“Innovation isimportant to us...it refl ects in ourmarketing,content & brandpositioning,” says Sharma of Zapak

When IIPM comes to education, never compromise

RELIANCE ENTERTAINMENT... With its zapak moves, this one’s created a big adda for itself among traditional media hotshots!

If Reliance Entertainment claims innovation to be the flesh and soul of their company, it’s no exaggeration. With its vanguard neverdone-before moves that exhilarate consumers, this company’s given sleepless nights to competitors. Take Zapak for instance - India’s first and largest gaming portal - innovative not just in terms of its content but also in terms of its whacky and catchy advertising. “Innovation is extremely important to us. We have built our complete market on that and it reflects in our marketing, our content and the brand positioning,” Rohit Sharma, COO, Zapak shares with 4Ps B&M. And not only Zapak but this very innovative mantra of ‘phirangi entertainment in desi ishtyle’ is true for other group companies too like Big 92.7 FM, Adlabs, BigAdda, Bigflicks, et al. In fact, Big 92.7 FM with its innovative marketing and programming strategies like outdoor broadcasting vans & big booths, has already won itself the crown of the largest private radio network in India in less than a year of its launch. Further, sending the existing market dynamics topsy turvy, are new initiatives by the group – BigAdda and BigFlicks. Needless to say, it is the constant drive towards innovation at Reliance Entertainment that has given Anil Ambani such a vast presence across various content and distribution platforms in the Indian media and entertainment sector, that too in such a short span.

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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Apple

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In the fast globalising Indian economy, where a plethora of similar goods and services are vying with one another to get the consumer on their side, what sets a company apart is its quickness in anticipating customer demand and innovating accordingly. And that makes all the difference between success and failure!

When Steve Jobs gregariously introduced the iPod in October 2001, he not only changed the way people listened to music, but also managed to give a big thumbs-up to his company. How? Well, till then, Apple was struggling for mass acceptance of its computer brand Macintosh, which was going nowhere despite tall promises, in the face of stiff competition from Windows based PCs. But check this: analysts admit that ever since the iPod became a global sensation, the halo effect has rubbed off some on Apple’s computer business and Macintosh sales are on the revival path. That’s the impact of a seemingly innocuous innovation (in this case a 2-4 inch small musical device) on a company’s fortunes!

Closer home, take the case of Kingfisher Airlines. When flamboyant liquor baron Vijay Mallya decided on dabbling in the lucrative aviation sector, he went totally over-the-top and thought up an avant-garde way to lure consumers. The next thing one knew, his stylish Airbuses were in the air, replete with a state-of-theart personalised inflight entertainment system, a sassy cabin and ground staff in bold red attires, designer interiors in his aircraft, with the flashy Mallya himself greeting passengers on board. Coming for an audience, starved for such grandeur during travel, the inoovation paid off. Mallya’s special brand of air travel boasts of a sizable chunk of the total aviation pie within just two years of its launch.

Either via an inventive new product in the marketplace; or translating new ideas into a substantial product or service; or even successfully marketing and exploiting a new idea... innovation is fast becoming a winning habit for companies. Here’s a dekho at the 25 companies who are increasingly laying emphasis on being innovative in the Indian market. Their innovation need not always be out rightly radical (involving huge R&D expenditures). Sometimes it may be just a brilliant new idea (iPod?) or just an original adaptation of a known idea (Kingfisher Airlines?); It may just involve a minor tinkering with any of the 4Ps of Marketing (Product, Price, Promotion & Place) – a competitive pricing strategy, a different packaging, out-of-the-box marketing... Anything works, provided the demand is anticipated correctly. So, here they are in all their inventive glory...

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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ITC...

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ITC... they have not only cashed in on the organic food fad but their innovation called Bingo has created a new genre in snacks... that’s 10 on 10!

