Management Accountant Dec 2019

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EDITORIAL
Greetings!!! at facilitating setting up of 50,000 new start-ups in the
country by 2024 to create 20 lakh direct and indirect
While ‘entrepreneurship’ has been the buzzword employment opportunities.
for quite some time now; includes very much
hardship and dedication to make it successful. A lot With the latest additions, India now hosts 24 unicorns,
has been said and published about entrepreneurship the third-highest number of unicorns in a single country
and start-ups; however with each passing year; these in the world. Around 71% of 2019’s unicorns are
buzzwords continue to bring in new dimensions business-to-business (B2B) focused, while 57% are
for the business world. Much like raising a child, from emerging and nascent sectors such as gaming,
entrepreneurs carry their infant ideas and see them automotive and supply chain/logistics, according to the
through, gathering the right team and talent, raising report. The volume of investments in startups also grew,
capital, slowly growing their companies with years touching $4.4 billion for January-September across 450
of diligence and devotion. startups up 5% from the year-ago period. Early-stage
funding too saw a 45% spike, with $1.6 billion being
India is filled with creative startup energy, recorded in 2019. Startups created 60,000 direct jobs in
driven by technological innovations in healthcare, 2019 alone, compared with 40,000 jobs in 2018.
IT, fintech, fashion, and several other sectors.
This growth has produced entrepreneurial icons The potential of the start-ups is amplifying
that succeeded in their goal, reaping in several professional scope for CMAs. With immense potential,
benefits. Startup India, the flagship initiative of a lot of constraints also need to be addressed properly.
the Government, launched in January 2016, with CMAs with their knowledge, expertise and versatility
STARTUPS AND ENTREPRENEURSHIP
intent to build a strong ecosystem for the growth of can prove to be the most equipped professional to
startup businesses, to drive sustainable economic resolve emerging challenges. The CMAs can apply cost
growth and generate employment opportunities. management techniques to carry out in-depth review of
This motivation has inspired a lot of young minds a company’s expenditures and make recommendations
to explore the entrepreneurial world and transform where costs can be better managed in order to boost
their ‘out-of-the-box’ ideas into flourishing business innovation and sustainability. Also CMAs can facilitate
concepts. While established startup brands like Ola, in ensuring that the start-ups are able to comply and
Paytm, Flipkart, Practo, Make My Trip – to name a adhere to the norms laid down by the Companies Act,
few have cemented their market space and are the assist in taxation issues and also raise awareness about
trendsetters, new ventures continue to pop in at a start-up schemes of the Government to ensure dream
constant pace. vision of making India a start-up hub of the world.
Taking a closer look at the Indian business eco- This issue presents a good number of articles on the
system, the year 2019 unfurled innovative business cover story theme ‘Startups and Entrepreneurship’ by
models as business leaders conglomerate and distinguished experts and authors. We look forward to
the Government is coming together to embrace constructive feedback from our readers on the articles
new thoughts. Simplifying reforms, affordable and overall development of the journal. Please send your
smartphones, heightened awareness about education mails at [email protected]. We thank all the contributors
are few of the prominent factors leading the ‘new- to this important issue and hope our readers enjoy the
age’ revolution. The Commerce and Industry articles.
Ministry, GOI has proposed a host of measures such
as tax incentives to promote budding entrepreneurs
as part of the ‘Startup India Vision 2024’. It aims

PAPERS INVITED
Cover Stories on the topics given below are invited for ‘The Management Accountant’
for the four forthcoming months
• Leveraging the power of Artificial Intelligence
• Mega Bank Merger Drive: Most preferred technique for attainment of Competitiveness, Growth and
Sustainability
January 2020
• Interest Rate Risk Management

Subtopics
Steering • The Digitalisation of SME Financing: Expanding the Rewards and Assessing the Risks
Theme
Transformation in • Digital Lending: Driving the Next Wave of Loan Innovation

• Data & Cyber Security in Banking
Banking • Investment opportunities in stressed assets
• Corporate Insolvency Resolution Procedure
• Challenges and roadblocks for the New-Age Banking: Catalytic role of CMAs to rise above the
barriers
• Arbitration and Conciliation (amendment) Act, 2019: Expansion of scope for the CMAs
February 2020
• Arbitral Award: Challenge & Enforcement

Arbitration and
Subtopics
• Institutional, Statutory and Ad-hoc Arbitration

Theme
Conciliation: • Legal issues that arise in the context of Online Dispute Resolution
Challenges and • Arbitration of Intellectual Property Disputes
Prospects • Recent Developments in International Commercial Arbitration
• Arbitration: Significantly Important Supplement to Enhance Ease of Doing Business
• Making India an Arbitration Hub
• Removing Structural Barriers towards Gender Equality and Women’s Empowerment

• Women Empowerment - the key to achieve Social & Economic growth of the country
The Next Gen • Women in Business Decision-making
March 2020
Subtopics
• Role of Judiciary in Empowering Women in India

Theme
Women: Equal Rights, • Crimes against women- a blot on Gender Equality and Women Empowerment
Opportunities and • Challenges of Women Entrepreneurship
Participation • Impact of Globalization on Women Entrepreneurship
• Women Entrepreneurship in the Tech-driven era
• Challenges and Hurdles in the Journey of Women Empowerment
• Women & Economy: The Indian Perspective
• The Fundamentals of Effective Internal Audit

• Intelligent Automation in Audit
• Auditing Cyber: Operational Risks
April 2020
Subtopics
Theme
• Role of Internal Audit in Mergers, Acquisitions and Divestitures

Internal Audit:
• Internal Audit and Enterprise Risk Management (ERM)
The Way Forward • Board Effectiveness: Expanding Scope of Internal Audit
• Conquering the Cloud: How Internal Audit can help
• Internal Audit: Assessing Risk in today’s Disruptive Environment
• Internal Audit-future trends and innovation and emerging scope for CMAs
The Above Subtopics are only suggestive and hence the articles may not be limited to them only.
Articles on the above topics are invited from readers and authors along with scanned copies of their recent passport size photograph
and scanned copy of declaration stating that the articles are their own original and have not been considered for anywhere else.
Please send your articles by e-mail to [email protected] latest by the 1st week of the previous month.
DIRECTORATE OF JOURNAL & PUBLICATIONS

CMA Bhawan, 4th Floor, 84 Harish Mukherjee Road, Kolkata - 700025, India
Board: +91 33 2454 0086 / 87 / 0184 Tel-Fax: +91 33 2454 0063
www.icmai.in

PRESIDENT’S
COMMUNIQUÉ
CMA Balwinder Singh
President
The Institute of Cost Accountants of India
November 2019 at Chennai. The theme of the

Convention was “Challenging Economic Landscape
– Driving Performance Dimensions of Governance”.
The convention was attended by my council colleagues,
Past Presidents and a large number of delegates. The
event has witnessed speakers from various companies
including Apollo. ITC, Oracle, BEML, Sankara
Netralaya. CMAs from various organizations in the
position of Director Finance, CFO, and CEO have
presented their views on varied topics.
To appraise all the members of the activities /
initiatives undertaken by the Departments/ Directorates
“Education is not the learning of facts, but the of the Institute during last month, I now present a brief
training of the mind to think” summary of the activities:
– Albert Einstein BANKING & INSURANCE COMMITTEE
The Insurance Regulatory Development Authority
My Dear Professional Colleagues, of India has come out with Exposure Draft of
IRDAI (Insurance Surveyors and Loss assessors)
Global Summit 2020 (Amendment) Regulations, 2019. The Banking &
As you all are aware that the Institute is organising Global Insurance Committee of the Institute immediately
Summit on the theme “Mission 5 Trillion – CMA as a Cryogenic sought comments/suggestions on Exposure Draft from
Force” on 9th -11th January 2020 at New Delhi, I earnestly the Members and deliberated various provisions and the
request all the members to attend this Global Summit in large comments/suggestions received with the experts. The
numbers to show the strength of CMA profession. The Global suggestions on such Draft were submitted to Insurance
Summit will be addressed by eminent persons holding high Regulatory Development Authority of India on 21st
positions in the Government, Industry leaders and management November, 2019.
experts. Many professional Gurus from USA, UK, Australia, China, I along with CMA Chittaranjan Chattopadhyay,
Germany, Japan, South Africa, South Korea, & Singapore have Chairman of Banking & Insurance Committee met Dr.
consented to share their knowledge & experience at the Summit. Subhash C. Khuntia, Chairman, Insurance Regulatory
and Development Authority of India on 2nd December,
Symposium on Cost Audit 2019 at New Delhi and discussed the role of CMAs
The Technical Cell of the Institute is organising a National in Insurance Sector and various professionals avenues
Level Symposium on Cost Audit on 20th December 2019 at YB of CMAs in the insurance Sector. The Chairman
Chavan Auditorium, Mumbai. The Symposium will be addressed appreciated the timely submission of the suggestions by
by regulators, industry representatives and other eminent speakers. the Institute on IRDAI (Insurance Surveyors and Loss
The participants will be eligible for 4 CEP hours. I urge the assessors) (Amendment) Regulations, 2019.
members of the Institute to attend the Symposium in large numbers I along with CMA Biswarup Basu, Vice President,
and showcase the strength of the Profession. Necessary details are CMA Dr. A S Durgaprasad, Past President of the
available on the website of the Institute. Institute, CMA Dr. K Ch A V S N Murthy, Council
Regional CMA Convention of SIRC Member, CMA P Raju Iyer, Council Member met
I am delighted to share that I had an opportunity to inaugurate Shri J Packirisamy, Managing Director and CEO,
the Regional Cost Convention organized by the Southern India Andhra Bank at Hyderabad on 4th December, 2019
Regional Council (SIRC) of the Institute held on 23rd & 24th and discussed the role of CMAs in Banking Sector and
recruitment of CMAs in Banks.

PRESIDENT’S COMMUNIQUE
The Institute has associated with ASSOCHAM for month away, Directorate of CAT, for its students has prepared
organizing 12th Global Insurance Summit-‘Making India a sample question papers for practice. These sample question
Fully Insured Society’ on 6th December, 2019 at Mumbai. papers would be helpful for the aspirants in their preparation
Members from the profession and industry at large shall for the examination. These sample question papers are
participate in the summit. available at the Institute’s website and have also been shared
CMA Chittranjan Chattopadhyay, Chairman of Banking & with the students and ROCCs through their registered email
Insurance Committee along with CMA Biswarup Basu, Vice ids.
President met Shri Jaimin Bhatt, President & Group CFO and • CAT Course under SHE Skills-2019 scheme of
Member, Group Management Council of Kotak Mahindra Government of Kerala
Bank and discussed the role of CMAs in Banking Sector and
I have pleasure in sharing that CMA H Padmanabhan,
recruitment of CMAs in Banks. They also met Shri Rajkiran
Chairman CAT had signed on behalf of the Institute the SHE
Rai G, MD & CEO, Union Bank of India to discuss on various
SKILL Project MoU between Government of Kerala, ASAP
professionals avenues of CMAs in the Banks and recruitment
BFSI and ICAI. I had the pleasure in gifting it to the Chapters
of CMAs in Banks.
and ROCCs in Kerala the scheme wherein 16 batches of 30
DIRECTORATE OF ADVANCED STUDIES girl students per batch are pursuing the CAT Course which is
I am happy to inform that the Inauguration of SAP-FICO the first time ever in India among all States. The Honourable
Power User Course batch took place on 9th November 2019 at Minister of Government of Tamil Nadu Sri. Kadambur Raju,
Kolkata. CMA Debasish Mitra, Chairman, Board of Advanced Minister for Information and Publicity was witness to the
Studies along with CMA Biswarup Basu, Vice President, august event.
CMA Chittaranjan Chattopadhyay, Council Member, CMA • CAT Course for Poor through Deen Dayal
Arundhati Basu, Regional Council Member – EIRC graced Upadhyaya Grameen Kaushalya Yojana (DDU-
the occasion. The program was also attended by experts from GKY) in Karnataka and Bihar
Industries, Mr. Soumya Bhattacharya, Program Manager, SAP-
As you may be aware, the Ministry of Rural Development
FICO, Capgemini and Mr Ravi Kotha, Senior Project Manager,
(MoRD) announced the Deen Dayal Upadhyaya Grameen
SAP, ITC Infotech India Limited.
Kaushalya Yojana (DDU-GKY) Antyodaya Diwas on 25th
DIRECTORATE OF STUDIES September 2014. DDU-GKY is a part of the National Rural
I am pleased to convey that the Institute has organized a Livelihood Mission (NRLM), tasked with the dual objectives
Mega Career Awareness Programme on “Commerce Education of adding diversity to the incomes of rural poor families and
& Beyond: Reinforcing Young Minds” in association with the cater to the career aspirations of rural youth. DDU-GKY is
University of Calcutta on 22nd November, 2019 at Mahajati uniquely focused on rural youth between the ages of 15 and 35
Sadan, Kolkata. years from poor families. To be an active part of this scheme,
the Institute has applied for imparting the CAT course in the
Prof. Ashoke Ranjan Thakur, Vice Chancellor, Sister
states of Karnataka and Bihar. I am sure that the Directorate
Nivedita University, CMA Biswarup Basu, Vice President,
of CAT would be successful in tapping the thus far untamed
ICAI, CMA Amit A. Apte, Immediate Past President, ICAI,
opportunity for India to train and place the potential youth
CMA Amal Kumar Das, Past President, ICAI, CMA Dr.
from the poor families.
V. Murali, Council Member, ICAI, CMA Chittaranjan
Chattopadhyay, Council Member, ICAI, Prof. CMA Dhruba • New ROCCs
Ranjan Dandapat, Dean, Calcutta University, Prof. Dr. Ashish The Directorate of CAT under the Chairmanship of CMA
Kumar Sana, Head of Commerce Department, Calcutta H. Padmanabhan has approved two new ROCCs in New Delhi
University, CMA Pallab Bhattacharyya, Chairman, EIRC, (N-239 & N-240). The establishment of these new ROCCs
ICAI and CMA Dr. Debaprosanna Nandy, Sr. Director, ICAI shall be a matter to cheer for the aspirants of CAT course living
marked this 3rd edition of Mega Career Awareness Programme in these cities and nearby cities and towns.
by their auspicious presence in the inaugural session. Eminent
Industry experts including CMA Santosh Sharma and Shri • State Level ROCCs Meet
Mohit Shaw enlightened the students with sharing their expert Under the able chairmanship of CMA H Padmanabhan,
knowledge to shape professional career in the right direction. Regional Council and Chapters Coordination Committee
Around 1000 students and faculty members from more than (RC&CC) of the Institute is working to take the Profession
50 Colleges and Universities participated in this programme. at different level with extended cooperation & support of
Participants were highly enriched with the deliberations of the Chapters, ROCCs and CMA Support Centres PAN India.
experts. Accordingly, for the north-eastern states, a meeting at
Guwahati was held on 17th November 2019 and for the
DIRECTORATE OF CAT
southern Indian states on 23rd & 24th November, 2019. I
• CAT Sample Question Papers am glad that my colleague CMA Padmanabhan has been
The last date for the receipt of CAT examination application deftly using the synergies of the CAT & R&CC Committees
form was 30th November, 2019. The window was open for a while leveraging the single platform for taking up the matters
month and I am sure that all the aspirants have filled up their pertaining to both of them.
examination form. While examinations are one and a half

• Meeting with the key Government officials and and propose upgrades to the existing system to allow for
Ministers improved managerial analysis of costing data and hence
Chairman CAT and team met Honourable Chief Minister efficiency improvements in key performance areas. I attended
of Government of Tamil Nadu and appraised about the Skill the Assembly of Delegates (AOD) of CAPA as voting
Development Project and in turn the Government is eager to representative and CMA Neeraj D. Joshi, Council member as
have our proposal for implementation in the State. designated advisor on 11th November 2019.
To discuss the contemporary issues related to the profession, On 12th November 2019, Memorandum of Understanding
my council colleague CMA H Padmanabhan has been meeting (MoU) was signed between CAPA and the South Asian
regularly with the key Government officials and Ministers Federation of Accountants (SAFA). The ceremony involved
in the States of Kerala, Tamil Nadu and Odisha encouraging both organisations’ leadership and was witnessed by the IFAC
others to meet the officials in other parts of the Country. President, Prof. In Ki Joo. I along with CMA Neeraj D. Joshi,
Council Member attended the IFAC Council Meeting on 13th &
INTERNAL AUDITING AND ASSURANCE 14th November 2019 at Vancouver, Canada.
STANDARDS BOARD
• Meeting with ACCA, UK and CPA Canada officials
It is my pleasure to inform that “The Internal Auditing and
Assurance Standards Board” has conducted the 2nd meeting I wish to inform the members that I along with CMA
on 16th November, 2019 at CMA Bhawan, New Delhi under Neeraj D. Joshi Council Member met ACCA, UK officials
the Chairmanship of CMA P. Raju Iyer. The Board will soon in Vancouver, Canada on the sidelines of CAPA and IFAC
launch a dedicated web portal so that all the Members and meetings to discuss about possibilities of further strengthening
Stakeholders can have an access to the initiatives of the Board the relationship between both the Institutes and in another
and important information, guidance related, technical guides, meeting, we met Ms Tashia Batstone, Senior Vice President-
etc., to Internal Audit. CPA Canada in Toronto, Canada on 14th November 2019 to
take forward our discussions about possibilities of mutual
The Board decided that webinars on different topics on
recognition of the professional qualifications and professional
Internal Audit will be arranged. The Board has planned to
development programmes offered by both Institutes.
conduct workshops with industry to highlight the significant
contribution and value addition to corporate by CMAs • Members Meet in Toronto
conducting internal audit. The Board has discussed the draft I along with CMA Neeraj D. Joshi, Council member also
Guidance Note on Petroleum and Education sector, which had the opportunity to meet the members of the Institute in
will be exposed to members’ comments in due course after Canada and deliberated on the various issues & matters of their
modifications and upgrading. The Board has planned to bring concern related to the profession during the Members Meet
Guidance Notes on various industries in due course. organised by the Toronto Overseas Centre of Cost Accountants
The Board has planned the month of April 2020 as “month of India (TOCCAI) at Ontario, Canada on 17th November
of internal audit” and proposed to conduct various programs on 2019.
PAN India basis. The Management Accountant Journal for the
• London Global Convention 2019 by IOD
month of April shall be on the theme Internal Audit. I request
the members and experts to contribute articles, case studies, Institute of Directors (IOD) has organized its 19th edition
research materials, etc., for publication. of the Annual London Global Convention on the theme
“Corporate Governance and Sustainability” during 13-16
I extend my best wishes to the Members of the Board
November 2019 at London (UK). The Institute was the
and also expect that the newly formed Board can fulfill the
Associate Partner for this Convention. CMA Dr. Ashish P.
potential need in the area of Internal Audit through its wide
Thatte Chairman, International Affairs Committee and CMA
range of activities.
Vijender Sharma, Chairman, Professional Development &
INTERNATIONAL AFFAIRS DEPARTMENT CPD Committee represented the Institute at the Convention.
I am pleased to share that I had a meeting with the • SAFA meeting and events in Dhaka, Bangladesh
representatives of Kenya Accountants and Secretaries National
CMA Dr. P.V.S. Jagan Mohan Rao, President SAFA,
Examination Board (KASNEB) during their study visit to
CMA Dr. Ashish P. Thatte, Chairman, International Affairs
India on 5th November 2019 at CMA Bhawan, New Delhi.
Committee, CMA Dr. V. Murali and CMA Rakesh Bhalla,
The meeting had deliberations on educational and examination
Council Member attended the SAFA Committee meetings,
systems prevalent in both countries.
SAFA International Conference, 19th ICAB National Award
• CAPA and IFAC meetings for Best Presented Annual Reports 2018 and ‘SAFA Best
The Confederation of Asian and Pacific Accountants Presented Annual Reports Award & SAARC Anniversary
held its Members Meeting, Assembly of Delegates (AOD) Award for Corporate Governance Disclosures 2018 and 60th
during 10th to 12th November 2019 in Vancouver, Canada. SAFA Board meeting held in Dhaka, Bangladesh during 29th
During the members meeting, CAPA launched the first case November 2019 to 1st December 2019 hosted by the Institute
study publication showcasing the work of the Institute of of Chartered Accountants of Bangladesh (ICAB).
Cost Accountants of India aimed at supporting ‘PAO’s – We are proud to inform you that CMA (Dr.) P V S Jagan
Engaging with the Public Sector’ about the comprehensive Mohan Rao, President SAFA received memento from His
study of the existing costing system in the Indian Railways Excellency Hon’ble President of Bangladesh, Mohammad

