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New Delhi, India Volume 04 Issue 06 March 2016 ` 100 www.nriachievers.in

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Making India ProudIndians in Gulf

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www.nriachievers.in4 www.nriachievers.inMarch 2016

LETTERS MATTER

DATE COUNTRY DAY

March 1 Bosnia National Day

March 3 Bulgaria National Day

March 6 Ghana National Day

March 12 Mauritius Republic Day

March 17 Ireland St. Patrick’s Day

March 20 Tunisia Independence Day

March 21 Namibia Independence Day

March 22 League of Arab States Anniversary Day

March 23 Pakistan National Day

March 25 Greece Independence Day

March 26 Bangladesh National Day

VOLUME 04 ISSUE 05 February 2016

GIVE INFO ON KENYA & AFRICAHi. I am an NRI based out in Kenya. I work for a company

who has interests in Real Estate. Here many foreign companiesare coming to invest money. May I suggest that you highlight in-formation on Kenya & Africa in your coming issues so that IndianCompanies get some idea to enter African market. is is for surethat Africa would be the most ideal destination in near future for

investment as well as business. In the last two issues I saw thatyou are giving more coverage on Indian States where as I thinkyour main focus should be centered on NRIs.

One suggestion: PIOs make a great number in this part of the world. Bring them in limelight. ey are doing wonders. anks

Navanethem Jagessur, Nairobi, Kenya

NRIS SHOWING INTEREST!Your magazine is becoming a must-read publication. Stories based on

States were need of the day because under NDA Govt. in the centre NRIsare really showing interest to start investing in different parts of India. eway you have given a cover story on underdeveloped State Jharkhand, itshows that there is hell lot of scope to invest in Indian States in whatever sec-tor one wants.

On reading this story it may be estimated that slowly-slowly black money is diminishing & the Govt. understands the meaning of governance.at’s why they are not only performing but they are looking concerned about the problems of their fellow voters. You are suggested to focus more onother States as well & give more information on the sectors where FDI canbe attracted. anks

Faizan Ahmed, Dubai, UAE

LISTEN PLEASE!I have been reading your magazine

since 2013. I must say that you have beencontinuously maintaining the minimumlevel of quality in your magazine. Althoughyou are publishing something on politics butI suggest you to give at least 2-3 pages oncurrent affairs. Sports, Cinema & Education& focus more on these as they always makea good reading.

Payal Kukreja, Mumbai, India

www.nriachievers.in

Open Letter

AN OPEN LETTER TO THE FINANCE MINISTER

Shri Arun JaitleyHon'ble Minister of FinanceGovernment of India, New DelhiDear Sir,

e PBWT (Pravasi Bandhu Welfare Trust), was established in2001 to work for the welfare of NRIs. PBWT is educating Indianexpatriates on the need of savings and investments in India. Wehave conducted 359 financial awareness classes for Indian expatri-ates all over GCC countries and we have more than 10,000 activevolunteers who help propagate this message to Indian expatriates.On behalf of PBWT, I am humbly submitting few suggestions foryou to consider incorporating in your upcoming budget:

1. Find a way to utilise NRI resources for National Develop-ment: China successfully utilises the economic resources, knowl-edge, expertise, experience and business contacts of its diasporafor its national development. India to the contrary has somehownot managed to harness the potential of its own diaspora to acomparative extent, nor has the effective and optimum utilisationof their resources come about to contribute to our national de-velopment to any significant extent. We therefore request you tointroduce some novel schemes to utilise the economic and intel-lectual resources, business networks et al., of the Indian Diasporafor the development of the country.

2. Reduce tax on NRO account and bring it at par with Res-ident accounts: Once NRIs withdraw their money from NREbank accounts, they cannot re-deposit that money into the sameNRE account, instead they have to perforce open an NRO ac-count and park that money in that account. While tax deductedat source for interest from the account of resident Indians is 10%,the same TDS for interest from NRO accounts is 30%. In effect,instead of encouraging NRIs to keep their moneys in non-repa-triable accounts, the present system is penalizing them by impos-ing on them triple the tax than those resident Indians have to pay.We request you to kindly charge 10% tax for interest accruing toNRO accounts by bringing it on par with resident Indians.

3. Permit NRIs to invest in Agricultural Properties: As per theprevailing law, NRIs are not permitted to invest in agriculture prop-erties. In states like Kerala, Tamil Nadu, etc., illegal investment inagricultural properties by NRIs is legion and is very common. Letus bring some sanity into this area. We request the government topermit NRIs to invest in agriculture properties, with a conditionthat they utilise such property only for agriculture.

4. Change Baggage Rule according to inflation: We had a bag-gage rule passed in 1967. At that time, one male passenger couldcarry in INR 10,000 worth of gold jewellery, and a female passen-ger INR 20,000 worth. In 1967 the international price of gold for'One Troy Ounce' was US$ 34.00. us in 1967, male passengerswere able to carry in from abroad 1300 grams of gold within theINR 10,000 limit and female passengers 2600 gram within the INR20,000 limit. Continuous demand over the years saw the govern-ment of India subsequently increasing duty free allowance of goldjewellery to INR 50,000, for males and INR 100,000, for femalepassengers. In the meantime, Gold prices have also been rising,and given the current price of the precious metal, male passengerare able to carry in a mere 16 grams of gold jewellery while femalepassengers can carry in a mere 32 grams with this allowance.Apropos, under the same baggage rules, all other items we cancarry in from abroad are mentioned by quantuity, while only goldis specified as per value. If the government rationalises this andpermits NRIs to bring in gold jewellery say, 50 grams for male pas-sengers and 100 grams for female passengers, clearly mentioningthe gold allowance by weight criteria rather than value in the rule,it will help all sides. By enhancing gold allocation of NRI passen-gers, a part of our country’s requirement of gold will easily be ful-filled without the country having to spend scarce forex for it.

5. Change complicated system of secondary market invest-ment procedures: e present system of secondary market invest-ment for NRIs is very complex and requires a Portfolio InvestmentService Account with banks and RBI permission. NRIs have beeninvesting into the US and other advanced capital markets withoutany such procedures, whereas to invest into our own country thereexist numerous restrictions on NRIs. India's domestic residents tooare today able to invest very easily outside India, but NRIs still needRBI permission for investments into India. It is our request thatNRIs be permitted to invest freely in the Indian capital markets likein any other country. Presently, Capital Gains Tax is not deductedfrom resident Indians, while in the case of NRIs, the short-termCapital Gains Tax is deducted at source by the banks. We requestyou to rationalise this so that the same system is applicable to bothresident as well as non-resident Indians. And just as residents arefiling their tax returns so should non-residents too be permitted tofile tax returns if there is any tax liability.

For Pravasi Bandhu Welfare TrustK V Shamsudheen, Chairman


5March 2016


6

NRI ACHIEVERSVolume 04 Issue 06 March 2016

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Editorial

7NRI AchIeveRs ÁèÌð ãñ´ àææÙ âð

March 2016

Aer the United States of America and Canada, Australia now joins the clubwith its new High Commissioner designate, PIO Ms. Harinder Sidhu arriv-ing in India to take up her assignment. e third NDA financial budget is

behind us, which consolidates further on steps taken by the incumbent governmentto streamline the Indian economy. While there are still some rough edges that raisedhackles of sections like the salaried class raging against a proposed tax on social wel-fare savings like provident fund for instance, the finance ministry has assured alland sundry that it is willing to take a relook into while debating the finance bill inparliament. Other important developments that have been in the news include thevexing JNU affair that has fuelled a nationwide debate on ‘nationalism and seditiousbehaviour,’ and the impending elections to five key state assemblies of Assam, WestBengal, Tamil Nadu, Kerala and Puducherry. Important for the NDA as doing wellin them will mean they get more representation in the Rajya Sabha, and the imagesof Modi and Shah—which took a beating with BJP losing both Delhi and Bihar—getting shinier. Apropos we had this mega Make In India week at Mumbai that sawIndia clinching investment commitments to the tune of US$ 222 Billion, but ofcourse past experience and scepticism forewarn—only time will tell how much ofthis figure actually fructifies into projects on the ground and increase in employ-ment, given a past track record of a mere 20-30% maturation.

We at NRI Achievers too continue to evolve, and one important information wewould like to share with you is that we are now almost ready to position NRI Achiev-ers in North America, with an imminent launch that we will soon announce! Onthe ongoing effort to reshape and restructure content within the magazine, youmight have noticed the he is on the uptrend—yes, you guessed it, we added morepages, though not too much is new on the spectrum of content being offered. Butthat too will come sooner than later, so keep reading! As is always the case in India,it is once again interesting days ahead, even if India is today in the news for all sortsof wrong reasons ... in as large a country as ours, controversies will be galore, andwe perforce have to take it all with a proverbial fistful of salt...

So, like your regular monthly routine, do take some time out and browse through, and please do not forget to write us your views on the magazine! Have agreat summer time ahead and enjoy festival of colours ‘Holi’.

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INDIA IN FLUX: BUDGET, ELECTIONS, MAKE IN INDIA

News Scan


www.nriachievers.in8

News Scan

UK: Several Indian doctors working inthe National Health Service (NHS) whoraised concerns about patient safety andunethical practices say they are vic-timised, oen resulting in their careersbeing terminated, besides facing consid-erable trauma and economic hardship.

eir experience was highlighted inthe case of cardiologist Raj Mattu, 56, who

was sacked aer he raised concerns aboutpatient safety at Walsgrave Hospital inCoventry. He was even accused of beinga sexual pervert, among other charges,but was cleared and awarded damages.Mattu, who is among several Indian doc-tors (who either trained in India or are ofIndian origin and trained in the UK) toface the wrath of hospital managers.

March 2016

NEW DELHI: The international prestige of Uzbekistan is con-stantly growing due to the dynamic development in all spheres,carried out by the state peace policy and consistent efforts toachieve security and stability in the region. Uzbekistan,steadily growing under the leadership of President Islam Karimov on his ownpath of development & developed a strategic mechanism for achieving the highgoals of joining the ranks of the developed states of the world. In this process,Uzbekistan pays special attention to the development of international cooper-ation, including in the framework of the authoritative international organiza-tions. One of them is the Shanghai Cooperation Organization (SCO).

AUS.: While focusing on exporting mineral resources to China, Australia issensing an opportunity in shipping pulses to India, a product where India isheavily import reliant. “One of the target markets for trade and investment for

Queensland is India. About 18 months ago, I put Aus-tralian $5 million in a programme to invest in re-

silience of tropical pulses, recognizing that thereis a strong growing market in India. We arelooking at where we can improve that product.He said the state was particularly keen in chick-

peas and other pulses as India was relying onCanada to meet a large part of its protein require-

ment, Queensland treasurer and trade minister TimNicholls told. India imported pulses worth close to $2 billion last year, and withthe monsoon rain being weaker than normal, the government is expected toimport more pulses to keep prices under check.

AUSTRALIA SEES GAIN IN EXPORTING PULSES TO INDIA

UZBEKISTAN IS GROWING

WE ARE VICTIMISED, SAY WHISTLE BLOWING INDIAN DOCTORS IN UK

US: A Sikh combat soldier sued the US de-fence department, saying his beard andturban had made him the subject of reli-gious discrimination because the armywas putting him through arduous helmetand gas mask tests that no other soldiergoes through. The complaint, filed in federal district court in Washington byCaptain Simratpal Singh, a decorated WestPoint graduate, said unlike other soldiershe had been ordered to undergo three daysof performance tests that “target himsolely because of his religious beliefs.”

SIKH SUES US DEFENCE DEPT FOR

RELIGIOUS BIAS


www.nriachievers.in10 March 2016

Product Scan

Considered as thegold standard ingerm protection,Dettol has furtherstrengthened itslegacy of productinnovation andcommitment to-wards improving

the health and hygiene of consumers by launching Dettol Gold,an innovative range which offers 100% better protection everagainst germs and new age illnesses. e range comprises of barsoap and liquid hand wash in two exciting variants - ClassicClean and Daily Clean. e product shields children from germscausing bacteria they encounter every day and also offers a worldclass sensorial experience.

DETTOL LAUNCHES A NEW RANGEFOR 100% BETTER PROTECTION

Aer unveiling it at the Auto Expo 2016, Renault India is finallyset to launch the new Duster faceli in India. Source close to thecompany haverevealed thatthe new up-dated RenaultDuster will belaunched thisMarch, mark-ing the Frenchcarmakers firstproduct inIndia for 2016.e newDuster faceli comes with some considerable cosmetic additions and 31 new features additions that include the all-newAMT gearbox as well.

RENAULT DUSTER FACELIFT TO BELAUNCHED IN INDIA THIS MONTH

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www.nriachievers.in12 March 2016

Business BuzzBusiness Buzz

The mobile app-based grocery delivery business in Indiathat had witnessed a string of failures till date, saw its latestexit in Flipkart Nearby. Flipkart, India’s largest e-commerceplatform, announced shutting down of its recently-launched pilot service ‘Nearby’. “Flipkart Nearby was pi-

loted inselect areasof Banga-lore (sic).The experi-ment was a

test for understanding efficiencies and operations of thehyperlocal business. The project has now run its course andthe learnings from this will now be used for future opera-tions of the company,” a statement said.

e government will consider merg-ing some of its more than two dozenstate-run banks (27 PSU banks), as itseeks to improve efficiency at the ail-ing lenders that dominate the na-tion's banking sector. Bankers have“strongly supported” the idea of con-solidation, suggesting the government form a panel of expertsto devise a merger strategy, Arun Jaitley said aer a two-day an-nual brainstorming event of industry leaders and officials fromthe central bank and finance ministry. An expert committee,which will be soon set up to look into the issue, will closely workwith the Banks Board Bureau (BBB) to identify the rightmatches for consolidation.

e South African drug regulator hashighlighted major concerns over Ran-baxy Laboratories’ folic acid tablets‘Rogue’, which were recalled last year,and has sought a detailed report fromthe parent company Sun Pharmaceuti-cals. Folic acid tablets are the over-the-

counter vitamin drugs that are con-sumed by pregnant women and babies.Last December, the discovery of poten-tially-dangerous Betacin, an anti-inflam-matory drug, mixed in the folic acidtablets, had led to the recall of more than18,000 containers in South Africa.