It won’t be an exaggeration to say that ITC stands for Innovation, Technology and Creativity, the way they have led by example. Staring from e-Choupal to rural retailing (Choupal Sagars) to the fashion ramps, this conglomerate has been a pioneer in innovations and often has been a bellweather in bringing in changes in Indian socio economic life. Innovation has been in its DNA... ever since its metamorphosis from a tobacco major to a conglomerate.

FY 2007 was not an exception for ITC and to sustain their growth mantra and their first mover’s advantage, the company rolled out many innovative products. The flagship brand Ashirvad is just one of the smash hit innovations for the company in branding staple food products, bucked up with massive marketing expansion strategies. In the same line, to become an early bird for cashing in on the organic food factor, they revealed Aashirvaad Select Organic Spices. They also forayed into the fast growing snacks market through their brand Bingo, which has created a new genre in snacks. ITC pepped it up with a massive distribution initiative & aggressive penetration ensuring presence in every corner of India from day one in more than 5 unique flavours. “We have always been at the forefront of innovation with the aim of catering to the evolving consumer needs. Consumers today are very knowledgeable & willing to try out newer products in the market, thereby making innovation a key ingredient for any brand’s success.” History has proved the mettle of this conglomerate to innovate, interestingly, ITC is also one of the rare companies to follow the triple bottom line concept in its accountancy practices. Truly a veteran in the field now!

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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MARUTI...

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MARUTI... The running cost of WagonR Duo, using LPG, is about 33% less than the petrol vehicle in the same category, Now that’s original!

“It’s not really difficult to sell cars these days when everyone’s getting richer in cities. But to maintain a leadership position throughout all these years and despite foreign models coming in, Maruti deserves an applause,” says Rajiv Sinha, a Maruti service station proprietor. Perhaps, it’s this doggedness that Maruti has successfully instilled amongst its dealers (recognised as their first and foremost customers) that has earned Maruti the top spot, irrespective of what competition may have on offer.

Or maybe it’s the extremely well thought out value adds that Maruti offers under one roof – be it car insurance or car finance, fleet management or even used cars – its been a fruitful journey for this veteran car maker that has constantly changed itself with changing times & tastes.

But that’s not why Maruti has made our cut this year. The prime reason isthat in 2006 they thought ahead and launched India’s first factory- fitted LPG vehicle, the WagonR Duo.

Further, ever since Maruti listed itself in 2003, the company has felt “a greater obligation... to perform and deliver value,” believes S. Nakanishi, Chairman of Maruti Udyog Limited (MUL). No wonder, Maruti has constantly been taking various steps to push sales, prime among them being their tie-up with the State Bank of India to encourage rural car buyers. Plus cost cutting against rising raw material costs and ability to provide top quality compact cars like the Swift, Alto and Zen, has helped it sell more Altos in year 2006-07 than “combined sales of all car models of its nearest rival.” Count on them for numbers!

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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Bhaskar Das of Times of India Group

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And this trend is not just restricted to magazines. Newspapers are increasingly catering to these two specific audiences with their supplements. Hindustan Times Group has brought in the Delhi edition of its popular lifestyle supplement Splurge (earlier only available with HT Mumbai) in August, perhaps anticipating the need to be one up on the competition. When asked by 4Ps B&M why there is this sudden proliferation of such magazines, Benoy Roy Chowdhury, Head-Media Marketing & Circulation, Hindustan Times, commented, “It’s more in tune with lifestyle changes happening in the country.... Specialised magazines have created their own niche & the trend is bound to pick up.”

Bhaskar Das of Times of India Group talks elaborately with 4Ps B&M on both the trends. On the ‘lifestyle evolution’, he gives his viewpoint thus, “If you take into consideration the composite spend on various products, spends on aspirational products is going up.... Look at the luxury & lifestyle segment, where overall spends by luxury brands has increased by 146% and that of lifestyle category has increased by 243% over a period of four years.”