Abdul Hamid during the SAFA International Conference Regulations, ACCA UK for building association between IPA
organized by ICAB on 30th November 2019 in Dhaka, ICAI and ACCA to work jointly in the domain of international
Bangladesh. research on insolvency and professional development
initiatives for both Insolvency and ACCA professionals of both
MEMBERS IN INDUSTRY COMMITTEE
the countries.
Members in Industry Committee organised a program on
‘GST – Recent Developments & New Return System’ on 27th • Representations with Government, PSUs, Banks
of November, 2019 at the Institute Headquarters. The program and Other Organizations
was a thorough Panel Discussion that was graced by CMA PD Directorate is regularly sending representations to
Harijiban Banerjee Past President of the Institute, CMA Amal various organizations for inclusion of cost accountants for
Kumar Das Past President of the Institute, CMA Biswarup providing professional services. Rajasthan State Mines &
Basu Vice President and CMA Chittaranjan Chattopadhyay Minerals Limited, Nigam Limited, Airport Authority of
Council Member. Expert speakers from the Industries: CMA India, Delhi State Industrial & Infrastructure Development
Debasis Ghosh - Vice President (Group Indirect Tax), Peerless Corporation (DSIIDC) Ltd., The Odisha State Police Housing
General Finance & Investment Company Ltd., CMA Subrata & Welfare Corporation Brahmaputra Cracker and Polymer
Mitra Assistant Director, National Academy of Customs Limited (BCPL), Garden Reach Shipbuilders & Engineers
Indirect Tax and Narcotics, Govt. of India, and CMA Susanta Limited (GRSE), Madhya Pradesh Poorv Kshetra Vidyut
Kumar Saha, Tax & Management Consultant discussed on Vitaran Co. Ltd., Central Coalfields Limited (CCL), Union
various developments in GST and the New Return System. Bank of India, Assam State Transport Corporation, Jharkhand
All the member delegates present in the audience showed Urja Sancharan, M.P. Power Generating Company Limited etc.
their utmost eagerness to listen to the expert speakers on the have included Cost Accountants in their Tenders/EOIs during
valuable topic. The program was followed by Question and the month of November 2019.
Answer session, wherein many of the listeners discussed their Further, on the Institute’s representation, the Odisha
queries with the expert speakers State Police Housing & Welfare Corporation included Cost
I am happy to share that CMA Biswarup Basu Vice Accountants for conducting Internal Audit.
President & Chairman of Members in Industry Committee The Institute associated with Confederation of Indian
along with CMA Chittaranjan Chattopadhyay Council Member Industry for Annual Roadshow on Competition Law and
met Shri S. Venkatramani, Additional Commissioner of Practice on 30th November 2019 held at Mumbai.
Income Tax on 1st November, 2019 in Kolkata and discussed
During the month, our Regional Councils and Chapters
the role of CMAs in Income Tax Act. On 4th November 2019,
organized 46 programs, seminars and discussions on the topics
both exchanged greetings with Shri Bishwanath Jha Principal
of professional relevance and importance for the members
Chief Commissioner of Income Tax and discussed the role of
such as Sabka Vishwas (Legacy Dispute Resolution) Scheme
CMAs in Income Tax Act.
2019, Credit Appraisal by banks- CMAs Role & Overview of
CMA Biswarup Basu, Vice President & Chairman of IBC & Opportunities, GST - Recent Developments and New
Members in Industry Committee along with CMA Chittaranjan Return System, Recent Amendments in Cost Audit & Returns,
Chattopadhyay and CMA Dr. Ashish P. Thatte, Council Risk Management and Valuation of Assets, Transfer Pricing,
Members met Shri Satish Kumar Gupta, Principal Chief Direct Benefit Transfer to Farmers, Income Computation and
Commissioner, Income Tax, Mumbai Circle to discuss matters disclosure standards & Recent amendments under Income Tax,
pertaining to inclusion of CMAs in the Accountant definition Prohibition of Benami Property Transaction Act 1988 and so
of Income Tax Act. They also met and exchanged greeting on.
to Shri Manmohon Juneja, Regional Director MCA, Western
I am sure the members were immensely benefited with these
Region, Shri Manoranjan Das, Registrar of Companies,
programmes.
Western Region and CMA Mrs Harjeet K Joshi, Chairman &
Managing Director of The Shipping Corporation of India Ltd. TAXATION COMMITTEE
PROFESSIONAL DEVELOPMENT & CPD The last one month has been quite an eventful month
COMMITTEE for Team – TRD. Number of seminars & events have been
organized by the Committee during the month. On 14th
I am pleased to inform that CMA Vijender Sharma,
November, a seminar was conducted on Sabka Vishwas
Chairman, Professional Development & CPD Committee took
(Legacy Dispute Resolution) Scheme 2019 at New Delhi
initiatives for further propagating the CMA Profession during
where, Mr. Zhaik Khader Rahman - IRS, Commissioner (IT
his visit to London (UK). He met Senior Analyst, International
& Compliance Verification) was the Chief Guest and Mr.
Projects Group (IPG), UK-NARIC and submitted the proposal
Rajnish Goenka - Chairman, MSME Development Forum
for Benchmarking of Cost Accountant (CMA) qualification
was the Guest of Honour. On 16th November, a seminar was
by the Institute with an objective to get global recognition in
conducted on Direct and Indirect Tax at Mysore, where Mr. S.
relation to UK education system. He also met the CEO and
Rakesh - IRS, Assistant Commissioner, Income Tax graced the
President of Insolvency Practitioners Association UK for
occasion. On 29th November another seminar was conducted
building association between IPA ICAI and IPA UK to work
on the theme GST - Moving Forward and Sabka Vishwas - A
jointly in the domain of international research on insolvency
Ray of Hope at Madurai, where Mr. V Pandiaraja IRS, Joint
and professional development initiatives for insolvency
Commissioner, CGST Madurai and Mr. S. Renthinavelu, Sr.
practitioners of both the countries, met with Director

President, T N Chamber of Commerce graced the occasion. Campus Placement Programme in the month of December in
In the courses, crash course for colleges and universities, the different locations.
course has started in SBRR Mahajana First Grade College, The Institute has also conducted Campus Recruitment
Mysore in November and MOU has been signed. Apart from Programmes for Qualified Intermediates of June 2019 Batch
this course is also running successfully at Umeschandra at Pune, Kolkata and Howrah. Reputed companies including
College, Kolkata. Webinars have been conducted on the Western Carrier India Ltd., ITC Limited participated in this
topics “Import & Export Procedure - Practical Approach” on Campus Recruitment Drive. Also many reputed companies
Customs by CMA Amit Dey on 07.11.2019, on IT amendments including NMDC Limited, Bharat Heavy Electricals Ltd.,
effective from 01-09-2019 by CMA Abhijit Khasnobis on Shipping Corporation of India Ltd., Garware Bestretch
15.11.2019 and on Scrutiny of monthly & annual returns under Limited, Novac Technology Solutions (Shriram Groups),
GST (By dept) by CMA Vishwanath Bhat on 26.11.2019. Jumbotail Technologies Pvt Ltd, TM Solutions Private Limited
Notifications and Recent amendments (Both Direct & Indirect (Taxmantra), The Indian Statistical Institute, NTPC limited and
Tax) are being uploaded in website time to time for the benefit many other organisations are also offering Practical Training
of stakeholders & members. opportunities to the Qualified Intermediates to join as Cost and
During the month, CMA Niranjan Mishra, Chairman, Management Trainees on fixed term basis.
Indirect Taxation Committee met Dr. John Joseph, Spl I wish all the newly qualified CMAs and Qualified
Secretary and Member, CBIC, Shri Yogendra Garg, Principal Intermediates of June 2019 term for their successful
Commissioner, GST Policy, CBIC and Shri L Satya Srinivas, professional career.
Joint Secretary (Customs), Department of Revenue, Ministry
of Finance, Government of India and discussed about various INSOLVENCY PROFESSIONAL AGENCY (IPA) OF
recent initiatives and future road map of the Institute on INSTITUTE OF COST ACCOUNTANTS OF INDIA
Indirect Taxation related matters. The Insolvency Professional Agency of the Institute
organized various Round table Interactions, workshops and
REGIONAL COUNCIL AND CHAPTER
webinars during the month on:
COORDINATION COMMITTEE
• Orientation Program on IBC in Ludhiana on 2nd
I have pleasure to inform that this committee under the
November 2019
chairmanship of CMA H Padmanabhan organised for the first
• Colloquium with IP’s on Liquidation under IBC, 2016
time Webinar Series on specific theme on five topics during the
in Delhi on 8th November 2019
month which have received overwhelming response among the
• Workshop on Group Insolvency in Kolkata on 9th
membership. I had the pleasure of attending the Regional Cost
November 2019
Convention of SIRC and disbursed Best Performing Chapter/s
Award for the year 2K19 arrived at by this committee under
in Bengaluru on 11th November 2019
various categories of Chapters falling under A, B, C and D
categories, the best two in all categories along with Chairman
in Hyderabad on 11th November 2019
of the Committee to the recipients. I congratulate the award
• Colloquium with IP’s on CIRP under IBC, 2016 in
winner’s viz., Hyderabad & Coimbatore Chapters under “A”
Mumbai on 13th November 2019
Category, Vijayawada & Visakhapatnam Chapters under “B”
• Certificate Course on IBC – 15th November 2019 –
Category, Thrissur & Mysore Chapters under “C” Category
18th November 2019
and Nellore & Erode Chapters under “D” Category and
• Certificate Course on Valuation – 16th November 2019
appreciate other Chapters for their services too.
• Webinar on Personal Insolvency and Bankruptcy of
The Chairman CMA H Padmanabhan on behalf of myself Guarantors to Corporate Debtors – 22 November 2019
and Institute was instrumental in organizing one day seminar • Awareness Program on IBC in Cuttack on 24th
jointly by Tamil Nadu Chamber of Commerce and Institute in November 2019
Madurai which witnessed more than six hundred participants. • Colloquium with IP’s on CIRP under IBC, 2016 in
We appreciate the active role played by the Madurai Chapter Delhi on 26th November 2019
and TRD with this committee. I wish prosperity and happiness to members, students
TRAINING & PLACEMENT DIRECTORATE and their family on the occasion of Christmas & Season’s
Greetings and wish them success in all of their endeavours.
I am pleased to share that the Institute has started conducting
CMA Extended Campus Placements Programme for June 2019 Thanking you,
batch of qualified CMAs at various Regions and Chapters Warm Regards,
including at Kolkata, Ahmedabad, Bangalore and Jaipur.
Reputed companies including Consero Solutions India Private
Limited, NH Group India (Narayana Health), Capgemini
Technology Services India Limited, McNally Bharat
Engineering Company Ltd, Befree, Astral Polytechnik Ltd,
Khimji Ramdas India Pvt. Ltd, Highly Electrical Appliances CMA Balwinder Singh
Pvt. Ltd, Genpact and AU Small Bank participated in the December 5, 2019
Extended Campus Placement Programmes in the month of
November 2019. We will continue organising the Extended

CHAIRMAN’S
COMMUNIQUÉ
CMA (Dr.) K Ch A V S N Murthy
Chairman
Journal & Publications Committee
the issue more informative and stimulating, we have included

Special Article related to a significant event of recent times.
Our mission is to establish this department as a premier
research body in the country to raise public awareness about
policy issues in business, trade, society and economy and to
facilitate solutions that will contribute to national development.
December 2019 of the Journal “The Management Accountant”
is based on the theme “Startups and Entrepreneurship” where
Entrepreneurs need to understand how well they are using assets
to generate services and the costs of inventory are compared
with the company’s profit margin. Startup India will help boost
entrepreneurship and economic development – by ensuring that
people who have the potential to innovate and start their own
“Faith is of no avail in absence of strength. business are encouraged – with proactive support and incentives
Faith and strength, both are essential to at multiple levels.
accomplish any great work.” I request continuous support from every corner in the quest
for value creation through the activities of this department. I
~ Sardar Vallabhbhai Patel am also very much confident that the office bearers of the
department will provide their assistance and best efforts
I am thankful to the Council of the Institute for having faith in undoubtedly and commit for its betterment.
my capabilities and assigning me the responsibility to serve the I am in high spirits to proclaim that the Institute are
Institute as Chairman of the Journal & Publications Committee organizing Symposium on “Cost Audit – Stakeholders’ Value
(2019-2020). I convey my sincere gratitude to everyone, Proposition” on 20th December 2019, YB Chavan Auditorium,
who supported the activities of the Journal and Publications Mumbai and Global Summit 2020 on the theme “Mission 5
department and is committed to work relentlessly to meet the Trillion-CMA As a Cryogenic Force” on January 9-11, 2020
expectations of the members, students and other stakeholders. at The Ashoke Hotel, New Delhi.
The following publications are being published regularly by The goal of USD 5 Trillion can be achieved through a clear
the Directorate of Journal and Publications: strategic thinking by the Captains in the Government, Business
• The monthly journal ‘The Management Accountant’ and Management Leadership. The Global Summit would be
• Quarterly ‘Research Bulletin’ addressed by eminent persons holding high positions in the
Government and Industry leaders that would create a national
The monthly journal The Management Accountant with platform for deliberation and knowledge transformation. Cost
its modern layout as well as rich and informative contents Audit offers significant value addition to various stakeholders.
is highly commendable and the quality of articles has also It is a continuous endeavour of the Institute to get feedback
improved immensely over the past few months. The basic focus from various stakeholders regarding their expectations, which
is to make The Management Accountant a global brand on its guides and shapes the future developments in this mechanism.
own. It is needless to mention that the concerned department I would earnestly request all our members to actively join
has progressed towards design improvement, and the present both the events to evaluate the efficacy and highlight further
professional design has received accolades from all quarters and expectations for making India $5 Trillion Economy.
members of the Institute. We solicit your feedback, suggestions and concerns for the
Distinguished experts and authors contribute relevant and overall development of the Journal and Publications Department.
path-breaking articles and case studies for the journal that not Please send us mails at [email protected] / [email protected] for
only enhance the quality of the publications, but also give new various issues relating to journal and publications.
dimensions and directions towards socio-economic research
and policy making.
We are incorporating new features like Down the Memory
Lane, Statutory Updates, Interviews of eminent industry
stalwarts and relevant cover stories of national and global CMA (Dr.) K Ch A V S N Murthy
importance in our journal and giving our best efforts to reach December 5, 2019
the unreachable through persistent value addition. To make

ICAI-CMA SNAPSHOTS
CMA Balwinder Singh, President of the Institute welcomes

Mr. Benrodgers M. Milaih, Board Member of Kenya Accountants
and Secretaries National Examination Board (KASNEB) on 5th Vice President CMA Biswarup Basu, Central Council
November 2019 at CMA Bhawan, New Delhi Member CMA Chittaranjan Chattopadhyay Chairman, Banking
& Insurance Committee along with CMA Kishore Bhatia
exchanged greetings to Shri Jaimin Bhatt, President & Group
CFO and Member, Group Management Council of Kotak
Mahindra Bank on 8th November 2019
Vice President CMA Biswarup Basu and Council Member

CMA Chittaranjan Chattopadhyay exchanged greetings with Vice President CMA Biswarup Basu and Council
Principal Chief Commissioner of Income Tax, Shri Bishwanath Member CMA Chittaranjan Chattopadhyay met Additional
Jha on 4th November, 2019 in Kolkata and discussed role of Commissioner of Income Tax, Shri S. Venkatramani on 1st
CMAs in Income Tax Act November, 2019 in Kolkata and discussed role of CMAs in
Income Tax Act
Vice President CMA Biswarup Basu and Council Members

CMA Dr. Ashish Prakash Thatte and CMA Chittaranjan Vice President CMA Biswarup Basu and Council Members
Chattopadhyay felicitating CMA Mrs Harjeet K. Joshi, CMA Dr. Ashish Prakash Thatte and CMA Chittaranjan
Chairman and Managing Director of Shipping Corporation of Chattopadhyay felicitating Shri Satish Kumar Gupta, Principal
India Ltd. on 21st November, 2019 Chief Commissioner Mumbai Region on 20th November, 2019
in Mumbai

ICAI-CMA SNAPSHOTS
Shri Rajkiran Rai G, MD and CEO, Union Bank of India Vice President CMA Biswarup Basu and Council Members
was greeted by CMA Biswarup Basu, Vice President and CCM CMA Dr. Ashish Prakash Thatte and CMA Chittaranjan
of ICAI, CMA Chittaranjan Chattopadhyay, Chairman Banking Chattopadhyay felicitating Shri Manmohan Juneja, Regional
and Insurance Committee of ICAI and CMA Dr. Ashish Thatte, Director of MCA Western Region on 21st November, 2019
CCM of ICAI on 20th November 2019
2nd Meeting of “Internal Auditing and Assurance Standards Glimpses of the Seminar on Sabka Vishwas (Legacy Dispute
Board” held on 16th November, 2019 at CMA Bhawan, New Resolution) Scheme, 2019 organised by the Tax Research
Delhi - CMA Raju Iyer, Chairman of the Board & CMA Department in association with NIRC of the Institute on 14th
Biswarup Basu, Vice President along with the Members of the November 2019 at New Delhi
Board CMA J K Budhiraja, CMA Mrityunjay Acharjee, CMA
Dr. A.G. Aggarwal, CMA M B Eswaran, CMA Ashwinkumar
G Dalwadi(CCM), CMA Dr. V Murali (CCM), CMA Debasish
Mitra (CCM) , CMA Dr. K CH A V S N Murthy (CCM), CMA
Chittaranjan Chattopadhyay (CCM),CMA Rakesh Shankar,
CMA Shyam Sundar Sonthalia, CMA Kushal Sen Gupta,
Secretary to the Board
Inauguration of SAP-FICO Power User Course on 9th

November 2019 at Kolkata. CMA Debasish Mitra, Chairman,
Board of Advanced Studies lighting the lamp along with
CMA Biswarup Basu, Vice President, CMA Chittaranjan
Chattopadhyay, Central Council Member, CMA Arundhati
Basu, Regional Council Member - EIRC, CMA Dr. D P
Nandy, Sr. Director of the Institute, Experts from Industries
CMA Balwinder Singh, President and CMA Chittranjan - Mr Soumya Bhattacharya, Program Manager, SAP-FICO,
Chittopdahyay felicitating Shri Subhash Chandra Khuntia, Capgemini and Mr Ravi Kotha, Senior Project Manager, SAP,
Chairman, Insurance Regulatory Development Authority of ITC Infotech India Ltd
India

ICAI-CMA SNAPSHOTS
CMA Debasish Bandopadhyay, Regional Director, Eastern Career Awareness Programme on “Commerce Education &
Region, Ministry of Corporate Affairs, Government of India Beyond: Reinforcing Young Minds” organised by Directorate
delivering his address on Ease of Doing Business in India in the of Studies in association with Calcutta University on 22nd
Seminar on ‘Ease of Doing Business in India for the year 2019- November, 2019 at Mahajati Sadan, Kolkata. Prof. Ashoke
Reforms’ held on 30th October 2019 at J.N. Bose Auditorium, Ranjan Thakur, Vice Chancellor, Sister Nivedita University,
CMA Bhawan, The Institute of Cost Accountants of India, CMA Biswarup Basu, Vice President along with CMA Amit
Kolkata Anand Apte, Immediate Past President, CMA Amal Kumar
Das, Past President, CMA Dr. V. Murali, CCM, Prof. CMA D.
R. Dandapat, Dean, Calcutta University, CMA Chittaranjan
Chattopadhyay, CCM, Prof. A. K. Sana, HOD, Commerce
Department, Calcutta University, CMA Pallab Bhattacharyya,
Chairman, EIRC and CMA Dr. D.P. Nandy, Sr. Director of the
Institute graced the programme
‘GST – Recent Developments & New Return System’

A Programme Organized by
The Members in Industry Committee
M
embers in Industry Committee organised a program on ‘GST – Recent Developments & New Return System’ on
27th of November, 2019 at the Institute Headquarters. The program was a thorough Panel Discussion that was
graced by former Presidents of the Institute CMA Harijiban Banerjee and CMA Amal Kr. Das, Vice President
CMA Biswarup Basu and Council Member CMA Chittaranjan Chattopadhyay. Expert speakers from the Industries: CMA
Debasis Ghosh - Vice President (Group Indirect Tax), Peerless General Finance & Investment Company Ltd., CMA Subrata
Mitra Assistant Director, National Academy of Customs Indirect Tax and Narcotics, Govt. of India, and CMA Susanta Kumar
Saha, Tax & Management Consultant discussed on various developments in GST and the New Return System. All the
member delegates present in the audience showed their utmost eagerness to listen to the expert speakers on the valuable topic.
The program was followed by Question and Answer session, wherein many of the listeners discussed their queries with the
expert speakers.

