Need structural and behavioral changes to improve the image of India and Indians.

1. Ensure proper pavements for walking. The sign of real development is to empower everyone to walk around safely. Zebra crossings should be respected. I noticed during a recent trip to Japan that there are people specially positioned at zebra crossings to help people to cross over. India certainly needs this service for sometime till we build an empathetic culture.
2. All the new developments in a city or town should compulsorily have walking and cycling tracks. It’s not not only healthy, it’s carbon neutral.
3. While one respects the self employed vendors/entrepreneurs on road side, it needs to be regulated with aesthetically designed and uniform looking kiosks. In fact the corporates can do their bit in these areas through their CSR
4. We need to completely ban posters be it political or cinema related or business promotions. They have no right to deface our towns and cities. Our traditional art work should be displayed instead which will make our towns and villages more aesthetic.
5. We need to work on reducing the noise level, starting from honking to toning down the loud speakers.
6. We are also very loud in public places. I noticed in Japan that you rarely see any one talking loudly and even in a crowded metro like Tokyo, it is relatively quiet.

7. Courteous service by public facing officials need to be inculcated. The processes should also be simplified to make them customer friendly. For each service, there has to be a centralized contact Centre on both e mail and phone for enquiry and grievance redressal. More and more such services be privatized. We have started seeing the change gradually
8. We need to respect blue collar workers. They are the backbone of any economy and with the prosperity of the economy, their size needs to expand.
9. The media should also start highlighting the positives of the society and start celebrating the real heroes of the society.
10. The hate mongering TV debates should be monitored and should be gradually stopped.
11. Our judiciary should become proactive, suggest changes of archaic laws and start dispensing justice with strict time lines. While in the last half century we have significant achievements in many areas including agriculture, white revolution, telecom, banking, travel & tourism, direct distribution of government benefits, our judiciary is still stuck in its archaic processes and dispensation. Quick dispensation of cases will also significantly reduce corruption, a bane of the Indian society.
12. The babu culture has to end. Our politicians and bureaucrats have to come down from the ivory tower and start behaving normally as it happens in most of the Western countries and also in many other Asian countries. This will also reduce the clamor for government jobs.

Covid 19 - Needs Innovative Solutions from Banks

The Covid 19 has brought in extra ordinary challenges in our life as also has completely brought in a new challenge in all areas including in business. Baring a few sectors, business across all the sectors are hugely impacted. The sudden closure of the businesses and the business cycles will open up major challenges when the businesses reopen. The companies, especially the SMEs and the MSMEs will be confronted with a situation of lack of working capital and this will be one of the major challenges. We need to focus on this immediately and the banks have to come up with an innovative solution of funding at least three to four months working capital after factoring lower receivables during the next few months as also delay collection of receivables. This funding has to be provided without seeking any additional security. The term loan should be for at least 18 months to 24 months  depending on the requirement of the company and can be repaid in monthly installments (ballooned, wherever required, with a moratorium of three to six months). The interest applicable for such funding be at the same rate of the working capital with possibly an interest rate incentive for earlier payment.    

Are the financial services companies misleading customers ?

The aggressive marketing by financial service providers despite the serious financial crisis the world saw in 2008-09 makes on the think if the banks have reallty learnt lessons from the earlier event. Here are some of the examples:

1. The bank calls a customer whose loan value is about 30 % higher than the property value(due to the massive drop in asset prives) if they would like to avail of a special offer of deferment of instalment payment of one month due to festivities.

2. The exchange houses in Dubai started a campaign when the India rupee depreciated from Rs. 12 to Rs. 12.5 against Dirham encouraging people to remit aggressively. This campaign lead to a number of indivisuals borrowing for remitting back to India. This has lead substantial loss for such remitters as the rupee further depreciated to Rs. 15. Would the regulator ever take the exchange houses to task ?

3. A self employed professional who have had no significant income for over six month receives a call from his bank for generous offer both for car loans and personal loans. What is the role of  customer intelligence analytics  department of the banks ?

 

Let's stop vandalism and destruction of public property

The city of Mumbai is under siege by a political party under the pretext of the release a movie. The protest against a particular actor and his forthcoming movie has also led to destruction of a few cinema halls. A year back, a number of poor north Indian taxi drivers were attacked and their taxies were damaged. We see our buses and trains burning as a symbol of public protest. Destruction of public properties become the visual symbol of any such protests.