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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Arcelor Mittal - Boldness changes everything

When IIPM comes to education, never compromise

BRAND: Arcelor Mittal
HEADLINE: Boldness changes everything
BASELINE : Transforming Tomorrow
AGENCY : TBWA

4Ps TAKE : A couple of issues back, when we featured Arcelor Mittal in the ads rankings section, it was busy comparing the beautifulParis with & without the Eiffel Tower. The basic idea was to depict how boldness – and, of course, steel – changes everything. Yet again, the brand’s latest ad revolves around the same concept but with different visuals. The body copy explains the visual that has a man gazing at the moon in one box (from Planet Earth!); the other box shows an astronaut, who is much closer to the moon. The ad successfully conveys the message that steel comprises a good part of the man’s mission to moon (a space shuttle, for instance, has parts of steel). The USP of the steel giant is the belief in boldness to change everything. Reward to the prospect: Mr. Lakshmi Mittal, world’s No.1 steel manufacturer’s name attached to the product (it helps that he’s of Indian origin, doesn’t it?!). Good effort Arcelor Mittal to promote the recently acquired empire – but even a better ad at that!

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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Captains of the ship...

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Remember the famous words uttered by Gurukant Desai (ala Abhishek Bachchan) in the Bollywood flick Guru, which said that ,when your name starts appearing in newspapers, you must be on the fast track to success. And the 4Ps B&M newsmakers this fortnight only prove his theory. Be it the case of an Italian women calling all the shots on Indian soil or an Indian man jumping to the power seat to save a world leader in financial market intelligence – controversies surround their every move.

Whenever a ship begins to sink, the captain takes charge. And the new captain appointed (in August 2007) to head the giant ship – Standard & Poor’s, is Deven Sharma. His recruitment comes at a time when the prime job of the new President is to defend the credibility of the world’s largest rating agency that has been brutally criticised for having let the subprime party go on for long and allocating top ratings to underperforming securities. Known to be excellent at strategic thinking and having deep understanding of global financial markets, Deven is expected to succeed at protecting the company’s image.

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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…or are collaborative deals among Big Pharma a compulsion?

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So, what’s unusual in that? The question pours in. No doubt, these big pharma companies have been shelling out billions in the past to acquire companies to channel new ideas. But as a unitary force, allthese companies have found themselves wanting in more ways than one, as their blockbuster patents are on the brink of extinction. And it seems better to combine forces rather than becoming dinosaurs themselves. “Well thought of”, answers Sujay Shetty, Associate Director, Pharmaceutical and Life Sciences practice, Pricewaterhouse- Coopers. “With the dearth of new compounds in the pipeline and patents expiring on various blockbusters, collaborative deals with their peers seems to be a smart strategy from Big Pharma,” says he. Undoubtedly a good rationale in support of these blissful marriages, but then one cannot deny the need for vigour either. Raison d’être, poor financial performance, rising sales & marketing expenditures, increased legal & regulatory constraints & challenges and tarnished reputations at times because of drug failures.

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An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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DETTOL

When IIPM comes to education, never compromise

Just a whiff of Dettol, and one immediately remembers their last encounter with a cut or bruise. Right?

Here is a brand that needs no introduction. The flagship brand of Reckitt Benckiser, Dettol has soothed the nerves of many a harried mothers and guardians for decades. In fact, such is its popularity that Dettol has almost become a generic name in the category of antiseptic lotions. Though competitor Savlon’s entry made a dent in their monopoly, yet Dettol clearly remains the market leader. To cash in on its brand equity, Reckitt Benckiser has launched various extensions of the brand, each revolving around the basic Dettol forte viz. germ protection – Dettol Sensitive Liquid Hand (enriched with glycerine), Dettol Cool Soap (with menthol) and Dettol Body Wash (in the new modern format of a shower gel), to name a few. The brand’s new summer campaign (on air from May 20) is also a hit. Chander Mohan Sethi, Chairman and MD, Reckitt Benckiser India, says, “Dettol’s strategy over 2006-07 has been all about innovation and delivering better solutions to our customers, while highlighting the need for germ protection in their lives.” No guesses then, as to why this brand has gone up by 3 notches to sit perched at Rank 52 in the current year.

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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Surf Excel

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They may have slipped in the rankings, but Surf Excel remains the most popular detergent!