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COMMERCE EDUCATION & BEYOND:
REINFORCING YOUNG MINDS
3rd EDITION - CAREER AWARENESS PROGRAMME

Friday, November 22, 2019 Mahajati Sadan, Kolkata
Organised by in associa on with
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA DEPARTMENT OF COMMERCE

Statutory Body under an Act of Parliament UNIVERSITY OF CALCUTTA
D
Behind Every Successful Business Decision, there is always a CMA
irectorate of Studies of the Institute had the students by sharing his own journey in the professional
organized 3rd Edition of Mega Career field and boosted the students to stay focused, determined
Awareness Programme on “Commerce and work hard along with positive attitude to overcome the
Education & Beyond: Reinforcing difficulties in life and to achieve success in career. He also
Young Minds” in association with touched upon the great role of CMAs in various PSUs and
Calcutta University on 22nd November, turning the organizational fortune around.
2019 at Mahajati Sadan, Kolkata. Around 1000 students CMA Chittaranjan Chattopadhyay, Central Council
and eminent faculties from more than 50 colleges and Member, ICAI said that we should focus on quality life for
universities participated in this programme. the next generation and it can be achieved by acquiring 21st
Prof. Ashoke Ranjan Thakur, Vice Chancellor, Sister century skills like expanding literacy, competencies and
Nivedita University, Kolkata graced the programme as character qualities. Knowledge utilization is the main way to
the Chief Guest. He highlighted the rare quality to have create value in digital life. He emphasized on migrating from
flexibilities in understanding the subjects and being able industry 4.0 Society to 5.0 Society stating the importance of
to move on with time which can immensely help one to be internet of things, artificial intelligence, big data and robotics.
steady and make progress in life. He also said that multi skill proficiency is required in our
CMA Biswarup Basu, Vice President, ICAI enlightened life to survive in the changing times and CMA Profession is
the students with his motivational speech. He said that ready for that.
to be a successful professional, one must take up an idea CMA Dr. V. Murali, Central Council Member, ICAI
and convert that particular idea into action. As a student enlightened the students with his inspirational words. He
one must stay positive and motivated. Purity, Patience and shared the key elements for Success that is: Knowledge, Skill
Perseverance are the three essences to build a successful Sets, Attitude and Ethics & Values. Fertile and sustainable
career. Knowledge gives idea, idea leads to creativity; when idea is required which can be converted into a commercial
learning is purposeful, creativity blossoms and positive proposition. The idea should initiate the hunger and fire
thinking grows. He also highlighted the strength of the within us to achieve the goals and objectives in our lives.
Institute and the immense growth prospect of Cost and He stated that knowledge is the key to achieve all the wealth
Management Accountants in the industries such as GST in life; one can achieve the desired results once he or she
Audit, Valuation, Insolvency and Bankruptcy along with possesses the required knowledge and skill sets, one must
other areas of professional avenues besides huge employment never give up the positive attitude in the face of adversities.
opportunities. A person must be aware, beware, share, care, dare and should
CMA Amit Anand Apte, Immediate Past President, be fair. One need to be aware about the professional avenues
ICAI delivered the Key Note address and shared his vast to know the changes in the ever evolving world to make
knowledge and experiences. He highlighted the need for himself or herself to be aware of the impact of such changes
dedicated efforts to crack any professional course like Cost and must take ample care to implement such changes in
and Management Accountancy Course and to get success in life; one must have the ability to share such knowledge and
life. changes with sufficient dare to absorb such changes and let
the world know of the same. All this process can only be
CMA Amal Kumar Das, Past President, ICAI inspired

achieved if one remains fair and thorough in his or her stride. Grow constructive thoughts, emotions and create strategies
Self-confidence and faith in own ability along with hard to unlock value and aim for the bull’s eye. The qualified
work are required to come out of the challenging situations professionals of the Institute should have confidence to
in life. He touched upon the role of CMAs emphasizing live, grow, create and act like a leader who has the ability to
on management reporting and ethics. He also said that in reach out to the unreach. He also highlighted the prospects
this world of global recession one must have the ability to of a CMA in the fields of entrepreneurship, academics and
analyse and answer to what extent one can manage the cost research. CMA qualification coupled with knowledge in Data
with various Management Accounting tools to take the corect Analytics is a growing prospect in the modern Industry and
decisions. He ended his speech with the Golden words: one has the ample opportunity to become the CFO or CEO in
Observation, Absorption, Assimilation, and Application. the future in this process.
Observation and patience are required immensely in our Shri Mohit Shaw addressed a very important issue that
professional field to have better understanding to absorb, being a commerce student one should understand the value
accumulate and apply the knowledge we gathered throughout of money. Expectations are huge but are we working enough
the journey of our life. to achieve it? He also pointed out the fact that during the
three years of our under graduation
course we are all riding the fun ride but
real challenges begin after we leave our
colleges without any proper direction to
move forward. The six main parameters
while deciding a career option should
be scope, time required, investment,
pay package, growth prospect and
value added propositions. Proper career
planning and decision to choose the
right Career path is highly required
to be successful in every aspects of
professional life.
CMA Dr. Debaprosanna Nandy,
Sr. Director, ICAI had delivered
the welcome address and stated the
importance of this type of awareness
programme on regular basis. CMA
Professor CMA Dhruba Ranjan Dandapat, Dean, Pallab Bhattacharyya, Chairman, EIRC, ICAI highlighted
Calcutta University highlighted the need for collaboration the ample scope and opportunities of Cost & Management
between the University and the Institute and how such Accountants as a practitioner with increasing professional
programme guide the students and make them aware of avenues and delivered the vote of thanks of the programme.
various career prospects. Learning in any avenue of life, be
it studies or job, one must have the zeal
to devote themselves completely. He
also highlighted the ever growing need
of cost analysis and decision making by
pointing out it’s significance in our daily
life. Focus on sustainable development
and a better society was the main
emphasis of his speech.
Prof. Dr. A. K. Sana, Head of
Commerce Department, Calcutta
University enlightened the students with
his motivational words and also touched
upon the scope and opportunities of
CMA Course and Profession.
Eminent Industry experts and
Consultants like CMA Santosh Sharma
and Shri Mohit Shaw enlightened the
students with their expert knowledge
and experience. Mahajati Sadan, Kolkata, 22 November, 2019
CMA Santosh Sharma stated that in the face of

obstruction one has to find a way out. People will laugh, fight
and discourage you till you create a successful platform.

TRD in association with NIRC conducted a Seminar on 14.11.2019
Theme of Seminar - Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 and Practical Issues of Annual Return
Chief Guest - Mr. SHAIK KHADER RAHMAN - IRS, Commissioner (IT & Compliance Verification)
Guest of Honor - Mr. RAJNISH GOENKA - Chairman, MSME Development Forum
CMA Biswarup Basu - Vice President of The Institute of Cost Accountants of India, CMA Niranjan Mishra - Chairman
Indirect Taxation Committee, CMA Rakesh Bhalla - Chairman Direct Taxation Committee, CMA Anil Sharma - Chairman,
NIRC, CMA P. Raju Iyer- Chairman, Internal Audit Standards Board, CMA (Dr.) Sanjay Bhargave - Practicing Cost
Accountant graced the seminar
Tax Research Department conducted a Seminar on Direct Tax and Indirect Tax in
association with Mysore Chapter on 16.11.2019
Chief Guest – Mr. S. Rakesh - IRS, Assistant

Commissioner, Income Tax
CMA Niranjan Mishra - Chairman, Indirect Taxation

Committee, CMA Vishwanath Bhat - RCM, SIRC, CMA
Ashok Kumar - Chairman, Mysore Chapter and other
dignitaries graced the seminar
Inauguration of Crash Course on GST in Pooja Bhagavat Memorial Mahajana Post

Graduation Centre, Mysore conducted by Tax Research Department in association with
Mysore Chapter on 16.11.2019
Lighting of the lamp in the Inauguration and MOU

exchange Programme

2 - Day National Seminar on Taxation
Organized by
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
TAX RESEARCH DEPARTMENT

&
BHUBANESWAR CHAPTER
Theme
“Conducive Tax Laws - Challenges & Opportunities”
Date : 21st & 22nd December, 2019
Venue : KIMS Auditorium, Campus-5,
KIIT Deemed University
Bhubaneswar, Odisha
“Behind Every Successful Business Decision, there is always a CMA”

GLOBAL SUMMIT 2020
(Statutory Body under an Act of Parliament)
GLOBAL SUMMIT-2020 Mission

Trillion
5
Mission 5 Trillion - CMA as a Cryogenic Force
Chief Patron:
CMA Balwinder Singh
President
Patron:
CMA Biswarup Basu Dear Professional Colleague,
Vice President
Chairman, Technical Committee:
CMA Ashwin G Dalwadi Greetings from the Institute of Cost Accountants of India!!!
Council Member
Chairman, Organising Committee: I am happy to inform that the Institute is organizing Global Summit 2020 from
CMA Vijender Sharma th th
Council Member 9 -11 January 2020 at Hotel Ashok, New Delhi. The theme of the summit is
Members:
CMA Dr. Ashish P Thatte
”Mission 5 Trillion – CMA as a Cryogenic Force” that aligns with the goal set by
Council Member Hon’ble Prime Minister of India to achieve USD 5 Trillion Economy by 2024.In
CMA Chittaranjan Chattopadhyay
Council Member today’s globally competitive business environment, all the constituents’
CMA Debasish Mitra economy have to work in sync with each other and play an active and
Council Member
CMA H. Padmanabhan cryogenic role to propel various engines of the economy and generate
Council Member
CMA (Dr) K Ch A V S N Murthy
sustainable momentum for the progressively faster economic growth of the
Council Member country. The Management Accountants act as a cryogenic force who are very
CMA Neeraj D Joshi
Council Member highly productive and show super performance even in extremely cold and
CMA Niranjan Mishra
Council Member
stagnant situations so as to generate adequate force that is required to give a
CMA P. Raju Iyer big push to the economy.
Council Member
CMA Rakesh Bhalla
Council Member The above will not only help India to become cost competitive to achieve global
CMA Papa Rao Sunkara scales; but will also catalyse wider employment generation and GDP growth
Council Member
CMA V. Murali with simultaneous advancement towards our achievements in sustainable
Council Member
CMA Dr. Dhananjay V. Joshi
development.
Past President
CMA Chandra Wadhwa Most likely Hon’ble Prime Minister of India will be the Chief Guest of the
Past President
CMA Kunal Banerjee
Global Summit. Dr. K. Sivan, Chairman, Indian Space Research Organisation
Past President (ISRO) & Secretary, Department of Space and Union Ministers, Secretaries of
CMA M. Gopalakrishnan
Past President Government of India shall address the Summit in the Inaugural / Plenary
CMA Dr. A S Durga Prasad
Past President
sessions.
CMA Rakesh Singh
Past President The Summit will also be addressed by eminent speakers holding high positions
CMA A.N. Raman
Past President SAFA in the Government, Industry leaders and management experts. Many
CMA Hari Goel professional Gurus from USA, UK, Australia, China, Germany, Japan, South
Former Council Member
CMA Anil Sharma Africa, South Korea, & Singapore have consented to share their knowledge &
Chairman, NIRC
CMA Jyothi Satish
experience at the Summit. I earnestly request all the members of the Institute
Chairperson, SIRC to attend this Global Summit in large numbers to show the strength of CMA
CMA Pallab Bhattacharya
Chairman, EIRC profession.
CMA Ashish Bhavsar
Secretary, WIRC I am looking forward to welcome you at New Delhi for the Global Summit 2020
Shri P Thiruvengadam
Ex. Sr. Director, Deloitte on 9th January 2020.
CMA Dr. Asish Bhattacharyya
IMT Ghaziabad
Prof Shailesh Gandhi
IIM Ahmedabad
Dr. Sanjay Kallapur CMA Balwinder Singh
ISB Hyderabad
CMA Srinavasan G Naraisimhan
President
Practicing Cost Accountant
CMA Akshay P Shah
CMA (Dr.) Vimal Kumar Aggarwal
CMA Sankalp Wadhwa
Headquarters:- CMA Bhawan, 12, Sudder Street, Kolkata-700016, Ph. +91-33-22521031/34/35

Delhi Office:- CMA Bhawan, 3, Institutional Area, Lodhi Road, New Delhi-110003, Ph. +91-11-24666100, 24622156/57/58

GLOBAL SUMMIT 2020
GLOBAL
SUMMIT 2020
MISSION 5 TRILLION
CMA AS A CRYOGENIC FORCE
Organised by:
(Statutory body under an Act of Parliament)
January 9-11, 2020
The Ashok Hotel, New Delhi

GLOBAL SUMMIT 2020
ABOUT THE THEME
USD 5 Trillion Goal for 2024 set by Honourable Prime Minister of India requires a huge burst of
energy to propel various engines of the economy. The goal of USD 5 Trillion can be achieved
through a clear strategic thinking by the Captains in the Government, Business and
Management Leadership.
The companies and business entities need to reorient their processes for executing the
strategies of the new economy sustainably. This requires the corporate and non-corporate
entities to align themselves with the new visions such as Switching Governance Mechanisms
in the Board Rooms from a Compliance oriented to a Value Creating approach; Adapting
Sustainable Development Goals in Medium, Small and Micro Enterprises; Reorienting the
Management Systems towards Sustainable Strategies; and Implementing Sustainable
Strategies both in the Private and Public Sector.
The Summit would be addressed by eminent persons holding high positions in the
Government and Industry leaders. Many professional Gurus cutting across continents will also
join them.
The immediate takeaway for the members and Government is going to be with the
implementation of strategies towards the super goal which cannot be with the business as
usual approach. Therefore, there is a need for the new levers which can geometrically escalate
the strategic outcomes to reach the last mile in the Indian demography.
The summit will benefit CEOs, CFOs, Management Accountants and top management team
members of all enterprises operating globally, particularly in Asia.

GLOBAL SUMMIT 2020
GLOBAL SUMMIT 2020

MISSION 5 TRILLION
CMA AS A CRYOGENIC
FORCE
9th January, 2020
9:30AM -
11:00AM
Mission 5 Trillion – CMA as a Cryogenic Force
USD 5 Trillion Goal for 2024 set by our Honorable Prime Minister requires a huge burst of energy to
propel various engines of the economy. Viewed in the context of space technology, a cryogenic
material despite being cold in property produces the burst of energy and acts as a Cryogenic Force
in the journey towards a tall order. Referring to this as an allegory, Cost and Management
Accountants (CMAs) can become the source of Cryogenic energy for the economic growth. This is
Inaugural Session
fundamentally due to the properties (competencies) of CMA oriented towards decision making to
drive the future with economic evaluation skills.
India's Cost leadership in space is now well known. The keynote speaker, Head of ISRO, will discuss
the success story of Cost Management in Space through various drivers of Technological
Efficiencies.
Welcome Address Chairman, Global Summit

Theme Introduction President, Institute of Cost Accountants of India
Special Address Deputy President, International Federation of
Accountants (IFAC)
Key Note address “Conquering Space Chairman, ISRO and Secretary, Department of
through Cost and Technological Efficiencies” Space
Special Address Hon’ble Minister of Finance & Corporate Affairs*
Inauguration by Hon’ble Prime Minister of India*
Vote of Thanks Vice-President, Institute of Cost Accountants of
India
11:00AM-
Health Break
11:15AM
11:15AM-
1:30PM
Mission 5 Trillion –Strategies
The goal of USD 5 Trillion can be achieved only through a clear strategic thinking by the Captains in
Session
Plenary
the Government, Business and Management Leadership. In this plenary session eminent speakers
from NITI Aayog, Chambers of Commerce, Business Houses and Management Schools will reflect
on the roadmaps towards the vision. These roadmaps will serve as the Guiding Post for setting the
context of CMAs to channelize their cryogenic calories.
1:30PM-
Summit Lunch
2:30PM
2:30PM-
4:00PM Mission 5 Trillion – Levers
The implementation of strategies towards the super goal cannot be with the business as usual
approach. We need new levers which can geometrically escalate the strategic outcomes. This is
Session-I
Technical
important as the outcomes of economic policies should reach the last mile in the Indian
demography. This session will therefore talk about new levers of economic growth such as
Disruptive Technologies, Digital Banking and Startup India Ventures.
Topics:
� Disruptive Technologies/Artificial Intelligence
� Digital Banking
� Start-up India
7PM-
Cultural evening followed by dinner
onwards