Vandalism is also taking another form. Every year self styled moral policing by some fascist forces against valentine's day also leads to destruction of shops and restaurants. Young girls were attacked in a town a year back for visiting pubs. A well known painter's paintings were vandalised and due to threats by political miscreants, he is forced to stay out of the country.

While a democracy allows every citizen the right to protest, does it give a free pass for vandalism and allow a free for all destruction of public properties. More often than not, such destruction is instigated by political parties. This happens since there does not appear to be any punitive measures. With the press catching perpetrators of such crime quite clearly on their camera, can such evidences not be used for strict criminal action ?

Since the state governments as also central government have completely failed to take action, can the honourable supreme court step in and end this menace.

Mentor a Start up

The financial meltdown of 2008 has left a lasting impact on the job market. While many people lost jobs, it also has brought in a fundamental change in the employment markets. A large number of young students can no longer assume that a job follows completion of their graduation. In the last decade we have also witnessed growth without any significant increase in job growths. This phenomenon brings in a new challenge, youngsters would have to go on their own. This entrepreneurial journey is challenging and perhaps be made some what easier by mentoring.
I would therefore urge that we start a mass movement of mentoring new entrepreneurs. All large companies should make it a part of their corporate social responsibility. All experienced professionals should make this as a part of their professional mission to help at least one start up either individually or preferably in a group of complementing skill sets. They can also become angel investors in these start ups. The usage of professional expertise of the mentors to train the start ups, bridging in through financial support as also network/social support which may open up market opportunities, would build in confidence of the entrepreneurs and would provide a framework for success. Just imagine the ripple effect of such a movement. This can not only create a large number of self employed, it will also have an efficient and effective start ups providing a base for a more competitive economy.

India - We require more new cities.

Over the last few months there have been constant rumblings by the MNS and Shiv Sena about the status of outsiders in Mumbai. The point of attack are the North Indians. A few years back it was the South Indians. Often the frustration has been on account of over crowding of Mumbai and the presuure on the infrastructure. Even a balanced politician like Sheila Dixit had expressed concern over the crowding and pressure on the infrastructure of Delhi. While the MNS and Shiv Sena make political capital out of this, Sheila Dixit quickly retracted due to the expected political fallout, though her observations were right on mark.

Naturally a country which has been growing at a rapid pace, with a demographically favourable younger population and reduction of dependence on agriculture for employment, would have large impact on urbanization. We have been witnessing this over the last three decades. Wherein in the sixties a number of large industrial townships came up with the PSU model of expansion, the process has relatively slowed down with growing privatisation of industry.

It is important that we create new cities by planned expansion of existing large towns. We also need to create new towns where the pressure of land acquisition would be less. The central India offers vast tract of land with relatively low density of population and offers substantial opportunity. Every large state should come up with at least three to five alternates for their current over crowded and over stretched cities.

The government should also tighten its policy implementation. During the mid 90s when a number of private sector banks and also IDFC were licensed, the registered offices were distributed in a number of mid size cities. However, the intent was quietly killed and every one conveniently placed the corporate office in Mumbai. Do we need such a geographical concentration in a net worked world ?

Life - Teachings from the game of cricket

1. For a big score, you have to have patience in shot selection, leave the good balls and wait for the bad balls to score. In life you have to have patience and take decisions while waiting for the right opportunity.
2. When playing do not get over awed by the reputation of the bowler, but judge based on the quality of each delivery. It's your technical skill and experience which helps you survive the good balls. In life it means that you can meet adverse situations by your knowledge, skills, patience and hard work.
3. When your team is in problem, you need to have loads of patience and staying power to take your team out of problems.
4. Life is a test match and not a T-20. You need technical skills, endurance and tenacity to survive and thrive.
5. When you lack confidence, it reflects in your game and so does in your life.
6. Respect the opposition, but do not get overwhelmed by them and find smart ways of winning.
7. A short lapse of concentration can cost a great innings. Similarly a rush of blood decision can cost your career.
8. The success in cricket depends on the contribution of all the team members and support staff. Similarly in life to be successful, you have to build a winning team comprising your professional team members and support groups including family members, friends and professional associates.
9. Don't be satisfied with your tall score in the previous innings. Always be hungry for more. 10. Often you end a great innings due to a rash or lazy shot due to boredom. In life you may take a drastic decision of changing your job and moving away from a potentially great career due to a short and boring phase. Be careful to avoid such a costly decision.