Ever heard of a detergent that praises its foe? We have one on our list which says ‘Daag achhe hain’ very confidently. For any other brand, it would have been difficult to convince the customers about the product with such a paradoxical statement, but for Surf Excel, which can easily be called as one of the most powerful detergent brands of India, it seemed a cake walk. FMCG Analyst Harish Bijoor says, “Surf Excel is an interestingly managed brand. With the ‘Daag achhe hain’ campaign, they caught the pulse of the consumer, leading to excellent brand management.” What’s more, the brand not only focuses on its generic space of a detergent but also on making a social difference in the lives of its consumers. Surf Excel’s social awareness campaigns like ‘Do bucket paani ab rozana hai bachana’ and the scholarship campaign for unfortunate students too endear the brand to the morally responsive Indian consumer.

Right from ‘Lalitaji’, representative of the true-blue cost-conscious Indian woman, till the inspiring storyboards of today, Surf Excel has done it all and in style! Yes, P&G’s Ariel did become a worry for some time, but then Surf Excel kills its enemies after applauding them all the way, right?

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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The Indian Telecom Sector
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Crafted for Controversies

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The debate for censorship rages on...

Ever wondered why some ads, that rubbed you the wrong way, suddenly disappeared from the scene (much to your relief though!)? Well, it was ASCI (Advertising Council of India) which was at work! One of the recent most complaints that reached this self-regulatory body is of the Amul Macho TVC (also featured in our ‘Bakwaas ads’ section last issue). While ASCI has now given a clean chit to this ad, yet the meaningless vulgarity hurts viewer sentiments. The ad shows a young woman washing her husband’s underwear with very suggestive actions and an irritatingly persistent (yeh toh bada toing hai) jingle. The commercial continues to invite the ire of many who feel it’s unfit for general viewing.

It maybe a general perception that only a small, relatively unknown brand will indulge in indecent advertising to grab attention, but one look at the list of complaints that ASCI has received in the past is enough to break it. Ads of giants like P&G, Coke, Hero Honda, Garnier, et al, have been objected against for several reasons and after ASCI’s intervention they had to pull out their campaigns in several cases and modify them in others. But when it comes to indecent advertising in the recent past, there have been complaints against XXX contraceptives (there was a huge controversy with Sharmila Tagore objecting vehemently to it), the GenX premium briefs from Lux Industries (something similar to Amul Macho), Hidesign leather products (for exposure of woman) and Lux Body Wash’s Desktop Calendar (now every girl can be a **x symbol, **x in the morning and night makes your skin glo...). All these resulted in withdrawal.

The controversy has again raised the question of censorship in advertising. In the case of self-regulation (ASCI), the procedure takes minimum 1-1.5 months, which is long enough for an advertisement to put its point accross. Gaulbert Pereira, General Secretary, ASCI told 4Ps B&M that “sure it takes time, but there is no other body which can put so much pressure on advertisers. Censorship will increase both time and cost.” He adds that they are working out a system where ads will be vetted before the telecast and advertisers will be free to take advice or reject it. Well, till then, no choice but to tolerate the ‘Yeh toh bada toing hai’ stuff!

Edit Bureau: Surabhi Agarwal

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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We’re playing ‘blame game’... You game?!?

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The last thing for a leader should be to point a ‘blaming’ finger at subordinates

Jack Welch and Suzy Welch, Authors of the international best-seller Winning

Q: When should a leader pass the buck?
– J. Reaves, Matthews, N.C.

That being said, there is one exception. Sometimes a leader can’t see and touch all the people under him, especially in large companies. In such cases, he shouldn’t be held personally responsible and be charged for the occasional rogue employee. They can, however, be held accountable for having rigorous control systems in place to ferret out such miscreants, and they shouldn’t turn away when they sense something off base.

Every boss can’t be a street cop. But he has to make sure someone is walking the beat.

