From Editors Desk
From the Editor’s Desk:
Dear colleagues,
While I write this article I feel more privileged than happy to share my views with bright minds and burgeoning visionaries of a splendid tomorrow. I take this opportunity to thank all my colleagues who bestowed upon me this opportunity. I extend a sincere note of gratitude. So here Section D unveils IMAge- a magazine to unleash your prowess that was latent within you and all it wanted was a lodestone to direct you to a place that only your mind can delve.
I am sure that all of us agree to the fact that we have a fantastic, energised class filled with ideas, talents and unique perceptions. It has just been about five weeks since we had our “Introductions Please” but it already seems that we have made relations that have a long way to go- as colleagues, as friends and as support systems. The nervous jitters have long lost their trace and the next few months are eagerly awaited. Here’s wishing my fellow participants the very best for all their future endeavours- their life at ICICI and beyond. Keep going!
IMAge. I dedicate this space to extend my appreciation to Mr. Mohanraj for this magazine is his brainchild. I also appreciate the thoughtfulness of Mr. Rahul Singh as this name is his creativity’s upshot. It is one of the best names we could have had. Now a little about our much touted magazine. In our day to day activities we seldom get a chance to pen our thoughts that not only gives us immense personal satisfaction but also proves to be an informative and resourceful repository for all. I am certain that in due course of time we can channelize our efforts to spread the span of IMAge across all sections and gather useful inputs that will enhance the character of the magazine.
I take this space to introduce the talented individuals who have worked diligently for the past week to compose this issue of the magazine. I feel privileged to dedicate this space to introduce the editorial team:
Sub-editor – Ms. Anubhuti Jain
Co-ordinator – Mr. Mohanraj
Design & Layout – Mr. Victor Chen
Executive Board – Mr. Jimit Shah, Mr. Manas Ranjan Mohanty, Mr. Sandeep Patel, Mr. Gaurav Singh, Ms. Sapna Holehonnur, Ms. Salila, Mr. Sharath kumar, Ms. Ekta Pundir and Mr. Pratyus Acharya.
1st of all we express our gratitude to Mr. B.V. Rao for his detailed budget contributions. On behalf of the editorial team I would like to acknowledge the efforts of Mr. Pritam Kar for his aesthetic logo, Ms. Saloni Juneja, Mr. Abhishek Jain, Chiranjibi Panda and Mr. Siddharth Juneja for their dedicated efforts. Also I thank all the participants for their wonderfully creative inputs as that is what made this magazine what it is today.
In this issue our team has tried its level best to include eclectic topics. However if you feel that there are certain areas we haven’t done justice to or need our attention do feel free to bring it to our notice. We would be more than happy to accommodate views and suggestions. Contact any of the editorial team members and we will try our level best to implement them.
We even have a space to address your personal grievances- a drop box to “drop” in your troubles and we make sure we provide you a solution to get away with, even if it just means a hand to hold. We ensure you that we will make you feel at home right here- amongst us. Feel free to ink your gloom away.
I hope you enjoy this issue of our monthly magazine. We certainly had a wonderful time compiling it, sincerely wishing you have manifold the worth reading it!
I wrap my thoughts, strongly resisting the urge to continue, to present you Section D magazine IMAge- Imagination Unleashed.
Keep reading, writing and envisioning!
Best Regards,
Reshma Menon.
From Coordinators Desk
From the Coordinator's desk....
Dear Participants,
Ideas move mountains, and ideas are triggered by creativity and that creativity is the result of magnified imagination. That’s what we believe in 'IMAge – Imagination Unleashed'. In the ever so changing world where it is difficult to keep abreast with information, it comes as no surprise that we find no time to render attention to our creativity and other facets. So IMAge was conceived with the idea to serve as a magazine that expresses our talents and is also a source of priceless information that can be shared with our peer group. The magazine is precisely aimed at achieving this objective and so as we roll out the first issue of the magazine let’s get acquainted with IMAge.
IMAge has a wide spectrum of topics right from economy to entertainment. My objective here is to throw some light on each aspect which the IMAge has dealt with and which it will deal with in the future.
The section ‘Get Things Done’ will deal with management ideas, management book reviews and update about modern management concepts. The section aims to provide a gist of the various concepts and theories that we as future managers need to know.
Economy section- ‘Money, Market and More’ will deal with economic issues, jargons and their definitions. In this issue we have a comprehensive coverage of the budget2008 in lucid text for the benefit of all IMAge readers.
‘Explore Your Hyderabad’ section is an attempt to help familiarize you with the city. In each issue we present you a place in the city that could be your next weekend destination to unwind, relax and save treasured moments in your busy life. ‘Space for you’ is a place where you can find motivating anecdotes, articles, answers to your problems and queries. This section would not just be dedicated to release your stress and free you of your incubus but will also cause our peers to act as our soul tranquilisers. This will also enhance our relationships as colleagues. You can mail your worries to image.secD@gmail.com.
‘IMA news’ section will deal with current happenings at the IMA campuses and important dates in the IMA calendar. Through ‘ICICI news’ we bring you the current moves of ICICI bank and help you stay updated. Entertainment section- ‘Spice’ is a section where you display your creativity in the form of poems, food tips, cartoons etc. Also IMAge has a space dedicated for quiz and contests where you rattle your brains and win prizes. The winners of the contest will be announced in the subsequent issues. You should send your entries to the above mentioned email id. Last but not the least, how can a magazine be without a SuDoKu and IMAge is no exception.
IMAge will do its best to give you quality information and will justify the time you spent on it. Every month IMAge will strive to bring out new and informative sections for the benefit of the readers. If you are a computer buff then just log on to www.imagemagazine.blogspot.com where the current issue of the magazine is available for all to read.
A long journey begins with a small step and IMAge is a small step in this direction. We expect your cooperation and guidance to make this initiative a grand success.
I would like to end by quoting Swami Vivekananda’s famous words:
‘Education is the manifestation of perfection which already exists in man'.
Happy Reading!
E.Mohanraj
Dear Participants,
Ideas move mountains, and ideas are triggered by creativity and that creativity is the result of magnified imagination. That’s what we believe in 'IMAge – Imagination Unleashed'. In the ever so changing world where it is difficult to keep abreast with information, it comes as no surprise that we find no time to render attention to our creativity and other facets. So IMAge was conceived with the idea to serve as a magazine that expresses our talents and is also a source of priceless information that can be shared with our peer group. The magazine is precisely aimed at achieving this objective and so as we roll out the first issue of the magazine let’s get acquainted with IMAge.
IMAge has a wide spectrum of topics right from economy to entertainment. My objective here is to throw some light on each aspect which the IMAge has dealt with and which it will deal with in the future.
The section ‘Get Things Done’ will deal with management ideas, management book reviews and update about modern management concepts. The section aims to provide a gist of the various concepts and theories that we as future managers need to know.
Economy section- ‘Money, Market and More’ will deal with economic issues, jargons and their definitions. In this issue we have a comprehensive coverage of the budget2008 in lucid text for the benefit of all IMAge readers.
‘Explore Your Hyderabad’ section is an attempt to help familiarize you with the city. In each issue we present you a place in the city that could be your next weekend destination to unwind, relax and save treasured moments in your busy life. ‘Space for you’ is a place where you can find motivating anecdotes, articles, answers to your problems and queries. This section would not just be dedicated to release your stress and free you of your incubus but will also cause our peers to act as our soul tranquilisers. This will also enhance our relationships as colleagues. You can mail your worries to image.secD@gmail.com.
‘IMA news’ section will deal with current happenings at the IMA campuses and important dates in the IMA calendar. Through ‘ICICI news’ we bring you the current moves of ICICI bank and help you stay updated. Entertainment section- ‘Spice’ is a section where you display your creativity in the form of poems, food tips, cartoons etc. Also IMAge has a space dedicated for quiz and contests where you rattle your brains and win prizes. The winners of the contest will be announced in the subsequent issues. You should send your entries to the above mentioned email id. Last but not the least, how can a magazine be without a SuDoKu and IMAge is no exception.
IMAge will do its best to give you quality information and will justify the time you spent on it. Every month IMAge will strive to bring out new and informative sections for the benefit of the readers. If you are a computer buff then just log on to www.imagemagazine.blogspot.com where the current issue of the magazine is available for all to read.
A long journey begins with a small step and IMAge is a small step in this direction. We expect your cooperation and guidance to make this initiative a grand success.
I would like to end by quoting Swami Vivekananda’s famous words:
‘Education is the manifestation of perfection which already exists in man'.
Happy Reading!
E.Mohanraj
CURRENT AFFAIRS
INDIAN NEWS
Indian Doctor Akilesh Pandey launches “proteinpedia” website which would provide assistance in biomedical research and drug discovery.
Archaeologists from ASI and University of California dug out the remains of a 2500 year old city at Sishupalgarh, Orissa.
India’s first Beyond Visual Range (BVR) air to air missile “Astra” is now finally set to take flight.
Indian Air Force (IAF) to get 40 more Hawk AJTs.
Steel Authority of India Limited’s (SAIL) year long Golden Jubilee celebrations begin.
PROJECT FOR ARUNACHAL PRADESH:
Rs.10000 crore package for Arunachal Pradesh for developmental projects has been announced by Prime Minister Mr. Manmohan Singh on Jan31st 2008. The package includes Rs.5500 crore, which would be used for various developmental projects.
INDIA AND MALAYSIA’S MoU:
India and Malaysia have finalized a draft memorandum of understanding (MoU) on the recruitment and welfare of each other’s workers. During Defence Minister Mr A.K. Antony’s visit to Kuala Lumpur, India raised the issue of expediting the process, Malaysian leaders envinced interest in the issue, but no timeline was set, more so because the subject was not linked to bilateral defence cooperation.
RAILWAY BUDGET:
Railway Minister Lalu Prasad Yadav has done it again. This year rail budget has cut fares and freight and still projected healthy financial and substantial investment to enhance the railway’s carrying capacity and productivity. Substantive investments are being made to increase capacity and technology quotient of railways. Its report card in the current fiscal shows a sharp reduction in accidents, cash surplus of over 25000 crores, record return of 21% on capital, 31% increase in plan spending and 15% rise in traffic earnings. The operating ratio has also come down to 76.3% from 98.3% in the first 2 years (of this decade).
The minister has also promised at least one member in the railway board from minorities and special consideration to minorities and other under privileged sections in recruitment. The buoyant revenues have allowed the railway minister to shower bounties on almost every stake holder. A host of measures are in the pipeline to put Indian railways on a par with the world.
ISRO PLANNING TO LAUNCH SATELLITE TO STUDY THE SUN:
In the thick of buzz regarding Chandrayaan, the moon mission, the Indian Space Research Organization is planning to launch a satellite to study the Sun,Aditya should be up in space by 2012 to study the dynamic solar corona, the outermost region of the Sun.
CIVILIAN AWARDS 2008:
PADMA VIBHUSHAN: Pranab Mukherjee, Ratan Tata, Asha Bhonsle, E. Sreedharan
PADMA BHUSHAN: P.Shusheela, Dominique Lapierre, Padma Desai, Shiv Nadar
PADMA SHRI: Madhuri Dixit, Tom Alter, Barkha Dutt, Baichung Bhutia
WORLD NEWS
Brown backs India’s bid for Security Council Seat.
Ralph Nadar announces new bid for White house as third party candidate.
The astronomers have spotted the system similar to that of our solar system which is some 5000 light years away.
Turkey offers alternative gas pipeline to India, through which the country get an opportunity to access central Asian Oil at low price.
Microbicide gel passes away safety test which is a second generation Tenofovir drug which does not kill the AIDS virus but prevents it from replication.
Cellphones turn into robot buddies. For those who feel a bit lonely just talking on the phone, a Japanese company is offering a cellphone that turns into a robot buddy ready to chat.
US Presidential Elections:
Barrack Obama cruised past a fading Hillary Clinton with two more wins in the race for the democratic presidential nominations leaving the former first lady in desperate need of a comeback after ten losses in a race she once commanded With his wins on Tuesday in Wisconsin and Hawaii Mr Obama has extended his lead in the all important delegate count.
Transfer of Power:
Cuba’s parliament named Raul Castro president on Sunday, ending nearly 50 years of rule by his brother Fidel Castro but leaving the islands communist system unshaken.Raul Castro indicated at least one change is being contemplated; i.e. the revaluation of the Cuban peso ,the national currency most people use to pay for government services such as utilities and public transportation.
