gas, over three years.A bulk of investments would be allocated to the company’s petrochemical business, which generates the largest revenue after refining.The company will spend Rs. 70,000 crore to build the “largestbroadband network that the world has ever seen,” said Mr Ambani at RIL’s 40th Annual General Meeting )AGM(.India’s richest man said the much-awaited fourth-generation )4G( telecommunications services )under Reliance Jio brand( will begin operations in 2015. RIL has spent billions of dollars on a 4G mobile telecom venture, which has yet to be launched. “Reliance Jio will be one of the largest job-creating and wealth-creating business initiatives in India... The network and broadband services will be ubiquitous - initially covering all states, all the 5,000 towns and cities... Eventually, the network will encompass each of our over 600,000 villages,” Mr Ambani said.Reliance Jio, which currently employs over 10,000 employees, aims to capture a big share of India’s growing wireless data market by offering low-cost services. Earlier this year, the company added airwaves that would help it offer bread-and-butter voice telephony along with premium high-speed Internet services.The retail business, which turned profitable )before interest and tax( last fiscal and telecom business, will be the key value creators in coming future, Mr Ambani added.“Over the next three years, the commissioning of each of our large projects in petrochemicals and refining, strengthening of our retail business and the launch of Jio business will propel us closer to our aspiration of being a Fortune 50 company as we complete 40 years of our corporate journey,” Mr Ambani said.Reliance Industries shares closed 2.1 per cent lower at Rs.1,066.75 underperforming the BSE Oil & Gas sub-index, which fell 1.4 per cent.

Jk Tyre Posts Marginal Rise in Q1 Net Profit at Rs. 55 CroreT h e c o m p a n y h a d p o s t e d a n e t p ro f i t o f

Rs. 55.26 crore during the same period in the previous fiscal.

In d i a a c c e p t s ‘Zero Hunger Challenge’

India has agreed to the “Zero Hunger Challenge” set by the Food and Agriculture Organisation )FAO(, said Hiroyuki Konuma, assistant director general for Asia-Pacific for FAO.“We got an official confirmation from the Union minister of agriculture. Now, the next step would be to formulate a country-specific action plan to eradicate hunger in our life time. “Countries have promised to set aside at least 10% of their national revenue for this cause,” he added. The “Zero Hunger Challenge” comes at a time when the number of hungry people has not reduced substantially, despite progress in agriculture production. At the end of Second World War, about one in six people were hungry. Today, one in eight people go to bed hungry. For successful family farming, women should also be given equal access and rights to resources.

Where the prices of tomato have sky rocketed to rupees 100 per Kg., youth in Vadodara celebrated La Tomatino to mark Friendship

Day on Sunday 3rd August. An estimated three tonnes of tomatoes were used in this event which for obvious reasons did not go down too well with the authorities and locals.

July/Aug 2014 47

PROBIZ NEWS

Tata’s Airline ‘Vistara’ Likely to Take Off in October The joint venture is 49 per cent-owned by Singapore Airlines and 51 per cent held by Tata Group. It plans

to operate 87 flights a week during its first year of operation and nearly double that number during its second year.

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SAIL Q1 Net Profit Rises 18% to Rs. 530 CroreSteel Authority of India today reported 18 per cent increase in net profit for the April-June quarter at Rs.

530 crore on higher sales and realisation..................................................................................

Bajaj Auto Launches New Discover 150 MotorcyclesThe entry-level ‘Discover was earlier available with a 124.6 cc powered engine and 94.3 cc powered

engine, which has now been up ramped up to 144.8 cc..................................................................................

Bank of India Raises Rs. 2,500 Crore From BondsThese bonds will be listed on the wholesale debt market )WDM( segment of the NSE, it said.

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Bosch Q2 Net Up 22% at Rs. 307 Crore The company had posted a net profit of Rs. 251.68 crore in the same period of the previous fiscal.

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ONgC Videsh Most Internationalized Indian Firm: Survey ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp

)ONGC(, has emerged as the Indian company having the most international exposure for the second consecutive year, according to a survey.