Q: Sometimes I get the feeling I want to start my own business and fly freely. And while I know some smart friends who might join me, I still wonder whether I have the instincts and leadership required for the purpose. – Umair Malik, Islamabad, Pakistan.

A: Forget, for a moment, your desire to fly free. Forget the ‘required’ levels of instinct. And while you’re at it, forget your smart friends.

To start a company, you need those things... eventually. But first, you need a great idea.

That doesn’t mean we want to discourage you or denigrate the entrepreneurial urge. To us, the gutsy individuals who launch ventures are some of society’s biggest heroes.

And yes, there are people who dump their day jobs, hunker down in a garage or spare bedroom with a bunch of friends, and then five years later, can be seen ringing the opening bell on Wall Street.

But before you start visualizing yourself in that picture and make the leap from stability to start-up, it probably makes sense to separate wishful thinking from the less-rosy realities that usually characterize entrepreneurial experience.

Let’s start with a favourite ‘wish’ – you mention it right in your letter – that entrepreneurship grants independence. True, you will become your own boss. But for months and even years, that choice will mean less freedom and reduced flexibility for you, with no guarantee that you’ll like him one bit!

You won’t control your life; your new business will do that for you. When you only have two customers, you don’t tell them you can’t meet on Monday at 5 pm. You smile when they show up three hours later. In your heart, you may be flying free, but in the trenches, you’ll still be taking orders – just from a fresh new set of bosses.

Another bit of wishful thinking is something you don’t mention but is common too – it purports that entrepreneurship bestows financial independence. If only!

Unless you’ve built up a pile of savings, no one is more ‘owned’ than the founder of a start up. We recently met an entrepreneur whose venture was stalled as she was loath to give more equity to private investors. “It’s bad enough to give up control,” she complained, “But if I keep giving away stock, I’ll still be driving my 1994 Honda Civic to my son’s college graduation.” Given the fact that her son was an infant, she was joking, of course. But the fact is: Start-ups almost always make their founders poor before they make them rich.

Finally, there is that popular notion you refer to: That companies can get born by just a bunch of bright people in the room bursting with energy to “make it happen.” We’d call that partial information. Obviously, passionate, talented people are the key to getting a venture off the ground.

And yes, there have been cases of friends banding together to build something amazing from scratch. But those friends usually had an idea to start with. The real engine of any successful start-up is a product or service that fills a market need, or better yet, creates one.

Several years ago, we attended a celebration honouring the 50 fastest- growing entrepreneurial ventures in the Atlanta area. The room buzzed with excitement as everyone waited impatiently to hear who would get the top prestigious award. The winner ended up being a three year- old company that had discovered a better way to de-ice airplanes.

The company had great leadership, but its revenues were growing 55% a year because it had an idea that changed the market.

There is more to being an entrepreneur than meets the imagination. And there’s a lot less without a great idea to start with.

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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It’s My Casablanca…

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You’ll never regret you made this choice...

My Casablanca white Chevrolet Optra Royale is my best pal on the roads. A perfect blend of style with innovation is what I will call it and this is what made me fall in love with this car. When I was looking to buy a new car, I had a three-fold consideration in my mind – safety, comfort and space. I got all these in Optra with its dazzling looks as a groovy bonus. The leather upholstery with wood trims provides comfortable and a plush look and the huge bootspace due to split seats are other added features of my pretty coupè.

Optra Engines provide the best combination of drivability and fuel efficiency. And the sun roof gives me the luxury to enjoy the romantic weather with my wife, without fearing the dust or sultry heat. The best part about my car is the world-class flawless service quality offered by the global titan GM. The response time of GM’s servicing team is commendable and spare parts are easily available, which reduce the servicing cost of the vehicle substantially. What else can be a perfect example of value-for-money? I believe that the Optra is ‘best in its class’.

To put it simply I would say that Optra has exceeded my expectations on all platforms and I’m indeed too glad that I chose it.

Partha Basu, CFO, SpiceJet Limited on Chevrolet Optra

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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Mass or premium? Both!