Democracy in Pakistan?
In the elections held in Pakistan last month the suspense of government formation has ended with the two main opposition parties, the Pakistan People’s Party (PPP) and Pakistan Muslim League Nawaz (PML-N) coming together to form the coalition. They have not yet named the Prime Ministerial candidate though. The announcement came on late Thursday two days after the PPP and PML-N together got a majority bagging 53 seats in a house of 272. Addressing a press conference they said that efforts are on for a national consensus government in Pakistan. The PPP leader emphasized that they intended to implement the 1973 constitution and promised to give full freedom to media and also asked media to keep a check on the new government. Asif Ali Zardari the co chairman of PPP and Nawaz Sharif whose party had a good showing in the February 18th general elections in Pakistan met amid reports of differences over the issues of deposed judges and future status of Pakistan president Pervez Musharraf.
SPORTS:
Manchester United midfielder Park Ji-Sung claims that the Premier League champions are ready go full throttle in a bid to snatch top spot from Arsenal ahead of their crucial head-to-head at Old Trafford on April 2.
Australia’s domination in world cricket is seriously being challenged when they were beaten by India recently in Melbourne after 22 years during the Commonwealth Bank Series Cup.
World number one Justine Henin's unbeaten run of 17 matches at the Dubai Open came to an end as she went down to a 7-6 (7/3), 7-6 (7/4) quarter-final defeat to Francesca Schiavone on Feb 28,2008.
Tiger wins Match Play for world sweep. Woods broke a scoring record for the fourth straight tournament, collected his fifth straight victory worldwide.
Indian Doctor Akilesh Pandey launches “proteinpedia” website which would provide assistance in biomedical research and drug discovery.
Archaeologists from ASI and University of California dug out the remains of a 2500 year old city at Sishupalgarh, Orissa.
India’s first Beyond Visual Range (BVR) air to air missile “Astra” is now finally set to take flight.
Indian Air Force (IAF) to get 40 more Hawk AJTs.
Steel Authority of India Limited’s (SAIL) year long Golden Jubilee celebrations begin.
PROJECT FOR ARUNACHAL PRADESH:
Rs.10000 crore package for Arunachal Pradesh for developmental projects has been announced by Prime Minister Mr. Manmohan Singh on Jan31st 2008. The package includes Rs.5500 crore, which would be used for various developmental projects.
INDIA AND MALAYSIA’S MoU:
India and Malaysia have finalized a draft memorandum of understanding (MoU) on the recruitment and welfare of each other’s workers. During Defence Minister Mr A.K. Antony’s visit to Kuala Lumpur, India raised the issue of expediting the process, Malaysian leaders envinced interest in the issue, but no timeline was set, more so because the subject was not linked to bilateral defence cooperation.
RAILWAY BUDGET:
Railway Minister Lalu Prasad Yadav has done it again. This year rail budget has cut fares and freight and still projected healthy financial and substantial investment to enhance the railway’s carrying capacity and productivity. Substantive investments are being made to increase capacity and technology quotient of railways. Its report card in the current fiscal shows a sharp reduction in accidents, cash surplus of over 25000 crores, record return of 21% on capital, 31% increase in plan spending and 15% rise in traffic earnings. The operating ratio has also come down to 76.3% from 98.3% in the first 2 years (of this decade).
The minister has also promised at least one member in the railway board from minorities and special consideration to minorities and other under privileged sections in recruitment. The buoyant revenues have allowed the railway minister to shower bounties on almost every stake holder. A host of measures are in the pipeline to put Indian railways on a par with the world.
ISRO PLANNING TO LAUNCH SATELLITE TO STUDY THE SUN:
In the thick of buzz regarding Chandrayaan, the moon mission, the Indian Space Research Organization is planning to launch a satellite to study the Sun,Aditya should be up in space by 2012 to study the dynamic solar corona, the outermost region of the Sun.
CIVILIAN AWARDS 2008:
PADMA VIBHUSHAN: Pranab Mukherjee, Ratan Tata, Asha Bhonsle, E. Sreedharan
PADMA BHUSHAN: P.Shusheela, Dominique Lapierre, Padma Desai, Shiv Nadar
PADMA SHRI: Madhuri Dixit, Tom Alter, Barkha Dutt, Baichung Bhutia
WORLD NEWS
Brown backs India’s bid for Security Council Seat.
Ralph Nadar announces new bid for White house as third party candidate.
The astronomers have spotted the system similar to that of our solar system which is some 5000 light years away.
Turkey offers alternative gas pipeline to India, through which the country get an opportunity to access central Asian Oil at low price.
Microbicide gel passes away safety test which is a second generation Tenofovir drug which does not kill the AIDS virus but prevents it from replication.
Cellphones turn into robot buddies. For those who feel a bit lonely just talking on the phone, a Japanese company is offering a cellphone that turns into a robot buddy ready to chat.
US Presidential Elections:
Barrack Obama cruised past a fading Hillary Clinton with two more wins in the race for the democratic presidential nominations leaving the former first lady in desperate need of a comeback after ten losses in a race she once commanded With his wins on Tuesday in Wisconsin and Hawaii Mr Obama has extended his lead in the all important delegate count.
Transfer of Power:
Cuba’s parliament named Raul Castro president on Sunday, ending nearly 50 years of rule by his brother Fidel Castro but leaving the islands communist system unshaken.Raul Castro indicated at least one change is being contemplated; i.e. the revaluation of the Cuban peso ,the national currency most people use to pay for government services such as utilities and public transportation.
Democracy in Pakistan?
In the elections held in Pakistan last month the suspense of government formation has ended with the two main opposition parties, the Pakistan People’s Party (PPP) and Pakistan Muslim League Nawaz (PML-N) coming together to form the coalition. They have not yet named the Prime Ministerial candidate though. The announcement came on late Thursday two days after the PPP and PML-N together got a majority bagging 53 seats in a house of 272. Addressing a press conference they said that efforts are on for a national consensus government in Pakistan. The PPP leader emphasized that they intended to implement the 1973 constitution and promised to give full freedom to media and also asked media to keep a check on the new government. Asif Ali Zardari the co chairman of PPP and Nawaz Sharif whose party had a good showing in the February 18th general elections in Pakistan met amid reports of differences over the issues of deposed judges and future status of Pakistan president Pervez Musharraf.
SPORTS:
Manchester United midfielder Park Ji-Sung claims that the Premier League champions are ready go full throttle in a bid to snatch top spot from Arsenal ahead of their crucial head-to-head at Old Trafford on April 2.
Australia’s domination in world cricket is seriously being challenged when they were beaten by India recently in Melbourne after 22 years during the Commonwealth Bank Series Cup.
World number one Justine Henin's unbeaten run of 17 matches at the Dubai Open came to an end as she went down to a 7-6 (7/3), 7-6 (7/4) quarter-final defeat to Francesca Schiavone on Feb 28,2008.
Tiger wins Match Play for world sweep. Woods broke a scoring record for the fourth straight tournament, collected his fifth straight victory worldwide.
Get Things Done
Get Things Done
LEAD THE WAY
“The future looks bright”... Hang on, it’s gonna be a tough ride.”
Yes, that is the new world economy-Interesting, Volatile and chaotic. Volatility describes the economy’s rate of change: blindingly fast, with explosive upsurges and gut-wrenching downturns. Chaos describes the direction of economy’s change. The familiar world is changing at a pace faster than what we can discern. We are not sure exactly where we are heading. For times such as these, where in a blink of eye the organisation can rocket to success or plumb down into failure, leadership becomes more important than ever.
Murphy and Murphy have given ten ways of effective leadership and management.
To begin with, Make haste slowly. Pace and precision is the key to successful organisation. It is very important to ‘Think’ and then ‘act’. It should be “Aim, Ready, Fire” and Not “Ready, Fire, Aim” i.e. only speed will not do. Set targets and not a target and then plan to hit bang on. In a race like this, it is very important to have an unchanging “Centre”- a set of core values and objectives that holds everything else falls apart.
Second, Partner with customers –Partnership with customers strengthens the bonds of customer loyalty that organisation need to survive and prosper in turbulent times. For this , make partnership everybody’s job i.e. every department should to some extent build the customer relationship Customers- potential, existing and lost are important. Let go off unprofitable customers Apart from this, discovering untapped needs can open up existing market opportunities.
Third, built a culture of commitment- without a cultural centre, without a commitment, there is no way to succeed. To build a culture of commitment, first assess your current culture and then create a shared purpose so that people can have a feel of belongingness and purpose.
Fourth, put the right person in the right place-It is very important to know what you are looking for before hiring or firing people. You have to put the “right” people in the “right” places. One aspect to be taken care of while recruiting is ‘Looking behind the resume’. Many important skills and ability to build a culture of commitment, deescalate anxiety etc. do not show on the resume as they are not easily quantifiable. Also personal choices of people effect the credibility as this can lead to leaving out some of the most efficient employees.
Fifth maximise knowledge assets. Majority of knowledge assets are tactic rather than explicit. This means that they exist in the skills, experience, relationships and insights of employees, which make them difficult to quantify- Take a stock of current knowledge assets. Once that is done, mobilize, the intellectual capital you already have to optimise productivity and simultaneously create new intellectual capital has to be shared as ‘more you share it more you have it.’
Sixth, cut costs, not values. In a turbulent economic environment, any company experiencing weakened financial health cuts costs. Cutting cost is valid as long as values are not compromised on as they are the core of existence of an organisation. ‘Cut the fat, not the muscle.’
Seventh, out position your competitors. It is very important to have a competitive edge over your competitors to succeed in this cut throat race. For this, knowing the market demands, competitors and your competitive positioning and then implementing strategies comes in handy.
Eighth, ‘Stir not Shake’- In this blink you & loose economy, stress levels among employees are very high. Therefore, successful leaders reduce anxiety and inspire hope by stirring employees to higher levels of achievements and not shaking them with negativity and fear.
Ninth, cut through the noise. Effective leaders have to communicate effectively with customers-both internal and external. Dismantle the barriers of communication, Listen, Reach out.
Tenth, Focus or Fail.
‘No stream or gas ever drives anything until it is confined. No life ever grows great until it is focussed, dedicated and disciplined.’
Dr Henry Emerson Fosdick.
If you can’t see the bull’s eye, you can never hit it.
These elements along with a strong desire to succeed, not alone but with the people, makes a leader the world reckons and looks up to. Happy Leading!
EMOTIONAL INTELLIGENCE - DANIEL GOLEMAN
What is emotional intelligence?
Emotional intelligence is how well an individual manages his or her emotional state. Emotions have a very central and encompassing role to play in our lives. Emotions affect our productivity, performance, our learning capabilities and most importantly our interactions with others. This is why managing emotions is necessary for success in every arena especially in management.
The concept of EI originated after observations that a high intelligence quotient was not the only determinant of success. In fact the Emotional Quotient or how well a person manages his emotions is equally important and a better predictor of success than traditional methods like GPA, IQ and other standardized test scores.
Why are emotions important?
The importance of emotions lies in evolution. Earlier for survival purposes, the brain relied more on instincts or the “flight or fight” syndrome for protection against predators and not on reason or logic. Now, the threat perception is not from predators but from other people. E.g. – In a meeting if one person is presenting an idea and it is criticised by all others present, then the threat perception of the presenter will be high. He will get defensive, hostile to the others and also become closed to ideas.
However, even today, in situations where we feel threatened, the neuro signals to the logic /reasoning part of the brain is shut down and the emotion/instinct takes over the brain and its functioning.
Components of emotional intelligence- The following are the essential elements of emotional intelligence:
Self awareness – The first step in managing emotions is being aware of emotions i.e. recognizing feelings and discriminating between them.
Mood management – Handling the emotional state to ensure that the projected behaviour is appropriate and relevant to the situation. This is especially important to avoid misunderstanding with people who may not be aware of our internal conflicts or feelings.
Self motivation – Our emotions can determine how motivated and directed we are towards our goals. Therefore we should learn to “gather up” our feelings and direct them towards the target despite self-doubt, inertia, impulsiveness – i.e. managing negative emotions.
Empathy – It means recognizing other’s feelings; listening to their verbal and non-verbal cues and responding according to the situation.