SA REGULATOR SEEKS REPORT FROM SUN PHARMA ON RANBAXY’S RECALLED DRUG

GOVT MAY MERGE 27 PSU BANKSFLIPKART SHUTS ITS GROCERY DELIVERY BUSINESS

Vijay Mallya, the man who lost alucrative liquor business in pur-suit of an airline mirage, is tryingto belatedly insulate himself fromfurther losses for his follies withhis grounded Kingfisher Airlines,now that many banks have de-clared him a “wilful defaulter.”

Mallya has resigned as chairmanof United Spirits, now owned byUK major Diageo. He will bepaid US$ 75 million (INR 515crore) as a separation fee. In hisresignation announcement,Mallya has also revealed his plansto move to the UK.

VIJAY MALLYA TO QUIT UNITED SPIRITS

NRI Achievers Desk

A


www.nriachievers.in 13March 2016

PSU

NRI Achievers Desk

Outlining some interesting facts about the health of PSUs, the Economic Surveypresented in Lok Sabha said the contribution of Central Public Sector Enter-prises (CPSEs) to the exchequer decreased by nearly Rs. 20,400 crore to Rs.2,00,584 crore in 2014-15. ONGC, Coal India, NTPC, National Mineral Devel-opment Corporation (NMDC) and Power Finance Corporation were the topfive profit-making CPSEs during 2014-15. On the other hand, Bharat SancharNigam Ltd, Air India, Mahanagar Telephone Nigam Ltd, Hindustan Photo

Films Manufacturing Company and Mangalore Re-finery and Petrochemicals were the top five loss-mak-ing CPSEs. e CPSEs had contributed Rs. 2, 20, 981crore to the central exchequer in 2013-14. "is wasmainly on account of a decrease in their contributionto dividend, corporate tax and custom duty in 2014-15," as per the 2015-16 Economic Survey tabled byFinance Minister Arun Jaitley in Parliament. CPSEs

contribute to the central exchequer by way of dividend payment, interest ongovernment loans and payment of taxes and duties. But there was a positive de-velopment too. ere was an increase in the CPSEs contribution to excise duty,dividend tax, sales tax and service tax. e net profit of profit making (157)CPSEs stood at Rs. 1,30,363 crore in 2014-15, whereas net loss of loss-making(77) CPSEs stood at Rs. 27,360 crore. Out of 298 CPSEs under the administra-tive control of various ministries/departments, 235 were in operation and 63were under construction up to December 2015.

INDIAN Railway Catering and TourismCorporation (IRCTC), the next genera-tion E-ticketing platform, has partneredwith Oyo Rooms to launch an IRCTChotel-booking page offering its budgetroom inventory to train travellers. eIRCTC Tourism website now lists a newtab titled 'IRCTC Oyo Hotels'. is willredirect the user to a page on OyoRooms's website where users can com-plete the bookings.

ONGC TOP PROFIT MAKING BSNL TOP LOSS MAKING

IRCTC JOINS HANDSWITH OYO ROOMSFOR BOOKINGS TO

PASSENGERS

Government appointed Gurdeep Singh, currently head of Gu-jarat State Electricity Corp, as the chairman and managing di-rector of NTPC Ltd, India’s biggest power producer. Singh, 51,will be the first person to be appointed to the top job at a Ma-haratna company through a search committee route. Govern-ment head-hunters, Public Enterprise Selection Board (PESB)normally selects board appointees to state-owned firms but in

case of NTPC a Search-cum-Selec-tion Committee was constituted aerArup Roy Choudhury was denied anextension of service in August.

GURDEEP SINGH NAMED CHAIRMAN AND MD OF NTPC

Bharat Heavy Electricals Limited (BHEL) hasachieved yet another landmark by successfullycommissioning a 270 MW coal-based power proj-ect in Punjab. e unit has been commissioned atthe upcoming 540 MW (2x270 MW) Goindwal Sahib coal-firedermal Power Project of GVK Power & Infra Ltd. (GVKPIL), lo-cated in the historic city of Goindwal Sahib in Tarn Taran district,near Amritsar in Punjab. e second unit of the same project isalso expected to be commissioned shortly. For the same developer,earlier this fiscal, BHEL had commissioned 4 hydro sets of 82.5MW each at Alaknanda Hydro Power Project in Uttarakhand.

BHEL COMMISSIONS GVK'S 270 MWTHERMAL UNIT IN PUNJAB

PSUs REPORT CARD

A

Diaspora News

NRI AchIeveRs March 2016ÁèÌð ãñ´ àææÙ âð


MALAYSIA: An Indian-origin Sikhhas been appointed the Police Com-missioner of Malaysia's capital KualaLumpur, the highest police rankachieved by a Sikh in the Muslim-majority country. Deputy Commis-sioner Amar Singh, in his late 50s,

will replace Tajuddin Mohamed whowill move to federal headquarters asthe deputy director of commercialCID next month. His appointmentas Kuala Lumpur police chief wasannounced along with several othertransfers and promotions.

INDIAN-ORIGIN SIKH APPOINTED KUALA LUMPUR POLICE COMMISSIONER

UK: Noting that ‘bhangra’ and ‘tandoori’ had gonemainstream, the new Indian high commissionerNavtej Sarna paid tribute to the large Indian Diasporathat now has a significant presence in every field incontemporary Britain. Speaking to leading membersof the Indian community in the Gandhi Hall of IndiaHouse over the weekend, Sarna reiterated the concep-tion of Prime Minister Narendra Modi that even ifoverseas Indians had different passports, they had asmuch claim on India as Indians. “is India House isas much yours as ours. It reflects Indianness in everyinch, since it was originally been built for India. Allcommunity members must feel that this is their homeand they are always welcome”, he said.

NEW ENVOY HAILS INDIAN DIASPORA,‘BHANGRA’ IN UK


UK: Prominent industrialist Swraj Paul, whohas been the chancellor of the University ofWolverhampton since 1999, was recognised forhis services to the city through a special awardgiven to ‘Wolverhampton’s Famous Sons &Daughters’. Sir Paul, involved in industry inWolverhampton and the West Midlands overdecades, accepted the award through a videomessage. His award was accepted on his behalfby the Wolverhampton vice-chancellor GeoffLayer. “I am deeply honoured to receive thiswonderful recognition from the Wolverhamp-ton Partners in Progress and to join the distin-guished ranks of Wolverhampton’s famous sonsand daughters,” Sir Paul said.

UK: Karan Bilimoria, who arrived as a studentfrom India in the 1980s, went on to establish asuccessful beer brand and now sits in theHouse of Lords, has criticised the DavidCameron government’s student visa policythat, he believes, is “creating a rod for their ownback”. One of the key speakers in a debate onstudent immigration, Bilimoria demanded thatthe government remove students from immi-gration figures—as in the US, Canada and Aus-tralia—since most of them leave after theirstudies. Excluding students from.

UK’S STUDENT VISA PLAN CREATING ROD FOR OWN BACK: KARAN BILIMORIA

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SWRAJ PAUL HONOURED IN BRITAIN



DUBAIGATEWAY TO THE GULF

e City-State (or Emirate) of Dubai is the most populous city in the United Arab Emirates (UAE). Located onthe southeast coast of the Persian Gulf, it is one of the seven emirates that make up the country. Dubai andAbu Dhabi, apropos, are the only two emirates that have veto power over critical matters of national importancein the country's legislature. Dubai city is sited on the emirate's northern coastline, and heads up the Dubai-Sharjah-Ajman metropolitan area. In this issue of NRI Achievers, we focus largely on Dubai, more specificallyon the Indian Diaspora and India-Dubai trade.

Cover Story

ver the past few decades,Dubai has emerged to be-come a global city and themain business hub of theMiddle East. Until the

1960s, Dubai's economy was predomi-nantly grounded on revenues from tradeand to a smaller extent on oil explorationconcessions. It was in 1966 then that oilwas discovered, and oil revenues startedflowing into Dubai first in 1969. ishelped accelerate early development ofDubai, but its reserves are limited andproduction levels low – today, a mere 5%(or less) of it's revenue comes from oil.Dubai's western-style model of businessis the driver for its economy today, withmain revenues now coming fromtourism, aviation, real estate, and finan-cial services. Dubai is iconic for the sky-ward thrust of its many high-risebuildings, and the Burj Khalifa, said to bethe world's tallest building, a metaphorfor this. e city's workforce is largelySouth Asian as is for the rest of the Emi-rates, constituting some 58%—with thefive most populous nationalities being:25% Indian, 12% Pakistani, 9% Emirati,7% Bangladeshi and 5% Filipino.

As of 2012, Dubai has been placed the22nd most expensive city in the world, and

THE most expensive city in the MiddleEast. Dubai is also rated as one of the bestplaces to live in the Middle East. e In-ternational Herald Tribune describes thecity-state as a "centrally-planned free-mar-ket economy." ough Dubai's economywas initially built on oil revenues, petro-leum and natural gas today account for lessthan 2% of the emirate's GDP. Dubaitoday has become an important port of callfor western manufacturers. Most of thenew city's banking and financial centreswere head-quartered in the port area.

Today, Dubai has focused its economyon tourism by developing real estate andbuilding world-class hospitality centredproperties. Port Jebel Ali, constructed inthe 1970s, has the largest man-made har-bour in the world, and is also increasinglybeing developed as a hub for service in-dustries like IT&C and finance, with thecoming up of the new Dubai InternationalFinancial Centre (DIFC).

Dubai has of late become a major playerin the world market for diamonds andgold. As the world's third largest diamondtrading hub today, Dubai's trade in roughand cut diamonds has seen a meteoric risesince 2001. It is worth nearly US$ 35 bil-lion in 2013-14. e emirate has been ableto leverage its geographical position be-tween major suppliers of mined diamondsin Africa to the main cutting centres inIndia and further east in China. ere isalso a perception of Dubai as a buying hubfor consumers of diamonds jewellery,thanks to the large number of jewellers inDubai and its tax-free regime.

Trade in gold grew during the 1940sspurred by Dubai's free trade policies thatencouraged entrepreneurs from India andIran to set up businesses at the Dubai GoldSouk. Despite the general slump in theglobal gold market, Dubai's share of tradevalue in gold and diamonds to its total


17March 2016

OIn Focus

non-oil direct trade increased from 18% in2003 to 24% in 2004. In 2003, the value oftrade in gold in Dubai was approximatelyDh. 21 billion (US$ 5.8 billion), while tradein diamonds was approximately Dh. 25 bil-lion (US$ 7 billion) in 2005. India isDubai's largest buyer of gold, accountingfor approximately 23% of the emirate'stotal gold trade. Switzerland was Dubai'slargest supplier of gold ingots, wastes andscrap. Similarly, India accounted for ap-proximately 68% of all diamond-relatedtrade in Dubai; Belgium's share in Dubai'sdiamond trade was about 13% in 2005.

India apropos was Dubai's largest tradepartner until very recently, with a tradevolume of US$ 37 billion, representing a10% share of the total foreign trade of theemirate for the year 2013.

For the same period, China came sec-ond with a value of US$ 36.7 billion, just amite under India's figure, also accountingfor another 10%, while the US took thirdplace with US$ 23.4 billions or 6%, fol-lowed by Saudi Arabia and the UK withUS$ 23 billion and US$ 15.2 billion.

China's trade with Dubai for the last yearhas gone up by a margin of 29%, to Dh 175billion in 2014 up from Dh 135.7 bn theprevious year. is increase was enough topush India off the top spot as Dubai’s majornon-oil trade partner for the year 2014,with India's non-oil trade with Dubai to-talling Dh 109 bn last year. e UnitedStates accounted for Dh 83 bn of trade,while Saudi Arabia was the UAE’s largestGulf trade partner, with a total trade valueof Dh 52 bn. Later figures are as yet un-available. is rise in Dubai-China tradealso evidences a pivotal role being playedby Dubai in the Dragon’s trading with therest of the world, as well as reflecting theemirate’s capacity to successfully link Euro-pean, African and international marketswith the Chinese and East Asian markets.

India's exports to Dubai is domi-nated by Jewellery, Gold, Diamonds,Pearls and Precious Metal Scrap; Re-fined Petroleum and Coal Tar Oil;Clothing and Apparel like Knit T-Shirts, Synthetic Filament Yarn &Woven Fabrics; Rice, Wheat & Tea;Iron Pipes, Fasteners & related prod-ucts; Aviation products like Helicop-ters etc.,; Broadcasting Equipment;and other items like Chemicals,Building Materials especially Stone,Bovine Meat, Vegetable Oils and Wood.

India is also the largest source for UAE'sworkforce, with a very large percent of itskewed in favour of blue-collar workers.ere are more than two million Indianmigrants in the UAE, mostly from the statesof Kerala and Tamil Nadu, accounting formore than 50% of the total UAE popula-tion. A vast majority of them live and workin the three largest cities — Abu Dhabi,Dubai and Sharjah. India's trade and com-merce connections with this region harksback to several centuries ago. But it was

only aer oil was discovered in the Gulfthat UAE as well as other GCC countrieshave experienced a manifold exponentialincrease in the population of Indians whohave migrated here seeking opportunitiesin petroleum, finance and other industries.While most Indian migrants support the fi-nancial, manufacturing, and transport in-dustries, a sizeable minority of migrants areinvolved in professional services and entre-preneurship as well.

Expatriates and foreigners have a key roleto play in the economy of the Emirates,



Cover Story

what with them comprising roughly 80% ofthe UAE's labour force. Some of these peo-ple have lived in the country for generations.Of the Indians, around 40% are white collarprofessionals, while the rest constituteskilled as well as semi-skilled and unskilledlabourers. In addition to employment-based migrants from India, many Indianentrepreneurs in the UAE have establishedsuccessful national franchises, notableamong them being the Landmark Group,Lulu Hypermarkets, Jashanmal, Ajmal Per-fumes, Jumbo Electronics, Choithram's, theVarkey Group, the Alukkas and New Med-

ical Centre. Dubai-based Indian million-aires include Micky Jagtiani of the Land-mark Group, Yousuf Ali of EMKE group,Ravi Pillai of the Ravi Pillai Group, theChhabria family of the Jumbo Group,Sunny Varkey of GEMS Education, TonyJashanmal of the Jashanmal Group andJoy Alukas of Joyalukas Jewellery.