GLOBAL SUMMIT 2020
10th January, 2020

9:45AM-
11:00AM
Mission 5 Trillion – Driving SDG thru’ CMA
Driving Economic Growth at a blistering pace should also be sustainable achieving SDG targets as
agreed by India in the UN Charter. This would need holistic view of balancing the non financial
outcomes with that of financial results. This being the core of CMA competency framework, this
Session-II
Technical
session would examine different pathways to economic growth by balancing with societal
parameters in the following sectors - Health For All at Affordable Price; Discarding Single Use Plastic
Cost Effectively; and Accounting Framework for Sustainability.
Topics:
� Health for All
� Environment – Single use Plastic
� Accounting for Sustainability
11:00AM-
Health Break
11:15AM
11:15AM-
1:30PM
Mission 5 Trillion – Driving Value Creation thru’ Governance
The business entities need to reorient their processes for executing the strategies of the new
economy sustainably. This would happen only if the corporate and non-corporate entities align
themselves with the new vision. This session would discuss the action required in the following
streams - Switching Governance Mechanisms in the Board Rooms from a Compliance oriented to a
Session-III
Value Creating approach; Adapting Sustainable Development Goals in Medium, Small and Micro
Technical
Enterprises; Reorienting the Management Systems towards Sustainable Strategies; and

Implementing Sustainable Strategies in the Public Sector.
Topics:
� Boardroom Governance for Value Creation
� SDG in MSMEs
� Management Systems for Sustainable Strategy
� Sustainable strategies in Public Sector
1:30PM-
Summit Lunch
2:30PM
2:30PM-
3:45PM Mission 5 Trillion – Cost Management Strategies/ Tools
The Cost and Management Accounting practices now need extensive deployment as a Cryogenic
force for the challenging times. The need for firing on all cylinders with the CMA energy will be
examined through the following Streams - Model for Cost Effective Development of Sustainable
Products with Disruptive Life Cycles; Executing Cost Competitive Strategies and Create Value
Session-IV
through new CMA frameworks; Evolving Business Model view of Sustainable Cost Structure as a
Technical
new CMA Imperative; and Embedding Performance Appraisal through an External agency into the
Governance Mechanism.
Topics:
� Designing Cost Effective Sustainable Products
� Strategy Execution Excellence through CMA
� Importance of Sustainable Business Model thru CMA
� Performance Appraisal – A Tool for Success
3:45PM-
Health Break
4:00PM

GLOBAL SUMMIT 2020
4:00PM-
5:15PM
Mission 5 Trillion – Global Cost Management Practices
Globally, Economies which have crossed US Dollar 5 Trillion Targets or are on the Threshold of
Crossing offer a fertile ground for us to learn new ideas and also unlearn the past wherever they are
not relevant for the current order. This Session will have Speakers from such logistics offering us a
Session-V
fresh thinking - Japanese Costing practices; German Costing Practices; Chinese Costing Practices;
Technical
and Korean Costing Practices.
Topics:
� Japanese Costing Practices
� Canadian Costing Practices
� Chinese Costing Practices
� Korean Cost Practices
11th January, 2020

9:45AM-
11:00AM
Mission 5 Trillion – Sector Specific CMA Cryogenic Roles
In achieving the Super goal, certain sectors of the Economy are very critical and need to achieve
manifold outcomes. These sectors will require a more focused pumping-in of the CMA energy to fuel
the processes. This will pose a challenge of how to do it. Such sector specific critical challenges will
Session-VI
be discussed in the following Streams - Agriculture to achieve doubling of farm Income and Profits;
Technical
Infrastructure with the focus on Housing for All at affordable prices; and Effectively deploy Make in
India in the Defence Sector with suitable Costing Tools.
Topics:
� Agriculture
� Infrastructure – Housing for All
� Defence
11:00AM-
Health Break
11:15AM
11:15AM-
1:30PM Mission 5 Trillion by 2024
The Cost and Management Accounting practices now need extensive deployment as a Cryogenic
force for the challenging times. The need for firing on all cylinders with the CMA energy will be
examined through the following Streams - Model for Cost Effective Development of Sustainable
Valedictory
Products with Disruptive Life Cycles; Executing Cost Competitive Strategies and Create Value
through new CMA frameworks; Evolving Business Model view of Sustainable Cost Structure as a
Session
new CMA Imperative; and Embedding Performance Appraisal through an External agency into the
Governance Mechanism.
Closing Address President, FICCI / ASSOCHAM*
Special Address Secretary, Ministry of Corporate Affairs*
Valedictory Address Hon'ble Minister of State for Finance & Corporate Affairs*
Vote of Thanks Chairman, Organising Committee of Global Summit
1:30PM-
Summit Lunch
onwards
*confirmation awaited

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Patron:
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Chairman, Technical Committee:
CMA Ashwin G Dalwadi, Council Member
Chairman, Organising Committee:
CMA Vijender Sharma, Council Member
Members:
CMA Dr. Ashish P Thatte, Council Member
CMA Chittaranjan Chattopadhyay, Council Member
CMA Debasish Mitra, Council Member
CMA H. Padmanabhan, Council Member
CMA (Dr) K Ch A V S N Murthy, Council Member
CMA Neeraj D Joshi, Council Member
CMA Niranjan Mishra, Council Member
CMA P. Raju Iyer, Council Member
Global CMA Rakesh Bhalla, Council Member

CMA Papa Rao Sunkara, Council Member
Summit CMA V. Murali, Council Member
Committee CMA Dr. Dhananjay V. Joshi, Past President

CMA Chandra Wadhwa, Past President
CMA Kunal Banerjee, Past President
CMA M. Gopalakrishnan, Past President
CMA Dr. A S Durga Prasad, Past President
CMA Rakesh Singh, Past President
CMA A.N. Raman, Past President SAFA
CMA Hari Goel, Former Council Member
CMA Anil Sharma, Chairman, NIRC
CMA Jyothi Satish, Chairperson, SIRC
CMA Pallab Bhattacharya, Chairman, EIRC
CMA Ashish Bhavsar, Secretary, WIRC
Shri P Thiruvengadam, Ex. Sr. Director, Deloitte
CMA Dr. Asish Bhattacharyya, IMT Ghaziabad
Prof Shailesh Gandhi, IIM Ahmedabad
Dr. Sanjay Kallapur, ISB Hyderabad
CMA Srinavasan G Naraisimhan, Practicing Cost Accountant
CMA Akshay P Shah, Practicing Cost Accountant
CMA (Dr.) Vimal Kumar Aggarwal, Practicing Cost Accountant
CMA Sankalp Wadhwa, Practicing Cost Accountant
The Institute of Cost Accountants of India Contact Details:

(Statutory body under an Act of Parliament) CMA Nisha Dewan, Joint Director,
Delhi Office: CMA Bhawan, 3, Institutional Area, Ph.:+91 11 24666103
Lodhi Road, New Delhi – 110 003 CMA Dr. D.P. Nandy, Sr. Director,
Kolkata Office: CMA Bhawan, 12 Sudder Street, Ph.:+91 33 22540086
Kolkata – 700 016 Email: [email protected],
website: www.icmai.in

GLOBAL SUMMIT 2020
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Global Summit 2020

“MISSION 5 TRILLION – CMA AS A CRYOGENIC FORCE”
January 9-11, 2020 at New Delhi
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GLOBAL SUMMIT 2020
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COVER STORY
COSTING
PRINCIPLES FOR
STARTUPS
Abstract
Traditionally, costing tools have been

CMA Soumendra Nath Mukherjee associated with established businesses.
Deputy General Manager (Accounts) In this era of startups, where scaling up
Sumitomo Chemical India Limited, Gujarat
is foremost priority, costing often gets
back seat. However, costing should be
an integral part of this ecosystem, as
survival as also, growth, both can be better
managed through judicious use of costing
tools.
CMA Kishore Ajitshi Bhatia

Practicing Cost Accountant, Mumbai
W
e must know cost of product/service 2. Have I provided enough for contingencies
being offered since this is extremely 3. As business grows, my cost will fall – costs can move
useful information about our business. up intermittently
Many do not realise how useful
4. As I try to build-up scale, my costs are also going up
costing can be, and only turn to costing
– have I enough cash to burn up?
techniques when trouble is on the horizon. By understanding
the importance of costing before you run into trouble, you Another way to look at it is – VALUE MAXIMISATION
can use these techniques to do more than just set a normal What is value maximisation??
sales price; costing can help you make other data-driven Providing perception of maximum benefit for a given set
decisions about your business process. of resources or providing same quantum of benefit for lesser
resources. In simple business terms:
Startups generally are strapped for funds and the first VALUE = SALES – COST
thoughts about costing which come to the mind are:
If my cost is Rs. 8 and I sell it for Rs. 12, value = Rs. 4
1. I need to start my organisation with low cost as I have
I can maximise by selling for Rs. 13, or cutting cost Ro
limited funds to set up the organisation
Rs. 7 or sell for Rs. 15 & buy for Rs. 9

COVER STORY
We, as inhabitants of this planet are also facing the same the key for survival, value addition and attracting investors.
situation – nature’s resources are not infinite. Broadly Costing can be split into 2:
Generally, in today’s competitive world, the selling price
is a “given” and we need to find ways to reduce costs – Costing for strategic decisions:
to survive & prosper. Other option is to offer “something
Strategic Cost Management is the cost management
different” at a different price – like APPLE. It is taking the
technique that aims at reducing costs while strengthening
BLUE OCEAN route.
the position of the business. It is a process of combining the
While it looks very rosy to jump in the Blue Ocean, it is decision-making structure with the cost information, in order
very easy to sink, if the idea does not take-off or is overtaken to reinforce the business strategy as a whole. It measures
by technology/new developments. Red ocean can offer some and manages costs to align the same with the company’s
safety, but competition can be fierce. business strategy.
Without going into merits and demerits of both, let’s look It may be noted that what cost decisions we take as strategy
at how costing can help. can have long term impact as also will be determining
Costing can be useful at all levels in organisation and we operational costs.
all use costing techniques, at times without realising. When This can be further split into:
we buy stationery, we tend to find out what is optimum
Cost of funds - capital, borrowing, supplier credit. This
quantity to buy, keeping in mind price reduction v/s normal
can be a big topic by itself and is not part of this ppt.
usage.
Cost of resources – what we pay for various assets &
All of us have seen rise of China as low cost manufacturer.
services acquired for the business.
A significant part of this can be attributed to economies of
scale and marginal costing. This can be further bifurcated into:
If we look at AMAZON, it is pricing at lowest cost and
gaining by volumes and cutting supply chain costs. Costing for operational decisions: This is more to do
with decisions which have short term impact on operating
We have also seen how JIO’s entry and pricing strategies
costs of the organisation.
have resulted in ramping 35+ crore subscribers.
Bottomline for both is to improve Value and consequently
Businesses can leverage scale to reduce impact of fixed
competitiveness.
costs, which tend to be high as technology takes centre stage.
Whatever techniques/applications of costing which we
At the same time many startups can grow by taking exactly
will be discussing can be applied for maximising gains by
the opposite route – minimising fixed costs and converting
judicious use of resources.
most of these into variable through outsourcing and tieups.
A stratup company is a potentially fast growing form
Resource:
of new business aiming to fill the gap in market place by
offering a new and unique product, process or service which Rapid growth is a major focus area for most startups. To
will be driven by the boon of technology. receive various types of funding in order to manage the rapid
growth and evaluate them is a major task which can make or
Of late we have also seen that startups which are solely
mar the future of a startup.
focused on revenue model may not be able to attract
investors and can run out of cash. This has also led to ouster An economic or productive factor required to accomplish
of founder from CEO post. Profit & cash generation are also an activity, or as means to undertake an enterprise and
important and if these are not visible even in distant future, achieve desired outcome. Three most basic resources are
investors turn risk averse. land, labour, and capital; other resources include energy,
entrepreneurship, information, expertise, management, etc.
This makes it crucial to practise costing and work out
visibility of profit through scaling up of revenue and Resources can be tangible or intangible
consequent cost reduction. An organisation can become competitive through efficient
utilisation of resources
Trends in Startup Business Models: Unlike past, Capital is now chasing entrepreneurs and
a. Technology Based: These are largely in digital space ideas. Also Technology is disrupting existing businesses&
and often have huge upfront investments which need throwing up new opportunities. A combination of Technology
to be recouped through scaling up to recover fixed & Capital is leading to automation & disintermediation.
costs.
b. Outsourcing based: These focus on product Competitive Advantage arises through:
uniqueness and/or customer base. The product is often 1. Better Resources;
outsourced as also many other service functions. 2. Better utilisation of Resources
Many of startups fall between these two. As we move into
future, the share of technology and intangible assets will Types of Costs - Fixed & Variable, Sunk, Incremental,
keep on rising. In all cases, control through costing holds Opportunity Cost, Replacement Cost

COVER STORY
Costing Tools: In a competitive business environment the cost of poor
Activity Based Costing business decision is huge. To continue with a competitive
Budgetary Control & Variance Analysis advantage the practice of business analytics is moving
Marginal Costing quickly from hindsight to insight to foresight. Particularly
Key Limiting Factor the ability to predict what will likely happen by using
Cost Volume Profit Analysis relevant data to peep in to the future of business is highly co
Make or Buy / Consume or Sell related with the domain of management accounts.
Economic Order Quantity Decision analysis is used to evaluate various service/
Benchmarking production scenarios given the likelihood of sales,
COPQ production/service shutdown and quality of expenses.
Target Costing Forecasting is useful in making long term and short
Product Lifecycle Costing term business decisions. The decision on quality control is
Competitive Intelligence extremely important to a firm because its reputation, costs
and market shares and legal responsibilities are at risk.
These tools need to be understood and synergised with The costing principles and its prudent practice will help
business strategy and processes. the entity to face the dynamic challenging situations that
require foresight, analysis and solution on daily basis. It is
an intriguing field that combines quantitative procedures,
hypothesis formulation and reasoning to analyse such
complex problems with the goal of improving operations
Costing Strategy and optimizing efficiency for the resources used in the firm.
In fact cost accounting is a managerial tool for business
strategy and its implementation.
[email protected]
Both are interlinked as each determines the other.
[email protected]

(Statutory Body under an Act of Parliament)
www.icmai.in
Research Bulletin, Vol. 45, No. III (ISSN 2230 9241)

Call for Research Papers/Articles
We invite you to contribute research paper/article for “Research Bulletin”, a peer-reviewed Quarterly Journal of The Institute of Cost Accountants of India.
The aim of this bulletin is to share innovative achievements and practical experiences from diverse domains of management, from researchers, practitioners,
academicians and professionals. This bulletin is dedicated to publish high quality research papers providing meaningful insights into the management content both
in Indian as well as global context.
Guidelines to submit full Paper

* Soft Copy of the full paper should be submitted in double space, 12 font size, Times New Roman, keeping a margin of 1 inch in four sides, MS Word
(.doc) format.
* Each paper should be preferably within 5000 words including all.
* An abstract of not more than 150 words should be attached.
* The cover page should contain the title of the paper, author’s name, designation, official address, contact phone numbers, e-mail address.
Papers are invited on the following sub-topics, but not limited to:
* Foreign Exchange Risk
* Corporate Bonds
* Accounting Conventions and Accounting Standards (IFRS)
* Corporate Governance & Risk Management
* MSME lending in the GST era
* Environmental Accounting & Auditing
* Value creation and Competitive Advantage through Human Resource Management (HRM)
* Future workforce in the age of Artificial Intelligence (AI)
* Foreign Investment & Financial Integration
* Forensic Accounting and Auditing
* International Trade
* GST Reforms
* Tech Startups in India
* Digital Competiveness
* Mega Bank Merger Drive
Papers must be received within 31st December, 2019 in the following email id:
[email protected]

COVER STORY
MOOC’S BASED LEARNING -

CREATING AN ECOSYSTEM
OF ADAPTIVE LEARNING IN
A SOCIAL CONTEXT
Abstract
MOOC’s (Massive Open Online Courses)

have entered the E-Learning panorama
Dr. Sandeep Hegde since 2011 and have become extremely
Provost popular both in the academia and the
Hegde Educational Services business world. One of the key factors for
Mumbai
its popularity is attributed to its ability to
T
enable social learning. MOOC’s empower
Introduction
the learner by facilitating User Generated
he only resource unique to any organization
is its Human Resources. This can be its core
Contents (UGC) on its platform. UGC
and distinguishable competency to combat its along with other powerful features and
competitors. Having a pool of uniquely skilled tools like wikis, YouTube and other social
human resources is not sufficient to compete media confluence makes MOOC’s an ideal
in today’s marketplace. Organizations today
have to identify the “High Performers” within this unique pool
platform for Adaptive Learning for all
of their human resource. its stakeholders. This articles purports
HIPO or High Potential employees are those employees who to highlight these learning enablers and
show demonstrable specific skill sets to become distinct assets the plethora of opportunities it opens for
of the organization in terms of leadership, domain expertise and Edtech Startups in the coming days.
having an entrepreneurial mindset.
Such employees need to be identified at a very nascent stage
in their association with the organization. Organizations can
then put them on the fast track leadership and development

COVER STORY
programs. Managing and retaining such talents challenges the learner total flexibility and control on his learning
every organization. The Learning and Development (L & D) ecosystem.
Strategy encompass initiatives to face this vital organizational c. User Generated Content (UGC) – This is a unique
challenge. feature supported by MOOC’s. The MOOC empowers
One L & D Strategy every organization has on its agenda the learners to create their own contents and share them
is leveraging the E-Learning Technology to its advantage. with the other learners in the group. Thus the UGC
Organizations of all sizes and in all stages of maturity can easily facilitates the Knowledge base of the courses as more
adapt to some level of E-Learning in their Human Resources and more learners add specific contents like case studies,
Department. The scope of scalability of any E-Learning videos, essays, book reviews, etc. Learner created
initiative is restricted only by the imagination of the L & D contents help in retaining the latent knowledge of the
Strategist in any organization. organizations employees. This can be the inputs for the
MOOC’s (Massive Open Online Courses) have the innate knowledge management systems of the organization.
ability to fuel the imagination of the L & D Strategist of any d. Peer Reviews, Evaluation and Feedback – Peers
organization. MOOC’s provide the flexibility of a customized evaluate group members and review their assignments
learning ecosystem within an organization wide E-Learning and provide feedback. With a proper mentor / course
platform while focusing on individual employee’s learning moderator assigned to every course and group this
outcomes. becomes a very effective feedback mechanism with
a real time response. Every assessment gets reviewed
What are MOOC’s? immediately and continuously feedback is in place. This
is a big step toward Adaptive Learning.
MOOC’s (Massive Open Online Courses) are open source
learning platforms enabled on the World Wide Web (Internet) e. Adaptive Learning – MOOC’s can collect the
by organizations. Most of the courses available on MOOC’s information on the learning behavior of the user by
are free of cost, but some MOOC’s charge a fee for course having a pre-test and a post-test to a learning module.
certifications. Also peer evaluations and feedback provide valuable
data for the same. The learner’s data thus collected can be
These courses are made available through the internet and
analyzed to provide a personalized learning experience
are delivered on any device that connects to the internet like
to the users. Corrective actions can be taken proactively
Desktop, a Tablet or a Smart Phone. MOOC’s Applications or
for eliminating deficiencies in the users learning.
Apps are specifically developed for Smart Phones and Tablets
to enable mobility. f. Social Learning – The idea of a learning environment
where the only source of knowledge dissemination
The courses offered are generally standardized in their
being the teacher / trainer is today obsolete. Learning
contents and learning delivery methods. Such courses are
or knowledge dissemination today is from learner to
designed for mass appeal rather than catering to any specific
their peers and vice versa. The idea of Social Learning
organizational needs. Most MOOC’s offer courses from reputed
emanate from the blogs, wikis and other social media
global universities, thus having standardized course contents,
tools effectively embedded in the learning technology
assessments and delivery structures.
offered by MOOC’s.
Some of the prominent MOOC’s are Coursera, edX, Udacity
g. Capture the knowledge of learners – Collaborative
and Khan Academy. In India the Ministry of HRD has launched
learning in groups through group / team based
a MOOC called as SWAYAM in 2017. SWAYAM caters to the
assignments, projects and video making. This is further
needs of student community using digital classrooms across
enhanced by Gamification of the learning process.
India.
MOOC’s make it possible to collaborate with learners
spread across the globe geographically.
Anatomy of MOOC’s.
h. Gamification for learner engagement and retention
a. Scalability – A MOOC has a unique advantage over an – One of the most challenging tasks for online courses
Learning Management System (LMS) that it is scalable is the ability to retain the interest of the learner over
both from the point of number of users to be added as the entire duration of the learning cycle. Gamification
well as additions of new courses. A MOOC is designed makes learning fun by using games and quizzes for
such that it can have exponential number of users and course delivery. Gamification follows a step ladder like
unlimited courses added to it. The greatest advantage of simulation of the learning content to reach the completion
a MOOC is that, more the number of users / learners the of the learning module. Learners completing each step are
better is its effectiveness and its Return on Investment rewarded by brownie points. On completion of specific
(ROI). milestone they are rewarded by issuing of a “Badge”.
b. Ubiquitous Learning – Any Where – Any Time on any A Badge is a icon or a graphic picture representing a
Device. MOOC’s generally use the Cloud Technology specific skill addition. Gamification of the learning
for deployment of the courses. This means that the process provides the learners motivation by reward
courses can be accessed from any device connected to points and “Badges”. Learners can be incentivized to
the internet at any point of time and from any location complete the course and peer-review assignments by
whether the learner is in the office or at home. This offers awarding them with “Badges”. Learners can collect