Managing relationships – The success of relationships – both personal as well as professional (conflict resolution, negotiation, decision making etc.) depends upon how well the persons involved handle their as well as the group’s emotions. Negative emotions like sarcasm, stereotyping, unjustified criticism etc. have to be avoided for better and productive relationships.
WHY IS EI IMPORTANT?
Building on EI has a lifelong and all encompassing effect. Researchers have concluded that people who manage their own feelings well and deal effectively with others are likely to lead more contented lives. They are also more likely to retain information and learn more efficiently their dissatisfied counterparts.
For students it can help address issues like – low self esteem, depression, alcohol or drug or drug abuse peer pressure etc.
For corporations – helps employees co-operate better, increased motivation thereby increasing productivity and profits.
EI is a very important determinant of success and should be cultivated and built upon to fully realize our capabilities, increase our capacity for learning and to bring efficiency in our social interactions.
LEAD THE WAY
“The future looks bright”... Hang on, it’s gonna be a tough ride.”
Yes, that is the new world economy-Interesting, Volatile and chaotic. Volatility describes the economy’s rate of change: blindingly fast, with explosive upsurges and gut-wrenching downturns. Chaos describes the direction of economy’s change. The familiar world is changing at a pace faster than what we can discern. We are not sure exactly where we are heading. For times such as these, where in a blink of eye the organisation can rocket to success or plumb down into failure, leadership becomes more important than ever.
Murphy and Murphy have given ten ways of effective leadership and management.
To begin with, Make haste slowly. Pace and precision is the key to successful organisation. It is very important to ‘Think’ and then ‘act’. It should be “Aim, Ready, Fire” and Not “Ready, Fire, Aim” i.e. only speed will not do. Set targets and not a target and then plan to hit bang on. In a race like this, it is very important to have an unchanging “Centre”- a set of core values and objectives that holds everything else falls apart.
Second, Partner with customers –Partnership with customers strengthens the bonds of customer loyalty that organisation need to survive and prosper in turbulent times. For this , make partnership everybody’s job i.e. every department should to some extent build the customer relationship Customers- potential, existing and lost are important. Let go off unprofitable customers Apart from this, discovering untapped needs can open up existing market opportunities.
Third, built a culture of commitment- without a cultural centre, without a commitment, there is no way to succeed. To build a culture of commitment, first assess your current culture and then create a shared purpose so that people can have a feel of belongingness and purpose.
Fourth, put the right person in the right place-It is very important to know what you are looking for before hiring or firing people. You have to put the “right” people in the “right” places. One aspect to be taken care of while recruiting is ‘Looking behind the resume’. Many important skills and ability to build a culture of commitment, deescalate anxiety etc. do not show on the resume as they are not easily quantifiable. Also personal choices of people effect the credibility as this can lead to leaving out some of the most efficient employees.
Fifth maximise knowledge assets. Majority of knowledge assets are tactic rather than explicit. This means that they exist in the skills, experience, relationships and insights of employees, which make them difficult to quantify- Take a stock of current knowledge assets. Once that is done, mobilize, the intellectual capital you already have to optimise productivity and simultaneously create new intellectual capital has to be shared as ‘more you share it more you have it.’
Sixth, cut costs, not values. In a turbulent economic environment, any company experiencing weakened financial health cuts costs. Cutting cost is valid as long as values are not compromised on as they are the core of existence of an organisation. ‘Cut the fat, not the muscle.’
Seventh, out position your competitors. It is very important to have a competitive edge over your competitors to succeed in this cut throat race. For this, knowing the market demands, competitors and your competitive positioning and then implementing strategies comes in handy.
Eighth, ‘Stir not Shake’- In this blink you & loose economy, stress levels among employees are very high. Therefore, successful leaders reduce anxiety and inspire hope by stirring employees to higher levels of achievements and not shaking them with negativity and fear.
Ninth, cut through the noise. Effective leaders have to communicate effectively with customers-both internal and external. Dismantle the barriers of communication, Listen, Reach out.
Tenth, Focus or Fail.
‘No stream or gas ever drives anything until it is confined. No life ever grows great until it is focussed, dedicated and disciplined.’
Dr Henry Emerson Fosdick.
If you can’t see the bull’s eye, you can never hit it.
These elements along with a strong desire to succeed, not alone but with the people, makes a leader the world reckons and looks up to. Happy Leading!
EMOTIONAL INTELLIGENCE - DANIEL GOLEMAN
What is emotional intelligence?
Emotional intelligence is how well an individual manages his or her emotional state. Emotions have a very central and encompassing role to play in our lives. Emotions affect our productivity, performance, our learning capabilities and most importantly our interactions with others. This is why managing emotions is necessary for success in every arena especially in management.
The concept of EI originated after observations that a high intelligence quotient was not the only determinant of success. In fact the Emotional Quotient or how well a person manages his emotions is equally important and a better predictor of success than traditional methods like GPA, IQ and other standardized test scores.
Why are emotions important?
The importance of emotions lies in evolution. Earlier for survival purposes, the brain relied more on instincts or the “flight or fight” syndrome for protection against predators and not on reason or logic. Now, the threat perception is not from predators but from other people. E.g. – In a meeting if one person is presenting an idea and it is criticised by all others present, then the threat perception of the presenter will be high. He will get defensive, hostile to the others and also become closed to ideas.
However, even today, in situations where we feel threatened, the neuro signals to the logic /reasoning part of the brain is shut down and the emotion/instinct takes over the brain and its functioning.
Components of emotional intelligence- The following are the essential elements of emotional intelligence:
Self awareness – The first step in managing emotions is being aware of emotions i.e. recognizing feelings and discriminating between them.
Mood management – Handling the emotional state to ensure that the projected behaviour is appropriate and relevant to the situation. This is especially important to avoid misunderstanding with people who may not be aware of our internal conflicts or feelings.
Self motivation – Our emotions can determine how motivated and directed we are towards our goals. Therefore we should learn to “gather up” our feelings and direct them towards the target despite self-doubt, inertia, impulsiveness – i.e. managing negative emotions.
Empathy – It means recognizing other’s feelings; listening to their verbal and non-verbal cues and responding according to the situation.
Managing relationships – The success of relationships – both personal as well as professional (conflict resolution, negotiation, decision making etc.) depends upon how well the persons involved handle their as well as the group’s emotions. Negative emotions like sarcasm, stereotyping, unjustified criticism etc. have to be avoided for better and productive relationships.
WHY IS EI IMPORTANT?
Building on EI has a lifelong and all encompassing effect. Researchers have concluded that people who manage their own feelings well and deal effectively with others are likely to lead more contented lives. They are also more likely to retain information and learn more efficiently their dissatisfied counterparts.
For students it can help address issues like – low self esteem, depression, alcohol or drug or drug abuse peer pressure etc.
For corporations – helps employees co-operate better, increased motivation thereby increasing productivity and profits.
EI is a very important determinant of success and should be cultivated and built upon to fully realize our capabilities, increase our capacity for learning and to bring efficiency in our social interactions.
IMA,ICICINEWS
IMA NEWS
Good Morning! This Monday morning Image presents you the latest happening in IMA in the current edition of IMAge.
The first internal assessments of the IMA batch were held on the 22nd and 23rd of February, 2008. The results are expected to be released on a one-to-one basis in this week. The next assessments for Basic of IT and Managerial communication is expected to be held on 15th of March. Other exams will be held during the first week of April.
A new caterer will render services to all IMA participants and this change is to take effect from the first week of March. The caterer services will also appease the palate of non-vegetarians as the menu is going to be reformed to accommodate everyone’s taste. Also the female participants will be served breakfast at the academy like their male counterparts.
Gymnasium facilities for women have already commenced from the 25th of this month. Also yoga timings at the women’s hostel have been revised.
IMA participants celebrated Valentine’s Day on 14th February. Various performances like dance, skits were staged. There were quite a few participants who livened the occasion with their melodious voice..
IMA cricket tournament to be held between 8 sections. It will be Knock out tournament series. First round of matches will be held on 2nd of March and then semi-finals and finals will be held on 9th of March.
In order to avoid accommodation inconveniences caused at the two hostels, a few participants will be shifted to the IMA Bangalore campus. Some participants have voluntarily submitted their name for the same.
ICICI NEWS
AWARDS AND RECOGNITION 2008
The asset triple and transaction banking award 2008:
Best trade finance bank in India.
Best transaction bank in India.
Best cash management bank in India.
Best domestic custodian in India.
Mr. K.V.Kamath, MD and CEO of ICICI bank awarded the “Padmabhushan.”
ICICI’s UK arm in Germany with Frankfurt branch
ICICI bank UK, a wholly owned subsidiary of ICICI Bank, is entering the German market, with its Frankfurt branch being launched on Thursday in Frankfurt. The branch is a member of the Association of German Banks. The bank will serve customers through internet and telephone banking. It will also focus on serving corporate business with significant Germany-Indian Linkages. ICICI Bank Uk has launched a cal money account product “HiZins” with an interest rate of 4.75 %. This would be no-frills saving account with withdrawals available on a daily basis, and no restriction on the amount that can be deposited. The Customer will be served through a call centre that will be located in Germany.
2007 FINANCIAL RESULTS
HIGHLIGHTS
Profit after tax for the quarter ended December 31, 2007 (Q3-2008) increased 35% to Rs. 1,230 crore (US$ 312 million) from Rs. 910 crore (US$ 231 million) for the quarter ended December 31, 2006 (Q3-2007). Operating profit excluding treasury income increased 37% in Q3-2008 to Rs. 1,977 crore (US$ 502 million) from Rs. 1,442 crore (US$ 366 million) for the quarter ended December 31, 2006 (Q3-2007).
Net interest income increased 32% to Rs. 1,960 crore (US$ 497 million) for Q3-2008 from Rs. 1,485 crore (US$ 377 million) for Q3-2007. Current and savings account deposits increased 33% to Rs. 62,494 crore (US$ 15.9 billion) at December 31, 2007 from Rs. 47,062 crore (US$ 11.9 billion) at December 31, 2006 resulting in an increase in CASA ratio to 27% at December 31, 2007.
Total advances increased 25% to Rs. 215,517 crore (US$ 54.7 billion) at December 31, 2007 from Rs. 172,763 crore (US$ 43.8 billion) at December 31, 2006. Profit after tax for the nine months ended December 31, 2007 (9M-2008) increased 32% to Rs. 3,008 crore (US$ 763 million) from Rs. 2,285 crore (US$ 580 million) for the nine months ended December 31, 2006 (9M-2007).
Good Morning! This Monday morning Image presents you the latest happening in IMA in the current edition of IMAge.
The first internal assessments of the IMA batch were held on the 22nd and 23rd of February, 2008. The results are expected to be released on a one-to-one basis in this week. The next assessments for Basic of IT and Managerial communication is expected to be held on 15th of March. Other exams will be held during the first week of April.
A new caterer will render services to all IMA participants and this change is to take effect from the first week of March. The caterer services will also appease the palate of non-vegetarians as the menu is going to be reformed to accommodate everyone’s taste. Also the female participants will be served breakfast at the academy like their male counterparts.
Gymnasium facilities for women have already commenced from the 25th of this month. Also yoga timings at the women’s hostel have been revised.
IMA participants celebrated Valentine’s Day on 14th February. Various performances like dance, skits were staged. There were quite a few participants who livened the occasion with their melodious voice..
IMA cricket tournament to be held between 8 sections. It will be Knock out tournament series. First round of matches will be held on 2nd of March and then semi-finals and finals will be held on 9th of March.
In order to avoid accommodation inconveniences caused at the two hostels, a few participants will be shifted to the IMA Bangalore campus. Some participants have voluntarily submitted their name for the same.
ICICI NEWS
AWARDS AND RECOGNITION 2008
The asset triple and transaction banking award 2008:
Best trade finance bank in India.
Best transaction bank in India.
Best cash management bank in India.
Best domestic custodian in India.
Mr. K.V.Kamath, MD and CEO of ICICI bank awarded the “Padmabhushan.”