Yogesh Mehta of Petrochem ME,Rizwan Sajan of Danube Group, DeepakBabani of Eros, Azad Moopen of Aster

DM Healthcare, Ramesh S Ramakrishnanof the Transworld Group, Santosh Josephof Dubai Pearl and Lachmandas Pagaraniof the Al-Maya Group are also on the list ofIndian millionaires living in Dubai. eGulf Medical University founded by um-bay Moideen is an Indian contribution toHigher Education in the UAE, where stu-dents from over 68 countries study in theirAjman campus. Adnan Chilwan, GroupCEO of Dubai Islamic Bank, one of themost respected banking professionals inUAE, and Kamal Puri, Founder Presidentof Skyline University, are also some of thefew well known Indians in the UAE. emass influx of Indians to the UAE espe-cially into professional segments has haddirect consequence of the reduction ofwages and standard of living.

A 2005 Merrill Lynch report put Indianmillionaires living in the UAE at an esti-mated 33,000. Indian expats typically savemost of their earnings through employ-ment benefits on accommodation andtransport, and income tax free provisionsof the Emirates, remitting a sumptuousportion of their earnings back to India forthe maintenance of their households inIndia. In 2005, an estimated US$ 7 billionwas remitted, about half of which was sentthrough informal hawala channels. About70% of all remittances from the UAE (orUS$ 5 billion) was sent to India, with 60%being remitted into Kerala alone. India Inc.too has a large presence in the Emiratestoday, with at least 800 leading Indian firmsserving all key markets in the region out ofJAFZA (the Jebel Ali Free Zone Area).

More on that later & lets’ now have a look on the next pages at some keyIndian movers who are making IndiaProud in the UAE .



In Focus

NRI Achievers Desk

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Cover Story

sunil VaswaniWealth: (Us$ 7 Bn)Industry: IndustryCountry: UAE

dr raVi PillaiWealth: (US$ 5 bn)Industry: ConstructionCountry: UAE

yusuffali Ma Wealth: (US$ 4 bn)Industry: RetailCountry: UAE

the allana faMilyWealth: (US$ 3 bn)Industry: FMCGCountry: UAE

azad MooPenWealth: (US$ 2 bn)Industry: HealthcareCountry: UAE

Pnc MenonWealth: (US$ 1 bn)Industry: ConstructionCountry: UAE

rajen KilachandWealth: (US$ 895 mn)Industry: IndustryCountry: UAE

joy aluKKasWealth: (US$ 845 mn)Industry: RetailCountry: UAE

rizwan sajanWealth: (US$ 750 mn)Industry: ConstructionCountry: UAE

faizal KottiKollonWealth: (US$ 720 mn)Industry: IndustryCountry: UAE

the KhiMji faMilyWealth: (US$ 625 mn)Industry: IndustryCountry: Oman

aMit dhaManiWealth: (US$ 500 mn)Industry: RetailCountry: UAE

Vasu shroffWealth: (US$ 455 mn)Industry: RetailCountry: UAE

thuMbay MoideenWealth: (US$ 450 mn)Industry: HealthcareCountry: UAE

Khurshid VaKilWealth: (US$ 435 mn)Industry: RetailCountry: UAE

jayant GanwaniWealth: (US$ 420 mn)Industry: RetailCountry: UAE

dr dhananjay datarWealth: (US$ 375 mn)Industry: RetailCountry: UAE

Kabir MulchandaniWealth: (US$ 920 mn)Industry: PropertyCountry: UAE

Indians in GulfMAKING INDIA PROUD



In Focus

ajay bhatiaWealth: (US$ 320 mn)Industry: DiversifiedCountry: UAE

sunny VarKeyWealth: (US$ 2 bn)Industry: EducationCountry: UAE

ashoK Goel & sudhir GoyelWealth: (US$ 305 mn)Industry: EnergyCountry: UAE

adVet bhaMbhaniWealth: (US$ 300 mn)Industry: HealthcareCountry: UAE

deePaK aroraWealth: (US$ 285 mn)Industry: ConstructionCountry: UAE

the chhabria faMilyWealth: (US$ 990 mn)Industry: RetailCountry: UAE

MicKy jaGtianiWealth: (US$ 6 bn)Industry: RetailCountry: UAE

br shettyWealth: (US$ 3 bn)Industry: HealthcareCountry: UAE

shaMsheer VayalilWealth: (US$ 2 bn)Industry: HealthcareCountry: UAE

lt PaGaraniWealth: (US$ 1 bn)Industry: RetailCountry: UAE

tony jashanMalWealth: (US$ 1 bn)Industry: RetailCountry: UAE

asGar shaKoor PatelWealth: (US$ 890 mn)Industry: FinanceCountry: UAE

Manohar lahoriWealth: (US$ 520 mn)Industry: IndustryCountry: UAE

jacKy PanjabiWealth: (US$ 500 mn)Industry: RetailCountry: UAE

adeeb ahaMedWealth: (US$ 450 mn)Industry: FinanceCountry: UAE

suresh subberwalWealth: (US$ 450 mn)Industry: FoodCountry: UAE

firoz MerchantWealth: (US$ 440 mn)Industry: RetailCountry: UAE

yoGesh MehtaWealth: (US$ 525 mn)Industry: EnergyCountry: UAE

nilesh VedWealth: (US$ 585 mn)Industry: RetailCountry: UAE

raGhuVinder KatariaWealth: (US$ 2 bn)Industry: TelecomsCountry: UAE

surender sinGh KandhariWealth: (US$ 540 mn)Industry: IndustryCountry: UAE

Global Event



To put the net outcome into properperspective right at the beginningin a nutshell, the week-long Make in

India mega event that took place mid-Feb-ruary from the 13th to the 18th of themonth at Mumbai succeeded in securinginvestment commitments worth INR 15.2Lakh Crore (15.2 trillion Rupees, or US$222 billion), with the host state Maharash-tra alone garnering a little below INR 8Lakh Crore, or a mite more than half thetotal investment commitments at theevent. Investment enquiries alone workedout to some INR 1.5 Lakh Crore.

Amitabh Kant, the DIPP secretary,called the event a grand success: “emulti-sectoral Make in India Week hasproven to be a great success. We’ve man-aged to get investment commitments to thetune of over 15.2 Lakh crore rupees fromthe event ...” He was hopeful that the sum-mit will create a favourable environmentfor investors from across the world, andwhat with Maharashtra walking away withmore than 50% of this pie-in-the-sky, Kantwas of the opinion that Maharashtra wasindeed a gateway for the rest of the country.Out of this total commitment pie of 15.2

Lakh Crore, 30% has come from foreignshores. “We have already opened up oureconomy to the world across sectors pro-gressively. Now, we are showcasing, con-necting and collaborating formanufacturing,” says Kant, adding that it isnot about manufacturing alone, but aboutinnovation and nurturing inventors as well.

Prime Minister Narendra Modi in hisinaugural speech set out to woo global in-vestors, highlighted India’s growth storyand promised policy reforms to make busi-

ness easier, including a transparent taxregime. “Come, make India your work-place. is is the best time ever to be inIndia and it’s even better to Make in India,”said Modi inviting the audience of businessand political delegates from 68 countries,including prime ministers and representa-tives from 1,000 international companiesto participate in India’s growth, as helaunched the Make In India Week 2016.

“We have carried out a number of cor-rections on the taxation front. We havesaid we will not resort to retrospective tax-ation, and I reiterate this commitment. Weare also swily ... moving ... towards mak-ing our tax regime transparent, stable andpredictable, with an all-round emphasis onease of doing business,” he said. To cap-tains of industries, the PM’s ‘friendly ad-vice’ amounted to: “My friends—don’twait, don’t relax. Seize the opportunity andinvest. If you take one step, my govern-ment will take two.” Carpe Diem.

“We have already enacted a law for fast-

MAKE IN INDIA: MUMBAI

“Prime Minister Narendra Modi had inaugurated a week-long jam-boree in Mumbai, on the theme of “Make In India.” Positioned as amega event aimed at attracting foreign investment as well as expert-ise into the various sectors of the Indian economy, Make In India isa central government effort to exponentially enhancing employmentlevels through increasing the share of manufacturing to GDP fromits present levels of 16-17% to 25% over the next decade. Our econ-omy, apropos, has for long been propped up by our services sector,which alone contributes to more than 60% of GDP. We take afreestyle look at outcomes.

attracting foreign investments

tracking arbitration proceedings. We areestablishing dedicated commercial courtsand commercial divisions in High Courts.e transformation of the company tribu-nal is also in the final stages.” He revealedthat an intellectual property rights policyis also in its final stages. Stressing thetheme of “minimum government andmaximum governance”, Modi said that tothe advantages of largest democracy, de-mography and demand, the governmenthas added deregulation which industriesshould cash in on. India, he said, hasemerged the most favoured global desti-nation. “Investment growth has shown a27% increase through new proposals.”Quoting FDI inflow figures, he said thatsuch investment has grown by 48% in2015—the highest ever at a time when itwas falling across the world due to reces-sion. With a GDP growth of 7%, India isemerging as the fastest growing economy,with investments in sectors ranging frominfrastructure to textile and agro-indus-tries to manufacturing, he averred. He alsoshared with the audience that the govern-ment has already set up a new ‘InvestmentInfrastructure Forum.’

PM Modi promised phenomenalgrowth in manufacturing, which he opinesought to contribute 25% to the GDP. isis not the time for incremental changesbut quantum jumps, he asserted. He also

mentioned and underscored the “Start UpIndia, Stand Up India” initiative, promis-ing to reduce patent fees by 80% to pro-mote young and promising entrepreneurs.“Our government’s concept of Stand UpIndia, Start Up India will serve theyounger generation’s aspirations ratherwell and unleash greater employment andeconomic growth,” he said.

To the global players, he had this to say:“is is Asia’s century. I would like to invite all of you who are here and those of you not here, to participate and make it your century.”

e MII summit, despite good levels ofparticipation from India Inc., and globalconglomerates, had its own share of slipsbetween cups and lips—with less-than-good coordination between various agen-cies such as the DIPP, PIB and industrylobby CII marring the event a mite. Whenasked about thin participation from manystates, especially the North East of India,Amitabh Kant of DIPP had this to say:“Every state has different core competen-cies. I for example belong to the Keralacadre—and I believe that Kerala is greatfor travel and tourism but not so great forindustry. My personal view is that ournorth-eastern states need to be developedsustainabily and with innovation. If weforce industrialisation, we will mar thenatural beauty of the region. So let's not

force every state to be a Maharashtra or aGujarat... that will not be correct.”

As per available official data andrecords, more than 2,500 internationalcompanies and some 8,000 Indian firmshave participated in the week-long multi-sectoral event, apart from foreign govern-ment delegations from 68 countries andbusiness teams from 72 nations. e open-ing ceremony was graced by Prime Min-isters of Sweden, Finland, and the DeputyPremier of Poland, apart from many otherforeign ministers and delegates. As manyas 17 states participated in the expo andthere were over 50 seminars. Gujarat,Madhya Pradesh, Haryana, Odisha andPunjab had dedicated state-centric ses-sions as well.

In all, 17 states participated in the event.However, many non-NDA states barringKarnataka—ruled by Congress, andOdisha—ruled by the BJD, did not partic-ipate in the event.

The opening cultural extravaganza atthe Girgaum Beach which had the entirestate government in attendance, apro-pos, morphed unfortunately into an em-barrassing fiasco, when a massive firebroke out (possibly due to a short cir-cuit, officials say) early into the event.Luckily, the action of the fire brigadeand civic authorities was swift, and therewere no casualties.



A

W hile the recently concluded“Make In India Week” atMumbai has been called a

considerable success, what with a figure of15 Lakh Crores of rupees doing therounds as the nett yield in terms of com-mitted investments into the country, hostMaharashtra has not done too badly for it-self either. Netting numbers that are thefirst such ever in its economic history, Ma-harashtra ended the week signing a totalof 2,594 MoUs, worth INR 7.94 Lakhcrore. ey go into diverse sectors: frommanufacturing to agro-industry, from tex-tile, energy and infrastructure to retail,tourism, real estate and IT parks, fromskill development to medicine andMSMEs. e government, which had setitself a target of bringing investments tothe tune of INR 500,000 crore into thestate aer coming into power, managed to

cross this target by the third day of theMake In India (MII) week.

On the aernoon on the third day Ma-harashtra CM Fadnavis had announced:“we have successfully signed MoUs worthINR 600, 000 crore so far with several in-ternational and national companies. eyare set to bring some 28 Lakh jobs... is isjust the beginning ... there are three moredays of MII and we are sure to seal severalmore MoUs.” he averred. e same day,Maharashtra also unveiled a slew of policiesto make it easier starting and doing busi-ness in the state, encouraging backwardclasses to turn entrepreneurs, and boostingthe manufacturing sector. “A seven-crorestrong youth population in the state needsemployment in the near future,” averred theCM. He pointed out that while agricultureemploys 50% of the people in Maharashtra,it contributes a mere 11% to the state GDP.

“is is not really gainful employment. Weneed to change this and create employmentin manufacturing,” Fadnavis said.

e first policy to be unveiled was the“Maharashtra Retail Trade Policy,” whichprovides for online registration of smallenterprises with less than nine employees,and also allows farmers to sell directly toretailers, bypassing mandis and theirswarms of middlemen. Also launched wasa single window policy for business ingeneral—for seeking various permissionsand licences, which will operate throughan online portal. A package dedicated toDr. BR Ambedkar to encourage SC/STyouth towards entrepreneurship was un-veiled, apart from two separate policiesfor maritime development and electron-ics/FAB manufacturing. All these newpolicies were launched at the MaharashtraInvestment Seminar at MII Week 2016.



Global Event

‘MAKE IN “Make in Maharashtra” is a new initiative that has beenstarted by the Government of Maharashtra to dovetail intothe central government initiated “Make in India” pro-gramme of PM Narendra Modi. e main objective of thisMaharashtra government initiative is to create and put inplace a business friendly environment in the state, by en-hancing the ease of doing business here as much as possible.Target number one is to effect sumptuous increases in For-eign Direct Investment (FDI) inflow, and facilitate largerlocal investment inflows into the region. As a corollary, it isexpected that the further industrialization of Maharashtrawill get on a faster track. Mumbai hosted the mega “MakeIn India” week between 13 and 18 February, A Report.

MAHARASHTRA’

States in Focus



On the last day of the Make In Indiaweek, aer sharing the figure of INR 7.94Crore it has garnered during the week, thegovernment declared its intention to forman empowered task force to ensure that allthese projects see the light of the day andare implemented. e Investment Check-list includes an inflow of INR 1.50 Lakhcrore into Vidarbha and Marathwada—the worst affected by drought and agrariancrises. e Konkan region will get INR3.50 Lakh crore, Khandesh (North Maha-rashtra) INR 25,000 crore and Pune INR50,000 crore. Together, all these projectshold the potential to generate employmentfor at least 30 Lakh people.