COVER STORY
Badges and display them on their online profiles. Badges organization’s internal IT resources and its exposure to cloud
can be displayed on the user’s social media presence technology.
like LinkedIn, facebook, twitter etc. Organizations L & D Dept has a greater role to play by indentifying the
could further use the learners earned badges as an input learning and development needs across the organization.
for their performance appraisal. Gamification makes Managing outsource partners, getting the learners onboard
learner engagement possible resulting in higher learner and making sense of the learners data would be some of the
retention. challenges faced by the L & D team.
i. Learner Analytics – Learners data across courses
and across geographies provide valuable insights into Edtech Startups that have been driven by the MOOC’s
learners’ behaviors and learning effectiveness across wave.
organization. An appropriate data mining and analytics
In India the Edtech Startup is still in its infancy stage. There
tool would deliver best results in terms of insights that
are some new Venture Capital (VC) funds that are focusing on
would go a long way in framing of future organizational
this area. Some of the prominent Edtech Startups are:
policies and decision making.
1. Udemy – An online marketplace for courses.
2. Khan Academy – For K12 education. (Not for Profits)
Downside to MOOC’s.
3. Coursera for Business.
Standardized courses and assessments offered by existing 4. edX (mooc.org) (Not for Profits)
MOOC’s may not fit the bill for a specific organization. The
fact that these courses offer general inputs to gain knowledge
Opportunities for Edtech Startups on MOOC’s.
in specific business domains makes its utility questionable in
identifying latent talents in the organizational human resources • Content Management
pool. • Instructional Designers
• Assessment and Test Developers / Service Providers
Organizations should design and deploy their own custom
• Psychometric Test Developers
build MOOC’s to identify and nurture their HIPO employees.
• Courseware Developers
The designers and content developers of such MOOC’s should
• Open Source Software Developers and Service
ideally benefit from the anatomy of a MOOC.
Providers.
• Cloud Service Providers
Collaborating with the Stakeholders to reap benefits from • Content Developers for Schools and Institutions of
MOOC’s. Higher Learning.
• Bilingual content developers and translators.
• Mobile App Developers.
Conclusion
The next wave of learning is MOOC’s. This is the direct
result of the gap between formal higher education and the
employability. Organizations can custom build their required
courses to replenish their current skilling needs. MOOC’s
provide the most effective platform for achieving this.
Partnering with the right content provider and getting the Cloud
based infrastructure in place is the key to a successful MOOC
journey.
References
1. The Economic Times (September 25, 2018) “Massive open
online courses have got a second wind”.
For learning effectiveness MOOC’s should be tailor made 2. Yourstory.com (2014) “How startups can crack a $40
for specific organizational needs. The above figure depicts Billion market with job oriented MOOC’s” https://yourstory.
com/2014/03/startups-moocs-40-bn-market.
the major stakeholders of MOOC for any organization. The
L & D dept of the organization may have internal expertise 3. Gráinne Conole (2016) “MOOCs as disruptive technologies:
strategies for enhancing the learner experience and quality of
to provide contents like courseware and assessments for the MOOCs”.
MOOC. However for a better learner experience and a higher
4. Mary Kalantzis and Bill Cope (2015) “Learning and New
ROI, the L & D managers should consider outsourcing of the Media”.
content creation and management to external experts. The major
5. Mary Kalantzis and Bill Cope (2017) “e-Learning Ecologies”.
advantage would be the Subject Matter Experts (SME) provided
6. Harvard Business Review (January – February 2018 Issue)
by them. Assigning Mentors for each course would definitely
“Can MOOC’s solve your training problems?”
benefit the learners and speed up the course completion time.
Technology service providers’ choice depends on the
[email protected]

COVER STORY
ENTREPRENEURSHIP
CMA Santosh Sharma*

Professor, Entrepreneur, Consultant
and a TEDx Speaker
Jamshedpur
MORE OUTPUT, FROM LESS INPUT FOR GREATER

IMPACT
The Universe runs on the basic idea are a part of the Universe – integrating with the same
of: principle leads to frictionless flow and orchestration. Entrepreneurial facts
1. Excellence Entrepreneurship is also a form of this universal 11%

2. Evolution and Change expression and must not be seen from the myopic lens of adult population in India
of it being a money-making tool only. Therefore, the is engaged in “early stage
3. Designing and Creating entrepreneurial activities”
success and failure in entrepreneurship depends on
solutions
how closely we are integrated with the natural flow to But only
4. Encouraging unity in diversity solve the varied issues of the world around.
5. Managing the above with
5%
go on to establish their own
a great sense of timing – The basic objective of entrepreneurship is to drive business
expressing nothing before or out inefficiency and come up with solutions to the
after problems in different areas of the world. To sum up Among BRICS economies
it is to get more output, from less input for a greater Brazil has the highest rate
Look at nature - how efficiently impact. This has led to of “established business
pollen grains are carried by the natural • innovation through research and development, ownership” -
agents at the nick of time to spring
up beautiful flowers which in turn
• connecting all the dots to convert the ideas into 17%
products or services through entrepreneurship South Africa has the lowest
develop into fruits to provide different
and rate of established business
solutions, one being, to solve the
• in turn generate value for all the stakeholders. ownership –
problem of hunger for the entire world.
Each one of us is an expression of 3%
this excellence only. And since we The journey of entrepreneurship is still at a very China has a rate of
nascent stage across the globe and like a child it has
*Author - Dissolve the Box

COVER STORY
to grow, evolve and reengineer from or peer-to-peer sharing. “Access over ownership” is the
just working for a single bottomline of new mantra Uber or Ola are good examples where one 8%
profit to working for a triple bottomline does not need to own a car to experience excellence in Whereas Russia’s rate is
of People, Planet and Profit i.e the 3 Ps. travelling. similar to India at
5%
Just running for more will not work. d) Working in remote teams: Traditional While India’s rate of
Direction is important too. Thinking concepts of office will keep crumbling. The need for establishing new business is
out of the box is not enough. It’s time on demand workers and increase in the talent pool among the lowest, the rate
to Dissolve the box. And this is shaping at affordable cost has led to entrepreneurs rely on of discontinuance is among
the trend of entrepreneurship in the contractors and freelancers rather than maintaining a the highest at
21century. consistent workforce. Greater capability for working 26.4%
remotely paired with more people content to work
Trends out of their homes have diminished the role of formal The reasons for
office. discontinuance are:
With the changing nature of
the society - their preferences and 1. Bureaucratic hurdles
consuming pattern (mainly because of e) Marketing will get more interactive and 2. Financial issues
the millennials), the business ecosystem niche markets will continue: Getting your customers 3. Team issues
is changing and organizations have to notice you is more difficult than ever. Every day, we’re 4. Unprofitable business
be in a state of flow unlike before just bombarded with advertisements – as high as 5000 per
5. Lack of innovation
to be relevant. The 10 trends shaping day in the form of pop ups, commercials, display ads –
the list goes on and on. Businesses spend billions each 6. Unhealthy ecosystem
startups are as follows:
year on advertising and it makes the internet super 7. Others
cluttered. As a result, it is pretty difficult to stand out.
a) Diversity in demographic The Good News
You’re just one voice in the crowd and that crowd is
profile of entrepreneurs: Current India is improving in the
huge. Social media marketing is a form of interactive
entrepreneurship trends show an ease of doing business and
marketing because the user and the brand can have a
increasing amount of diversity in has climbed 23 points to
two-way conversation unlike the TV ads and hoarding
the areas of gender, age, economic take the
by the road side who only shout but not ready to listen.
background, education and ethnicity.
Women for example, now start around
77th
40% of new entreprises and roughly f) Social and environmental responsibility place in 2019
40% of all new entrepreneurs are at the forefront: Soulless business is giving way to
identified as African American, Latino, responsible business where not just profit but people and Ease of doing Business
planet are also important. Consumers state a preference ranking
Asian or other non-white.
for shopping with business that address ethical and 1. Singapore
environmental concerns with their production, material 2. Hong Kong
b) Technology is becoming
sourcing and so on. Millennial entrepreneurs are 3. New Zealand
more and more disruptive:
weaving the concept of social responsibility more and 4. USA
Disruption is a process where a
more tightly into their business concept.
smaller company with fewer resources 5. Denmark
is able to successfully challenge
established incumbent businesses. g) The internet of things, Artificial Global Entrepreneurship
It’s a David versus Goliath story intelligence, Blockchain, Machine Learning, 3 D Index (GEI)
applied to entrepreneurs. When a Printing and Augmented reality is becoming more India has moved up one
small startup beats out industry giants, important: These revolutionary technologies have place and ranks
that’s disruption. A good example for huge implications on how you eat, sleep, study, work,
market, maintain records or do anything in your life.
68th
disruption would be Airbnb which
With these technologies even dead and unintelligent in the 2018 GEI out of 137
was founded in 2008 but is making countries which is topped
more than hotel chains that have been devices come alive and interact with you - the way
by USA
around for decades. Netflix can be seen you want and help you in your day to day activities.
as another great example of disruption Automation is getting more deeper, wider and faster
The Critical period
in the field of entertainment. Agritech, thereby converting industries to 4th and 5th generation
of
Fintech, Edutech by itself shows how production units.
technology is unlocking untapped 1000 days
value from different traditional sectors. h) Aggregator model of doing business to or
scale up: In order to scale up entrepreneurs are using
the aggregator model wherein they apply technology
3 years
c) Sharing economy is
expanding even more: The sharing to connect small business activities at different places
is very crucial as the startup
economy refers to a business model to cumulatively make a big impact on the topline and sees the complete cycle with
based on collaborative consumption, bottomline. E-commerce platforms like Amazon,

COVER STORY
Flipkart or chains providing hotel growth.
lots of ups and downs in this
accommodation like Trivago, OYO, Micromax new electric two-wheeler startup “Revolt period.
Airbnb or travel platforms like make Intellicorp” is a good example of how entrepreneurs
my trip are aggregating their success are taking innovation to each and every aspect of More than
stories. entrepreneurship – product design, financing and
marketing too. In order to make their product 90%
i) Shift from product to accessible to a larger group of customers they are not startups in India fail during
service: In order to make the product selling motorbike traditionally as a product but have this period of 3 years
more accessible and to improve repackaged to sell bike as a service. This shift from
customer’s delight entrepreneurs are selling motorbike as a product to renting motorbike as India is struggling to
become the third largest
converting their product to service. In a service is a big one. They are giving the bike on rent
startup ecosystem
order to come out of the sales slump the at Rs 2,999 per month for the entry segment. There is in the world but it is
automobile sector both four-wheeler no upfront price to the product, no down payment, no leading towards more
and two-wheeler segment have started maintenance cost, no insurance cost as everything is unemployment, as more and
shifting their strategy from selling cars included in it. more startups are getting
and bikes to giving the same on rent at shut down
A person with Rs 10,000 monthly income who could
affordable prices. People who could not afford a bike as a product can now aspire to avail
not afford a car or a bike suddenly got Indian startups have grown
it as a service. This is the power of innovation. It has
the appetite to take the same on rent in the past four years but
cultivated space for entrepreneurship.
and avail this service from the auto
The process of innovation can be discussed in 2 77%
companies. of the venture capitalists
simple steps:
believe Indians don’t have
1. Rearrange the existing information or unique business models.
j) Shift from explosive
knowledge to add value and create different
growth only to Revenue along with
solutions for the world. This permutation and Global Innovation Index
explosive Growth: Investors earlier
combination of information if done smartly (GII)
wanted explosive growth to increase
unlocks a lot of value. India was among the bottom
business valuation and then exit with
their profits by selling their stake to 2. Carry out research and development to add most countries in terms
new information which in turn will add value. of Global innovation and
the next stage investor. Flipkart is one
Patents help entrepreneurs to get the winning ranked
such example where the business was
in loss but investors made money on edge as it creates greater space for growth. 66th
their explosive growth. Investors, of
course, still want a sizable return, but Opportunities: Patents
the overall attitude seems to be shifting 1. Entrepreneurship leads to “economic India has applied for 1,423
to a more practical stance: “Revenue gardening” and acts as a great leveller. patents while Japan’s count
now, explosive growth later.” stood at 44,235, China at
2. It promotes distribution of wealth from the 29,846 and South Korea at
hands of a few and promotes democracy in its 14,626 in the same year
Entrepreneurs who are looking for true sense.
direction must keep the above broad The entrepreneurial
3. It helps in bringing in more efficiency and
trends in mind when they think of their ecosystem
promotes ideas, solutions and employment.
startups.
4. It builds in leadership qualities, cultivates
E cell and Incubation
passion, provide purpose and adventure to the centers in different
Research, Innovation and
lives of entrepreneurs. engineering and
creativity – A very important function
5. Social entrepreneurship is also uplifting people management colleges
of entrepreneurship is to continuously
at the bottom of the pyramid. Entrepreneurship are playing a big role in
observe and listen to the world building the entrepreneurial
around to identify the pain points or is the growth engine for any economy.
ecosystem. Government
aspirations and design smart solutions initiatives like Skill India,
for them. Entrepreneurs also address Challenges: Make in India and Start up
the existing pain points or aspirations India has a long way to go
1. The biggest challenge in entrepreneurship is to achieve its objective. The
by adding value to the already building the right team, creating a common experience gained must be
existing solutions for greater customer purpose and navigating the turbulent journey put to use to achieve the
experience and delight. together over a period of time. aspirations of the economy
Research, innovation and creativity 2. Entrepreneurship is not just about creating the
cultivate opportunities and provide dots (read as opportunities) but connecting all Women account for
space for entrepreneurship. The better the dots effectively and efficiently. only 14%
they cultivate their ideas, more is the
3. Infertile entrepreneurship ecosystem is a
space and greater is the prospect for

COVER STORY
deterrent. Ease of doing 6. He must have financial, organizational . . . and
of total entrepreneurship in
business is very important marketing sense and discipline. India
for developing the 7. His actions must inspire others to dream more,
entrepreneurship ecosystem. learn more, do more and become more. Mastercard Index of Women
4. An entrepreneur must know Entrepreneurship (MIWE)
that a good idea is only the first Some strategies for entrepreneurs 2018
10% and the remaining 90% India ranked
There is no fixed strategy for entrepreneurs. They
depends on execution of that
idea.
have to be smart enough to design a way out of any 52nd
situation and for this the mother strategy is to learn to out of 57 countries
5. Funding is a very important “Dissolve the box” in order to live, grow, lead, create
challenge and investors must and act more effectively and efficiently than before. Empowering Youth
be in sync with founders to
However, just as a suggestive guide some of the sub Any country cannot
make the project successful.
strategies that may help entrepreneurs are: develop till it creates a
The entry and exit strategies conducive environment
and financial discipline must be 1. Bootstrapping: Use existing resources and for its people to explore
very religiously maintained. avoid funding till it is really needed. to their full potential. And
6. The role of finance and 2. Blue Ocean Strategy: It is about creating and entrepreneurship is one such
capturing uncontested market space, thereby opportunity for a country
marketing must not be like India
underestimated. Most of the making the competition irrelevant.
entrepreneurs fail because they 3. Fortune at the bottom of the pyramid: Unlocking Value
are not able to balance all the Entrepreneurs can make a fortune by serving
Every individual, every
variables participating in the people at the lowest strata of the society. village and every city is
business simultaneously. 4. Theory of Constraints: Identify bottlenecks or waiting for a lot of value to
7. Greed does not take us far. It constraints and clear them for seamless flow be unlocked. And if we are
must give way to prudence. able to unlock this untapped
5. The world is flat: To connect small dispersed value, there is no stopping
teams through network orchestration and build for India
Intrapreneurs: Intrapreneurship is a big network to take on the Goliaths of the
the change initiatives taken within a world. Demographic Dividend
going concern by the people working in The above strategies may act as great pointers to through Entrepreneurship
the organization. The main difference begin the entrepreneurial journey. The best strategy is India is a
between entrepreneur and intrepreneur to design strategies by dissolving all the boxes.
is that intrepreneur is an employee 130 crore
unlike entrepreneur. Entrapreneurship country with a sizable
Conclusion
and intrapreneurship goes hand in young population. It
hand. However, all the limelight has Entrepreneurship is to consistently persevere to live was a consumption lead
been taken by entrepreneurs and your dreams. It is not just a fad or a fashion but needs growth story but now we
real smart work continuously. Data shows that only must reposition India as
it is time we must understand that
10% of the enterprises survive for more than 3 years. a production lead growth
intrapreneurs are equally the heroes for story
any organization or economy. And all those who really live through these years have
a greater chance of success.
Education must evolve
Qualities of an entrepreneur: Every enterprise has a business cycle which will
Our education system must
have its own ups and downs. The entrepreneur must evolve to include lifeskills,
1. He must dissolve his boxes or
be in a continuous learning curve all through his life entrepreneurial skills and
mental cages and must learn to
to sail through these turmoils. The first few years of research to serve the society.
be in a state of flow.
an entrepreneur paves the foundation on which his
2. Should be a leader. He must entrepreneurial journey is built. One can see the law of Space for failure
reach out to those who are left karma in action in this journey – what you sow is what Our society must be
out, lift those who are fallen, you will reap. matured enough to
guide those who are lost. accept failure of any
3. He must have the risk-taking form including failure in
[email protected] entrepreneurship.
appetite and the ability to
bounce back from the lows.
Entrepreneurs must be
4. Have a right balance of “josh accepted wholeheartedly in
and hosh” and must use established organizations
common sense. after they have failed in
5. Should able to see deeper, their ventures as they have
the potential to become the
wider and faster than others.
best intrapreneurs.