ICICI’s UK arm in Germany with Frankfurt branch
ICICI bank UK, a wholly owned subsidiary of ICICI Bank, is entering the German market, with its Frankfurt branch being launched on Thursday in Frankfurt. The branch is a member of the Association of German Banks. The bank will serve customers through internet and telephone banking. It will also focus on serving corporate business with significant Germany-Indian Linkages. ICICI Bank Uk has launched a cal money account product “HiZins” with an interest rate of 4.75 %. This would be no-frills saving account with withdrawals available on a daily basis, and no restriction on the amount that can be deposited. The Customer will be served through a call centre that will be located in Germany.
2007 FINANCIAL RESULTS
HIGHLIGHTS
Profit after tax for the quarter ended December 31, 2007 (Q3-2008) increased 35% to Rs. 1,230 crore (US$ 312 million) from Rs. 910 crore (US$ 231 million) for the quarter ended December 31, 2006 (Q3-2007). Operating profit excluding treasury income increased 37% in Q3-2008 to Rs. 1,977 crore (US$ 502 million) from Rs. 1,442 crore (US$ 366 million) for the quarter ended December 31, 2006 (Q3-2007).
Net interest income increased 32% to Rs. 1,960 crore (US$ 497 million) for Q3-2008 from Rs. 1,485 crore (US$ 377 million) for Q3-2007. Current and savings account deposits increased 33% to Rs. 62,494 crore (US$ 15.9 billion) at December 31, 2007 from Rs. 47,062 crore (US$ 11.9 billion) at December 31, 2006 resulting in an increase in CASA ratio to 27% at December 31, 2007.
Total advances increased 25% to Rs. 215,517 crore (US$ 54.7 billion) at December 31, 2007 from Rs. 172,763 crore (US$ 43.8 billion) at December 31, 2006. Profit after tax for the nine months ended December 31, 2007 (9M-2008) increased 32% to Rs. 3,008 crore (US$ 763 million) from Rs. 2,285 crore (US$ 580 million) for the nine months ended December 31, 2006 (9M-2007).
Money, Market & More
Money, Market & More
EUROPEAN UNION
What is the European Union?
The EU is a political, economic community of 27 member nations mostly from Europe. It is a single market created by a system of law which applies to all member states guaranteeing freedom of movement of people, goods services and capital.
Formation of the EU
After World War II, to escape extreme nationalism, European countries formed economic councils to promote co-operation among the member states. The first of these was the European Coal and Steel Community in 1951 which evolved over time into the present day European Union. The initial scope of such councils was only economic but now the European Union has a wider span with a common economic, political and legal structure.
Economic Policies of the EU
Single Market – The single market concept gives four freedoms to the member states – free movement of goods , services , capital and people within the European Union.
Monetary Union – The EU has a single currency Euro which was launched in 1999. This is to build a single market by easing travel (of both goods and citizens), eliminate exchange rate problems, provide price transparency, single financial market, stability and low interest rates etc.
Competition – The EU has a legal system to ensure undistorted competition within the market and it regulates anti-trust issues, approves mergers, breaks up cartelsand works for economic liberalization through the competition policy.
Budget – The EU also has a common budget which is (to b cont...)
The importance of the European Union for the rest of the world and Asia
The EU even though it’s still evolving is a very important body for the world. Today, we talk about globalization i.e., eliminating barriers among nations. The EU has been successful to a great extent to achieve this. It has succeeded in creating a common market allowing free movement of goods, people and capital – which are the main tenets of free trade or globalization.
There is a lesson in the EU for Asia too. After World War II, Europe was fragmented, destroyed by war and highly nationalistic. For the EU to evolve from there with the bitter rivals of WW II – France & Germany – coming together in a common economic and political unit is an achievement. Even the poorer eastern European countries have benefited from it. Asia, especially south Asia can also leverage this same advantage if we have a similar strong vision and commitment to work out our differences. We have similar cultures and standards of living, therefore increased political and economic co-operation will bring advantages at various levels.
The EU has shown the way forward for globalism and the potential of trade when free trade is practiced. The next challenge would be to replicate and/or to expand this concept to bring greater benefits of free trade to larger sections of the world economy.
EUROPEAN UNION
What is the European Union?
The EU is a political, economic community of 27 member nations mostly from Europe. It is a single market created by a system of law which applies to all member states guaranteeing freedom of movement of people, goods services and capital.
Formation of the EU
After World War II, to escape extreme nationalism, European countries formed economic councils to promote co-operation among the member states. The first of these was the European Coal and Steel Community in 1951 which evolved over time into the present day European Union. The initial scope of such councils was only economic but now the European Union has a wider span with a common economic, political and legal structure.
Economic Policies of the EU
Single Market – The single market concept gives four freedoms to the member states – free movement of goods , services , capital and people within the European Union.
Monetary Union – The EU has a single currency Euro which was launched in 1999. This is to build a single market by easing travel (of both goods and citizens), eliminate exchange rate problems, provide price transparency, single financial market, stability and low interest rates etc.
Competition – The EU has a legal system to ensure undistorted competition within the market and it regulates anti-trust issues, approves mergers, breaks up cartelsand works for economic liberalization through the competition policy.
Budget – The EU also has a common budget which is (to b cont...)
The importance of the European Union for the rest of the world and Asia
The EU even though it’s still evolving is a very important body for the world. Today, we talk about globalization i.e., eliminating barriers among nations. The EU has been successful to a great extent to achieve this. It has succeeded in creating a common market allowing free movement of goods, people and capital – which are the main tenets of free trade or globalization.
There is a lesson in the EU for Asia too. After World War II, Europe was fragmented, destroyed by war and highly nationalistic. For the EU to evolve from there with the bitter rivals of WW II – France & Germany – coming together in a common economic and political unit is an achievement. Even the poorer eastern European countries have benefited from it. Asia, especially south Asia can also leverage this same advantage if we have a similar strong vision and commitment to work out our differences. We have similar cultures and standards of living, therefore increased political and economic co-operation will bring advantages at various levels.
The EU has shown the way forward for globalism and the potential of trade when free trade is practiced. The next challenge would be to replicate and/or to expand this concept to bring greater benefits of free trade to larger sections of the world economy.
BUDGET
The Budget
Finance Minister Palaniappan Chidambaram presented the union budget for 2008/09 on Friday, the fifth and final full one of the administration before elections due by May 2009.
Following are highlights and key quotes from the budget speech.
MAIN POINTS:
Total plan spending in 2008/09 seen at 2.4 trillion rupees ($60.3 billion). Non-plan spending seen at 5.07 trillion rupees.
Government to waive debts of small farmers. The total cost of the farm debt waiver scheme will be 600 billion rupees.
Fiscal deficit1 in 2008/09 seen at 2.5 percent of GDP2 compared to 3.1 percent of GDP in the previous year.
Revenue deficit3 seen at 1 percent of GDP in 2008/09 compared to 1.4 percent of GDP the previous year.
Government confident of GDP growth of 8.8 percent in 2007/08.
Keeping inflation under check is a cornerstone of government policy. There is pressure on domestic prices from food articles.
"There is pressure on domestic prices, especially the prices of food articles. Management of the supply side of food articles will be the most crucial task in the ensuing year," he said.
There is a need to manage capital inflows more actively.
Government to use fiscal policy to stimulate industrial growth.
SPENDING PLANS
Government to increase defence spending by 10 percent in 2008/09.
2008/09 budget education spending to rise 20 percent.
2008/09 budget health spending to rise 15 percent.
2008/09 spending on National Rural Employment Guarantee Scheme seen at 160 billion rupees.
Urban infrastructure spending to rise to 68.7 billion rupees.
Rural infrastructure spending will be 140 billion rupees.
Government spending on national highways will be 130 billion rupees.
Food subsidies will cost 327 billion rupees in 2008/09.
FARM SECTOR
Farms of up to 2 hectares will have a complete waiver of loans.
Debt waiver scheme will cover 500 billion rupees of loans.
All agricultural loans disbursed by scheduled commercial banks, regional rural banks and cooperative credit institutions up to March 31, 2007, and overdue as of Dec. 31, 2007 will be covered under the scheme.
Implementation of farm debt scheme will be completed by June 30, 2008.
Government determined to be self-sufficient in food grains.
"The ministry of agriculture has estimated the total output of food grain in 2007-08 will be 219.32 million tonnes and that will be an all-time record," he said.
Farm credit target at 2.8 trillion rupees.
Government sets aside 200 billion rupees for irrigation.
Government will give special attention to coconut, cashew and pepper sectors
Government to give 400 million rupees for special purpose tea fund.
Crop insurance scheme will be introduced. Weather-based crop insurance scheme to continue.
"While these ongoing programmes will raise the level of investment in agriculture, I think we need an ambitious scheme of a much larger proportion to revive agriculture," he said.
"Having carefully weighed the pros and cons and having taken into account the resource position, I place before this house a scheme of debt waiver and debt relief for farmers."
DUTIES
Government sees no changes in peak rate of customs duty.
Government to reduce general Cenvat4 (central value-added tax) to 14 percent on all goods.
Excise duty5 on pharmaceuticals sector cut to 8 percent.
Excise duty on small and hybrid cars to be cut. Excise duty on two- and three-wheelers cut to 12 percent from 16 percent.
TAXES
Income tax threshold raised to 150,000 rupees.
Tax to GDP ratio in 2007/08 seen at 12.5.
Government proposes increasing short-term capital gains tax to 15 percent and a commodity transaction tax for futures.
Government proposes to withdraw banking transaction tax from April 2009.
No change to corporate tax rates.
Five-year tax holiday for hospitals.
POWER SECTOR
Government will introduce coal and power sector reforms.
Government to create national fund for transmission and distribution of power.
BUDGET VIEWS
Mr.P.Chidambaram presents a daring budget.
Agriculture and Infrastructure have been sectors where the budget has given more importance in the past. Even now the trend continues. With his daring budget Mr.Chidambaram has touched every section of the vote bank. Signals are clear for the forthcoming elections. Congress has done its best to please the mass but how far it is going to benefit our economy in the long run is a big question mark. By waiving a massive farmer loan he may have addressed the problem temporarily but our finance minister has completely forgotten the golden saying “It’s better to teach a man to catch a fish rather than giving him a fish”. Banks will be under great pressure because this waiver will increase their tall list of non- performing assets.
The big bonanza for the middle class people is the income tax relief and sales tax reduction on the consumer durable goods. Definitely this will help the middle class section in the short term but inflation is going to be a great concern.
Health sector is given a huge boost by giving a five year tax holiday. India needs such kind of measure to improve our health sector. Demerit goods are discouraged which is a good sign.
Corporate taxes have increased, manufacturing and IT industries have been neglected in the budget.
Tax on capital gains have increased resulting in discouragement in the savings level in the economy.
Bank transaction taxes has been removed which is great news to the common man.
In short this is a good, daring and politically motivated budget. But the big issue that the FM has to tackle in the future is the high inflation rate, caused due to the excess demand being created and neglect of the supply side of the economy, which is going to be a herculean task.
Finance Minister Palaniappan Chidambaram presented the union budget for 2008/09 on Friday, the fifth and final full one of the administration before elections due by May 2009.
Following are highlights and key quotes from the budget speech.
MAIN POINTS:
Total plan spending in 2008/09 seen at 2.4 trillion rupees ($60.3 billion). Non-plan spending seen at 5.07 trillion rupees.
Government to waive debts of small farmers. The total cost of the farm debt waiver scheme will be 600 billion rupees.
Fiscal deficit1 in 2008/09 seen at 2.5 percent of GDP2 compared to 3.1 percent of GDP in the previous year.
Revenue deficit3 seen at 1 percent of GDP in 2008/09 compared to 1.4 percent of GDP the previous year.
Government confident of GDP growth of 8.8 percent in 2007/08.
Keeping inflation under check is a cornerstone of government policy. There is pressure on domestic prices from food articles.
"There is pressure on domestic prices, especially the prices of food articles. Management of the supply side of food articles will be the most crucial task in the ensuing year," he said.
There is a need to manage capital inflows more actively.
Government to use fiscal policy to stimulate industrial growth.
SPENDING PLANS
Government to increase defence spending by 10 percent in 2008/09.
2008/09 budget education spending to rise 20 percent.
2008/09 budget health spending to rise 15 percent.
2008/09 spending on National Rural Employment Guarantee Scheme seen at 160 billion rupees.
Urban infrastructure spending to rise to 68.7 billion rupees.
Rural infrastructure spending will be 140 billion rupees.