“We are setting up a sector-wise taskforce to translate investments into imple-mentations. e process will be expeditedwith empowered teams of officers pursu-ing it to the logical end. Investments havebeen thoroughly vetted to ensure they are

realised and do not remain on paper,” saysCM Devendra Fadnavis. Defining theevent as historic, that has also paved theway for connecting with the “aam admi”on one hand and simultaneously engagingwith big names from the business world,the CM added: “I would like to reaffirm—Make In Maharashtra—this is indeed thereal beginning of Make in India.”

Speaking further, he averred: “what isreally heartening to know is that the in-vestments are flowing into the backwardregions of Vidarbha and Marathwada, asour endeavour was to tap global and do-mestic investments beyond the golden tri-angle of Mumbai-Pune-Nashik. eseuntapped regions which have opened upwould automatically develop and attractgreater investments ahead.” Fadnavis saidthe emphasis on textiles and food process-ing would help the government consoli-date the value chains and help farmers.

“Maharashtra has always remained theGateway of India and the economicgrowth of Maharashtra will naturally con-tribute to national growth,” he said.

Big companies who have signed on sofar are Mahindra & Mahindra (INR8,000 crore), Mercedes Benz (INR 1,200crore), Ascendas (INR 4,571 crore), Ray-monds (INR 1,400 crore) and Sterlite(INR 60,000 crore). The list also includesPepsico and Coca Cola. And these areapart from those already promised andcommitted. Like Reliance aerospace in-vesting US$ 1 billion for an aerospacepark in Mihan near Nagpur, GeneralMotors investing some US$ 1 billion intoTalegaon, Pune and Foxconn’s US$ 5 bil-lion investment over the next five years.Brindley Technologies had also earlierannounced that it will set up an IT/IteSoffshore development centre (ODC) toservice their global.

The Prime Minister, Shri Narendra Modi addressing the inaugural session of ‘Make In India’ in Mumbai

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ODISHA: EMERGING FAVOURED DESTINATION



e State of Odisha seems to have emerged as one of the more favoured Indian destinations for investors at therecently concluded 'Make In India' week that took place mid February (from the 13th to the 18th), where thestate has succeeded in garnering investment commitments worth INR 70,959 crore. Apart from the flagshipmines and minerals sector, the state government has attracted investors in areas like food processing, IT & elec-tronics manufacturing, textiles and renewable energy, not to mention gems & jewellery. A report from our NRIAchievers Bureau.

P rincipal Secretary (Industries), Odisha,Sanjiv Chopra said: “Odisha has se-cured investment commitments to the

tune of INR 70,959 crore. Of this, around INR30,000 crore investments are from the mineralsector while the rest are from areas like food

processing, electronics, textiles and renewableenergy.” An Odisha Investors' Meet that wasalso organised along the sidelines of the ‘MakeIn India Week’ in Mumbai received a responsethat was more than overwhelming, consideringthat this was the first ever time that the state

had organised a meet of this nature and mag-nitude for investors anywhere.

In the metals sector, the state has received in-vestment proposals from NALCO (the NationalAluminium Company), the Vedanta conglom-erate and from L&T (Larsen & Toubro). Nalco

Global Event

Happy & Colourful Wishes

Holi



has committed investments into the state to thetune of INR 20,550 crore primarily meant forexpanding its alumina refinery at Damanjodiand setting up an aluminium park at Angul.Vedanta has proposed to invest INR 1,000 croreon an aluminium downstream park close to thesite of its existing smelting facility at Jharsug-uda. While L&T has plans to plow in INR12,000 crore into Odisha for the setting up anintegrated alumina plant in Rayagada, ITC’splans are to set up a food processing plant withan investment outlay of INR 800 crore.

e Adani Group, another big Indian player,plans to invest on an industrial park, an LNGterminal an LPG facility along with a solarpower manufacturing plant. e GMR Grouphas announced additional investments of INR1,800 crore. Looking at overseas investors, oneas yet unnamed Indonesian major has commit-ted investments worth INR 5,000 crores acrossmultiple sectors. In the electronics space, San-mina Corporation has announced an invest-ment of INR 1,000 crore for electronicsmanufacturing while a team from mobilehandset maker Lava International is all set todo a field visit of Odisha soon, to explore pos-sibilities of putting up a new manufacturingunit. In the renewable energy sector, Pan-chavaktra Holdings has committed to invest

INR 8,350 crore and plans to generate morethan 2,000 jobs.

During the mega 'Make In India' event,Odisha CM Naveen Patnaik grasped the op-portunity to unveil his 'New Odisha IndustrialDevelopment Plan.’ e Vision Documentseeks to draw investments to the order of INR2.5 lakh crore by the year 2020, and geared togenerate employment for more than one mil-lion people in the state. “For one and a halfdecades, Odisha has shown remarkable growthand commitment to progress along with polit-ical stability. We are growing at 8% and arepoised to grow at 12% by 2020,” averred Mr.Patnaik while delivering his keynote address.To achieve this level of growth, the state isworking on expanding its industrial base.

e CM also met a wide cross-section of in-dustry leaders and business delegations fromcountries like China, Italy, Japan and Korea.

Apart from Vision 2025, the CM also launchedan e-Biz portal, a common inspection frame-work, and GOiPlus, a web-enabled land infor-mation system for conducting hassle-freebusiness in Odisha. Indian Industry luminarieslike Kumar Mangalam Birla, the Chairman ofthe Aditya Birla Group; Y C Deveshwar, Chair-man of ITC; Shashi Ruia, Essar group’s Chair-man; G B S Raju, Business Chairman of theGMR Group; TV Narendran, MD of Tata Steel;and Rajesh Adani, MD of Adani Enterpriseswere present along with the CM’s for his launchevent, lending their support. Interestingly, thestate managed to get investment commitmentsof around INR 40,000 crore during this eventitself which took place on the second day.

Shailendra Roy, L&T’s whole time director forpower, heavy engineering and defence, said thatthe most notable investment of L&T in Odishahas been the development of Dhamra port,which is the largest deep-water port in easternIndia. Mr. Narendran of Tata Steel averred thatTata Steel's association with Odisha is over 100years old, from a time before the creation of thestate itself. “We have invested around INR 25000crore over the years in the state,” he added.

e state is doing its bit to make thingssmoother. It has for instance, tied up with TiESilicon Valley, a US-based not-for-profit organ-isation promoting entrepreneurship, and withOYO Rooms for setting up a startup hub atBhubhaneshwar to boost the startup ecosystemin the state. e chief minister also mentionedthat at least two percent of his annual budgetwill go towards development of informationtechnology infrastructure in the state. e chiefminister also said that his government has de-cided to involve private enterprises in develop-ing self-contained cities. “e aim is to createOdisha as a one-stop destination for industriesand I'm confident that the industry would sup-port,” he quipped in his closing remarks.


DURING THE MEGA 'MAKEIN INDIA' EVENT, ODISHACM NAVEEN PATNAIKGRASPED THE OPPORTU-NITY TO UNVEIL HIS 'NEWODISHA INDUSTRIAL DEVELOPMENT PLAN.’

Global Event

A

C ontent-wise, Quest MeansBusiness provided a rich menuof India-centric comment and

perspective—interviews with ArunJaitley, American corporate honchoJohn Chambers of CISCO, a blue-blooded UAE minister with ambitiousplans for trade with India, as well asother features on traffic congestion inDelhi and what Bombay brokers are



When a television colossus like CNN restructures its worldwide busi-ness coverage and re-launches one of its most popular business newsfeatures from Mumbai, it is bound to provide an insight into how theworld views the Indian economy. e hour-long “Quest Means Busi-ness” special on the newly re-branded CNN-Money did not disappoint,except for the fact that very few Indians could have seen it at the pre-dawn hour of 3 o’clock on a Tuesday night in mid-February ...

Realpolitik

BRICS IN LIMBOSHOULD WE

TURN TO TICS?THAILAND, INDIA, CHINA & SOUTH KOREA—WORLD’S NEW EMERGING GROWTH ENGINES



Realpolitik

saying about the stock market. e under-lying theme throughout the focus onIndia was to find out whether the countrywould be able to take full advantage of all the positive factors currently favour-ing it and become the most successfulemerging market in the world. As theshow’s host Richard Quest said, the searchwas the answer to the raw question of op-timism versus pessimism, scepticism andcynicism versus realism.

Perhaps India’s Finance Minister hasnever been interviewed by a businessjournalist like Richard Quest with hisquixotic mannerisms, squawky voice,razor-sharp mind and witty word-play.But the host’s unique personality is whathas made the show such a success. Jaitleybore up to the aggressive questioningbravely, though he was forced to admitthat the atmosphere was unpredictable,volatile and challenging.

QUEST: India is the fastest growingeconomy in the world at 7.3% last quarter,but there are serious worries about yourability to continue that rate of growth.Worries about whether the reforms will bestalled and the country will go into reverse.

Jaitley: We are learning to live withvolatility almost by the day. You have un-

predictability and it’s a great challenge foreconomies like ours.

QUEST: Isn’t that volatility now threat-ening India’s growth?

JAITLEY: In the context of the wholeworld, we’ve been able to show resilience.We’ve been able to use the current situation to our advantage. But if I look atIndia in absolute terms, yes, I do believewe can do better.

QUEST: Your policies clearly have toaccommodate these realities.

JAITLEY: The realities present a mixed bag. Low prices of commodities,metals and oil give us scope of savings.We can channelize those savings into the social sector, and into infrastructure.But there are also adverse global trendswhich impact on our exports, our mar-kets, and currencies.

QUEST: Is the low oil price a win for India?

JAITLEY: It has certainly given us anopportunity and an advantage. But it’s alsoaccompanied by a global mood which isadversely impacting on markets.

QUEST: Would your message to busi-ness leaders and investors be—don’t let thecurrent environment deter you, hang on,stay the course?

JAITLEY: Well, I think we showed re-silience in 2001, 2008 and 2015 to with-stand many global crises. India is a muchbetter place to invest in compared to anyother economy in the world today.

e interview over, the program’s hostthen came out with some food forthought—“Forget BRICS, go for TICS.”India, he said, was the last remainingBRICS nation to still be afloat—Brazil andRussia are currently in recession, China isslowing down and South Africa’s economyis in turmoil. Ergo, he suggests, Indiashould now be seen as among the TICSeconomies—ailand, India, China andRichard Quest

INDIA IS THE FASTESTGROWING ECONOMY INTHE WORLD AT 7.3% LASTQUARTER, BUT THERE ARESERIOUS WORRIES ABOUTYOUR ABILITY TO CONTINUE THAT RATE OFGROWTH. WORRIESABOUT WHETHER THE RE-FORMS WILL BE STALLEDAND THE COUNTRY WILLGO INTO REVERSE



South Korea, new growth engines built onthe back of technology and innovation.

Quest asked Chief Economist of JPMorgan, Sajjid Chinoy: Are the BRICsdead, long live the TICS?

SAJJID CHINOY: Well it is the TICSright now because India is a large com-modity importer. As long as commodityprices are low, oil prices are falling, that’s amassive positive that’s driving India. But itis only a temporary windfall of income. Itwon’t last beyond the next year.

QUEST: So when Arun Jaitley saysIndia’s doing well and some say thisgrowth number is fictitious or partially il-lusory, what is your view?

CHINOY: Both things are true. Indiahas been accelerating even as other emerg-ing markets have been slowing. But a lot ofthis acceleration has been because of thecollapse in oil prices, which is a temporaryboost to growth. e challenge will be nextyear when all prices flatten out. Once thedividend from cheap oil goes away, otherdrivers of growth must kick into India.

QUEST: is whole concept of the In-dian renaissance, the Make in India, the en-tire hype of this country being apowerhouse, I’m getting the feeling youdon’t buy it?

CHINOY: You have to be a disbelieverto survive in this business. When the worldhas so much excess capacity and globaltrade is shrinking, can India become thenext powerhouse in the next year or two?Unlikely. But India has to focus on all theright things and if it does, it can emerge.

QUEST: I’m not cynical but I’m slightlysceptical. e history of India is it runs agood race and slows at the final hurdle.

CHINOY: at is true but its also a factthat right now that it seems to be in mis-sion mode. So the government can createa focal centre to push through infrastruc-ture creation, labour reform, education, it

will not matter whether that demand isconsumed externally through exports ordomestically in India. What matters isIndia becomes more competitive and pro-ductivity growth down the line will pickup even if some parts of Make in India arepushed through. But there has to be somevisible progress somewhere.

QUEST: Give our viewers a feeling on the question, the raw question of optimism versus pessimism, scepticismversus cynicism, realism.

CHINOY: Well, I’m a realist. India’s hasgood policy and good luck. But the good

luck will wear out at some point as oilprices flatten out. e government’s heartis in the right place. ere’s been an inten-tion to give a big push in public invest-ment. And we are looking to this nextbudget to provide the road map for thenext set of reforms that replace the divi-dend from oil.

Sajjid Chinoy

Raman Swamy e author is a veteran

journalist,political commentator & satirist.

A



Indian Achievers

A NEW INDIAN BREED OF

ACHIEVERS

DROPOUTS TO STARTUPS

Conventional wisdom has always taught usB-Schools, or at the very least the ubiquitouscolleges, are the breeding grounds of first-gen-eration entrepreneurs. But this wisdom has,over the past few decades at least, been turnedon its head as many iconic successes in the do-main of business have increasingly been nur-tured and steered by people who have nevereven seen the facade of a B-School, and insome cases, haven’t evencompleted college. NRIAchievers brings you somechoice vignettes ...

Steve Jobs, Mark Zuckerberg. Every internet-savvy Indian has no doubt heard thesenames of the wildly successful founders of

two equally successful behemoths. And while ac-knowledging their success, it is oen bandied thatthey were both college dropouts. With this trendcontinuing in our own Bharat, we took it upon our-selves to fathom what exactly makes them tick. Is ittheir passion, their out-of-the box thinking, theirwillingness to take risks and back them up by put-ting their money where their mouth is or what ? Orare they just one-off flashes in the pan ? Our dig-ging brought out some nuggets. All of them collegedropouts who turned entrepreneurs. Drawn fromthe blooming Indian startup ecosystem that hasturned trends into torrents.