COVER STORY
ARTIFICIAL
INTELLIGENCE
STARTUPS IN INDIA
CMA (Dr.) M. Govindarajan

Practicing Company Secretary
Tirumangalam, Madurai
Abstract
We are truly living in the age of artificial intelligence Companies are spending billions of
Dollars just to stay relevant in today’s ever-changing environment. Artificial intelligence &
machine learning is perhaps one of the most compelling, disruptive and terrifying technology
trends today. A broad array of startups spanning the value chain is finding their niche in
the production and application of Artificial Intelligence technology. Artificial Intelligence
startups are creating solutions for specific industries. This article discusses about the artificial
intelligence startups in India.
T
Artificial Intelligence work and reacts like humans and learns on its own. Some of the
he term ‘Artificial Intelligence’ was first coined activities of computers with artificial intelligence are designed
by John McCarthy in 1956 when he held to include-
the first academic conference on the subject. • Speech recognition;
‘Artificial Intelligence’ is defined as the • Learning;
science and engineering of making intelligent
• Planning;
machines. The objective was to explore ways
to make a machine that could reason like a human, was capable • Problem solving.
of abstract thought, problem solving and self improvement.
As per reports, Artificial Intelligence is an area of computer Machine and Deep learning aid Artificial Intelligence by
science that emphasizes the creation of intelligent machines that providing a set of algorithms and neutral networks to solve

COVER STORY
data-driven problems. Machine learning is a subset of Artificial The legal compliances are made easy for the Startups in
Intelligence that focuses on getting machines to make decisions India. Tax exemptions are given, IPR protection, easier public
by feeding them with data. On another hand deep learning is procurement is available to the startups. According to a recent
a subset of machine learning that uses the concept of natural NASSCOM-Zinnov report, India has emerged as the third
networks to solve complex problems. It covers a vast range biggest startup hub in the world and received a total funding of
of fields like object detection, natural language processing $4.3 billion in 2018. Indian startups have created over 40,000
and expert system and robotics. Algorithms are already jobs during the same period and many are also expanding into
outperforming humans on tasks that matter in a more immediate foreign markets.
way.
Artificial Intelligence startups
Types of Artificial Intelligence Artificial Intelligence and Machine Learning are technologies
There are basically three types of Artificial Intelligence- that have seen a tremendous uplift both in terms of investment
• Artificial Narrow Intelligence/Weak Artificial and innovation in the past three years. They are now being
Intelligence; implemented across diverse verticals such as manufacturing,
healthcare, fashion, agriculture, real estate, voice-based
• Artificial General Intelligence;
solutions, etc.,
• Artificial Super Intelligence.
As on August 2019 there are 16,239 startups operating in the
Artificial Intelligence sector.
Potentiality of Artificial Intelligence
• Finland – 98 Artificial Intelligence Startups;
Artificial Intelligence has the potential to drive growth
• Poland – 100 Artificial Intelligence Startups;
through enabling-
• Denmark – 76 Artificial Intelligence Startups;
• intelligent automation i.e., the ability to automate
complex physical world tasks that require adaptability • Ireland – 96 Artificial Intelligence Startups;
and agility across industries; • Estonia – 78 Artificial Intelligence Startups;
• labor and capital augmentation – enabling humans • Portugal – 65 Artificial Intelligence Startups;
to focus on parts of their role that add the most value, • Austria – 67 Artificial Startups.
complementing the human capabilities and improving
capital efficiency; and
Artificial Intelligence Startups in India
• innovation diffusion i.e., propelling innovations as it
The startups in India are adopting artificial intelligence which
diffuses through the economy.
is at the increase. The Startup companies are using artificial
intelligence in various sectors. In India, Artificial Intelligence
Startup based startups started emerging in the year 2016. Over the next
Startup is an entity working towards innovation, development two years, the growth in the Artificial Intelligence startup space
or improvement of products or processes or services, or if it is has been staggering. A recent report estimated that around
a scalable business model with a high potential of employment $87.85M was alone raised in the Artificial Intelligence space
generation or wealth creation. in India’s startup capital, Bengaluru. Owing to the spectacular
The objectives of startup are- growth in the Artificial Intelligence sector, India has emerged
as a nation with a robust ecosystem that enables Artificial
• to attract more innovation and more entrepreneurs;
Intelligence startup professionals and founders to kick-start
• for job creation; their ventures.
• for transforming youth to job givers than job seekers; Presenting the interim Budget for 2019, the then Union
• to boost to Make in India initiative and foreign exchange Finance Minister, Piyush Goyal, said a national centre for
earnings in the long run. Artificial Intelligence will soon be established.
Startup India is a flagship initiative of the Government of “India has become the second largest startup hub of the
India, intended to build a strong ecosystem that is conducive for world. We are proud of the hard work and innovative ideas of
the growth of startup businesses, to drive sustainable economic our youth in this sector. A national programme on Artificial
growth and generate large scale employment opportunities. The Intelligence has been envisaged by the government. This should
Government through this initiative aims to empower startups to be catalyzed by the national centre for artificial intelligence as a
grow through innovation and design. hub, along with other centres of excellence,” Goyal said.
Several programs have been undertaken since the launch of the There are 1,566 Artificial Intelligence startups in India as on
initiative on 16th of January, 2016 by Hon’ble Prime Minister, August 2019.
to contribute to his vision of transforming India into a country As on 02.08.2019, there are 602 Artificial Intelligence
of job creators instead of job seekers. These programs have startups in Bangalore. Here is a list of the 10 most exciting ones-
catalyzed the startup culture, with startups getting recognized
• Daily hunt - Aggregates news in Indian regional
through the Startup India initiative and many entrepreneurs
languages;
availing the benefits of starting their own business in India.
• Near - Location intelligence platform providing real-

COVER STORY
time information on places, people and products; • Gainsight - Monitoring and Managing customer health;
• Manthan Retail - Retail and CPG analytics solution; • Quantela – Artificial Intelligence based urban services
• Capillary Tech - Omnichannel engagement and platform;
commerce platform for businesses; • Keypoint tech - User Interface Technology provider;
• Glance - Locks screen launcher app; • Joveo - Programmatic job advertising platform;
• Sig Tuple – Artificial Intelligence based healthcare • Anytimeloan - P2P lending platform for personal,
diagnostic solution; education and business loans;
• Crowd Analytix - Community & competitions for data • 3 LOQ - Customer behavior understanding and analytics;
scientists; • eureQa - Cloud test automation platform;
• Drivezy - Online self-drive car & motorbike rental • Trupik - Cloud-based fitting solution provider;
service;
• Setuserv -Text analytics firm building voice of customer
• Netradyne - Provides deep learning-based computer solution;
vision for drone and automotive navigation;
• Fabulyst - AI-enabled personal stylist tool for online
• Mfine - Mobile application for online consultation. retailers.
As on 02.08.2019, there are 189 Artificial Intelligence As on 03.08.2019, there are 98 Artificial Intelligence startups
startups in Mumbai. Here is a list of the 10 most exciting ones- in Chennai. Here is a list of the 10 most exciting ones-
• Clevertap - User behavior analysis & targeting tool; • Uniphore - Provider of Artificial Intelligence - enabled
• Eightfold - Workforce analytics software solution; conversational service automation for businesses;
• Gupshup - Messaging and bot development platform; • Perfint Health care - Developers of image-guided
• Emotix - Personal social robot for interaction; minimal invasive diagnostic equipment;
• SMECorner - Online platform for SME loans; • Vue.ai – Artificial Intelligence - based visual search and
product recommendation solution for fashion retailers;
• Miko 2 – Artificial Intelligence powered companion
robot specifically for children above five; • Crayon Data- Cloud-based analytics solutions for
businesses;
• Peel Works - Real time order management & extended
sales force management; • Antworks - Integrated artificial intelligence and
cognitive automation solutions for enterprises;
• Webaroo - Provides messaging APIs for businesses;
• Unmetric - Social media benchmarking company;
• CreditVidya - Alternate credit scoring platform;
• Mad Street Den - Computer vision and Artificial
• Ftcash - Mobile Payments platform for retailers.
Intelligence - based visual search solutions for e-tailers;
• Madurai Microfinance - Microfinance firm providing
As on 02.08.2019 there are 145 Artificial Intelligence startups
individual and group loans to the rural population;
in Delhi. Here is a list of the 10 most exciting ones-
• Kaleidofin - Customized financial products for under-
• KartRocket - Online storefront platform on a SaaS
banked customers;
model for Indian retailers;
• Pipe Candy - Outbound Prospecting tool for Sales
• Goals101 - Marketing analytics solutions based on big
representatives.
data & Artificial Intelligence;
• NearGroup - Hyperlocal social networking widget/add-
As on 02.08.2019 there are 95 Artificial Intelligence startups
on;
in Pune. Here is a list of the 10 most exciting ones-
• Wigzo - Online contextual marketing platform;
• Icertis - Cloud-based contract management platform;
• Eupheus - Learning platform for schools;
• Infinite Uptime - Big data and predictive analytics
• SquadRun - Business workflow automation through platform for manufacturing;
crowd sourcing and Artificial Intelligence;
• Acellera – Artificial Intelligence based software
• Innefu - Two factor authentication & consulting solution; development and maintenance platform;
• Rooter - Social network for sports enthusiasts; • NLPBots - Develops chatbots for enterprises;
• Climate Connect – Artificial Intelligence enabled • Light Information System- Develops natural language
platform for power, gas and emissions market; algorithms for use in developing conversational
• Addverb - IoT-enabled robotic & automation solutions interfaces and text analytics solutions;
for warehouses. • Zestl - Intelligent workflow automation platform;
• Finaureus - Multi asset investment management
As on 03.08.2019, there are 128 Artificial Intelligence startups solutions;
in Hyderabad. Here is a list of the 10 most exciting ones- • Megdap - Language technology platform for content

COVER STORY
delivery in local languages; • Incubations hubs specifically for Artificial Intelligence
• Asquerd IoT - Develops analytics solutions using Edge startups in collaboration with State Governments and
computing; private sector stakeholders need to be set up to provide
space, and other infrastructure facilities for new startups
• Engazify – Artificial Intelligence - enabled employee
to incubate along with interacting with other startups at
performance management solution.
various levels of maturity order in order to interact and
provide advice.
As on 05.08.2019, there are 24 Artificial Intelligence startups
• Establishment of Fund to provide grant funding to
in Kolkata. Here is a list of the 10 most exciting ones-
startups to facilitate their operation and business – This
• Mihup – Artificial Intelligence based personal mobile should be aimed at assessing startups to sustain the
assistant with support for Indian languages; initial years of business when they are unable to generate
• Spotle – Artificial Intelligence - based job matching venture capital funds or to have to sacrifice a large share
platform for connecting employees to employers; of the business for the early stage seed funds.
• EPaathsala - Accreditation management software for
higher educational institutes; Fast Track implementation
• True Emoji - Mobile app that reads human emotions and The Government has formed a committee to fast-track the
convert them into emoticons; implementation of Artificial Intelligence mission. The panel
• System on Silicon Corporation - Blockchain based app will be headed by Principal Scientific Advisor Shri K. Vijay
for Artificial Intelligence led men’s health monitoring; Raghavan and represented by-
• Databytes - Predictive data analytics solutions provider; • The Secretary, Department of Science & Technology;
• Twelit - Smartphone based oral cancer diagnostic • Chief Executive Officer of NITI Aayog; and
platform • Secretary, Ministry of Electronics and Information
• Xpressolnsights - Omnichannel customer experience Technology (MeitY)
management solution provider; The Committee would aim to resolve the difference between
• Quadmatics – Artificial Intelligence - based stocks the NITI Aayog and MeitY over who will implement the
analysis platform; Government’s Artificial Intelligence Mission and has been
tasked with rooting out of duplication of work between various
• Chatbot Technology – Artificial Intelligence based
government arms, while clearly specifying the role of difference
algorithms for chatbots.
agencies.
Earlier the NITI Aayog received clearance from the
Adoption of Artificial Intelligence in India has been slow and
Expenditure Finance Committee for a budge of Rs.70 billion
remains limited. In 2016 approximately 50 Indian agricultural
while MeitY had sent a separate Rs.4 billion proposal to
technology based startups raised USD 313 million. Indian
Expenditure Finance Committee to set up a National Artificial
Artificial Intelligence startups have been able to raise USD 87
Intelligence program. Further MeitY had also announced the
million in 2017 as against over USD 28 billion raised by the
setting up of National Artificial Intelligence Centre in January
Chinese Startups in 2017.
2020.
Challenges
References
Indian Startup companies find it difficult to recruit engineers
with IT background. Out of the 22,000 PhD educated 1. www.tracxn.com.
researchers worldwide in Artificial Intelligence, only 386 are in 2. www. https://www.analyticsvidhya.com
India. Moreover, serious research work in India in the field of 3. https://www.slideshare.net.
Artificial Intelligence is limited to less than 50 researchers with
4. www.telenet.in
concentration mostly in institutes such as the IITs, IIITs and IIS.
There is a need to attract bright students to do research in the 5. Discussion paper – National strategy for Artificial
area of Artificial Intelligence. Intelligence - #AIFORALL – June 2018 by NITI Aayog.
Lack of infrastructure has led to many Indian Artificial
Intelligence startups to incorporate their business outside the
country, which makes the Artificial Intelligence outreach of [email protected]
Indian researchers in Government labs and many industries.
Recommendations
• Startups and smaller firms are engine growth of
in a dynamic evolving economy like India and are
constrained in the Artificial Intelligence space, thus
requiring targeted government interventions.

COVER STORY
CORPORATE GOVERNANCE
AND ITS IMPORTANCE IN
THE STARTUP WORLD
Abstract
Corporate Governance research in the

context of emerging economies has received
increasing attention in recent years.
Most of the big companies have already
CMA Abhisek Bhowmik started following the standard protocols
Manager (Finance) of Corporate Governance. However, the
NMDC Ltd, Nagarnar, Chhattisgarh world of startup is not generally included
when the importance of Corporate
Governance is discussed. This attitude has
led to a lot of early stage startup closure
and undervalued acquisitions. Startups
need to rope in a number of Corporate
Governance guidelines so that these
can contribute towards the growth of the
organisation, as well as minimize failure
CS Amrita Bhattacharya
Company Secretary & Compliance Officer and risk.
Senbo Industries Ltd, Kolkata
C
Brief Introduction of corporate shareholders. It balances the distribution of
orporate Governance constitute a bunch of rights and responsibilities among different participants in
rules by which various companies are managed the corporation such as the board members, employees,
internally and monitored by the Board of shareholders, debtors and creditors. It is a set of rules
Directors, entrusted to protect the interest and frameworks that allow the corporation to increase

COVER STORY
transparency minimize mis-utilization of resources and attempting to juggle tax registrations and corporate
increase productivity in the day to day work culture. filings.
Most of the big companies have already started following
the standard protocols of Corporate Governance. SEBI has The importance of corporate governance may not be
time and again constructed various committees headed by apparent on a day to day basis but missing a filing deadline
industry leaders who have expressed their viewpoints on the or registration can have adverse consequences. Sometimes,
subject. the outflows due to penalties and rectification of errors can
Corporate Governance research in the context of emerging exceed the professional fees that could have been paid to an
economies has received increasing attention in recent years. expert, in retrospect.
Corporate scandals and executive failures continue despite Corporate Governance not only includes proper filing
the growing emphasis on governance reforms around of tax returns and filing of other statutory returns, it is an
the world and the increasing activism of shareholders, effective tool to minimize the hurdles faced by corporations
governments and other corporate shareholders. and maximize the output.
Startup Culture in India List of failures in the startup world in 2017 & 2018
For the last one decade, India has seen a massive number Startups such as Cardback, Stayzilla, Eatonomist.
of startups coming up from various parts of the country. Fabfurnish, Finomena, InksEdge, Overcart, Roder, Turant
Bangalore, Mumbai and Gurugram are the major startup Delivery shut down their stores in 2017. Among these
hubs in India. Over the last 10-12 years, companies such as companies, Stayzilla was started in 2005. Other companies
Flipkart, Byju’s, Snapdeal, Myntra, PayTm, Freecharge and were mostly 3-4 years old.
Drivezy have started as small startups and now are valued at Another list of startups such as Just But Live, Shotang,
multimillion dollars. Zebpay India, BabyBerry, Tazzo Technologies, Wydr,
Flipkart has been acquired by Walmart for a valuation of Monkeybox, ContentMart has closed in 2018. Most of these
20 bn USD. PayTm and Byju’s have also gained the status companies were also in their initial stage, they were 3-4
of Unicorn Companies as they are valued over 1 bn USD. years old.
India is fast rising economy with huge potentiality. Even The closing down of these companies have mostly 3
though the number of startups when compared to USA, UK, reasons. Either they ran out of funds and failed to raise
South Korea, Israel or Singapore is much less, but India further funds, or they were not properly managed and thus
has a good position as an economic giant when it comes lost the edge in market and lagged behind. Or the founders
to developing countries. India, which is a member of the had a fallout with the investors.
BRICS, has been able to attract major Venture Capitalists
from across the globe, who has kept faith in the Indian Funding Issue
startup ecosystem.
If any company fails to raise funds from investors, fails
to raise further funds from VCs or just burn their existing
Are Only Mature Companies Required To Focus On money and becomes insolvent, in most cases, this is due
Regulatory Requirements? to improper planning, excessive expenditure, immature
decision making, not taking expert advice and lastly
»» Corporate Governance requirements are dynamic, arrogance amongst founders.
evolving and should be commensurate with the size Investors and Venture Capitalists are major stakeholders
and scale of the startup. in early stages, startup may of a corporation. They are investing their hard earned money
need assistance in incorporation, in choosing the on people with little to no experience. They just keep faith
most efficient corporate structure. in the ideas. But they should also mentor these founders who
»» As the startup gains traction, builds a team and lack proper experience of corporate world as well as life
starts earning revenue, GST registration and itself.
compliance with labor laws, SEBI, and other laws These investors should monitor the day to day activities
becomes an indispensable part. Fund raising can and keep a close vigil on the expenses made. The hard cash
be made seamless with the right choice of financial should not be invested on non-core activities. It is the duty
instruments, expertise in negotiating term sheets and of the investors to check whether the governance in these
an understanding of valuation. Policies to prevent startups is up to the mark or not. Surely red-tapism should
money laundering, bribery and employee harassment not be encouraged, but a close monitoring can help the
need to be considered by growing startups. companies to keep the cash flow right.
»» Entrepreneurs today are innovating to enhance
the quality of education in classrooms or redefine Mismanagement
affordable healthcare and financial inclusion. Having
A major drawback in startups by young entrepreneurs
an expert to maintain the books of such ambitious and
is that they lack proper experience and guidance on
fast paced enterprises from day one allows founders
management. A large number of startups has lost their edge
to focus on their core competencies, instead of also