Government spending on national highways will be 130 billion rupees.
Food subsidies will cost 327 billion rupees in 2008/09.
FARM SECTOR
Farms of up to 2 hectares will have a complete waiver of loans.
Debt waiver scheme will cover 500 billion rupees of loans.
All agricultural loans disbursed by scheduled commercial banks, regional rural banks and cooperative credit institutions up to March 31, 2007, and overdue as of Dec. 31, 2007 will be covered under the scheme.
Implementation of farm debt scheme will be completed by June 30, 2008.
Government determined to be self-sufficient in food grains.
"The ministry of agriculture has estimated the total output of food grain in 2007-08 will be 219.32 million tonnes and that will be an all-time record," he said.
Farm credit target at 2.8 trillion rupees.
Government sets aside 200 billion rupees for irrigation.
Government will give special attention to coconut, cashew and pepper sectors
Government to give 400 million rupees for special purpose tea fund.
Crop insurance scheme will be introduced. Weather-based crop insurance scheme to continue.
"While these ongoing programmes will raise the level of investment in agriculture, I think we need an ambitious scheme of a much larger proportion to revive agriculture," he said.
"Having carefully weighed the pros and cons and having taken into account the resource position, I place before this house a scheme of debt waiver and debt relief for farmers."
DUTIES
Government sees no changes in peak rate of customs duty.
Government to reduce general Cenvat4 (central value-added tax) to 14 percent on all goods.
Excise duty5 on pharmaceuticals sector cut to 8 percent.
Excise duty on small and hybrid cars to be cut. Excise duty on two- and three-wheelers cut to 12 percent from 16 percent.
TAXES
Income tax threshold raised to 150,000 rupees.
Tax to GDP ratio in 2007/08 seen at 12.5.
Government proposes increasing short-term capital gains tax to 15 percent and a commodity transaction tax for futures.
Government proposes to withdraw banking transaction tax from April 2009.
No change to corporate tax rates.
Five-year tax holiday for hospitals.
POWER SECTOR
Government will introduce coal and power sector reforms.
Government to create national fund for transmission and distribution of power.
BUDGET VIEWS
Mr.P.Chidambaram presents a daring budget.
Agriculture and Infrastructure have been sectors where the budget has given more importance in the past. Even now the trend continues. With his daring budget Mr.Chidambaram has touched every section of the vote bank. Signals are clear for the forthcoming elections. Congress has done its best to please the mass but how far it is going to benefit our economy in the long run is a big question mark. By waiving a massive farmer loan he may have addressed the problem temporarily but our finance minister has completely forgotten the golden saying “It’s better to teach a man to catch a fish rather than giving him a fish”. Banks will be under great pressure because this waiver will increase their tall list of non- performing assets.
The big bonanza for the middle class people is the income tax relief and sales tax reduction on the consumer durable goods. Definitely this will help the middle class section in the short term but inflation is going to be a great concern.
Health sector is given a huge boost by giving a five year tax holiday. India needs such kind of measure to improve our health sector. Demerit goods are discouraged which is a good sign.
Corporate taxes have increased, manufacturing and IT industries have been neglected in the budget.
Tax on capital gains have increased resulting in discouragement in the savings level in the economy.
Bank transaction taxes has been removed which is great news to the common man.
In short this is a good, daring and politically motivated budget. But the big issue that the FM has to tackle in the future is the high inflation rate, caused due to the excess demand being created and neglect of the supply side of the economy, which is going to be a herculean task.
Personalities
Personalities
K V Kamath
Mr. Kundapur Vaman Kamath is the man credited with driving not only ICICI Bank's growth, but also that of the entire financial services sector in the country. Born on December 2, 1947, in Mangalore, Karnataka, Kamath is a mechanical engineer from the Karnataka Regional Educational College (now called National Institute of Technology Karnataka) in Surathkal and a post graduate in management from Indian Institute of Management, Ahmedabad (IIM-A).
Kamath started his career in 1971 with ICICI (Industrial Credit and Investment Corporation of India), in the Project Finance division and moved on to different departments to gather experience. In 1988, Kamath joined the Asian Development Bank, Manila in their Private Sector Department where he worked in various projects in China, India, Indonesia, Philippines, Bangladesh and Vietnam, thereby gaining rich experience and exposure to a variety of business situations.
On his return to ICICI in 1996 as its Managing Director and Chief Executive Officer, Kamath transformed the face of banking in India. ICICI expanded its services to the retail customers and acquired many non-banking finance companies in 1996-98. It is Mr. K V Kamanth who led the path for formation of ICICI Bank which is now India’s number one private sector bank. Kamath brought a paradigm shift in Indian banking by making ICICI as the most technology-savvy bank of the country. It is one of the first banks in the country which introduced ATMs and internet banking. From an industrial finance institution, Kamath has made ICICI into a financial services powerhouse, including retail banking, insurance, online trading and moving towards universal banking.
Mr. K V Kamath has been bestowed with many prestigious awards which include, Asian Business Leader of the Year - Asian Business Leader Award 2001 (CNBC Asia), Outstanding Business Leader of the Year - CNBC TV-18, 2006, Businessman of the Year - Business India, 2005, and Business Leader Award of the Year - The Economic Times, 2007. In 2007, K.V. Kamath has been named Businessman of the Year by Forbes Asia, for his continuous zeal in making ICICI bank into one of Asia’s top banks. It is now bigger than Singapore’s DBS Group and Korea’s Kookmin Bank, and has attracted big stakeholders such as Singapore’s Temasek Holdings and CLSA and Merrill Lynch funds.
Kamath is also Member of the Governing Board on various educational institutions including the Indian Institute of Management Ahmedabad, Indian School of Business, National Institute of Bank Management and Manipal Academy of Higher Education. Kamath is also a Member of the National Council of Confederation of Indian Industry (CII).
Mr. K V Kamath is a distinguished leader and manager who focused on providing world class banking services to the middle class at affordable prices, with the use of modern technology. He has a vision of a techno savvy developed India with financial security and independence for the common man. With his outstanding efforts, Mr. KV Kamath has completely transformed the way we bank.
K V Kamath
Mr. Kundapur Vaman Kamath is the man credited with driving not only ICICI Bank's growth, but also that of the entire financial services sector in the country. Born on December 2, 1947, in Mangalore, Karnataka, Kamath is a mechanical engineer from the Karnataka Regional Educational College (now called National Institute of Technology Karnataka) in Surathkal and a post graduate in management from Indian Institute of Management, Ahmedabad (IIM-A).
Kamath started his career in 1971 with ICICI (Industrial Credit and Investment Corporation of India), in the Project Finance division and moved on to different departments to gather experience. In 1988, Kamath joined the Asian Development Bank, Manila in their Private Sector Department where he worked in various projects in China, India, Indonesia, Philippines, Bangladesh and Vietnam, thereby gaining rich experience and exposure to a variety of business situations.
On his return to ICICI in 1996 as its Managing Director and Chief Executive Officer, Kamath transformed the face of banking in India. ICICI expanded its services to the retail customers and acquired many non-banking finance companies in 1996-98. It is Mr. K V Kamanth who led the path for formation of ICICI Bank which is now India’s number one private sector bank. Kamath brought a paradigm shift in Indian banking by making ICICI as the most technology-savvy bank of the country. It is one of the first banks in the country which introduced ATMs and internet banking. From an industrial finance institution, Kamath has made ICICI into a financial services powerhouse, including retail banking, insurance, online trading and moving towards universal banking.
Mr. K V Kamath has been bestowed with many prestigious awards which include, Asian Business Leader of the Year - Asian Business Leader Award 2001 (CNBC Asia), Outstanding Business Leader of the Year - CNBC TV-18, 2006, Businessman of the Year - Business India, 2005, and Business Leader Award of the Year - The Economic Times, 2007. In 2007, K.V. Kamath has been named Businessman of the Year by Forbes Asia, for his continuous zeal in making ICICI bank into one of Asia’s top banks. It is now bigger than Singapore’s DBS Group and Korea’s Kookmin Bank, and has attracted big stakeholders such as Singapore’s Temasek Holdings and CLSA and Merrill Lynch funds.
Kamath is also Member of the Governing Board on various educational institutions including the Indian Institute of Management Ahmedabad, Indian School of Business, National Institute of Bank Management and Manipal Academy of Higher Education. Kamath is also a Member of the National Council of Confederation of Indian Industry (CII).
Mr. K V Kamath is a distinguished leader and manager who focused on providing world class banking services to the middle class at affordable prices, with the use of modern technology. He has a vision of a techno savvy developed India with financial security and independence for the common man. With his outstanding efforts, Mr. KV Kamath has completely transformed the way we bank.
Do you know
Did You Know?
EXPLORE YOUR HYDERABAD!!!!!!!
Hyderabad – the capital of Andhra Pradesh founded in the year 1591, by Mohammad Quali Qutub Shah, the fifth Sultan of Qutub Shahi dynasty. The British set up a cantonment to the north of Hussain Sagar and laid the foundation of Hyderabad’s twin city which was named Secunderabad after the Nizam Sikander Shah. Today both the cities have merged together and an imaginary line drawn across the tank bund demarcates the two cities.
In this Issue we are going to explore one of the finest places in hyderabad, Gandipet.
Gandipet is the most sought after picnic spot for Hyderabadis. It has been developed as a basic recreational area with well laid lush green gardens and swimming pool. It attracts huge people from different corners of the city. The lake offers boating facilities to visitors.
Facilities at Gandipet:
Boating
Swimming pool
Guest House ‘Sagar Mahal’ to stay which is one old Nizam’s resort
Cafeteria
Other places close to Gandipet which you can visit
Ocean Park
Esselworld
Treasure Islands
Chilkoor Balaji Temple
Ocean Park: This excellent water theme park at amusement park at gandipet is just 15 kms away from the city and is first of its kind in the country.
Esselworld: It is located at gandipet opposite CBIT School and is the first theme amusement park for children in the state.
Treasure Island: This virtual ‘Holiday Paradise’ is located 16 kms away from the city at gandipet. Set in serene surroundings the resort provides joys of holidaying..
Chilkoor Balaji temple: The 500 year old Balaji temple lies in Chilkoor village on Vicharabads Highway. About 20 kms away from the city, the temple on the banks of the scenic Osman Sagar, offers a fine view of the Gandipet dam.
Reaching Gandipet: Gandipet is just 15 kms away from Hyderabad main city. We can reach the place by all roadways means of transport. To and fro taxi fare from Ameerpet: Rs. 500 to 600.
Fact File
Why Nobel Prize is not given in the field of mathematics?
There are many theories as to why maths is not included.
One says that Swedish mathematician Gosta Magnus Mittang-Leffer ran off with Alfred Noble’s wife and the exclusion of maths is Nobel’s revenge. However, Alfred Nobel never married!
Another says that Mittang-Leffer, in process of accumulating his own wealth, antagonized Nobel. Nobel, afraid that Mittang-Leffer being a leading Swedish mathematician would win the prize in maths, then refused to institute such a prize.
However, the most rational one says that Mittang-Leffer and Nobel didn’t even know each other. It’s just that the thought of a prize in mathematics never entered Nobel’s mind!
Please read and you will be amazed.
Abraham Lincoln was elected to Congress in 1846.
John F. Kennedy was elected to Congress in 1946.
Abraham Lincoln was elected president in 1860.
John F. Kennedy was elected president in 1960.
Both were particularly concerned with civil rights.
Both wives lost a child while living in the White House.
Both Presidents were shot on Friday.
Both Presidents were shot in the head.
Now it gets really weird………..
Lincoln’s secretary was named Kennedy.
Kennedy’s secretary was named Lincoln.
Lyndon Johnson, who succeeded Kennedy, was born in 1908.
John Wilkies Booth, who assassinated Lincoln, was born in 1839.
Lee Harvey Oswald, who assassinated Kennedy, was born in 1939.
Both assassins were known by their three names.
Both names are composed of fifteen letters.
Now hang on to your seat………
Lincoln was shot at the theatre named ‘Ford’.
Kennedy was shot in a car called ‘Lincoln’ made by ‘Ford’.
Booth and Oswald were assassinated before their trials.
And here’s a ‘kicker’…
A week before Lincoln was shot; he was in Monroe, Maryland.
A week before Kennedy was shot; he was with Marilyn Monroe.