Dossier

KAILASH KATKAR

Born in a small village at Rahimatpurin Maharashtra, Kailash Katkarworked his way to the top to becomethe Chairman and CEO of a 200 Crbusiness. is man behind Quick-heal technologies started with a jobat a local radio and calculator repairshop, later going ahead in 1990 tostart his own calculator repair busi-ness. In 1993 he started a new ven-ture, CAT computer services, wherearound that time his younger brotherSanjay developed a basic model ofantivirus soware which helped insolving the biggest problem of com-puter maintenance at that time. In2007 this was renamed as Quick HealTechnologies, and since then, therehas been no looking back.

DEEPAK RAVINDRAN

A computer science student of theLBS College Of Engineering whochose to drop out in his 5th semes-ter near the end of 2007, Deepaknever let his ideas be bound andcaged by book or syllabi. He choseinstead to instead break out ofthese binds imposed by our educa-tion system and followed his pas-sion for computers. This ultimatelyled him down the entrepreneurialpathway, where he founded Questtechnologies, which let people an-swer someone else’s question thathad been asked via text message.His primary company was InnozTechnologies, the one behind ‘Sms-Gyan,’ handing Internet’s knowl-edge to people via texts.

VARUN SHOOR

Self-taught programmer at 13 andan avid web designer, Varun tooknatural interest in developing webapplications right from the word go.Even at an early stage in his transfor-mative years, he foresaw a clear mar-ket gap for ‘easy-to-use’, user-centricapproaches to web-based ticketedsupport and visitor engagement.Convinced that this was the way togo, Varun dropped out of college tofirst set up Kayako Infotech in 2001at Jalandhar, when he was just 17.Today, he is the CEO overseeing thebusiness, providing overall directionto the enterprise as its leading prod-uct architect, and taking a proactiverole in the design and developmentof the product line.

RITESH AGARWAL

Ritesh Agarwal is the man behind India’s largest room-aggregator, OYO Rooms. estartup is a network of technology-enabled budget hotels. is Gurgaon-based company,was founded by him in 2012. Oyo, which today has 750+ hotels under its umbrella, isbacked by Lightspeed Ventures, Sequoia Capital and Green Oaks Capital. A collegedropout who founded Oravel when he was 18 has today received its share of accolades andhas transformed (or rebranded) into OYO Rooms. Ritesh is said to have merely completedhis high schooling at St. Johns Senior Secondary School.



KUNAL SHAH

Freecharge, the famous platformthat revolutionized the onlinerecharge system with three steprecharges along with providingcoupon offers for the same value,was the brainchild of Kunal Shahand Sandeep Tandon. e companywas founded in 2010 and has re-cently been acquired by Snapdeal.Kunal did his Bachelor of Arts inPhilosophy from Wilson Collegeand later went to Narsee Monjee In-stitute of Management Studies to doan MBA, from which he droppedout sooner than later.

e original brain behind housing. com’s meteoric rise, Rahul Yadav was one the co-founders of the company and a dropoutfrom IIT-B, who called it a day in his fourthyear. is apropos did not deter him fromreaching for what he wanted to achieve. Heknew that he was building a brand and workingto solve a problem which no one ever tackled headon. Getting into the foulest quagmire of controversies, he has so far played it pretty cool, be it resigning or then taking it back, or giving away half of his shares to employees. ough now out of his own baby housing.com, he sure is a guy with an attitude, brash but with a whole load of confidence.

MAHESH MURTHY

Indeed there must be something wrong withIIT-D, with this is second dropout making‘news’. Azhar dropped out in his 4th year of en-gineering. When we say he made news, he didit by introducing ‘News in Shorts,’ the only appthat really cuts to the chase, delivering only thevital details in a news to all those lazy people andeven to those who don’t have enough time to gothrough all of them. e app makes sure that each news is conveyed in less than 60words. Got a minute to spare ? Keep up with the world with news in shorts. Whileit all started as a Facebook page, news in Shorts has now garndered its share of fameso well that it has received INR 25 Cr in funding some three or so months ago.

For 29 long years, Mahesh Murthy spent his time helping build big brands throughhis marketing acumen. He then moved on to help startups with marketing counseland funding for another 13 years. Out of these three odd decades, 19 of these years hespent in digital media. Mahesh is a dropout from Osmania University, who stated withselling vacuum cleaners door-to-door. Moving up the Ladder, he has won notorietyand awards in his later years as a Creative Director at Unilever, e Economist, Pepsiand MTV, for whom he wrote and shot a series of top award-winning commercials.He is today the founder of advertising company Pinstorm—an ad firm offering aunique pay-for-performance solution to corporates across the world.

RAHUL YADAV

AZHAR IQUBAL

Indian Achievers



BHAVIN TURAKHIABhavin Turakhia is the founder andCEO of Directi, an internet domainname registrar founded in 1998 byhim and his brother, Divyank. Hehas a vision about the internet in-dustry in India that seemingly onlya few have rivaled. He is credited forthe impressive growth of Directi intoa global web products company,with a number of businesses andmillions of customers worldwide.ough he is an engineeringdropout who cut it off from aerhisd 12th, he has never stoppeddreaming big. In his own words:“Everything the Byte touches shouldbe our kingdom.”

PALLAV NADHANIPallav Nadhani is Co-founder andCEO of Fusion Charts & RazorFlow,as well as the CEO of Collabion. Aserial multi-tasker, Pallav started hisfirst business at the age of 16 fromhis bedroom in the year 2001, whenhe found himself dissatisfied withMicroso Excel’s charting capabilitywhile completing his high school as-signments. His company is a serviceprovider of data visualization prod-ucts. Given the success it has gar-nered so far, it found its way into thelist of NASSCOM EMERGE 50 lead-ers in 2009.

Abhishek is a quintessential entrepre-neur who loves to code and bubbleswith the passion to instill people withhis new ideas. is fizziness of his isflavoured with the desire to connectpeople through web and mobile, whichresulted in his co-founding frankly mewith Nikunj Jain. ‘Frankly’ is a plat-form that revolves around the the ideato expand the horizon of conversationsthat people take part in. It has onboarded various celebs and many peo-ple have taken onto the platform to askanything from them and getting videoanswers in back. He is passionate aboutincreasing the IQ of an average conver-sation on the Internet.

ABHISHEK GUPTA

ANKIT OBEROI

Co-founder of ‘adpushup,’ Ankit Oberoi’s startup provides ads optimization so that pub-lishers and bloggers can benefit from their existing website traffic without the need for anycoding skills. e company uses A/B testing to compare between different ad variationslike different placements and different sizes. Ankit is a dropout from Maharaja AgrasenCollege—because he found it was ‘a waste of time.’ In his own words: “You don’t have tobe at the college to learn something—Internet can teach you better.” His fascination withthe Internet made him found Tamranda Web Solutions, which provided web hosting, do-main registration and more. He has served as a director at Innobuzz before starting up hisstartup—adpushup.


A

Dossier

www.nriachievers.in

RETR

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Endoscopic surgery using minimally invasive techniques has been the frontier of medical innovation in the last two decades. With the stress shiing towards shorterhospital stay, lower costs, improved cosmesis and earlier return to work, expandingthe scope of endourology has been the natural consequence.

R etrograde Intrarenal Surgery (RIRS) isconsidered as a minimally invasiveprocedure for management of renal

stones with minimal morbidity. Standard fibre-optic flexible ureterorenoscopes have a tip sizein the range of 6.75 - 9Fr. ey are actively de-flectable (primary deflection) with 120 to 170degrees of deflection in one direction and 170to 270 degrees in the other. Secondary deflec-tion will be passive or active; active secondarydeflection allows better maneuverability espe-cially in the lower pole calyx. ey have work-ing channels of Fr 3.6 - 4 and standardinstruments (e.g. baskets) are Fr 2.2 - 3 in size.

e Holmium: YAG laser is the lithotripterof choice for RIRS nowadays. It has a wave-length of 2100nm and tissue penetration of0.4mm. e laser energy is delivered via quartzfibres to the stone surface, where it is absorbedand turned into heat energy that pulverizes thestone into dust by a "photothermal" effect.us, stone fragment retrieval with basket /grasping forceps would not be necessary. Laserlithotripsy can be carried out safely in patientson anticoagulants. e size 200 micron laserfibre used in flexible ureterorenoscopy willminimise the hindrance to scope deflection.

Continuous evolution and advancementof ureteroscope has made it possible to ac-cess almost all locations in the kidneythrough its natural routes. Decreased cal-iber, improved deflection system and devel-opment of accessory devices for flexibleureteroscope has made possible to managemost of the intrarenal pathology with less

morbidity than percutaneous surgery oropen surgery.

Our Experience: We had done around 1000RIRS in last 13 years. Our experience demon-strates its effectiveness in management of large,multiple and staghorn stones. We are doingRIRS for renal and upper ureteric stones from2003 onwards for stone size upto 2 cm. Now weare doing RIRS even for larger stone burden(for more than 2 cm. stone) since last 2 years.

Operative time range from 35 minutes—160 minutes and average time was 85 minutes.Hospital stay ranges from 12 hrs.—2 days andaverage stay was 28 hrs. Catheter was removedwithin 24 hrs. in almost all patients. Post op-eratively pain was minimal and was managedwith mild analgesics.

Conclusion: RIRS is safe, efficacious, and reproducible with minimal morbidity andfaster recovery. RIRS is feasible even in largestone burden like partial and completestaghornwith minimal morbidity. RIRS is replacingESWL and PCNL in management of renalstones as first choice. Our experience demon-strate its effectiveness even in larger stone bur-den (size>2cm.), with additional procedurerequired in < 3% patients. RIRS is feasible inlarger stone burden like partial and completestaghorn with minimal morbidity.

Dr Rajinder YadavHOD—Urology & renal

Transplant, Fortis HospitalShalimar Bagh

A

Health-Wellness


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40

What is FATCA & CRS? Why isthis declaration being takennow? What is the impact of

giving this declaration? These are some ofthe questions that NRIs should be awareof by now. Given below is an overview ofFATCA and CRS and how these impactan NRI customer.

FATCA: e Foreign Accounts TaxCompliance Act (FATCA) is a federal lawof the United States of America. e pri-mary aim of the law, enacted in 2010, is todetect the foreign accounts of US persons.Since the global income of a US person istaxable in the US, the FATCA’s purpose isto detect the income that would have beenevaded by a US person by hiding the in-

come outside the US (foreign account) andget foreign financial institutions holdingthe funds/ assets of a US person to declarethis to the IRS. Under the provisions ofFATCA, Foreign Financial Institutions(FFIs) should agree to have an agreementwith the US IRS (Internal revenue service)to provide information about accountsheld with them by USA persons or entitiescontrolled by USA persons, failing whichthere would be a 30% withholding tax onremittances from a source in the USA thatis made to the FFI. Since there could be aconflict with the domestic laws of sover-eign countries with regard to customer in-formation privacy & confidentialityrequirements, the USA has been signing

Banking

FATCA & CRS

www.nriachievers.in

TAX COMPLIANCE

Since Aug’15, almost all NRIcustomers with financial ac-counts in India, would havebeen contacted by their respective banks, mutual funds,demat participants, insurancecompanies and other financialinstitutions to provide theirFATCA/ CRS declaration form.And, those NRIs who have ap-plied for opening of their NRI accounts since 1st Nov’15would have had to mandatorilyfill up a “FATCA/CRS Declara-tion” as part of the accountopening process.

Banking

an Inter-Governmental Agreement (IGA)with many countries. India and the USAsigned an IGA in July 2015, which pro-vides for Indian Financial Institutions toprovide information about the accounts &income of US Persons to the Indian Taxauthorities, which may then be sharedwith the USA tax authorities. Under theIGA, the US person has been defined as An individual who is a Citizen or

Resident of the USA—this covers all In-dian citizens who are working or residingin the USA, Overseas Citizens of India(OCIs) who are currently residing or wereresiding in the USA and other US citizenswho are residing in India or who have es-tates or any income in India. A partnership firm organized in

the USA or under the laws of the USA A trust with one or more US per-

sons having a controlling interest or au-thority of the trust

e IGA for FATCA has come intoforce in India with effect from 31st August2015 and India has agreed to report infor-mation with effect from 1st July’14.

The FATCA declaration is a declara-tion or a form that is provided by an NRIcustomer to declare his tax residency sta-tus and if he is a US person or not. TheFATCA declaration is now a mandatoryrequirement for US persons who wish tohold NRI accounts & deposits, mutualfunds, insurance policies, demat accountsetc. in India. Under FATCA, any non-res-ident Indian living in US and having in-vestments and assets in India, is requiredto declare details of his/her earnings inIndia and pay tax in the US. Even if theincome is earned in India and is exemptfrom income tax in India as per the In-dian tax laws (eg. Interest on NRE de-posits or FCNR), it may not be tax free inUS and may be subject to local taxes.Under the FATCA IGA, the IRS of US

will get these details directly from the In-dian government and hence it is advis-able for all US Persons having income inIndia to report this income to the US IRSand pay the applicable taxes.

CRS : While FATCA specifically ad-dressed the needs of the USA to get its cit-izens & residents to pay taxes on theirglobal income, to address and combat theissue of offshore tax evasion at a globallevel, which requires cooperation amongsttax authorities of different countries, theG20 and OECD countries have workedout a process for automatic exchange ofinformation (AEOI) through a commonreporting standard (CRS). In addition totranslating the CRS into domestic law, the

CRS is setting up an international frame-work that allows for the automatic ex-change of information betweenjurisdictions.

51 jurisdictions signed a MultilateralCompetent Authority Agreement(MCAA) on 29 Oct’14 and India signedthe MCAA on 3rd June, 2015. Seventynine countries have already signed theMCAA by January 2016. India will be ex-changing information on financial ac-counts existing on 1st Jan’16 onwards and,unlike FATCA requirements which is ap-plicable to US persons, the financial ac-counts of all NRIs residing anywhere inthe world is reportable under the MCAA.

When fully implemented, the MCAAwill enable the signatory nations like India

to receive information from almost everycountry in the world including offshore fi-nancial centres. us, it will help to pre-vent international tax evasion andavoidance and thereby help governmentsto curb tax evasion and deal with the men-ace of black money stashed abroad.