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Jindal Family Close to Buying Italian Steelmaker Lucchini: Italy’s Prime MinisterLucchini, formerly owned by Russia’s Severstal,

was declared insolvent in 2012 and placed under special administration after falling victim to plunging European demand for steel during the 2008 recession.

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Adani-gSPC to Build Rs. 4,500-Crore Mundra LNg Terminal by 2016-end: ReportAdani Group and Gujarat State Petroleum Corp

)GSPC( will set up a Rs. 4,500-crore LNG import terminal at Mundra SEZ in Gujarat by December 2016.

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each of us inherits them in differing proportions. This accounts for our differences in appearance, preferences, aversions, behavioral patterns, and emotional tendencies. On account of these differences Ayurveda categorize human into 7 basic body types. They are:

• Vathaconstitution• Pithaconstitution• Kaphaconstitution• VathaPithaconstitution• VathaKaphaconstitution• PithaKaphaconstitution• VathaPithaKaphaconstitution

Dieteticso f A y u r v e d a

“The doctor of the future will give no medicine but will interest their patients in the care of the human frame, in Diet, and in the

cause and prevention of disease.” Thomas Edison

A Science Tested by Time The literal meaning of the word Ayurveda is Science of Life. Ayurveda is a science dealing not only with treatment of some diseases but is a complete way of life. It includes the study of nature other animals and trees. Ayurveda traces its roots to the Indus valley civilization )BC.3000-BC.1500(; it is 5000 years of wisdom distilled into a system of practice. The secret of health lies in preserving our harmony with nature. If Ayurveda were a religion, nature would be its goddess.

Personalized Diet“What is good for goose is bad for gander”

Ayurvedic principles of Health & Disease revolve around the concept of 3 doshas. There are three active energy forces that govern the functions of our body & mind. They are Vata )Space & Air( that governs movement including blood circulation, conduction of nerve impulses etc. Pitta )Fire( governs metabolism & transformations. Kapha )Earth & Water( governs growth, structure, lubrication etc. The balance of these provides health and imbalance is disease.

The ancient sages observed that although every individual is constituted of the three doshas,

Dr. V.L.Shyam BAMS, MD, MPhil

Medical DirectorDr. Shyam’s Ayurveda Centre )Jumeirah, Karama, Al Nahda(

PROBIZ WELLNESS

July/Aug 2014 49

All foods are good, but not all foods are good for all people. You must eat the proper foods for your health status if you want the best nourishment and optimum physical and spiritual health. Ayurveda provides specific guidelines for planning diet. While planning for your diet, keep in mind your body constitution and the taste of the food you are taking. Each body type has certain food preferences naturally.

Body Type Prefers Dislikes

Vata typeWarm, Sweet,

sour, salty

Cold, Spicy, bitter,

astringent

Pitta typeCold, Sweet,

bitter, astringent

Hot, Sour, salty, spicy

Kapha typeWarm,

Spicy, bitter, astringent

Cold, Sweet, sour, salty

Chew WellEat in a settled environment when you are calm and relaxed. Always sit down to eat and be silent while chewing. Do not talk or watch TV or do any other work while eating. Chew well and eat at a moderate speed. Minimize ice-cold food and drinks.

Tastes of FoodAccording to Ayurveda everything in the universe, including the tastes are made up of 5 elements namely Earth, Water, Fire, Air and Space. The dominance of elements in each taste is described as below: •Sweet–Earth&Water •Sour–Earth&Fire •Salty–Water&Fire •Bitter–Air&Space •Spicy–Air&Fire •Astringent–Air&EarthGenerally all meals should include at least a small amount of each taste. While eating one should feel the taste of the foods in the proper

www.ibpcdubai.com50


consciousness. Start the meals with Sweet taste; sour and salty tastes in the middle; and bitter, pungent and astringent tastes at the end. In case of indigestion you can start the meal with spicy and sour tastes.