And Lincoln was shot in a theatre and assassin ran to a warehouse.
Kennedy was shot from a warehouse and the assassin ran to the theatre.
EXPLORE YOUR HYDERABAD!!!!!!!
Hyderabad – the capital of Andhra Pradesh founded in the year 1591, by Mohammad Quali Qutub Shah, the fifth Sultan of Qutub Shahi dynasty. The British set up a cantonment to the north of Hussain Sagar and laid the foundation of Hyderabad’s twin city which was named Secunderabad after the Nizam Sikander Shah. Today both the cities have merged together and an imaginary line drawn across the tank bund demarcates the two cities.
In this Issue we are going to explore one of the finest places in hyderabad, Gandipet.
Gandipet is the most sought after picnic spot for Hyderabadis. It has been developed as a basic recreational area with well laid lush green gardens and swimming pool. It attracts huge people from different corners of the city. The lake offers boating facilities to visitors.
Facilities at Gandipet:
Boating
Swimming pool
Guest House ‘Sagar Mahal’ to stay which is one old Nizam’s resort
Cafeteria
Other places close to Gandipet which you can visit
Ocean Park
Esselworld
Treasure Islands
Chilkoor Balaji Temple
Ocean Park: This excellent water theme park at amusement park at gandipet is just 15 kms away from the city and is first of its kind in the country.
Esselworld: It is located at gandipet opposite CBIT School and is the first theme amusement park for children in the state.
Treasure Island: This virtual ‘Holiday Paradise’ is located 16 kms away from the city at gandipet. Set in serene surroundings the resort provides joys of holidaying..
Chilkoor Balaji temple: The 500 year old Balaji temple lies in Chilkoor village on Vicharabads Highway. About 20 kms away from the city, the temple on the banks of the scenic Osman Sagar, offers a fine view of the Gandipet dam.
Reaching Gandipet: Gandipet is just 15 kms away from Hyderabad main city. We can reach the place by all roadways means of transport. To and fro taxi fare from Ameerpet: Rs. 500 to 600.
Fact File
Why Nobel Prize is not given in the field of mathematics?
There are many theories as to why maths is not included.
One says that Swedish mathematician Gosta Magnus Mittang-Leffer ran off with Alfred Noble’s wife and the exclusion of maths is Nobel’s revenge. However, Alfred Nobel never married!
Another says that Mittang-Leffer, in process of accumulating his own wealth, antagonized Nobel. Nobel, afraid that Mittang-Leffer being a leading Swedish mathematician would win the prize in maths, then refused to institute such a prize.
However, the most rational one says that Mittang-Leffer and Nobel didn’t even know each other. It’s just that the thought of a prize in mathematics never entered Nobel’s mind!
Please read and you will be amazed.
Abraham Lincoln was elected to Congress in 1846.
John F. Kennedy was elected to Congress in 1946.
Abraham Lincoln was elected president in 1860.
John F. Kennedy was elected president in 1960.
Both were particularly concerned with civil rights.
Both wives lost a child while living in the White House.
Both Presidents were shot on Friday.
Both Presidents were shot in the head.
Now it gets really weird………..
Lincoln’s secretary was named Kennedy.
Kennedy’s secretary was named Lincoln.
Lyndon Johnson, who succeeded Kennedy, was born in 1908.
John Wilkies Booth, who assassinated Lincoln, was born in 1839.
Lee Harvey Oswald, who assassinated Kennedy, was born in 1939.
Both assassins were known by their three names.
Both names are composed of fifteen letters.
Now hang on to your seat………
Lincoln was shot at the theatre named ‘Ford’.
Kennedy was shot in a car called ‘Lincoln’ made by ‘Ford’.
Booth and Oswald were assassinated before their trials.
And here’s a ‘kicker’…
A week before Lincoln was shot; he was in Monroe, Maryland.
A week before Kennedy was shot; he was with Marilyn Monroe.
And Lincoln was shot in a theatre and assassin ran to a warehouse.
Kennedy was shot from a warehouse and the assassin ran to the theatre.
Space for you
Space For You
God Had to Be Fair
Kim Estep
American Idol Fan
We always knew our daughter Kendall was going be a performer of some sort. She entertained people in our small town by putting on shows on our front porch when she was only three or four. Blonde-haired, blue-eyed, and beautiful, she sang like a little angel and mesmerized everyone.
When Kendall was five, we began to notice that she was blinking a lot and clearing her throat frequently. We had her tested for allergies, but the doctor said she wasn’t allergic to anything at all. After the problem worsened, we took her to our local children’s hospital where she was diagnosed with Tourette’ssyndrome.
It was pretty devastating because other children constantly made fun of her, and sadly, even a teacher teased her. When the tics were especially bad, Kendall had to wear a neck brace. She only had one or two friends, but that was okay because they were—and continue to be—real, the kind who stick by her, no matter what. Through all this, Kendall continued to sing and entertain. Remarkably, her tics disappeared when she sang.
We took our daughter from doctor to doctor, but all they did was give her medication that just made it worse, so we decided to go the natural route. Through chiropractic therapy, changes in her diet, and other natural treatments, the tics gradually lessened.
In 2005 when Kendall was sixteen, we thought she was pretty much out of the woods—or at least heading in that direction. However, as if Tourette’s Syndrome wasn’t enough for a beautiful young girl to deal with, a freak accident happened.
At a birthday party, Kendall hopped on a friend for a piggyback ride. He bent lower than she expected, and she jumped higher than he expected. Kendall flew over his back and landed on the cement floor—on her neck. An ambulance rushed her to the hospital where she spent the next week, paralyzed from the neck down. Ironically, her biggest concern wasn’t whether she would walk again, but whether she would be able to audition for American Idol.
Doctors said Kendall had central cord syndrome. The pain was excruciating and required morphine to control it. Sometimes it was so unbearable she had to bite down on a toothbrush to take her mind off it. As the days dragged on, feeling returned to her left side, but she was still paralyzed on the right. We didn’t know for sure how much of her movement would ever come back. I believe Kendall wanted the American Idol audition so much that she willed herself to move again. One of her friends brought a microphone to the hospital and put it on her bed. Every day, Kendall tried hard to pick it up with her right hand. It was more important for her to pick up that mic than a spoon or fork.
Sometimes we all cried because of the pain we witnessed. But on the day Kendall walked into the stadium to audition for American Idol—a mere three months after her accident—we cried tears of joy. And our tears turned into shouts when she was given a golden ticket to Hollywood.
As a parent, you always think your child is the best ever—that’s just what parents do. But after seeing Kendall perform, I know she’s one of the best, even though she didn’t make it into the top 24.
Kendall is eighteen now, living every day to its fullest. She’s recorded a CD with some of John Mellencamp’s band members. She’s also on CMT’s Music City Madness for an original song and video, and is having some good success. I’m absolutely sure she’s going to make it big some day. Kendall just puts it all in God’s hands.
When she was a little girl trying hard to be strong, she looked up at me, her big eyes brimming with tears, and asked me why she had to have Tourette’s Syndrome. My heart ached to make the world right for my child. But I looked right back at her and told her the truth as I see it.
“Kendall, God gave you a pure heart, an angelic voice, a strong mind, and a beautiful presence. With all of that, he had to make it fair for everyone else.”
Help!
Ques) A lot of time is being wasted on commuting and there is also a time lag between reaching the academy and commencing of the class. Because of this I am facing a time constraint for my studies. What should I do? - Mr. X
Ans) Dear X, I understand your problem as all of us are going through the same. But as you know scheduling decisions cannot be altered, it is upto you to make judicial use of the time available. You can use the library and the internet facility for reference work. Also you can use some time of your 80 min lunch break to revise the morning lessons. Don’t worry, you’ll do great. Happy studying!
Ques) This is the first time I am away from home for such a long period of time. I am not able to gel with people and am constantly homesick. I feel isolated. Please help. - Ms. ABC
Ans) Dear ABC, being away from home for the first time is definitely tough. Its even difficult when you cannot gel with people but the good thing is you are keen on making your stay memorable. You have to start of by counselling yourself to like this new place and new people, think of home, but not all the time. When you start looking around you, will find many likeminded people with whom you can easily gel. I am sure when you go from Hyderabad after 8 months, you will feel hostel sick. Have a great stay!
God Had to Be Fair
Kim Estep
American Idol Fan
We always knew our daughter Kendall was going be a performer of some sort. She entertained people in our small town by putting on shows on our front porch when she was only three or four. Blonde-haired, blue-eyed, and beautiful, she sang like a little angel and mesmerized everyone.
When Kendall was five, we began to notice that she was blinking a lot and clearing her throat frequently. We had her tested for allergies, but the doctor said she wasn’t allergic to anything at all. After the problem worsened, we took her to our local children’s hospital where she was diagnosed with Tourette’ssyndrome.
It was pretty devastating because other children constantly made fun of her, and sadly, even a teacher teased her. When the tics were especially bad, Kendall had to wear a neck brace. She only had one or two friends, but that was okay because they were—and continue to be—real, the kind who stick by her, no matter what. Through all this, Kendall continued to sing and entertain. Remarkably, her tics disappeared when she sang.
We took our daughter from doctor to doctor, but all they did was give her medication that just made it worse, so we decided to go the natural route. Through chiropractic therapy, changes in her diet, and other natural treatments, the tics gradually lessened.
In 2005 when Kendall was sixteen, we thought she was pretty much out of the woods—or at least heading in that direction. However, as if Tourette’s Syndrome wasn’t enough for a beautiful young girl to deal with, a freak accident happened.
At a birthday party, Kendall hopped on a friend for a piggyback ride. He bent lower than she expected, and she jumped higher than he expected. Kendall flew over his back and landed on the cement floor—on her neck. An ambulance rushed her to the hospital where she spent the next week, paralyzed from the neck down. Ironically, her biggest concern wasn’t whether she would walk again, but whether she would be able to audition for American Idol.
Doctors said Kendall had central cord syndrome. The pain was excruciating and required morphine to control it. Sometimes it was so unbearable she had to bite down on a toothbrush to take her mind off it. As the days dragged on, feeling returned to her left side, but she was still paralyzed on the right. We didn’t know for sure how much of her movement would ever come back. I believe Kendall wanted the American Idol audition so much that she willed herself to move again. One of her friends brought a microphone to the hospital and put it on her bed. Every day, Kendall tried hard to pick it up with her right hand. It was more important for her to pick up that mic than a spoon or fork.
Sometimes we all cried because of the pain we witnessed. But on the day Kendall walked into the stadium to audition for American Idol—a mere three months after her accident—we cried tears of joy. And our tears turned into shouts when she was given a golden ticket to Hollywood.
As a parent, you always think your child is the best ever—that’s just what parents do. But after seeing Kendall perform, I know she’s one of the best, even though she didn’t make it into the top 24.
Kendall is eighteen now, living every day to its fullest. She’s recorded a CD with some of John Mellencamp’s band members. She’s also on CMT’s Music City Madness for an original song and video, and is having some good success. I’m absolutely sure she’s going to make it big some day. Kendall just puts it all in God’s hands.
When she was a little girl trying hard to be strong, she looked up at me, her big eyes brimming with tears, and asked me why she had to have Tourette’s Syndrome. My heart ached to make the world right for my child. But I looked right back at her and told her the truth as I see it.
“Kendall, God gave you a pure heart, an angelic voice, a strong mind, and a beautiful presence. With all of that, he had to make it fair for everyone else.”
Help!
Ques) A lot of time is being wasted on commuting and there is also a time lag between reaching the academy and commencing of the class. Because of this I am facing a time constraint for my studies. What should I do? - Mr. X
Ans) Dear X, I understand your problem as all of us are going through the same. But as you know scheduling decisions cannot be altered, it is upto you to make judicial use of the time available. You can use the library and the internet facility for reference work. Also you can use some time of your 80 min lunch break to revise the morning lessons. Don’t worry, you’ll do great. Happy studying!
Ques) This is the first time I am away from home for such a long period of time. I am not able to gel with people and am constantly homesick. I feel isolated. Please help. - Ms. ABC
Ans) Dear ABC, being away from home for the first time is definitely tough. Its even difficult when you cannot gel with people but the good thing is you are keen on making your stay memorable. You have to start of by counselling yourself to like this new place and new people, think of home, but not all the time. When you start looking around you, will find many likeminded people with whom you can easily gel. I am sure when you go from Hyderabad after 8 months, you will feel hostel sick. Have a great stay!