COVER STORY
just because the founders lost their mission and vision, or amongst them, the whole system will be disbalanced and this
that they were too busy raising funds, than to look after the will lead to the company being either winded up, or being
Research & Development (R&D) activities that are required acquired by bigger corporations. This will not only have
in an idea based company. a negative impact on the future of the stakeholders, it will
have an adverse effect of the economy as a whole.
Fallout with investors Thus experienced executives, mentors and investors should
In 2015, housing.com CEO Rahul Yadav was fired by take proper initiative to guide the startup founders, just like
investors from the company that he founded in 2012 after Peter Thiel and Steve Jobs who guided Mark Zuckerberg in
he had fallout with major investors. In that particular case, the initial days of Facebook and Warren Buffet who guided
what we learned was that, startups should focus on core Bill Gates at the initial stage of Microsoft.
competency, rather than increasing their volume of sales in
the initial years. We also learned that founders need to be References
very careful while raising funds. If you chose people with
1. https://inc42.com/features/indian-startup-
whom your tuning does not fit in, this might lead to major
shutdowns-2017/
tussle in future.
2. https://www.lessonsatstartup.com/2019/02/18/
famous-indian-startups-that-closed-in-2018/
Conclusion
3. https://startupwonders.com/indian-startup-
We must not forget the fact that today’s startups are
shutdown-2018/
tomorrow’s giants. Google, Amazon, Flipkart, Infosys all
started as small startups in their initial days. But proper 4. http://www.foundingfuel.com/article/the-rahul-
timings, proper funding, proper management and proper yadav-story-youve-never-heard-before/
guidance have made them the giants they are today. All the 5. https://smallbusinessbc.ca/article/three-famous-
above traits are part of Corporate Governance. So we can billionaire-entrepreneurs-and-their-mentors/
conclude that Corporate Governance are not only an integral
part of the big corporations, they are of equal importance to
the baby companies as well.
[email protected]
Investors, employees, stakeholders are all part of the
[email protected]
startup eco-system. If the startups fail to manage harmony

COVER STORY
CHALLENGES
FACED BY
STARTUPS IN INDIA
CMA Amit Kumar Arora Arpit Jain

Assistant Professor MBA (Student) - KIET School of Management
KIET School of Management, KIET Group of Institutions, KIET Group of Institutions
Ghaziabad & Research Scholar IGNOU, New Delhi Ghaziabad
Abstract
There is a beginning of a new era in India, where why so many individuals are looking
for their startups. There are many possible reasons behind it which have encouraged many
individuals to start their startup like passion, dedication, Government support, recognition,
great start to a career and most importantly giving something to the society and getting
recognized by the society. This paper is an attempt to highlight when an individual or group of
people try to do their startup what are the challenges that are faced by them.
I
Introduction and scalable technology, startups can generate impactful
solutions, and thereby act as vehicles for socio-economic
ndia is an amazing young country, billions of people
development, transformation and most importantly promoting
making an effort for the development of their country,
the economic growth and development of the country.
a nation full of talent and an urge in the youngsters
to do something that can be helpful to the billions of
people all over the world. They are trying to achieve Successful startups in India
this mission through their startup. When a startup is Several startups started in India some of them are very
made everything needs to start from the bottom and you face so successful popular among the users, few of them are listed
many challenges that can help you to take your startup on the below:
top. Startup in India has seen a beautiful journey because India
is a country that is supporting the startup and the startups are »» InMobi – Adtech
happily accepted by the people of India.
Naveen Tewari founded InMobi in 2006, InMobi is designed
The main reason for the growth of startup is that innovation in such a way that it supports businesses in launching captivating

COVER STORY
ad campaigns on mobile devices through app partners and in »» Supporting Infrastructure
making smart marketing decisions on where to spend their Infrastructure is very important for any kind of startup, but
money and thus providing benefit to the business. some startups are not able to get a good infrastructure. the main
reason responsible for it is the matching with the cost because
»» Swiggy high cost requires high infrastructure.
Nandan Reddy, Rahul Jaimini, Sriharsha Majety founded in
2014 and it is considered one of the most successful startups »» Creating Awareness in the Market
of India, which is responsible for providing home delivery for Many startups find it difficult to create awareness about the
food. product that they are launching through their startup and it’s
very difficult for them to understand and to realize, where they
»» Flipkart are lacking behind to create awareness of their product in the
Flipkart was founded by Sachin and Binny Bansal in 2008 and market.
it can be considered as one of the most successful eCommerce
startups till now of India. It is responsible for changing the way »» Regulations
of shopping for people in India. Sometimes changes take place so quickly that it becomes
very difficult for the startup to cope up with these regulations
»» Paytm which results in the failure of the startups.
Paytm was founded by Vijay Shekhar Sharma in 2010 and it
is one of the most popular digital wallets in India and it provides »» Understanding the Market Scenario
a way to do a transaction more easily and simply. Understanding the market scenario is the costly affair and at
the initial stage, most of the startup can’t afford the high cost,
»» Delhivery logistics which resulted that they are not able to do enough research and
Delhivery was launched in 2011 with the aim of disrupting they are not able to evaluate many options, which can be the
the logistics supply chain market in India. The startup currently core reason for the failure of their startups.
provides services in about 600 cities across 8,500 pin codes in
India. It has 12 fulfillment centers for B2C and B2B services »» Policy of Government
and works with e-commerce giants such as Flipkart and Paytm. The new policy of government like demonetization, GST
seems to be unfavorable from the startup point of view and
Challenges faced by the startups in India many of the startups are not able to match with the government
There is n number of challenges to be faced by the startups in policies.
India some of them are mentioned below:
»» Building the Right Team
»» Financial Resources The most difficult task for any startup is to build the right
At the initial stage, you require a good amount for a Startup, team, which is very important for the success of any startup
but many startups fail because they are not able to get good because the future growth and development completely depend
financial resources. upon the team which is built at the initial stage. If the right team
is not developed at the initial stage it can result in complete
failure.
»» Revenue Generation
Generating revenue is very important for a startup to carry
Government scheme to overcome the challenge
out the future process of the business, but many startups are
not able to do it, and which is the main reason for the failure of »» To overcome the financial challenge
their startups. To have fund is one of the most important things for any
startup in India. There are many schemes which have launched
»» Legal Framework by the ministry of micro small and medium enterprises for
ensuring that funds are positively directed towards you. Some
In India, it is very important to work within the legal
of the schemes are as follows: -
framework for all the startups and the majority of a startup is
not able to understand this legal framework and it becomes
very difficult for them to work and operate within this legal • Prime Minister Employment generation programme
framework. The scheme provides setting up a project at a subsidized cost
and funding up to 25 lakhs for setting up a manufacturing unit
»» Team Members and up to rupees 10 lakh for establishing a service unit. This
Scheme is launched in collaboration with Khadi and Village
Getting the right team is very important for any startup, but
Industries Commission to ensure that employment opportunities
many startups fail to get the right team and which can result in
are created for urban and rural areas by the means of enabling
the failure of their startup.
them to start a self-sufficient employment venture.

COVER STORY
• Credit Guarantee Fund Scheme • Policy to promote marketing
High risk is involved in the startup and Bank finds it difficult A policy specifically designed to provide institutional support
to sanction the loan for the startups. Therefore the government to Micro, Small and Medium Enterprises, this scheme’s objective
facilities loan and working capital facility up to rupees hundred is to support MSMEs to market their goods and services. The
lakh per borrowing unit and you can get it sanctioned without scheme can work as a great help to the marketability of their
any third-party guarantee or any Collateral security, this scheme products through National Small Industries Corporation (NSIC).
is valid only for micro and small Enterprises.
Apart from this policy, many other policies have been Conclusion
launched like multiplier grants scheme, credit guarantee If we want to have a vision of new India, then startups
scheme, bank credit facilitation scheme, Pradhan Mantri Mudra should be promoted, which will boost up the economy of India.
Yojana, stand up India, sustainable finance scheme, smile, The efforts of the government should be directed in one way
startup assistant scheme. to promote a startup in India. If we promote the startup in
India it will remove the most major problem of India that is
»» To overcome Research and Development challenges unemployment. Most importantly startup has allowed youth to
Research and development are the most important create employment for themselves and others. If we want to see
consideration for any kind of business so the government has an independent India which is not dependent on any other in any
launched various schemes to support it. way then we should promote startups.
• Promoting Innovations in Individuals, Startups, and References

MSMEs (PRISM) 1. https://vpointers.com/top-10-challenges-faced-by-
This policy is launched by the Department of Science and startup-in-india
Industrial Research to support individual innovators with 2. https://www.insightsonindia.com/2019/01/04/
various financial grants. Through this scheme, funds are directly challenges-for-start-ups-in-india
provided to the innovators with centers like SIIC, IITK. SIIC 3. https://www.smeventure.com/5-major-challenges-faced-
has been known to facilitate more than 17 innovators with the startups-india
financial aid of 1 crore. Under PRISM, a maximum grant of Rs.
4. https://www.strawberrybranding.com/blogs/top-
50 Lakhs for developing prototypes is permissible.
successful-startups-of-india
5. https://pixr8.com/india/the-helpful-startup-policies-
»» To overcome the challenge of marketing
from-indian-government
What we are offering to the people and conveying to them is
very difficult to reach because the successful marketing of the
product is not done. Thus, to ensure the successful marketing [email protected]
the various scheme has been launched. [email protected]
Kind Attention !!!

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COVER STORY
AGRITECH START-UPS AND

COST & MANAGEMENT
ACCOUNTANTS:
MAKING FARMERS
FARMPRENEURS!
CMA Kalyani Karna

Cost Accountant
Ghaziabad, Uttar Pradesh
Abstract
“Gaon, Garib aur Kisan” has been the agenda of Indian Government with the vision of
doubling the income of farmer by 2022. Agritech start ups are enabling the farmers to use new
tech solutions and can change the lives of farmers who are feeding the entire economy. The
agricultural productivity is stymied by small land holdings, inadequate access to irrigation,
imbalanced use of soil nutrients, and lack of modern technology, agricultural credit and proper
prices to farm produce. Agritech start ups are trying to provide technology driven solutions to
farming issues to make it a sustainable and profit yielding business. However, agritech start
ups have their hair on fire and they are facing myriad problems. CMAs are efficient to provide
Cost effective Managed and pro-Active solution to Agritech start ups and enabling them to
facilitate Indian government in achieving the target of doubling farmer’s income by 2022.
“Our farmers are pride of our nation. We have the vision of

doubling the income of farmers by 2022”
- Honourable Prime Minister Shri Narendra Modi

COVER STORY
“Gaon, Garib aur Kisan” has been the agenda of Indian Agritech start ups are enabling the farmers to use new tech
Government with the vision of doubling the income of farmer solutions and can change the lives of farmers who are feeding
by 2022. The Government of India targets to increase the the entire economy. B2B start-ups are major revenue generating
average income of a farmer to Rs. 219,724 by 2022-23 from Rs. segment in agritech ecosystem. Agriculture sector provides
96,703 in 2015-16 at current prices. Government is determined massive opportunities for start ups to scale up.
to support private entrepreneurships for value addition to
farmers’ produce from the field and allied activities. AgriTech AGRITECH START UPS: MAKING FARMERS
start ups and Cost and Management Accountants can be helpful FARMPRENEURS
in achieving the target of doubling farmer’s income by 2022.
Agritech start ups generally operate under four segments,
This article pin points the benefits provided by Agritech start big data model, market linkage model, FaaS model, and IoT
ups to farmers, the roadblocks for these start ups and role of enabled model.
Cost and Management Accountants to solve the problems faced
by agritech start ups and enabling them to facilitate Indian
FaaS (Farming as a Service Model):
government in achieving the target of doubling farmer’s income
by 2022. CMAs are efficient to provide Cost effective Managed FaaS is the business model which helps to implement the
and pro-Active solution to Agritech start ups and farmers. technologies in Indian agriculture. FaaS (Farming as-a-Service)
integrates the farming process and bridge the gap between the
INTRODUCTION producer (farmer) and consumer. The ownership of land is not
taken away from the farmers. FaaS model works by making
“Start-up India, Stand up India” initiative fosters to create an
corpus which is responsible for farming activities as a service
ecosystem that is conducive for the growth of start ups. India
provider. The corpus can be a company, trust, co-operative
has been ranked at 11th position (as compared to 21st position
society and other body corporate. The farmers will be enrolled
in 2017) on Global ranking start up ecosystem, 2019 by start
to be the members of corpus. The farmers will act as partners in
up blink. According to the report of NASSCOM, agritech start
the corpus with equated equity benefit. The corpus aggregates
ups raised $248 million until June 2019. The funds provided to
the land but the ownership of land is retained with farmers. The
agritech start ups have increased to 300 per cent in the first six
economy of scale can be implemented with the help of cutting
months of 2019 against the total funding made in 2018.
edge technologies to improve farming.
The agriculture sector contributes nearly 18 percent to the
GDP of India and supports 58 percent rural households. India has
second largest arable land with 160 million hectares following
US. By 2024, the sector is estimated to employ 90 lakh people.
Unfortunately, the agriculture sector is still bleeding. The
population of world is expected to be 9.7 billion people by
2050. Farmers will need to produce more food to feed the
world over the next 35 years as compared to previous 2,000
years. To feed the world in 2050 it will require 70 percent
increase in food production.
Agritech Start ups exemplify the Make in India for world. The
numbers of agritech start ups are 450 as against 3,103 global
agritech start ups. The data shows that every 9th agritech startup
in the world is from India. These start ups are growing at 25 per
cent annually. Agritech start-ups in India have been increasing
due to digitalisation and funds received from the Government.
Global India
Number of Agritech
3103 450
start ups
Growth in funding
from 2013-14 to 2 times 10 times Diagram 1: FaaS Model
2017-18
More than 25 agritech Big data analytics and artificial intelligence to optimise
companies ventured farm management:
Less than
at global platform Big data analytics and artificial intelligence help farmers
Agritech companies 5 global
(popular markets to derive better farming strategies with extensive use of data
ventured companies
are USA, Africa, Sri through agritech start ups. It helps farmers to be ready for
in India.
Lanka, Middle east adverse weather conditions and prevent spoilage. Agritech start
and South east Asia).
up Gramophone provides actionable insights to farmers with the
Position of Agritech start ups (Source: NASSCOM)
help of an app via a phone. There are number of data-driven

COVER STORY
agritech startups working to create operational efficiency in the • Problems of market: The reason for the failure of start
farming. These agritech start ups work on image sensing for ups is lack of market for their products and market
quality assessment, storage monitoring based on the Internet of timing. The start up companies needs to be ahead of
Things and the digitisation of local markets. The uses of big market.
data, sensors, artificial intelligence and IoT (Internet of Things) • Higher cost of acquiring customers: The business
by start ups are helpful for the farmers in different ways: model of start ups fails due to lack of customers.
• Use of cost effective pesticides: Big data and artificial Start up companies become optimistic with the use of
intelligence help to determine the kinds and quantities of technologies and they suppose that the customers can
insects on a crop. Farmers get an associated report and be easily attracted with their websites, products and
can use it to plan their pest management approaches. services. Sometimes, the cost of acquiring customer
(Brazilian start up company Agrosmart). (CAC) becomes higher than the lifetime value of
• Information about crop diseases: IoT informs the customers (LTV). CAC should be lower than LTV for
farmers about the diseases affecting their crops through the success of start ups.
the mobile app. (Israel start up Saillog) • Poor Management: Weak management team is the
• Soil study: Data science helps to scrutinize soil and helps common problem for the failure of start up companies.
to improve the soil contribution to climate by releasing Weak management team will often make weak strategies.
greenhouse gases. • Cash deficiency: The cash flow statement should be
• Collaboration with other agencies: Agritech start ups positive for these companies. Sometimes, the start ups
are taking the satellite images of farms and combine it are forced to sell below cost and it will make them run
with other relevant data, including information from out of cash.
weather stations. (Canadian Start up Farmer’s edge). • Slowdown in public private partnership: It is
Reduction in Cost of cultivation: difficult for Agritech start ups to drag the attention of
urban centric investors. With the help of public private
India is largest producer of milk, pulses, jute in world and
partnership, progressive Agritech policies have been
second highest producer of wheat, rice, sugarcane, groundnut,
designed to spur innovation and accelerate funding to
cotton, fruits and vegetables. (Source: FAO). India is the largest
the start ups. The number of public private partnership
producer, consumer and exporter (US$ 3.1 billion in 2017-18)
is lower for Agritech start ups. Longer gestation of the
of spices and spice products.
technology adoption creates disinterest of investors in
But the agricultural yield or quantity of a crop produced these start ups.
per unit of land has been reported to be lower for most crops
• Reluctancy of farmers: Farmers are reluctant to pay the
as compared to leading countries in agriculture like China,
upfront fee for technologies and even they are unable
Brazil and the United States. The agricultural productivity is
to understand the benefits provided to them by the start
stymied by small land holdings, inadequate access to irrigation,
ups. Sometimes, the high price of technology solutions
imbalanced use of soil nutrients, improper access to modern
do not enable the farmers to adopt the technologies.
technology, lack of access to formal agricultural credit, limited
procurement of food grains by government agencies, and proper • Slow scale up in Agritech: The agritech start ups face
prices to farmers. Agritech start ups play an important role in slow growth in sales as compared to online grocery, food
the reduction of cost of cultivation and improving productivity. and fashion start ups.
• Lower rate of return: Agritech start ups face lower rate
ROADBLOCKS FOR AGRITECH START UPS of return on investment as compared to other start ups.
Annual post-harvest losses are estimated to be about Rs. • Small size of landholdings: Small size of landholdings
90,000 crore in India. This is due to the mismanagement of by farmers do not facilitate the start ups to apply
resources, lack of basic infrastructure and inefficient supply technologies cost effectively.
chains. This is the reason why more than half of overall funding
in 2019 went to agritech startups providing solutions to market COST AND MANAGEMENT ACCOUNTANT: A
linkage and digital agriculture services. However, Agritech start CATALYST IN MAKING FARMERS FARMPRENEURS
ups have their hair on fire and they are facing myriad problems.
From CapEx to OpEx model in Agri VAS Profit model:
CapEx or Capital expense refers to capital expenditure
incurred for the acquisition of business assets. OpEX stands
for the operating expenses incurred for running the business
smoothly. The OpEx model enables the management to focus on
product with the help of Software-as-a-service (SaaS), platform-
as-a-service (PaaS), and infrastructure-as-a-service (IaaS).
Shifting from capex to opex model can help to reduce the capital
expenses and will provide a solution for the funding problems
to start ups. Agricultural Value Added Services are growing at
Diagram 2 (Source: NASSCOM) faster pace in rural market. It helps in developing relationships

COVER STORY
between agritech start ups and rural farming communities on
large scale. Agri VAS is based on machine to human interaction 3 Oman 12,964 14,360
and effective in tackling factors limiting productivity. Agri VAS 4 Belgium 9,051 13,508
helps the start ups in the following ways: 5 Bahamas 8,818 140
• Collection of demographic data on mobile app and IoT 6 Netherland 8,794 17,960
subscribers.
7 Ireland 8,785 44,460
• Analysis of research on sales data: The collection of
8 New Zealand 8,464 1,06,510
customised data can be expensive for the start ups. Agri
VAS provides tools and resources to collect data in 9 United States 8,281 40,58,625
lesser time and finance. 10 Germany 7,270 1,66,570
• Agri VAS carries market research and surveys with the India 3,161 17,97,210
help of large sample size for accuracy.
Source: World Bank
Agritech start ups have been helpful to reduce the cost of

cultivation by 15-20%. The team of Cost and Management
Accountants can help in the analysis of cost and return on
cultivation. ABC cost of cultivation will help to analyse the
percentage of direct cost as total cost enabling to control cost.
ABC Cost of Cultivation