As per FATCA & MCAA, reportablefinancial institutions have been classifiedas Custodial Institutions, Depository In-stitutions and Investment Entities and allAccounts (Savings, Current , CashCredit/Overdraft) , Term Deposits(NRO, NRE, FCNR, Recurring deposits);Insurance policies (Term, Endowment,Annuity, ULIP, Money Back, or WholeLife); Portfolio Investment scheme,Demat or Trading accounts, MutualFund investments; Beneficiary or Clear-ing Member Account or other accountswill be reported.

e implementation of the FATCA andthe CRS ushers in a new era of tax com-pliance. NRIs should henceforth, if theyhave not already been doing so, ensurethat they are aware of the tax compliancerequirements in the location of their resi-dence and be meticulous in compiling andreporting the income that they haveearned not only in the country where theyare working, but also the income that theyhave earned or are earning, in India andother global sources. Given the stringentpenalty provisions of these agreementsand the global reach, the days of wealthhidden in overseas locations might becoming to an end, sooner than later.


41March 2016

Anand Subramaniame Author is a Group Vice

President of DCB Bank.

(All views expressed are the writer’s personal views and do not in anyway represent his

organization’s interests or opinions.)

A

www.nriachievers.in



A s infrastructure holds key to thegrowth of real estate, as expected,the budget made a record allocation

of Rs 2.31 lakh crore for roads, highways andrailways, besides focusing on green field portsand up gradation of unused and underutilizedairports and air strips. As the trigger to startinvestment cycle has to come from publicspending, the budget has rightly focused onspending on basic infrastructure constructionthrough multi- pronged strategy of establish-ing Rs 4000 crore National Investment & in-frastructure Fund, a dedicated LIC Fund toprovide credit enhancement to infrastructureprojects, revitalizing PPP mode of infrastruc-ture development and revamping dispute res-olution mechanism The focus on publiccapital expenditure, is expected to help crowdin private investment.

e budget is fully seized of the groundreal(i)ty that while commercial office real estateis on recovery path, residential real estate is stillunder lot of stress. erefore, it lays emphasison strengthening housing sector in line withgovernment’s mission of ‘Housing for All’. Andsince most of the housing shortage is in lowcost housing, the budget rightly stresses on af-

fordable housing. To boost supply, the budgethas incentivized private developers by makingprovision for 100 percent service tax exemptionfor affordable homes with sizes up to 30 sqmetre in metros and 60 sq metre in non- met-ros .In order to encourage timely delivery ofhomes, the government has put a conditionthat developers can avail tax benefit only if theycomplete construction within three years.

On the demand side, the budget has pro-vided additional rebate of Rs 50000 p.a onhousing loan interest for first time home buyersin affordable segment, with loans not exceedingRs 35 lakh and property value not exceeding Rs50 lakh (though it is on the lower side in metrosto realize full potential). e hike in the limitof deduction for rent paid under Section 80 GGof IT Act, will positively impact rental demandfor affordable housing. e exemption of REITsfrom Dividend Distribution Tax (DDT) willalso give a fillip to affordable housing.

Considering that rental housing can play animportant role in the success of ‘Housing forAll’, the budget has provided a much neededboost to it by hiking the HRA limit from Rs24000 to Rs 60000 crore per annum for rentedaccommodation. Further, with government

firmly sticking to 3.5 percent fiscal target, goingforward, the budget will provide enough headroom for reduction in interest rates for homeloans to boost housing. Already, in order toboost low cost housing, home loan takers aregetting interest subsidy of 6.5 percent on loansup to Rs 6 lakh for EWS through credit- linkedsubsidy component of,’Housing for All’. Andnow in the budget, the lowering of corporatetax (for FY 18) for companies with below Rs 5crore turnovers will boost housing financecompanies focusing on LIG/EWS segment.

e budget has also addressed the importantissue of bringing home prices within the reachof masses. ough, the government has nothiked the IT limit, yet hike in HRA limit andprovision of standard deduction of Rs 24000 p.afor those not availing HRA, will push up dis-posable income to enhance affordability. eservice tax exemption to developers undertak-ing affordable housing will help cut down thehousing cost. e extension of excise tax waiverfrom Concrete Mix to Ready Mix Concrete willalso reduce cost. e abolition of DDT forREITs will help access cheaper funding, therebyresulting in cost reduction. All these measureswill provide a fillip to housing, particularly af-

Much on the expected lines, though this year’s budget does not unveil any big bang measures to give a giantpush to the beleaguered real estate, yet the budget aimed at revitalizing economy, triggering investment througha series of reform measures, spurring infrastructure and boosting affordable housing, provides a sigh of reliefto the sector. In the absence of any largesse and quick fix solutions, the budget may look disappointing, but it isperfectly in line with government’s philosophy that real estate should grow on the strength of economy andfollow the path of long- term, sustained and inclusive growth.

ON THE ROAD TOREFORMED REALTY

Real Estate

& INCLUSIVE HOUSING

fordable housing. e corporate real estate, onthe other hand, will get benefited with the an-nouncement extending sunset date for exemp-tion of fiscal incentives to SEZs to March 2020.e commercial office sector will further getpropelled with boost to REITs.

Since liquidity crunch has been the biggestbane of real estate sector, it was expected thatthe budget will address this crucial issue. Butin view of the poor health of banks, it was notjustified to accord industry status to real estateto access cheap bank funding. However, withgovernment taking effective measures on re-viving ailing banks like allocation of Rs 25000crore for recapitalisation of public sectorbanks, one can expect inflow of bank capitalto developers in the times to come. But bymaking REITs attractive for investors, thebudget provides opportunity to fund- starveddevelopers to raise capital. e service tax ex-emption to affordable homes will improve vi-ability of such projects, making it easier fordevelopers to attract private domestic and for-

eign investment. e decision to deepen cor-porate bond market will prove to be a shot inthe arm of private developers.

With this year’s budget, the government car-ries forward its reform process to boost realty,that started with liberalising FDI norms toboost affordable housing, allocating huge fundsfor urban infrastructure projects, reviving SEZsand bringing housing for economically weakersections and slum redevelopment under CSRto provide impetus to low cost housing. eprovision made in this year’s budget for digiti-zation of land records will improve trans-parency, thereby boosting the confidence ofproperty buyers and investors. is will alsoexpedite the process of land acquisition,thereby checking delivery delays and cost es-calation. e announcement to set up 300Rubran clusters is another positive reform toboost realty. e budget has however partiallyaddressed the issue of introducing single- win-dow system, to check long delays in project ap-proval due to multiple authorities, by enacting

changes in Companies Act 2013 and revamp-ing existing procedures and processes throughtech intervention. e government is quite se-rious and focused on getting two crucial re-form bills of Real Estate Regulation &Development Bill and GST Bill (currently stuckin Parliament) passed, in order to introducesingle, uniform tax regime and empower prop-erty consumers and investors by providing afair deal by setting up regulatory authority.

All in all, it is a positive budget that is set toboost the sentiment of the real estate sector.ough the sector reeling under slowdown,had hoped for much more relief, yet, there isenough on platter to induce home buyers anddevelopers, taking real estate forward on roadto revival and sustained growth.



A

Vinod Behle author is a senior media

professional, with long-stand-ing experience in the real es-

tate sector. he may be reachedat: [email protected]

Real Estate

BUDGET 2016



Cineppets

Sonakshi Sinha was compelled to come out of her Twitterhiatus to clear the air surrounding her project 'Haseena'hitting a roadblock. e actress says she is trying tosqueeze out time and dates to shoot for the film. e'Lootera' star, who also has Abhinay Deo's 'Force 2' up hersleeve, took to the micro-blogging site to share the updateon the film, which is based on the life of underworld donDawood Ibrahim’s sister Haseena Parkar.

Indian stars are ruling the international scene: Even as DeepikaPadukone prepares for her role opposite Vin Diesel in xXx: e Returnof Xander Cage, Priyanka Chopra, who has been in news for her Amer-ican sitcom Quantico, is all set to present an award at the 88th Oscars.e actor recently presented an award at the 2016 SAG awards and alsobagged top honours the People’s Choice Awards. Priyanka will be India’ssole representative at this year’s Oscar ceremony. e country’s officialentry in the best foreign film category for the Oscars 2016, Court couldnot make it to the final five.

PRIYANKA CHOPRA TO PRESENT AN AWARD AT OSCARS 2016

SONA

KSHI SINH

A TRYING

HAR

D TO

WOR

K OU

T DATES FO

R 'HASEENA

'

Ever since Yash Raj films have announced the fourth instal-ment of the famous ‘Dhoom’ franchise, there has been a buzzabout the cast of the movie. So far, a lot of names have beendoing the rounds for ‘Dhoom 4’. From megastar AmitabhBachchan to south actor Prabhas to Greek-god HrithikRoshan, a lot of celebs have been rumoured to be roped infor the movie. However, none of the rumours turned out tobe true. And now we have another name to add on to therumoured list. If the gossip mills are to be believed, ParineetiChopra is likely to play the female lead in ‘Dhoom 4’.

IS PARINEETICHOPRA THEFEMALE LEAD IN'DHOOM 4'?

Place of Pubalication A-208, Weavers Colony, Ashok Vihar Phase-IV,

Periodicity of its Publication Monthly

Printer’s Name Rajeev Gupta

Address 53, Nimri Colony, Phase- 1, Delhi- 110052

Publisher’s Name Rajeev Gupta


Editor’s Name Rajeev Gupta


Name & Address of Individuals who own the newspaper and Rajeev Gupta

shareholder holding more than 1 percent of the total capital 53, Nimri Colony, Phase- 1, Delhi- 110052

STATEMENT ABOUT OWNERSHIP AND OTHER PARTICULARS OF NRI ACHIEVERS, DELHI. ASREQUIRED UNDER RULE 8 OF THE REGISTRATION OF NEWSPAPERS (CENTRAL) RULES 1956.

Sd/-

Rajeev Gupta

Publisher

Date: 1 March 2015

I, Rajeev Gupta, hereby declare that the particulars given above are true to the best of my knowledge and belief.

FORM IV (SEE RULE 8)

Katrina Kaif is all set to launch her sig-nature lip colour with L'Oreal Paris LaVie En Rose - Katrina's ExtraordinaireMat Delicate Pink. Aishwarya Rai, toohas a signature lip colour of red, 'L'OrealParis Collection Star Pure Brick Lipstick'and Sonam Kapoor's signature lip colouris dark pink, 'L'Oreal Paris CollectionStar Pure Garnet Lipstick' L'Oreal Parissignature lipstick collections, features au-tographed lipsticks by the most iconicwomen in the world and we're proudthat Katrina Kaif, Aishwarya Rai andSonam Kapoor are representing theworld famous brand from India.

NOW KATRINA KAIF WILL LAUNCH HER

SIGNATURE LIP COLOUR!

Radhika Apte recently shot withrenowned magazine GQ and theend result was palpitating! ebold and beautiful Radhika, whois known for her dare to bare atti-tude and contribution to IndianCinema with some phenomenalperformances, looked undoubt-edly hot! Radhika has garneredtremendous response from theindustry as well as her audiencesfor her sensuous shoot for themagazine. e actress looks herbest ever in the Hot avatar.

Shahid Kapoor, who is all geared up for his next,has been in the prep mode recently and has beenlearning Japanese. His next, Rangoon which is di-rected by Vishal Bhardwaj, is set against thebackdrop of World War II and will feature theactor playing the role of an Indian Army officerin the film. As it is set in the early era, 50 Japan-ese artistes have been flown down to India toadd authenticity to the project. To further adda realistic touch, the actor has been takingJapanese lessons.

SHAHID TAKING JAPNESE LESSONS FOR RANGOON

Hrithik Roshan has signed a movie under theYash Raj Films banner and is titled as, ug.e best part about ug is that the film con-sists of all elements such as drama, action, hu-mour and romance. Hrithik Roshan's next,ug, would be directed by Vijay KrishnaAcharya under the YRF banner. A source closeto the movie was quoted as saying, 'We are mak-ing a film with Hrithik in the lead. e film hasall elements like drama, action, humour, ro-mance, song. It's an action adventure film.

HRITHIK ROSHAN SIGNS A NEWYRF FILM & IT'S NAMED ‘THUG’

RADHIKA APTE SETSPULSE RACING

IN HER GLAM AVATAR!



Cineppets

Mumbai Bureau

A



What do you feel when you look back at your illustrious journey as a film-maker?

Frankly speaking, I do not look backat my career from DAMUL to JAIGANGA JAL as a journey. I feel that |each day in my career is a new day. As a film maker, I think I have always looked ahead, not back becauseyou cannot affords to live in the past. I amexcited about life and happy that all ef-forts put in by me continue to yield newresults in my life.

What has been done and is in the publicdomain. How addicted or immune areyou to success or failure of your films?

I do not understand your question atall, because you never know what is goingto succeed and what is going to fail. I amof the belief that one has to take on appre-ciation as well as criticism alike. e samething applies to success as well as failure inlife or films. If only I’d known what willsucceed, I would have been God. Even ifmy films flop, I make it a point to learnfrom my failure. So I am not worried at all

whether my film is going to click or fail atthe box office. I feel that failures that youface are as important as success or else lifewill become uninteresting.

How would you rate yourself as a film maker?

All I can say honestly is that I put in mybest efforts in every film that I make. I’dnot hesitate to say that probably people arekind and generous to me. I feel that cin-ema is to communicate and for me the so-ciety is the main pivot and everything

Over a sumptuous vegetarianlunch at his office, the film-maker par excellence PrakashJha, who has succeeded in creating his own new idiom ofcinema, speaks about his jour-ney from DAMUL to JAIGANGA JAL ...

I HAVE TO ENGAGE MY AUDIENCES...

— Prakash Jha

revolvers around the society. Social historydrives me as a film maker. Frankly I neverlook at myself as a great creator of art. I amglad that people understand the inherentsincerity behind me.

You have made films in different genres,whether it is DAMUL or HIP HIP HURRAY or AARAKSHAN or GANGAJAL. How do you decide on the format ofyour film?

The subject and the characters drive the format of any film that I set outto make. I am not someone who is backed by a set of people whowrite the script for me. I wrote 13 draftsof JAI GANGA JAL, because I was nothappy with the first 12 drafts though Imyself had written them. My effort is to scale up the grammar of my filmand make it believable cinema within therealm of reality. Even I make up an out and out action films like sayGANGA JAL or JAI GANGA JAL, youwill not find vehicles flying in my filmor the hero jumping on them in the cli-max. My cops would not mouth dia-logues which are unacceptable by thehierarchy in the police.

Does that mean that you do not set out tocompromise as a film maker?