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Dhoot’s rewriting brand Electrolux

Exactly two years to the month, when the Videocon group took over Electrolux in July 2005, to the outside world, it was perhaps the classiest takeover within India Inc.! To the inside world, comprising the Dhoots and top management, it was one of the toughest! When Videocon undertook the deal, the bargain also brought with it high overheads and higher advertisement costs that ElecElectrolux was riddled with! But with that also came the benefits of being available in all high-end counters, having a well-placed network and a spectacular brand recall in the market. But after two years, what has been the learning?

Anirudh Dhoot, Managing Director, Videocon-Electrolux told 4Ps B&M, “We tried to break even soon – maybe after 6-8 months. We did a lot of restructuring across our branches, factories, logistics, without compromising on quality and advertising. That’s where I didn’t want to touch, keeping the standard of its brand image.” Then with such a premium brand, who are the true competitors of the group? “LG, Samsung and Whirlpool,” are the candid words from Anirudh. But with such an opposition, would Dhoot now call his company a mass-product company or a premium one? “We’re a mass-premium brand,” Eric Braganza, COO, Electrolux Division tells us with assertion, adding that the target audience were the mid-end segment and above.

At the same time, Dhoot is pretty honest about his group’s competitive positioning, “Right now, in the mass premium category, we are no.4, if you take an overall average. We are targeting the no. 3 slot by 2010 or 2011.” The clear strategy is not to be a ‘discounted brand’. Dramatically quips the ‘true Indian multinational’ Dhoot, “We are not a ‘value-for-money’ brand.” With a modest turnover target of Rs.750 crore, one just hopes the quip ends up providing ‘money-for-value’ for the ‘true Indian multinational’ group, eh!

Edit bureau: Sunanda Roy

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Source : IIPM Editorial, 2008

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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http://iipm-mba-bba-institute.blogspot.com/
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http://iipm-top-institute.blogspot.com/
http://unparalleled-iipm-course-contents.blogspot.com/
http://indian-magazine.blogspot.com/
http://iipm-leadership-skills.blogspot.com/
http://dare-to-think-beyond.blogspot.com/

Benazir, barking up the wrong tree!

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It may take ages for Pakistan to reduce the role of army in polity

Winston Churchill once quipped that “a politics based on personality & not principle leads to unspeakable agony”. Well! Never have his words sounded as appropriate as they do in case of Benazir Bhutto’s latest overtures towards her arch rival Musharraf. If we focus on her negotiation terms with Musharraf, it becomes clear that Benazir is more interested in seeing Musharraf without his khaki-green & less on moving out all the khaki-greens prowling on the streets of downtown Islamabad. In other words, Benazir & her party’s top brass want Musharraf to step down, but are more or less silent on sending the army back to the barracks.

This is a disturbing trend. Since its creation in 1947, army in Pakistan has regularly intervened in the democratic process on the pretext of ‘maintaining stability’ & ‘restoring order’. Nevertheless, the consequences have been disastrous both for the Pakistani society as well as its neighbours.

Benazir is wooing the army because she knows that it is not possible to win election on her own. She needs the army to rig the elections for her. “Benazir has two negative points in her favour (sic); soft corner for Rushdie and that she is more pliant to dictation from foreign powers than any one in Pakistan. Voters will go for Imran instead,” Sheikh Mutahir Ahmed, noted analyst from University of Karachi told B&E. Benazir knows that the present public unrest is directed against Musharraf & she will win them all, if she can remove him from power. The Iftekhar agitation has been mistaken as a tirade against Musharraf, an individual, and not against the military rule. And they don’t understand what ails democracy in Pakistan. The sooner, they realise, the better for ‘purity’ of democracy in ‘Pak’istan.