Foods for CureImbalance of Doshas results in diseases; they can be balanced with specific foods. Foods and herbs influence our physiology based on - quality )heavy, light, dry, oily, solid, liquid, sharp, smooth, soft, hard etc(, tastes )sweet, sour, salty, bitter, spicy, astringent(, taste after digestion )sweet, sour, spicy(, potency )hot or cold( and other special properties. The below table shows the influence of tastes on doshas:

Tastes Vata PItta Kapha

Sweet Decrease Vata Decrease Pitta Increase Kapha

Sour Decrease Vata Increase Pitta Increase Kapha

Salty Decrease Vata Increase Pitta Increase Kapha

Bitter Increase Vata Decrease Pitta Decrease Kapha

Spicy Increase Vata Increase Pitta Decrease Kapha

Astringent Decrease Vata Decrease Pitta Decrease Kapha

There is no real difference between Food and Medicine. Food can be a very good medicine.

Quantity of food intake“Most people eat too much. They thrive on a quarter of what they eat, and the physicians thrive from the other three quarters”. Eat only when you are hungry and leave about 25% of your stomach empty, as this will aid digestion. Wait approximately 4 hours between meals to allow adequate time to digest. This might be less between small meals and more between big meals. There should be a feeling of relief from hunger and thirst with adequate food intake; however, no pressure should be felt in the stomach or chest after eating and he/she should be comfortable while sitting, standing, exhaling, inhaling or doing daily activities. Gentle walk for 100 feet is recommended after eating and rest has to be taken afterwards.

Incompatible Food Certain food combinations disturb the normal gastric functions leading to imbalance of doshas. Examples are: Milk is incompatible with: Bananas, fish, meat, melons, curd, sour fruits, kitchari, and bread containing yeast, cherries. Honey Is Incompatible With: Ghee )in equal proportions(, Heating or cooking with. It is best to consume fruit )or fruit juice( separately from other foods. Such incompatible food should be avoided.

Liquid intake Liquids help in the proper movement of food inside the body, liquefaction of the food for the

easy digestion. Drinking water before meals is good for reducing weight, drinking water after meals increases weight; Take a glass of luke warm water in between the meals is ideal for maintaining health. In summers butter-milk

July/Aug 2014 51

PROBIZ WELLNESS

can be used. Cold water is ideal after meals containing yoghurt/curd. Regular intake of Curd has to be avoided. Warm water can be taken after consuming starchy/fermented food. Milk is best suited for those who have become weak due to some disease or therapy, fasting or due to excessive physical activities. It is even recommended for emaciated, aged and children.

Foods for our MindAccording to Ayurveda, a subtle part of Food nourishes the mind too. Food is categorized into 3 according to its effect on mind.•Satvic food : helps to develop qualities like,righteousness, intelligence, faith in God, cleanliness. Examples are - Rice, wheat, almost all vegetables except onion and garlic, milk, buttermilk, honey, ghee etc.

• Rajasic food : mostly develops competition,ego, anger, pride, lust, etc. Examples are- Spice intake in excess, Meat of chicken, mutton, alcohol, etc.

•Thamasicfood:Developsqualitieslikelaziness,sleepiness, ignorance, fear, grief, etc. Examples are – curd, old food )tinned and canned food(, red meat, etc.

Science of NutritionThe science of nutrition - named as Rasayana is a procedure practiced in the form of healthy diet, regimens, health promoting conduct and behavior ensuring nutrition. Ayurveda categorize nutrients into 3: Those directly enriching body tissues; those improving Digestion and Metabolism; those promoting competence of micro circulatory channels leading to bio availability of nutrients to tissues and improved tissue perfusion. In the context of nutrition, Ayurveda gives importance to the healthy and balanced functioning of Agni )Digestive Fire( which is responsible for metabolism and assimilation. The bioavailability of a nutrient depends on several factors. For example, vitamin C improves iron absorption, and vitamin D aids in the absorption of calcium, phosphorous, and magnesium. Careful meal planning & practice of healthy regimen )daily & seasonal( is necessary to include foods rich in minerals and absorption-enhancing factors.