Readers Corner
READERS’ CORNER
Rich Dad Poor Dad
Author: Robert Kiyosaki with Sharon Lechter
Publishers: Warner Business Books
They say it’s a plastic world. But we can conveniently tag the present world as a green world. Money. We work to earn and this round about sums up our entire life of a good forty years. But as they say “Money is a good servant but a bad master”, it’s time we turn the tide and ask money to take its menial position. But how?
Rich Dad Poor Dad to rescue. Till recent past I thought my salary will bring me earnings. How about my earnings bringing me earnings and more earnings? Make Money work for you. This book is a fantastic guide from which young adults, parents, finance gurus can draw a leaf out.
By the means of drawing parallel conclusions from diametrically opposite school of thoughts the author distinguishes (for the so called “financially illiterate”) the way in which you can work for money or else have money work for you. It teaches the reader the common misconceptions about assets and liabilities and that this so “minor” a differentiation can make or break your financial balance in life- help build dreams or devastate realities. It gives tips that one must follow while considering investments, directing cash flows, reaping benefits.
With the help of illustrations of a simple balance sheet the author has helped readers understand why assets like home, loans etc. that our funded from credit should be treated as liabilities. The pictorial representation makes it easy to understand finance and our spending-saving pattern. The simplicity of the book lies in the deep understanding of seemingly effortless concepts having great implications. The author relates everyday situations of common man to the “rat race” which he describes as a vicious circle to be caught in and from which predicament seems a very faraway place. The brilliant yet lucid style of writing makes it even more riveting to read.
In case it ever crossed your mind that your present spending is not allowing you to save for secure days and rainy days then pick up this book and read and more importantly learn cause as the author says that all you need to recognise is a difference between assets and liabilities to unlock the gate to riches!
Who Moved My Cheese?
Author: Dr. Spencer Johnson
The story of Who Moved My Cheese? was created by Dr. Spencer Johnson to help him deal with a difficult change in his life. It showed him how to take his changing situation seriously but not take himself so seriously.
'Who Moved My Cheese?' is a simple parable that reveals profound truths. It is an amusing and enlightening story of four characters that live in a maze and look for cheese to nourish them and make them happy. Cheese is a metaphor for what you want to have in life - whether it is a good job, a loving relationship, money or a possession, health or spiritual peace of mind. And the maze is where you look for what you want - the organization you work in, or the family or the community you live in.
The four amusing characters in the story are the two mice Sniff and Scurry and the little people Hem and Haw.
Sometimes we may act like
Sniff – who sniffs out change early Or
Scurry – who scurries into action Or
Hem - who denies and resists change as he fears it will lead to something worse Or
Haw- who learns to adapt in time when he sees changing can lead to something better.
Whatever part of us we choose to use, we all share something in common; a need to find our way in the maze and succeed in changing times. Sniff and Scurry possess simple brains and good instincts, searched for the hard nibbling cheese they liked. Hem and Haw used their complex brains, filled with many beliefs and emotions to search for the different kind of cheese they liked to make them feel happy and successful. So when this foursome met with a shortage of cheese Sniff and Scurry did not wait for long. They rushed through the dark, confusing maze in search for the cheese. But Hem and Haw waited for long to find out the reasons for the disappearance of the cheese from the cheese station. Sniff and scurry would discover the cheese of their taste after a long hunt. Haw would try to cajole the inert and pessimistic Hem to go out of the cheese station to find the cheese. But Hem would not be encouraged and Haw sets out in search of his cheese through the maze. After a long chase he would find the cheese of his interest in another cheese station. Haw would meet the happy and lively Sniff and Scurry who had reached the cheese-station earlier.
Ideas from the story- Cheese makes you happy
Change happens ( They keep moving the cheese)
Anticipate change ( Get ready for the cheese to move )
Monitor change (Smell the cheese often so you know when it is getting old.)
Adapt to change quickly
This book teaches us to
Anticipate change
Adapt to change quickly
Enjoy change
Be ready to change quickly again and again.
Rich Dad Poor Dad
Author: Robert Kiyosaki with Sharon Lechter
Publishers: Warner Business Books
They say it’s a plastic world. But we can conveniently tag the present world as a green world. Money. We work to earn and this round about sums up our entire life of a good forty years. But as they say “Money is a good servant but a bad master”, it’s time we turn the tide and ask money to take its menial position. But how?
Rich Dad Poor Dad to rescue. Till recent past I thought my salary will bring me earnings. How about my earnings bringing me earnings and more earnings? Make Money work for you. This book is a fantastic guide from which young adults, parents, finance gurus can draw a leaf out.
By the means of drawing parallel conclusions from diametrically opposite school of thoughts the author distinguishes (for the so called “financially illiterate”) the way in which you can work for money or else have money work for you. It teaches the reader the common misconceptions about assets and liabilities and that this so “minor” a differentiation can make or break your financial balance in life- help build dreams or devastate realities. It gives tips that one must follow while considering investments, directing cash flows, reaping benefits.
With the help of illustrations of a simple balance sheet the author has helped readers understand why assets like home, loans etc. that our funded from credit should be treated as liabilities. The pictorial representation makes it easy to understand finance and our spending-saving pattern. The simplicity of the book lies in the deep understanding of seemingly effortless concepts having great implications. The author relates everyday situations of common man to the “rat race” which he describes as a vicious circle to be caught in and from which predicament seems a very faraway place. The brilliant yet lucid style of writing makes it even more riveting to read.
In case it ever crossed your mind that your present spending is not allowing you to save for secure days and rainy days then pick up this book and read and more importantly learn cause as the author says that all you need to recognise is a difference between assets and liabilities to unlock the gate to riches!
Who Moved My Cheese?
Author: Dr. Spencer Johnson
The story of Who Moved My Cheese? was created by Dr. Spencer Johnson to help him deal with a difficult change in his life. It showed him how to take his changing situation seriously but not take himself so seriously.
'Who Moved My Cheese?' is a simple parable that reveals profound truths. It is an amusing and enlightening story of four characters that live in a maze and look for cheese to nourish them and make them happy. Cheese is a metaphor for what you want to have in life - whether it is a good job, a loving relationship, money or a possession, health or spiritual peace of mind. And the maze is where you look for what you want - the organization you work in, or the family or the community you live in.
The four amusing characters in the story are the two mice Sniff and Scurry and the little people Hem and Haw.
Sometimes we may act like
Sniff – who sniffs out change early Or
Scurry – who scurries into action Or
Hem - who denies and resists change as he fears it will lead to something worse Or
Haw- who learns to adapt in time when he sees changing can lead to something better.
Whatever part of us we choose to use, we all share something in common; a need to find our way in the maze and succeed in changing times. Sniff and Scurry possess simple brains and good instincts, searched for the hard nibbling cheese they liked. Hem and Haw used their complex brains, filled with many beliefs and emotions to search for the different kind of cheese they liked to make them feel happy and successful. So when this foursome met with a shortage of cheese Sniff and Scurry did not wait for long. They rushed through the dark, confusing maze in search for the cheese. But Hem and Haw waited for long to find out the reasons for the disappearance of the cheese from the cheese station. Sniff and scurry would discover the cheese of their taste after a long hunt. Haw would try to cajole the inert and pessimistic Hem to go out of the cheese station to find the cheese. But Hem would not be encouraged and Haw sets out in search of his cheese through the maze. After a long chase he would find the cheese of his interest in another cheese station. Haw would meet the happy and lively Sniff and Scurry who had reached the cheese-station earlier.
Ideas from the story- Cheese makes you happy
Change happens ( They keep moving the cheese)
Anticipate change ( Get ready for the cheese to move )
Monitor change (Smell the cheese often so you know when it is getting old.)
Adapt to change quickly
This book teaches us to
Anticipate change
Adapt to change quickly
Enjoy change
Be ready to change quickly again and again.
General
GENERAL
BERMUDA (DEVIL’S) TRIANGLE
The Bermuda Triangle (a.k.a. the Devil's Triangle) is a triangular area in the Atlantic Ocean bounded roughly at its points by Miami, Bermuda, and Puerto Rico. Legend has it that many people, ships and planes have mysteriously vanished in this area. The size of the triangle varies from 500,000 square miles to three times that size. Some trace the mystery back to the time of Columbus. Even so, estimates range from about 200 to no more than 1,000 incidents in the past 500 years. Howard Rosenberg claims that in 1973 the U.S. Coast Guard answered more than 8,000 distress calls in the area and that more than 50 ships and 20 planes have gone down in the Bermuda Triangle within the last century.
Many theories have been given to explain the extraordinary mystery of these missing ships and planes. Evil extraterrestrials, residue crystals from Atlantis, evil humans with anti-gravity devices or other weird technologies, and vile vortices from the fourth dimension are favourites among fantasy writers. Strange magnetic fields and oceanic flatulence (methane gas from the bottom of the ocean) are favourites among the technically-minded. Weather (thunderstorms, hurricanes, tsunamis, earthquakes, high waves, currents, etc.) bad luck, pirates, explosive cargoes, incompetent navigators, and other natural and human causes are favourites among sceptical investigators.
The modern legend of the Bermuda Triangle began soon after five Navy planes (Flight 19) vanished on a training mission during a severe storm in 1945. The most logical theory as to why they vanished is that lead pilot Lt. Charles Taylor’s compass failed. The trainees' planes were not equipped with working navigational instruments. The group was disoriented and simply, though tragically, ran out of fuel. No mysterious forces were likely to have been involved other than the mysterious force of gravity on planes with no fuel. It is true that one of the rescue planes blew up shortly after take-off, but this was likely due to a faulty gas tank rather than to any mysterious forces.
There are some sceptics who argue that the facts do not support the legend, that there is no mystery to be solved, and nothing that needs explaining. The number of wrecks in this area is not extraordinary, given its size, location and the amount of traffic it receives. Many of the ships and planes that have been identified as having disappeared mysteriously in the Bermuda Triangle were not in the Bermuda Triangle at all. Investigations to date have not produced scientific evidence of any unusual phenomena involved in the disappearances. Thus, any explanation, including the so-called scientific ones in terms of methane gas being released from the ocean floor, magnetic disturbances, etc., is not needed. The real mystery is how the Bermuda Triangle became a mystery at all.
In short, the mystery of the Bermuda Triangle became a mystery by a kind of communal reinforcement among uncritical authors and a willing mass media to uncritically pass on the speculation that something mysterious is going on in the Atlantic.
FENG SHUI-A PANACEA FOR THE STRESS OF MODERN LIVING:
In our day-to-day life, stress takes the toll on our lives. We strive to manage our time and our attitudes and hope to end our day productively. So our mind tries to find out the way through which it can rejuvenate and revitalize itself. One such way is believed to be Feng Shui. Feng shui is a living skill practised by the Chinese over the ages .it is observed that the living environment is abound with life giving energy as Qi, which is dispersed by the wind and gathers at the boundary of water. Feng shui is based on energizing your living space by orientating your sitting and sleeping positions, both at home and at work. It gives you vitality, mental clarity and tranquillity in your daily life.
Feng Shui Tips:
For success and prosperity- align your sitting position facing the south.
For health and mentor luck- align your sitting position when you work facing north.
For career advancement and business development- align your table towards the south while at work.
For relationship luck- align your sitting position facing the south east direction which fosters better ties and builds rapport with people.
For peace and tranquillity- align the sitting position facing the east direction which helps you relax and regain your composure.
Sleeping with the bed facing the south east direction and the face pointing the opposite direction brings good luck.
Thus Feng Shui is believed to be an enabling factor in making our life less stressful more productive, and better organised for success.
BERMUDA (DEVIL’S) TRIANGLE
The Bermuda Triangle (a.k.a. the Devil's Triangle) is a triangular area in the Atlantic Ocean bounded roughly at its points by Miami, Bermuda, and Puerto Rico. Legend has it that many people, ships and planes have mysteriously vanished in this area. The size of the triangle varies from 500,000 square miles to three times that size. Some trace the mystery back to the time of Columbus. Even so, estimates range from about 200 to no more than 1,000 incidents in the past 500 years. Howard Rosenberg claims that in 1973 the U.S. Coast Guard answered more than 8,000 distress calls in the area and that more than 50 ships and 20 planes have gone down in the Bermuda Triangle within the last century.