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An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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DesirÉE

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Hello Kitty ‘Maneki Neko’ toy – 2,673,683.9 INR

Crafted by Japan’s Sanrio Company in 1974, Hello Kitty is a renowned fictional face of Japan. Already famous for its existing luxurious range of products such as Hello Kitty Robot, Hello Kitty Gold Business Card, Hello Kitty iPod Mini and Hello Kitty Guitar, it has now come up with Hello Kitty Doll, that is encrusted with 62,000 Swarovski crystals. Coined as Maneki Neko – which represents abundant monetary luck in Japan – it is displayed across 800 products of Hello Kitty. Not long ago, diamonds and crystals were women’s best friends. But now, they would be attracting the tiny tots too. A childhood filled with luxury? Sure it is!

Japanese Wooden Supercar – 1,294,076.7 INR
If you thought wood was used only to provide for fire and furniture, think again! A furniture maker in Japan has used wood to build a super- car, possibly inspired by another wooden innovation – an airplane. The entire body of the car is made out of wood, barring the mechanical accessories and the engine. With speeds that can touch an astounding 90 kilometres an hour, this mean machine is surely going to give sleepless nights to all the Mercedes and the Porsches on the roads…

History of Flight Guitar – 6,065,984.7 INR
In an eon where enduing capital on objects of art have gained importance, and transcended from just paintings to sculptures and musical devices, comes a product that any music lover would like to lay his hands on. History of Flight – a guitar, created by Larry Robinson (renowned artist) and Master Luthiers, gives accolade to the expertise that had distinguished the twentieth century. This matchless musical piece is topped with an Adirondack Spruce, adorns a Brazilian Rosewood at the back and is born out of the finest ingredients. With a fibre casing to cover this instrument, the privileged lot would be more than happy to make you dance to their tune.

NoBody’s Perfect Double Bed – 485,278.8 INR
A romantic evening with your date only got spicier with the latest bed coming to you from NoBody’s Perfect stable. Created by Gaetano Pesce, an Italian artist and designer – this bed might seem to have a mishmash of windows that are strangely shaped, but when one takes a closer look, it actually goes on to display a couple lip locking. Consisting of panels of resin, this double bed gets united as one with the help of pins made out of nylon. For the eloquent elite, this bed should symbolise an indulgence to express their love for their partner.

Edit bureau: R. Prasad

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An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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Myopic vision!

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ECB curb is a short-term measure
External sector reforms are on the regressive trajectory, the measure taken by the government in consultation with RBI to impose a curb on External Commercial Borrowings (ECB) clearly goes on to show that the RBI is short on options.

Unquestionably the burgeoning capital inflow has posed a macro-economic problem and has complicated monetary policy and currency management; yet opinion remains divided on the effectiveness of the measure announced to limit the pressure on rupee appreciation and promote export competitiveness. Never the less, the market pulse suggests that it is bound to have mild impact; Sachchidanand Shukla, Economist, Enam Securities, asserts “This is just a short term strategy by RBI to curb burgeoning ECBs which is fuelling the rupee appreciation. Moreover, it won’t help IT firms much as they also have to tackle wage inflation among other things.” FIIs, private equities, ADRs/GDRs remain strong alternative avenues of foreign inflows.

Liquidity management seems to be the top priority of RBI and hence the CRR hike to control domestic liquidity and curb on ECB to tighten foreign capital inflows. It was in the month of May that the government barred the real estate companies from raising ECBs and now it has further put restriction on raising foreign funds through ECBs.

Accordingly, companies will now be able to raise up to $20 million for rupee expenditure with prior RBI approval; over $20 million will be allowed only for foreign currency expenditure for permissible end use. Amidst apprehensions that domestic credit pricing of corporates could well see a surge; companies will now have to look at local banking channel. The central bank wants to curb the speculative inflows and leave genuine foreign currency loans for project imports untouched.

The measure with immediate effect comes at a juncture when there is an increased demand for external funds due to the interest rate arbitrage; companies will now have to face higher interest rate regimes at home and this is will certainly dampen the market sentiments. On the other hand, RBI’s efforts to flush out excess foreign capital by encouraging people & corporates to invest up to $100,000 is a welcome sign. This move will prove to be more effective in liquidity management and thus keep inflationary pressure under RBI’s comfort zone.

B&E research: Gyanendra Kashyap

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