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July/Aug 2014 53

LEGALLY SPEAkINg

In our practical life, we might face or see some problems resulting from the issuance of cheques, and sometimes we find one of our neighbors or friends complaining to us and saying “I have written a cheque to someone and that one have lodged a criminal case against me”; here we are going to discuss with you the legal status of cheques according to the laws of the United Arab of Emirates and its practice in police stations, courts and prosecutions.Bounced cheque cases which result from business dealings and transactions, leasing contracts, credit cards or real estate and contracting project deals worth millions of dirhams, constitute a huge workload for criminal courts which handle these cases on a daily basis.The cheque is a mean for settling one’s financial dues. If the banks adopt stricter criteria for issuing cheque books to their customers they would be contributing somehow to curbing the problem of misuse of cheques. The criteria would take into consideration, for instance, the customers’ financial conditions and whether they would be able later to respect the trust the other party gave to them by accepting their signed cheques.”When the Emirati legislator put the Penal Code together, he dedicated certain articles to the bounced cheque cases. “The cheque is a tool of financial settlement used in business dealings among people. By protecting the cheque, the legislator has protected the economy and the business.The Penal Legislations of the United Arab Emirates prohibited the issuance Of Cheques in a bad faith - without funds- and the article “401” of the Penal Code states that )Detention or a fine shall be imposed upon anyone who, in bad faith, gives a draft )cheque( without a sufficient and drawable balance or who, after giving a cheque, withdraws all or part of the balance, making the balance insufficient for settlement of the cheque, or if he orders a drawee not to cash a cheque or he signs the cheque in a manner that prevents it from being cashed or honoured.The same penalty shall apply to any one who endorses a cheque in favour of another or gives him a bearer draft, knowing that there is no sufficient balance to honour the cheque or that it is not drawable.”According to Article 401 of the Penal Code, any person who writes a bounced cheque shall be slapped with a fine of no less than Dh500 and given a jail sentence of no more than 3 years and in all cases the penalty depends on the judge’s discretion.On the other hand, in order to recover the money lost when a cheque bounces, complainants must file a civil lawsuit.The criminal side of the case is determined by the Court of Misdemeanours or the two higher courts )if the defendant decides to appeal( and the Civil Court looks into lawsuit then after. “The claimant needs to wait for the legal deadline to pass and if the defendant does not appeal then )the claimant( can proceed with the civil lawsuit. He has to provide the Civil Court with copies and documents from the Public Prosecution stating that the verdict was final.”If the defendant is found guilty, the court will refer the civil lawsuit to the competent civil court and the claimant can pursue it to recover his money.“The case then falls in the hands of the execution judge who would compel the defendant to pay up the cheque or the latter would risk being jailed

again.”Such civil lawsuits may take between three to four months at the Dubai Courts before a ruling could be issued.What I can do if the Landlord requested me to issue for him as a security cheques as a guarantee for the amount of the rent?As we can see and conclude from the above laws and procedures that cheques shall not In any way be used as a security method , and using it for such purposes might subject the drawer to criminal offence and civil too.There are lots of civil documents and agreements in addition to the tenancy contracts can be done to ensure that payments will be done properly in its due dates and can be an effective alternative solution for the problems resulting from the cheques. Finally, We advise that everyone should be careful before issuing a cheque in his name to someone , and to have a full and complete knowledge about all the rules governing the cheque and to keep consulting his/her lawyer about any legal documents in general.

Rudha Alattar Advocates & Legal Consultants is a licensed Law Firm in the United Arab Emirates providing full range of Corporate & Litigation Services. Our Law Office aims at extending its services as a “One Stop Service” by dealing in various arenas of practice not limiting to consultation or litigation in Dubai Courts but provide with full Legal Support services through partners, associates & affiliated offices around the Globe.

WAYS ATTORNEY Legal & Business Solutions - Ahmadabad, Bombay, UAE )Division of Litigation office(RA Advocates & Legal Consultants FZ LLC - UAE )Division of Litigation office(

For more information contact:Anjana Bhatia D.I., Advocate & Sr. PartnerRudha Alattar Advocates & Legal ConsultantsMob: +971 55 5944 896/ +971 50 5944 896, Tel : +971 4 2776 [email protected], [email protected], www.raadvocates.com1904/1905, 19th Floor, Opal Tower, Al Abraj Street, Business Bay, Dubai.P.O.Box 116004, Dubai, UAE

CHEQUES are not a method of S E C U R I T y

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