Why do you call it a compromise by afilm maker when he sets out to cater to theaudiences, when the whole idea is nothingbut to reach the audiences in every whichway? As a film maker, I have to engage myaudiences in whatever manner. It could bein the form of songs or item numbers orjokes or for that matter the enormitywhich a character in my film undergoes. IfI try to engage at the cost of my storytelling, you can call it an act of compro-mise, not otherwise.

Is JAI GANGA JAL a sequel of GANGA JAL?

I beg to differ. JAI GANGA JAL doesnot start where GANGA JAL ended; it isnot a sequel to GANGA JAL. It revisitsthe scene. Instead of a male protagonist,you will see a female protagonist inPriyanka Chopra. It was required to havea female protagonist, because in suchplaces a honest person is summarilytransferred and a weaker person isbrought on. But unfortunately for thepoliticians, though they think thatPriyanka is weak, to their chagrin she

proves to be tough as for her, duty comesfirst and makes lives miserable for cor-rupt politicians and criminals.

Ajay Devgn seems to be your topfavourite. Yet how do you manage tostrike the right balance between stars andthe new faces in your films?

There are no stars in my film as I castactors who I think will fit the parts to the team. I would not hesitate to statethat I am very fortunate that big actorsagree to work with me. Ajay Devgn, with whom I share a great rapport and a fabu-lous chemistry, has acted with me in my films like GANGA JAL, APAHA-RAN, AARAKSHAN, DIL KYA KARE,RAJNEETI etc., and Priyanka has com-pleted working in my latest film JAI GANGA JAL. I am forever gratefulthat Ajay Devgn and Priyanka Chopraagree to work with me by squeezing time out of their busy schedules and be-lieving in me.

What next, aer JAI GANGA JAL?I have lined up for release this year it-

self films like FRAUD SAYYAN, which isproduced by me and LIPSTICK WALESAPNE, which is directed by my assistantAlankrita who had earlier directedTURNING 30. unch films like SAT-SANG and RAJNEETI 2. Though thereare speculations that Amrita Rao hasbeen signed to play the leading lady inmy film SATSANG, the fact is that thework is going on as far as the script ofSatsang is concern & we have not yetsigned on any actor for it.

Jyothi Venkateshe writer is a well-known &

established film critic.

A



Silver Screen



ÌèÙô Üô·¤ô ·Ô¤ Sßæ×è âßüàæçQ¤×æÙ Ö»ßæÙ çßc‡æé·¤ô Ù×Ù ·¤ÚUÌð ãé° ×´ñ °·¤ ÚUæ’Ø ·Ô¤ çÜ° ÙèçÌàææS˜æ ·Ô¤ çâhæÌô ·¤ô ·¤ãÌæ ãê¡. ×ñ Øã âê æ ¥Ùð·¤àææS˜æô´ ·¤æ ¥æÏæÚU Üð ·¤ÚU ·¤ã ÚUãæ ãê¡Ð Humbly bowing down before the almighty Lord Sri Vishnu, theLord of the three worlds, I recitemaxims of the science of politicalethics (niti) selected from the vari-ous satras (scriptures).

¿æ‡æ€UØ ÙèçÌ

Áô ÃØçQ¤ àææS˜æô´ ·Ô¤ âê˜æô´ ·¤æ ¥�Øæâ ·¤ÚU·Ô¤ ™ææÙ »ýã‡æ ·¤ÚUð»æ ©âð¥ˆØÌ ßñÖßàææÜè ·¤ÌüÃØ ·Ô¤ çâhæÌ ™ææÌ ãô»ðÐ ©âð §â ÕæÌ ·¤æ ÂÌæ¿Üð»æ ç·¤ ç·¤Ù ÕæÌô ·¤æ ¥ÙéâÚU‡æ ·¤ÚUÙæ ¿æçã° ¥õÚU ç·¤Ù·¤æ ÙãèÐ©âð ¥‘Àæ§ü ¥õÚU ÕéÚUæ§ü ·¤æ Öè ™ææÙ ãô»æ ¥õÚU ¥´ÌÌÑ ©âð âßôüžæ×·¤æ ™ææÙ ãô»æÐ at man who by the study of these maxims fromthe satras acquires a knowledge of the most cele-brated principles of duty, and understands whatought and what ought not to be followed, and whatis good and what is bad, is most excellent.

§âçÜ° Üô»ô´ ·¤æ ÖÜæ ·¤ÚUÙð ·Ô¤çÜ° ×´ñ ©Ù ÕæÌô´ ·¤ô ·¤ãê´»æ çÁÙâðÜô» âÖè ¿èÁô´ ·¤ô âãè ÂçÚUÂðÿØ×´ð Îð¹´ð»ðÐ erefore with an eye tothe public good, I shallspeak that which, whenunderstood, will lead to anunderstanding of things intheir proper perspective.

°·¤ ÂçÇÌ Öè ƒæôÚU ·¤C ×ð ¥æ ÁæÌæ ãñ ØçÎ ßã ç·¤âè×ê¹ü ·¤ô ©ÂÎðàæ ÎðÌæ ãñ, ØçÎ ßã °·¤ ÎéC Â%è ·¤æÂæÜÙ-Âôá‡æ ·¤ÚUÌæ ãñ Øæ ç·¤âè Îé¹è ÃØçQ¤ ·Ô¤âæÍ ¥ˆØÌ ƒæçÙD â�Õ‹Ï ÕÙæ ÜðÌæ ãñ Ð

Even a pandit comes to grief by giving instruction to a foolish disciple, by maintaining a wickedwife, and by excessive familiaritywith the miserable.

ÎéC Â%è, ÛæêÆæ ç×˜æ, ÕÎ×æàæ Ùõ·¤ÚU¥õÚU âÂü ·Ô¤ âæÍ çÙßæâ âæÿææÌ÷ ×ë Øé·Ô¤ â×æÙ ãñÐA wicked wife, a falsefriend, a saucy servant and living in a house with a serpent in it arenothing but death.

ÃØçQ¤ ·¤ô ¥æÙð ßæÜè ×éâèÕÌô´ âð çÙÕÅUÙð ·Ô¤ çÜ° ÏÙ â´¿Ø ·¤ÚUÙæ ¿æçã°Ð ©âð ÏÙ-â�ÂÎæ ˆØæ»·¤ÚU Öè Â%è ·¤è âéÚUÿææ ·¤ÚUÙè ¿æçã°Ð Üðç·¤Ù ØçÎ ¥æˆ×æ ·¤è âéÚUÿææ ·¤è ÕæÌ ¥æÌè ãñ Ìô ©âð ÏÙ ¥õÚU Â%è ÎôÙô´ ·¤ô Ìé‘ÀU â×ÛæÙæ ¿æçã°Ð One should save his money against hard times,save his wife at the sacrifice of his riches, butinvariably one should save his soul even at thesacrifice of his wife and riches.

©â Îðàæ ×ð çÙßæâ Ù ·¤ÚUð Áãæ¡ ¥æÂ·¤è·¤ô§ü §ü’ÁÌ Ù ãô, Áãæ ¥æÂ ÚUôÁ»æÚUÙãè´ ·¤×æ â·¤Ìð, Áãæ´ ¥æÂ·¤æ ·¤ô§üç×˜æ Ùãè´ ¥õÚU Áãæ´ ¥æÂ ·¤ô§ü ™ææÙ¥æçÁüÌ Ùãè ·¤ÚU â·¤ÌðÐ

Do not inhabit a countrywhere you are not respected, cannot earn your livelihood, have nofriends, or cannot acquireknowledge.

ÖçßcØ ×ð´ ¥æÙð ßæÜè ×éâèÕÌô´ ·Ô¤ çÜ° ÏÙ°·¤ç˜æÌ ·¤ÚUð´Ð °ðâæ Ù âô¿ð´ ·¤è ÏÙßæÙ ÃØçQ¤ ·¤ô×éâèÕÌ ·ñ¤âè? ÁÕ ÏÙ âæÍ ÀôÇÌæ ãñ Ìô â»çÆÌÏÙ Öè ÌðÁè âð ƒæÅUÙð Ü»Ìæ ãñÐ

Save your wealth against futurecalamity. Do not say, "What fearhas a rich man, of calamity?" Whenriches begin to forsake one even theaccumulated stock dwindles away.

°ðâð Á»ã °·¤ çÎÙ Öè çÙßæâ Ù ·¤ÚUð Áãæ¡ çÙ�ÙçÜç¹Ì Âæ¿ ÙãôÑ °·¤ ÏÙßæÙ ÃØçQ¤,°·¤ Õýæ±×‡æ Áô ßñçÎ·¤ àææS˜æô ×ð çÙÂé‡æ ãô,°·¤ ÚUæÁæ,°·¤ ÙÎè ,¥õÚU °·¤ ç¿ç·¤ˆâ·¤Ð

Do not stay for a single day where there are not these five persons: a wealthy man, a brahmin well versed in Vedic lore, a king, ariver and a physician.

¥æ¿æØü ¿æ‡æ€UØ °·¤ °ðâè ×ãæÙ çßÖêçÌ Íð, çÁ‹ãô´Ùð ¥ÂÙè çßmžææ¥õÚU ÿæ×Ìæ¥ô´ ·Ô¤ ÕÜ ÂÚU ÖæÚUÌèØ §çÌãæâ ·¤è ÏæÚUæ ·¤ô ÕÎÜçÎØæÐ ×õØü âæ×ýæ’Ø ·Ô¤ â´SÍæÂ·¤ ¿æ‡æ€UØ ·¤éàæÜ ÚUæÁÙèçÌ™æ,

¿ÌéÚU ·¤êÅUÙèçÌ™æ, Âý·¤æ´Ç ¥ÍüàææS˜æè ·Ô¤ M¤Â ×ð Öè çßEçß�ØæÌ ãé°Ð §ÌÙè âçÎØæ¡»éÁÚUÙð ·Ô¤ ÕæÎ ¥æÁ Öè ØçÎ ¿æ‡æ€UØ ·Ô¤ mæÚUæ ÕÌæ° »° çâhæ´Ì ¥õÚU ÙèçÌØæ¡Âýæâ´ç»·¤ ãñ´ Ìô ×æ˜æ §âçÜ° €UØô´ç·¤ ©‹ãô´Ùð ¥ÂÙð »ãÙ ¥ŠØØÙ, ç¿´ÌÙ ¥õÚUÁèßæÙæÙéÖßô´ âð ¥çÁüÌ ¥×êËØ ™ææÙ ·¤ô, ÂêÚUè ÌÚUã çÙÑSßæÍü ãô·¤ÚU ×æÙßèØ·¤ËØæ‡æ ·Ô¤ ©Î÷ÎðàØ âð ¥çÖÃØQ¤ ç·¤ØæÐ

Âðàæ ãñU v| ¥ŠØæØæð´ ßæÜè Ò¿æ‡æ€UØ ÙèçÌÓ ·¤æ ÂýÍ× ¥ŠØæØÐ ãUÚU ¥´·¤ ×ð´ãU× °·¤ ¥ŠØæØ ÂÚU ÙÁÚU ÇUæÜð´»ðÐ

Chanakya Niti



Õéçh×æÙ ÃØçQ¤ ·¤ô °ðâð Îðàæ ×ð´ ·¤Öè Ùãè´ ÁæÙæ ¿æçã° Áãæ¡ ÑÚUôÁ»æÚU ·¤×æÙð ·¤æ ·¤ô§ü ×æŠØ× Ùæ ãô,Áãæ´ Üô»ô´ ·¤ô ç·¤âè ÕæÌ ·¤æ ÖØ Ù ãô,Áãæ´ Üô»ô´ ·¤ô ç·¤âè ÕæÌ ·¤è Ü’Áæ Ù ãô, Áãæ´ Üô» Õéçh×æÙ Ù ãô´,¥õÚU Áãæ¡ Üô»ô ·¤è ßëçžæ ÎæÙ ÏÚU× ·¤ÚUÙð ·¤è Ù ãôÐWise men should never go into a country where there are nomeans of earning one's livelihood, where the people have nodread of anybody, have no sense of shame, no intelligence, or acharitable disposition.

¥‘Àæ ç×˜æ ßãè ãñ Áô ã×ð çÙ�ÙçÜç¹Ì ÂçÚUçSÍçÌØô´ ×ð´ Ùãè´ ˆØæ»ðÑ¥æßàØ·¤Ìæ ÂÇ¸Ùð ÂÚU,ç·¤âè ÎéƒæüÅUÙæ ãUæðÙð ÂÚU,ÁÕ ¥·¤æÜ ÂÇ¸æ ãô,ÁÕ Øéh ¿Ü ÚUãæ ãô,ÁÕ ã×ð´ ÚUæÁæ ·Ô¤ ÎÚUÕæÚU ×ð´ ÁæÙæ ÂÇ¸ð,¥õÚU ÁÕ ã×ð´ àæ×àææÙ ƒææÅU ÁæÙæ ÂÇ¸ðÐ He is a true friend who does not forsake us in time ofneed, misfortune, famine, or war, in a king's court, or atthe crematorium (smasana).

Áô ÃØçQ¤ ·¤âè Ùæàæß´Ì ¿èÁ ·Ô¤ çÜ° ·¤Öè Ùæàæ Ùãè´ ãôÙð ßæÜè ¿èÁ ·¤ô ÀôÇ¸ ÎðÌæ ãñ, Ìô ©â·Ô¤ ãæÍ âð ¥çßÙæàæè ßSÌé Ìô ¿Üè ãè ÁæÌè ãñ ¥õÚU §â×ð ·¤ô§ü â´Îðã Ùãè´·¤è ÙæàæßæÙ ·¤ô Öè ßã ¹ô ÎðÌæ ãñÐ

He who gives up what is imperishable for that which is perishable, loses that which is imperishable; and doubtlessly losesthat which is perishable also.

°·¤ Õéçh×æÙ ÃØçQ¤ ·¤ô ç·¤âè §’ÁÌÎæÚU ƒæÚU ·¤è ¥çßßæçãÌ ·¤‹Øæ âð ç·¤â ßØ´» ãôÙð ·Ô¤ ÕæßÁêÎ Öè çßßæã ·¤ÚUÙæ ¿æçã°Ð ©âð ç·¤âè ãèÙ ƒæÚU ·¤è ¥ˆØ´Ìâé‹ÎÚU S˜æè âð Öè çßßæã Ùãè´ ·¤ÚUÙè ¿æçã°Ð àææÎè-çßßæã ã×ðàææ ÕÚUæÕÚUè ·Ô¤ ƒæÚUô´ ×´ðãè ©ç¿Ì ãôÌæ ãñÐ

A wise man should marry a virgin of a respectable family even if she is deformed. He should not marry one of a low-classfamily, through beauty. Marriage in a family of equal status is preferable.