Many theories have been given to explain the extraordinary mystery of these missing ships and planes. Evil extraterrestrials, residue crystals from Atlantis, evil humans with anti-gravity devices or other weird technologies, and vile vortices from the fourth dimension are favourites among fantasy writers. Strange magnetic fields and oceanic flatulence (methane gas from the bottom of the ocean) are favourites among the technically-minded. Weather (thunderstorms, hurricanes, tsunamis, earthquakes, high waves, currents, etc.) bad luck, pirates, explosive cargoes, incompetent navigators, and other natural and human causes are favourites among sceptical investigators.
The modern legend of the Bermuda Triangle began soon after five Navy planes (Flight 19) vanished on a training mission during a severe storm in 1945. The most logical theory as to why they vanished is that lead pilot Lt. Charles Taylor’s compass failed. The trainees' planes were not equipped with working navigational instruments. The group was disoriented and simply, though tragically, ran out of fuel. No mysterious forces were likely to have been involved other than the mysterious force of gravity on planes with no fuel. It is true that one of the rescue planes blew up shortly after take-off, but this was likely due to a faulty gas tank rather than to any mysterious forces.
There are some sceptics who argue that the facts do not support the legend, that there is no mystery to be solved, and nothing that needs explaining. The number of wrecks in this area is not extraordinary, given its size, location and the amount of traffic it receives. Many of the ships and planes that have been identified as having disappeared mysteriously in the Bermuda Triangle were not in the Bermuda Triangle at all. Investigations to date have not produced scientific evidence of any unusual phenomena involved in the disappearances. Thus, any explanation, including the so-called scientific ones in terms of methane gas being released from the ocean floor, magnetic disturbances, etc., is not needed. The real mystery is how the Bermuda Triangle became a mystery at all.
In short, the mystery of the Bermuda Triangle became a mystery by a kind of communal reinforcement among uncritical authors and a willing mass media to uncritically pass on the speculation that something mysterious is going on in the Atlantic.
FENG SHUI-A PANACEA FOR THE STRESS OF MODERN LIVING:
In our day-to-day life, stress takes the toll on our lives. We strive to manage our time and our attitudes and hope to end our day productively. So our mind tries to find out the way through which it can rejuvenate and revitalize itself. One such way is believed to be Feng Shui. Feng shui is a living skill practised by the Chinese over the ages .it is observed that the living environment is abound with life giving energy as Qi, which is dispersed by the wind and gathers at the boundary of water. Feng shui is based on energizing your living space by orientating your sitting and sleeping positions, both at home and at work. It gives you vitality, mental clarity and tranquillity in your daily life.
Feng Shui Tips:
For success and prosperity- align your sitting position facing the south.
For health and mentor luck- align your sitting position when you work facing north.
For career advancement and business development- align your table towards the south while at work.
For relationship luck- align your sitting position facing the south east direction which fosters better ties and builds rapport with people.
For peace and tranquillity- align the sitting position facing the east direction which helps you relax and regain your composure.
Sleeping with the bed facing the south east direction and the face pointing the opposite direction brings good luck.
Thus Feng Shui is believed to be an enabling factor in making our life less stressful more productive, and better organised for success.
Behavioural Paradox
Behavioural paradox
Understanding the personality of another human being has always been an insatiable quest of mankind. Although several management pundits and behavioural experts have tried to categorize people based on several parameters, decoding human psychology is a tough nut to crack. In the corporate world with its time constraints first impressions can be crucial in career progression. First impression is like judging a book by its cover, what lies inside can be revealed only after reading it. The following case study conducted by a fellow participant, Mr. Chiranjibi Panda, is an attempt to challenge the traditional belief that the first impression lasts forever.
PART ONE
There is an academy called Gurukul. It had been recently established and was admitting students for its first batch. Since it was part of a well known group of institutes, it had managed to attract the best brains of the country. The excitement and expectations among its students were running high.
Chinmay, was one of the students who had cleared the rigorous selection process and joined the institute. His behaviour from the first day reflected arrogance and over-confidence. He was an extrovert, loud, short tempered, picked up fights easily and meddled in the affairs of other students unnecessarily. He was responsive in the classroom sessions but many a time bordered on disturbing and even disrupting the class. The initial impressions of those interacting with him were not very positive – he was believed to be a person of above average intelligence but with severe attitude problems.
During the second week there was a sudden change in Chinmay’s behaviour. He suddenly grew more silent and calm. His response in class was measured and balanced and he was even friendly with his fellow students. The sudden impulsive change in his behaviour amazed his classmates but they took it positively.
The big question is what was the reason for the sudden change in Chinmay’s behaviour?
PART TWO
Chinmay is a management student who has always been fascinated with how people behave according to situations. How someone can manifest a dual personality? And why is it difficult to judge a personality?
He decided to conduct a simple experiment to find answers to these questions. Gurukul was a good opportunity since no one knew him or his temperament. The first week at Gurukul, he projected a personality which was completely opposite to his real traits which later he switched back to during the second week. Now, if we were to ask his classmates at Gurukul to assess his personality; their results would be in stark contrast to those of his childhood friends and family.
It is this difference of opinions which is termed as ‘Dual Personality’ in management terminology.
EXPLANATION
As human beings, we tend to judge people on the basis of first impressions. This is true even in the case of management. We form opinions about people within the first one eighty seconds of meeting them and spend the rest of our interactions either justifying or negating them.
This can also create problems especially in management. It is most prominent in the recruitment process of companies where interviews play the deciding role in hiring or rejecting candidates. Here we take the example of XYZ Ltd, a multi-national company, conducting interviews for the post of trainees. The package offered and the brand name both attracts a large number of applications. An interview panel is set up for the selection process. They hired seven candidates who they judged to be of equal caliber. However, three months into the job, the managers discovered that two of the recruits were not making any contributions and their productivity was very low. This was in complete contrast to what they had projected in their interview.
The question is what should the organization do in cases like these? We can conclude that there is a lacuna in the selection process. These candidates successfully adopted different personalities during the interview to gain entry into their respective jobs. The interview process or interviewers cannot be blamed since they are also prone to the natural human tendencies of split second judgments.
Instead of analyzing people based on short interactions, more psychometric tests and observation processes should be added to make such analysis comprehensive. Proper training will help in these decisions as it is one of the most important factors in the 3M theory – Man, Money & Machine.
END NOTE
Though an extra ordinary experiment, it was a helpful tool in demonstrating the phenomenon in an innovative way. We all face awkward situations to arrive at conclusions which may be different from traditional approaches.
Understanding the personality of another human being has always been an insatiable quest of mankind. Although several management pundits and behavioural experts have tried to categorize people based on several parameters, decoding human psychology is a tough nut to crack. In the corporate world with its time constraints first impressions can be crucial in career progression. First impression is like judging a book by its cover, what lies inside can be revealed only after reading it. The following case study conducted by a fellow participant, Mr. Chiranjibi Panda, is an attempt to challenge the traditional belief that the first impression lasts forever.
PART ONE
There is an academy called Gurukul. It had been recently established and was admitting students for its first batch. Since it was part of a well known group of institutes, it had managed to attract the best brains of the country. The excitement and expectations among its students were running high.
Chinmay, was one of the students who had cleared the rigorous selection process and joined the institute. His behaviour from the first day reflected arrogance and over-confidence. He was an extrovert, loud, short tempered, picked up fights easily and meddled in the affairs of other students unnecessarily. He was responsive in the classroom sessions but many a time bordered on disturbing and even disrupting the class. The initial impressions of those interacting with him were not very positive – he was believed to be a person of above average intelligence but with severe attitude problems.
During the second week there was a sudden change in Chinmay’s behaviour. He suddenly grew more silent and calm. His response in class was measured and balanced and he was even friendly with his fellow students. The sudden impulsive change in his behaviour amazed his classmates but they took it positively.
The big question is what was the reason for the sudden change in Chinmay’s behaviour?
PART TWO
Chinmay is a management student who has always been fascinated with how people behave according to situations. How someone can manifest a dual personality? And why is it difficult to judge a personality?
He decided to conduct a simple experiment to find answers to these questions. Gurukul was a good opportunity since no one knew him or his temperament. The first week at Gurukul, he projected a personality which was completely opposite to his real traits which later he switched back to during the second week. Now, if we were to ask his classmates at Gurukul to assess his personality; their results would be in stark contrast to those of his childhood friends and family.
It is this difference of opinions which is termed as ‘Dual Personality’ in management terminology.
EXPLANATION
As human beings, we tend to judge people on the basis of first impressions. This is true even in the case of management. We form opinions about people within the first one eighty seconds of meeting them and spend the rest of our interactions either justifying or negating them.
This can also create problems especially in management. It is most prominent in the recruitment process of companies where interviews play the deciding role in hiring or rejecting candidates. Here we take the example of XYZ Ltd, a multi-national company, conducting interviews for the post of trainees. The package offered and the brand name both attracts a large number of applications. An interview panel is set up for the selection process. They hired seven candidates who they judged to be of equal caliber. However, three months into the job, the managers discovered that two of the recruits were not making any contributions and their productivity was very low. This was in complete contrast to what they had projected in their interview.
The question is what should the organization do in cases like these? We can conclude that there is a lacuna in the selection process. These candidates successfully adopted different personalities during the interview to gain entry into their respective jobs. The interview process or interviewers cannot be blamed since they are also prone to the natural human tendencies of split second judgments.
Instead of analyzing people based on short interactions, more psychometric tests and observation processes should be added to make such analysis comprehensive. Proper training will help in these decisions as it is one of the most important factors in the 3M theory – Man, Money & Machine.
END NOTE
Though an extra ordinary experiment, it was a helpful tool in demonstrating the phenomenon in an innovative way. We all face awkward situations to arrive at conclusions which may be different from traditional approaches.
Spice
SPICE
SUDOKU
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A
WOMAN- WHO’S SHE?
“To
the nomads of the desert, she is the little GAZELLE,
To
the Japanese, she is the PLUM BLOSSOM,
In
the book of proverbs, she is the DEAREST HIND.
To
the poets, she is the most agreeable FAWN,
To
the fauve, she is the most BEAUTIFUL PAINTING.”
“Jewels,
Sapphires and Rubies are her eyes and lips,
The
softness of a spring morning is in her words,
Her
smile is as the splendour of the rising Sun,
She
is as calm as the cumber Moon,
Her
voice sounds as if someone is playing a CORNETTO.”
Of
all the creatures in the world, she is made by god the most
beautiful.
She
is the incarnation and summation of all the flowers of nature.
No
man ever spoke more truth than when he whispered into the ear of
his
beloved that she was DIVINE.
“She
is an image, a spark of divinity,
her
grace lasts till eternity.”
She
is the one whom god has given much,
from
her much as expected.
Of
no other creature is so much demanded.
She
is to be the helpmate of man, the mother of his children.
Little
Johnny was being questioned by the teacher during an arithmetic
lesson. 'If you had ten dollars,' said the teacher, 'and I asked you
for a loan of eight dollars, how much would you have left?' 'Ten,'
said Little Johnny firmly. 'Ten?' the teacher said 'How do you make
it ten?'
'Well,'
replied Little Johnny 'You may ask for a loan of eight dollars, but
that doesn't mean you'll get it!'
Think
before You Speak
There
is a funny old thing called misconceptions
Give
the Hundred words which don't contain letters A, B, C & D.
Give
number whose sum of cubes of individual digits is equal to the
number.
Imagine
there are 2 doors, one leading to Heaven, other leading to Hell.
There are 2 guards standing on the door, one of whom always speaks
truth while the other always lies. How will you judge that which
gate leads to Heaven or Hall by just asking one question to any one
of the guards.
Fill
the boxes with numbers (1-8) so that no adjacent number come
together neither horizental, vertical nor diagonal.
How
many words can you find in the grid to your right? Each word must
contain the central letter 'M' and no letter can be connected.
Proper nouns are not allowed, however, plurals are. There is at
least one nine letter word. (Excellent: 15 words, Good: 11 words,
Average: 7 words)
Mail
your answers to image.secD@gmail.com.
The answers of the above puzzles and winners will be displayed in
the next issue.
DONT
READ IT
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