§Ù z ÂÚU ·¤Öè çßEæâ Ù ·¤ÚUð´ Ñ v. ÙçÎØæ´, w. çÁÙ ÃØçQ¤Øô´ ·Ô¤ Âæâ ¥à˜æ-àæS˜æ ãô´, x. Ùæ¹¸êÙ ¥õÚU âè´» ßæÜð Âàæé, y. ¥õÚUÌð´ (Øãæ¡ â´·Ô¤Ì ÖôÜè âêÚUÌ ·¤è ÌÚUÈ ãñ, ÕãÙ´ð ÕéÚUæ Ù ×æÙð )z. ÚUæÁ ƒæÚUæÙô´ ·Ô¤ Üô»ô ÂÚUÐ Do not put your trust in rivers, men who carryweapons, beasts with claws or horns, women, andmembers of a royal family.

¥»ÚU ãô â·Ô¤ Ìô çßá ×ð´ âð Öè ¥×ëÌ çÙ·¤æÜ Üð´, ØçÎ âôÙæ »‹Î»è ×ð´ Öè ÂÇ¸æ ãô Ìô ©âð ©ÆæØ´ð, Ïô°´ ¥õÚU ¥ÂÙæØ´ð,çÙ¿Üð ·¤éÜ ×´ð Á‹× ÜðÙð ßæÜð âð Öè âßôüžæ× ™ææÙ »ýã‡æ ·¤ÚUð´, ©âè ÌÚUã ØçÎ ·¤ô§ü ÕÎÙæ× ƒæÚU ·¤è ·¤‹Øæ Öè ×ãæÙ »é‡æô âð âÂ‹Ùãñ ¥õÚU ¥æÂ·¤ô ·¤ô§ü âè¹ ÎðÌè ãñ Ìô »ýã‡æ ·¤ÚUð´ Ð

Even from poison extract nectar, wash and take back gold if it has fallen in filth, receive thehighest knowledge (Krsna consciousness) from alow born person; so also a girl possessing virtuousqualities (stri-ratna) even if she were born in a dis-reputable family.

×çãÜæ¥ô´ ×ð´ ÂéL¤áô´ ç·¤ ¥ÂðÿææÑ Öê¹ Îô »éÙæ,Ü’Áæ ¿æÚU »éÙæ,âæãâ ÀÑ »éÙæ, ¥õÚU ·¤æ× ¥æÆ »éÙæ ãôÌè ãñ Ð Women have hunger two-fold, shyness four-fold, daring six-fold, andlust eight-fold as compared to men.

Source : www.hindisahityadarpan.in

A

Metaphysical Musings

°·¤ Øéß·¤ Ùð çßßæã ·Ô¤ ÕæÎ Îô âæÜ ÕæÎÂÚUÎðâ Áæ·¤ÚU ÃØæÂæÚU ·¤è §‘Àæ çÂÌæ âð·¤ãè. çÂÌæ Ùð

Sßè·¤ëçÌ Îè Ìô ßã ¥ÂÙè »ÖüßÌè ·¤ô ×æ¡-ÕæÂ ·Ô¤çÁ�×ð ÀôÇ¸·¤ÚU ÃØæÂæÚU ·¤ô ¿Üæ »ØæÐ

ÂÚUÎðâ ×ð´ ×ðãÙÌ âð ÕãéÌ ÏÙ ·¤×æØæ, v| ßáüÏÙ ·¤×æÙð ×ð´ ÕèÌð »° Ìô â‹ÌéçC ãé§ü ¥õÚU ßæÂâƒæÚU ÜõÅUÙð ·¤è §‘Àæ ãé§ü. Â%è ·¤ô Â˜æ çÜ¹·¤ÚU ¥æÙð·¤è âê¿Ùæ Îè ¥õÚU ÁãæÁ ×ð´ ÕñÆ »ØæÐ

©âð ÁãæÁ ×ð´ °·¤ ÃØçQ¤ ç×Üæ Áô Îé¹è ×Ùâð ÕñÆæ Íæ. âðÆ Ùð ©â·¤è ©Îæâè ·¤æ ·¤æÚU‡æ ÂêÀæ Ìô©âÙð ÕÌæØæ ç·¤ §â Îðàæ ×ð´ ™ææÙ ·¤è ·¤ô§ü ·¤Îý Ùãèãñ. ×ñ´ Øãæ´ ™ææÙ ·Ô¤ âê˜æ Õð¿Ùð ¥æØæ Íæ ÂÚU ·¤ô§ü ÜðÙð·¤ô ÌñØæÚU Ùãè´ ãñÐ

âðÆ Ùð âô¿æ §â Îðàæ ×ð´ ×ñÙð Ìô ÕãéÌ ÏÙ·¤×æØæ. Øã Ìô ×ðÚUè ·¤×üÖêç× ãñ. §â·¤æ ×æÙ ÚU¹Ùæ¿æçã°. ©âÙð ™ææÙ ·Ô¤ âê˜æ ¹ÚUèÎÙð ·¤è §‘Àæ ÁÌæ§ü.©â ÃØçQ¤ Ùð ·¤ãæ-×ðÚUð ãÚU ™ææÙ âê æ ·¤è ·¤è×Ì z®®Sß‡æü ×éÎýæ°´ ãñÐ

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53March 2016



Did You Know?

T his story comes from the forgottenannals of the old Kingdom of Tra-vancore—a once independent land

that became a princely state during theBritish Raj under the East India Company.It also has the honour of being the first toaccept an invitation to accede to India inthe year 1947, when along with the King-dom of Cochin it was incorporated intothe Dominion of India as the state of “Tra-vancore-Cochin,” which formed the basisof what is today “Kerala.”

It is intriguing to understand why noforeigners ever attempted colonising thisregion. Even the East India Company hadto await an invitation from the TravancoreKing to move in for protecting the king-dom from an attack by Tipu Sultan. It wasonly later that the East India Companybegan involving itself in court affairs and

got a chance to attempt a take over. Onemajor reason why no other country evertried to occupy this region was that thiswas the major trade hub for Europe, theArabian Gulf and the Eastern parts of theworld. is made the people of Travancoreand Cochin the richest of all traders.

e Travancore Kingdom was the sec-ond most prosperous princely state undercolonial rule. Even beggars were richenough to live with comfort. And this wasbothering the upper classes the most. eBrahmins were watching the lower castesgetting richer thanks to services they wererendering to traders and other people. Inorder to put a stop to all this, they planneda series of a few hundred horrible taxes.For example, lower class residents of Tra-vancore were forced to pay a tax when theytraded in pepper or spice. ey had to pay

heavy duties to wear jewellery or for themen to flaunt a moustache which weresymbols of prestige. e upper classes hadexemptions from these—and they weredesigned in such a way by the nobles thatthe lower classes stayed under a certainlimit, never coming at par with them.

Of all these absurd taxes—the worst,most inhuman and utterly humiliating onewas the Mulakkaram, or the Breast Tax. Itwas to be levied on all lower caste womenwho wished to cover their breasts, theamount of tax calculated according to thesize of their breasts. As a result, the womenof society had to roam bare-breasted andwear no jewellery or fancy cloth, that be-coming the identity of the Dalits in thissouthern region of our Indian Subconti-nent. is taxation system was at its peakduring the rule of King Avittom irunal

India’s history has o been tainted with much op-pression of the lower castes. While horror stories ofhow upper castes subjugated lower castes and en-sured they are never able to stand on their feet andcome at par with the high society are legion, it isalso true that they were also deprived of opportu-nities for going in any form of education and/or eco-nomic strengths. is article is about one suchincident which might just force you to think howprosperous we were and what we did to our ownpeople. Read on.

Balarama Varma, considered one of theweakest ever kings of Travancore, whoseempire was practically governed by Brah-min nobles, who enjoyed lavish lifestylesat the expense of his court. eir lust andgreed forced them to implement such bar-baric laws and taxes as this one with ut-most strictness, to ensure enough moneyflowed into the royal treasury and that theBrahmin class always stands out.

e year was 1803, when the Parvathi-yar (village officer) approached a poor ladyof the Ezhava clan living in the village ofCherthala for collecting this tax. e ladywas called Nangeli (or Nancheli—theBeautiful one). She tried to keep her dig-nity by covering her upper body, whichwas not acceptable to the Brahmins of hervillage—they reported it to the Parvathiyar.Unfortunately, Nangeli came from a verypoor family who were not le with anymoney to pay more taxes. When the taxcollector approached her, she showedmonumental courage and took a rebelliousstep, which changed the course of history.

Nangeli, one fine aernoon in 1803,chopped off her breast and presented it tothe Tax Collector on a plantain leaf. eofficer got scared and ran away, leaving theyoung lady to die of bleeding. As her hus-band came home, he found Nangeli lyingon floor, bled to death. His emotionserupted as anger fuelled by sorrow, butcoming from a lower caste society as hedid, he could not fight. So he took anequally aggressive and rebellious step. AsNangeli was being cremated, her husbandcould not suppress his pain and jumpedinto the funeral fire to be burned to deathwith her. He is seen as the the only exam-ple of Male-Sati in our history.

is news spread like forest-fire acrossthe subcontinent. People started talkingagainst the tax system openly and the op-pression of lower castes was criticized bymany. Debates in the court reached a dif-ferent level altogether and people fromother kingdoms, as well as traders visitingTravancore were unhappy with the par-tiality being perpetrated in the state. Eventhe land where Nangeli had lived becamepopular by the name ‘Mulachiparambu’—

the plot where the woman of breasts lived.It took the Kingdom of Travancore ninelong years to finally understand the emo-tions of public and repeal the Mulakkaramtax in 1812. It was just one form of oppres-sion that was abolished—hundreds ofother forms of equally absurd laws andtaxes continued until the Indian Constitu-tion took over.

Even today small pockets of Indian so-ciety across the nation, look at lower casteswith a derogatory eye. But things arechanging with education. People are be-coming more aware and some good strongsteps are being taken for the betterment ofall classes. It is our hope that in the not-too-far future India will indeed be a soci-ety of equals and everyone will continueto live with their heads held high in equal-ity and dignity.



Vikramjit Singh Roopraie writer is a heritage lover

and activist who found it fit toleave a lucrative career in IT to

take up the promotion of theheritage and cultures of India.

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Heritage

MULAKKARAMTHE BREAST TAX



On 31st December, I took a train,the Taj Express, from New Delhifor Vrindhavan. Aer an early

morning journey of 2 hours, the train madeits stop in the land of Vraj, where Krishna issaid to have lived his life thousands of yearsbefore. With typical north Indian early win-

ter morning of December, I was wearing mywoollens—long coat and full-cover shoes.As I came out of the platform, I picked up apiping-hot cup of tea served in a 'kullad'(small earthen pot) and it pumped some en-ergy into me. I soon found a whole mob ofrikshawalas trying to catch my custom as

Destinations

For a few years now I’ve beenspending the beginning of mynew years at blissful destinations.Maybe it’s just the luxury of meand my thoughts—or maybe itsme analysing the previous year'spositive and negative moments orlittle superstitions. In sum, it isan exercise to begin my new yearon a positive note with an auspi-cious visit to a holy place. isyear I chose Vrindhavan to walkin the footsteps of Lord Krishna.I have always seen people swaying more in the footsteps ofLord Buddha, especially in mostof the tourism promotion maga-zines and brochures. So, here letus explore how it is in the footsteps of Lord Krishna.

IN THE FOOT STEPS OF LORD KRISHNA

their first rider of the day. I somehowmanaged to smartly negotiate with one ofthem and rode to Vrindhavan—approxi-mately 15 kms from the station.

e rikshawala dropped me at a partic-ular point as his rickshaw was not allowedbeyond that point. e smaller streetswere crowded chock-full and it made meglad to observe that so many people were

of the same opinion of wanting to begintheir new year with a visit to the holy cityof Vrindhavan. I had chosen the 31st ofDecember for my visit just to avoid theNew Year crowds, but it was vice versa.

The small streets, so many people, dec-orated markets, stalls offering mouth wa-tering food, the flower sellers and theall-pervading fragrance emanating from

the temples, the clamorous ringing ofbells, prayers blaring through loudspeak-ers—it was altogether as if I was in a new world. While walking a friend cau-tioned me about my spectacles, alertingme to the habit of monkeys here in hi-jacking specs and demanding food in lieuof returning them.

I was surprised to know that this Vraj



Travel



land has as many as different 5000 plustemples and at a large area popularlyknown as 84 kro’sh Vrajmandal (the areaof Lord Krishna) comprising Vrindhavan,Mathura and Govardhan.

So, started the process of Darshans.And soon aer the Darshans, my firstchoice was to sit and enjoy the tasty foodon offer all around.

Next morning we had to start early,with the intention of visiting the ISKONtemple and give an auspicious beginningto our new year. Soon aer stepping outon to the road, we realised that this townnever sleeps. I had heard about Mumbainever sleeping, but truly Vridhavan was allalive at 4 am—an ever-frenetic crowd wav-ing garlands, diyas, sweets etc., in theirhands. e food shops were all fully open

with freshly prepared food & tea etc. So, aer my breakfast, I started to follow

the footsteps of Lord Krishna—his birthplace, his playing areas, his romance areawith Radha and so many Gopis, e Go-vardhan Circumference, few otherAshrams including Rama KrishnaAshram, Prem Temple of Sudhanshu Ma-

haraj, the Ashram of NeeKarolimal and so many oth-ers. It was a day of amazingexperiences, the obtainingof blessings, learning of newthings and of course my de-vouring the favourite foodand sweets offered in themarket. I was happy withmy decision to begin my

New Year on a positive footing from theLand of Lord Krishna.

Destinations

WE BOOK

Hotels, Cars, Train, Flights, Holidays, MICE, meetings and many more

Contact: + 91 98992 29906, + 91 12045 40574Email: [email protected]

DON’T VISIT INDIA BECAUSE OFTaj Mahal, The Beaches, Shopping, Treatment, Weddings Etc.

JUST VISIT, BECAUSE IT IS YOUR OWN COUNTRY

Ramesh Tikue author is a

travel enthusiast who alsoloves to write.

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RNI No. DELBIL/2012/45826Postal regd. No. G-3/DN/297/2016-2018Date of Publication: 5th of every MonthDate of Posting: 8th & 9th of every Month

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