Cost of cultivation Return on cultivation
A A1 Cost of human labour Gross income Total value of
produce from
main product and
by products at
market price.
Cost of machine cost Farm business Gross income –
per hour income Cost A1
Cost of planting Own farm Gross income –
material at market business income Cost A2
price
Cost of Manures, Family labour Gross income –
Diagram 3: Agri VAS Model fertilisers, chemicals, income Cost B2
weedicides, and
ARPU: Average revenue per user. hormones
Churn rate is the annual rate at which customers stop Cost of irrigation Net income Gross income
– C3
subscribing to services.
Interest on working
Cost and Management Accountant can efficiently make capital, and loan
the market assessment and market segmentation for the Land revenue
implementation of Agri VAS. He/she can help in shifting from Depreciation and other
CapEx to OpEx model and pay as you go services for reduction expenses
of capital expenditures, overall reduction of costs and increase A2 Cost A1 + Rent for
in revenue under Agri VAS. leased out land
B1 Cost A1+ Interest on
Reduction of cost of cultivation: owned fixed asset
except land
Cost of cultivation refers to total expenses incurred in per B2 Cost B1 + Opportunity
hectare of production. The productivity of agricultural land in cost of own land and
India is lower. The cereal yield per hectare is lower in India rent paid for leased
land
despite of second largest arable land in world.
C1 Cost B1 + Imputed cost
of family labour
Ranking Country Cereal yield Agricultural
C2 Cost B2+ Imputed cost
per hectare land as per the of family labour
in 2017 (kg year 2016 (Sq.
per hectare) Km) C3 Cost C2 + 10% of cost
C2 as remuneration for
1 St. Vincent & 26,110 100 farmers.
Grenandines
2 United Arab 23,576 3,888 Recovery of CAC for capital efficient business:
Emirates Cost of Acquiring Customers (CAC) will be computed by

COVER STORY
dividing the cost of sales including marketing expenses with Good Hygienic Practices (GHP).
number of customers. • Funding to Agritech start ups is a big problem for them.
CMA can help them to make concise project reports and
can help them to get funds from investors.
CAC should be recovered within 12 months for capital
efficient business. CAC can be reduced with the help of CMA CONCLUSION:
by developing and implementing efficient USP (Unique Selling Agritech start ups are trying to provide technology driven
Proposal) strategy, application of Pareto principle, and increase solutions to farming issues to make it a sustainable and profit
in conversion rate. yielding business. Factors such as the availability of good
quality farm data, better regulatory environment for start
Reduction in agricultural wastage: up funding, and cheap internet connectivity are some of the
The level of agricultural wastage is more than Rs. 15 billion crucial factors leading to a thriving start up ecosystem in the
per annum due to dilapidated supply chain. CMA can help in agritech over last few years. Post-harvest loss in India amounts
reduction in wastes of farm produce by providing efficient to $ 13 billion, according to NASSCOM. Demand-driven cold
supply chain management solutions to Agritech start ups. chains, warehouse monitoring solutions and market linkage can
significantly decrease such losses and boost farmer incomes.
Implementation of four point strategy of Government: Government had taken several initiatives during previous years
to strengthen the backbone of farmers. Several welcome steps
Government has announced four point strategies to support have been taken by the Government like creation of market
agriculture in India. These strategies are ensuring profitable linkages (eNAM), ensuring availability of quality seeds,
prices, reducing cultivation costs, processing farm wastage, and implementing soil health cards and raising minimum support
creating non-farm source of income. CMAs can help AgriTech price (MSP) for agricultural products. Implementation of these
start ups to focus on these strategies and can make themselves measures will not be sufficient. It is required to drag the bull
competitive with other start ups at global platform. by horns and change the way of farming. Several start ups
companies and other corporate have joined hand to robust the
Resource person and mentor: supply chain and eliminate middlemen. B2B agritech startups in
Government of India has introduced AGRI-UDAAN the country are fast-maturing and generating decent revenue by
programme to mentor start-ups and to enable them to connect making use of advanced technologies. Agritech start ups should
with potential investors. It is six months program under which focus on B2C with the improvement of supply chains. It will
shortlisted innovative start ups will be mentored and guided to be helpful to eliminate middlemen and benefit can be passed
scale up their businesses. CMA can help Agritech start ups to on to farmers. Agritech sector is assumed to be the center of
liaison with potential investors. innovation by 2020. Their services should be affordable to small
farmers so that the number of farmers connected with start ups
Cost and Management Accountant can also be helpful to start
will increase. Farmers need to understand the use of technologies
ups and farmers in number of different ways:
and services provided by agritech start ups. Efficient supply
• Making Performance analysis for the business of start chain and empowerment of farmers with technology can help
ups. them to get better prices for their farm produce. Let us join hand
• Cost and Profit analysis. and connect the farmers with agritech start ups. It will be win-
• Identification and conversion of fixed cost in variable win situation for all. Cost and Management Accountant can
cost. help the Agritech start ups to evolve in B2B and B2C businesses
of farm to fork and HoReCa (hotel, restaurant, and Cafes) by
• Seed round valuation.
providing cost effective solutions and superior management
• Building a prototype and to improve customer enabling them to remain proactive.
relationships.
• Resolution of product and market fit issues. References:
• Advice for raising capital from international market or 1. Report of Vishal Chawla on Analytics India
from domestic landscape.
2. Report by at Financial express
• Advice for the timing to hit Accelerator Pedal for start 3. Article by Kayla Matthews on data science
ups after making market analysis.
4. NASSCOM report on Agritech start ups 2018
• Building strong management team.
5. Cost of cultivation by School of Management Studies
• Capital budgeting and procurement of funds.
6. Analysis on Agri VAS by GSMA .
• Use of agricultural derivatives to hedge risk.
• Help in building positive cash flows statement.
• Total Quality Management (TQM). [email protected]
• Hazard Analysis and Critical Control Points (HACCP).
• Adoption of Good Manufacturing Practices (GMP) and

COVER STORY
STARTUP INDIA
AND WOMEN
ENTREPRENEURSHIP
- A THEME FOR ECONOMIC
GROWTH
Dr. Sukamal Datta

Principal
Naba Ballygunge Mahavidyalaya
Kolkata
Abstract
Startup India is the ambitious movement with aims of filling up gaps in the Indian Economy
for the growth and development of startups with digital entrepreneurship. In our study with
the use of secondary data we have analysed how women entrepreneurs utilized the advantages
of startups and being the successful women entrepreneurs how much they contributed for
economic growth of India and act as ideal role model of the country to motivate the young
women for the starting of startup entrepreneurship.
S
Introduction dream ventures, taking advantage of friendly economic
tartup India was launched by the Prime system of easy registrations, liberal finance, tax benefits and
Minister of India on 15th January, 2016 as an simplified regulatory system. The startup with diversity of
ambitious movement with aims of filling up business activities will boost economic growth and trigger
gaps in the Indian economy for the growth and creation of thousands of new jobs. The Government through
development of startups and to boost digital this initiative aims to empower women startups to grow
entrepreneurship at the grassroots. The startup through innovation and design.
India motivates the young generation to go ahead with their The Central Government announced Rs.10,000/- crore

COVER STORY
‘fund-of-funds’ which is a significant commitment under the relief in experience and turnover.
action plan of startup. India has the third largest number of • Special scheme for women entrepreneurs.
startups globally. A startup with the Government’s support
• Support to biotechnology startups.
will definitely motivate many young women entrepreneurs to
turn their ideas into reality thereby increasing the economic • Building Innovation Centres at National Institutes.
growth of India along with creation of so many new jobs for • Setting up seven new Research Parks to provide
huge number of unemployed persons. facilities to startups in the Research and Development
Startup means “an entity, incorporated or registered sector.
in India not prior to five years with annual turnover not
exceeding INR 25 crore in any preceding financial year, Concept of Women Entrepreneur’s Enterprise
working towards innovation, development, deployment or Women Entrepreneurs may be defined as the women
commercialization of new products, processes or services or group of women who initiate, organise and operate a
driven by technology or intellectual property”. (Startup business enterprise. In 2006 Government of India (GOI
India Action Plan) 2006) has defined women entrepreneur as:
The plan included new policies and initiatives that would “an enterprise owned and controlled by a woman having a
make it easier for young women entrepreneurs and startup minimum financial interest of 51 per cent of the capital and
founders to incubate their ventures in the country. having at least 51 per cent of the employment generated in
the enterprise to women.”
Methodology
For our research work we have gone through the secondary Current Scenario of Women Entrepreneurs in India
data collected from Govt. Publications, journals, internet, Economic liberalization, privatisation and globalisation
newspapers and books. This study is based on secondary have increased the importance of women entrepreneurship
data and it is a conceptual research. No empirical results are in India. The Govt. policy and institutional framework for
available from this study. improvement of entrepreneurial skills, arrangement of
vocational education and training has widened the horizon
Objective for economic empowerment of women. In 2009 Govt. of
The objective of our study is to focus on how Startup India India has introduced National Skill development Policy and
scheme has been implemented by the women entrepreneurs National Skill Development Mission to provide skill training,
and how much the women entrepreneurs contribute for vocational education and entrepreneurship development
economic development of India getting benefit of the programme to the emerging work force. In present scenario
scheme. of India women are not only homemaker, but also job making
entrepreneurs. The success of women owned business
enterprises are playing a more active role in the society and
Startup India Action Plan in brief
the economy. But role of women entrepreneurs is limited in
Action plans for Startup India covers the following issues: the large scale industries and technology based industries and
• Government supports ‘fund-of-fund’ with corpus business. Today only 14 per cent entrepreneurs are women.
Rs.10,000/- crore disbursing Rs.2,500/- crore Only 2 Indian cities – Bangaluru and Delhi have entered in
earmarked every year. the most favourable global places for women entrepreneurs
• Registration of entrepreneurs in one day against 15- within recent ranking of 50.
20 days in earlier. According to Sixth Economic Census conducted by the
• Legal support and fast tracking patent examination. National Sample Survey Organisation (NSSO) total number
of establishment owned by women entrepreneurs was 8.05
• Relaxed norms of Public Procurement for Startups.
million (13.76%). Around 13.45 million persons (10.24%)
• No tax on profit for three years. were employed in those establishments. The largest share of
• Capital gains tax exemption. women entrepreneurship was held by Tamil Nadu (13.51%)
• Credit guarantee scheme. followed by Kerala (11.35%), Andhra Pradesh (10.56%),
West Bengal (10.33%) and Maharashtra (8.25%). From the
• Self certification-based compliance for labour and
point of view of various social and religious angle women
environment laws.
entrepreneur establishments owned by Hindus 65.6%,
• Startup India Hub – A single point of contact for Muslims 12.84% and Christians 5.2%. Again owned by
the entire startup ecosystem, access of funding, OBC 40.60%, S.C 12.18%, ST 6.97% and Others 40.25%.
compliance regime based on self-certification.
• Fastest exit for startups. Number of Women entrepreneurs registered in India is
• In public private partnership harassing private sector shown in Table 1
expertise for incubator setup.
• Mobile App, Portal for registration.
• Encourage startups in government purchase, with

COVER STORY
Table 1: Number of Women entrepreneurs Registered co-founded.
in India. Now we may discuss the journey and success stories of
some selected women entrepreneurs and their contribution
Women En- No. of Rank No. of Rank Per- to Indian economy and the society.
trepreneurship Units Women centage
States Entrepre- Richa Kar
neurs
Richa worked first in the IT industry and obtained
Tamil Nadu 9618 1 2,930 2 30.36
Masters’ degree in 2007. Then she worked with a retailer
Uttar Pradesh 7980 2 3,180 1 39.84 and global technology company and gained valuable retail
Kerala 5487 3 2,135 3 38.91 experience that she carried to startup world. She thought a
Punjab 4791 4 1,618 4 33.77 unique idea of selling female inner wears, online, that too in
a conservative country like India. Richa formed ‘Zivame’ in
Maharashtra 4339 5 1,394 6 32.12
2011 along with Kapil Karekar with an initial investment of
Gujrat 3872 6 1,538 5 39.72 Rs.30 lakhs from friends and family. Then Richa’s ‘Zivame.
Karnataka 3822 7 1,026 7 26.82 com’ comes into the picture. She was thinking about the
Madhya Pradesh 2967 8 842 8 28.38 concept of an online retailing of lingerie. She launched her
Other States & 14,576 9 4,185 9 28.71
enterprise in a small space on August 25th, 2011. With fast
UTs growing up of the business her company sought funding,
raising $ 9 million in two rounds from investors including
Total 57,452 18,848 32.82
Kalagari Capital, IDG Ventures and Unilazen Ventures. With
a period of only 3 years of foundation Zivame had grown
from a small operation to a team of more than 200 members.
Source: Report of MSMEs, 12th Five Year Plan 2012-2017. Today Richa Kar is known as one of the most influential
woman entrepreneurs in India.
Table 1 shows that from the point of view of number of
units registered in India Tamil Nadu stands first and followed Falguni Nayar
by Uttar Pradesh and Kerala. But regarding the number of
women entrepreneurs registered in India Uttar Pradesh holds Falguni Nayar, the founder of Nykaa (in 2012), is one of
the first position and followed by Tamil Nadu and Kerala. the India’s biggest online fashion and life style portal. She
It is also observed from the Table that Uttar Pradesh has quit her job where everything was going absolutely right, to
given more stress on the growth and development of women become the successful beauty entrepreneur. She obtained her
entrepreneurship. The scenario of women entrepreneurship MBA degree from IIM, Ahmadabad. A study says that beauty
has been changing day by day due to modernisation, industry is expected to grow 15%-20% which is more than
liberalisation and development of education and business. of the US or European market growth rate. Nykaa has about
As a result, the opportunity of self-employment of women 850 curates, well priced and genuine brands with over 1 lakh
and creation of job for other women has been drastically products. It offers makeup, skin care, hair care, fragrances
increasing. for bath and body, luxury and wellness products for both
men and women. Its net worth is more than Rs.280 crore.
She was awarded the Most Powerful Women in Business
Startup India, Successful Women Entrepreneurs and in 2017 by Business Today and Women Ahead (2017) by
their Contribution to Economic Growth Economic Times Startup Awards 2017.
The increasing presence of women in the business world
has changed the demographic characteristics of business and Suchi Mukherjee
has contributed to the economic growth of a country like
India. India had always been a hot favourite destination Suchi Mukherjee is the founder and CEO of Lime Road,
of business. With all favourable components of business an e-commerce and lifestyle and accessories website. It is
like climate, affordable amenities and huge amount of very interesting that the idea of Lime Road came to her mind
manpower, India became a hub for growing commerce day when she was on a maternity leave at the age of 39. After
by day. With the development in the ecosystem of India completing her B.A from Cambridge University and M.A in
more and more women are pursuing their careers towards Economics and Finance from London School of Economics
becoming entrepreneurs, which is really a good thing for the she joined as a Senior Associate for Corporate Finance in
society and self. Lehman Brothers Inc in 1998. She wanted something for
her own and has a direct impact on the society. Then she
As per global report, today about 126 million women gave birth of LimeRoad.com which is a social commerce
possess their own business and in India 8 million women site where products are shared and shopped for and are
run their own business. Nearly 58% women entrepreneurs targeted directly to the women communities mainly in
in India started their own business in the age of 20-30 years. India. Suchi’s idea for LimeRoad was to bridge the gap
About 73% of women entrepreneurs reports their revenue between commodities and customers. Her LimeRoad makes
of Rs.10 lakh in one financial year. Almost 57% of women a platform for selling lifestyle products in an extremely
started their business alone. Nearly 35% of women had a easy discover interface. Suchi Mukherjee has been selected

COVER STORY
as 1 of the 15 women worldwide for Rising Talents, ‘High the success stories of women entrepreneurs will inspire
Potential Leaders under 40’. the young educated women to begin with entrepreneurial
activities and work hard to achieve them and that will in
Upasana Taku turn contribute to the economic growth of them as well as
of India.
Upasana Taku co-founded Mobikwik with her husband
Bipin Preet Singh. After obtaining M S in Management
Science and Engineering from Stanford University, US she References
joined PayPal, where she learned about the payment system 1. Datta, Dr. Sukamal, “Startup India: Opportunities
used in America, Europe and Asia. In 2009 she returned to and Challenges” published in an edited Book
India. Meeting a lot of people she realised that a wallet like “Startup India and Its Prospect”, Edited by Dr.
PayPal was unheard of in India. Then she with her husband Sukamal Datta, ISBN 978-81-923645-9-9, 2017.
jointly introduced Mobikwik, a virtual wallet which is 2. Deb, Priyanjana and Datta, Abhik, “Sustaining
associated with many companies and products. Public can Business Continuity for Digital Startup India”
recharge and pay of money through Mobikwik wallet. It is published in an edited book “Startup India and Its
very simple to use and need based. Today, Mobikwik has Prospect”, edited by Dr. Sukamal Datta, 2017.
over 35 million users and 1,00,000 merchants on its platform
3. Datta, Dr. Sukamal, “Women Empowerment in West
and 25000 offline merchants. It has 2 million active daily
Bengal: Role of Entrepreneurship Development - A
users and 1 to 1.15 million daily transactions.
Study of Kolkata District” in an Edited book by Dr.
So many women entrepreneurs have been successful in Sukamal Datta, “Women Empowerment in West
their own fields. We only discussed in short of the above Bengal”, Manab Prakashan, Kolkata, 2009.
entrepreneurs. We may mention a few who have contributed
4. Datta, Dr. Sukamal, “Women Empowerment in
to the Startup India: Rashmi Sinha of ‘Slide Share’, Ameera
India through Microfinance” in an edited book by
Shah of Metropolis Health Care, a multinational chain of
Dr. Sukamal Datta, “Microfinance and Women’s
pathology centres, Mallika srinivasan of ‘Tractors and Farm
Empowerment in India” Naba Ballygunge
Equipment Limited’.
Mahavidyalaya, Kolkata.
5. Datta, Dr. Sukamal, “Women entrepreneurship in
Conclusion
India with Special Reference to West Bengal” in
Taking advantages and incentives the women and edited book by C. Swarajyalakshmi, Discovery
entrepreneurs have gone ahead with their dream ventures. Publishing House, New Delhi, 1998.
The women startups with diversity of business activities
6. Rao, GSNG Rama Mohan, “Status of Women
boosted economic growth and created thousand of new jobs.
Entrepreneurship in India”, International Journal of
Women entrepreneurs with basic indigenous knowledge,
Multidisciplinary Education Research, Vol.5 Issue
skill, resources, new thoughts and will power established
5(2), May 2016.
and managed entrepreneurship. The above mentioned
most successful leading women entrepreneurs in India are 7. Dutta, Dr. Kabita; Datta, Abhik and Datta, Dr.
ideal role model for our country. But the transition from Sukamal, “Women Entrepreneurship’s Role on
being a traditional home maker to a sophisticated woman Women Empowerment in India and its effect
entrepreneur is not an easy task. Our observation shows that on Human Development” the paper accepted
women feel strong about themselves to leave the formal for Presentation in ‘The 8th Annual Conference
job and work independently startup entrepreneurship on of Economic Forum of Entrepreneurship &
a modest scale. The most successful entrepreneurs have International Business” scheduled to be held in
made their name, fame and wealth for themselves with Oxford University, UK on 1st & 2nd Feb., 2020.
their hard work, diligence, competence and will power. In a
developing country like India the theme of economic growth [email protected]
and development depends upon successful utilization of its
whole human resources both male and female. We except
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COVER STORY
TECHNOLOGICAL STARTUP
AND ITS IMPACT ON
ECONOMY IN INDIA:
AN
OVERVIEW
Dr. Rintu Nath
HoD & Assistant Professor
Dept. of Commerce
Sarat Centenary College, Dhaniakhali, Hooghly
Abstract
Technology is considered as major thrust area of gaining strong economy. Indian economy
has been transforming from conventional to digitalize through laughing of several initiatives.
In this regard, technology startup was an important milestone in India. But, its contribution
on economy has been slowly but steadily growing. Despite its contribution on economy,
technology startup and its performance are not all satisfactory. The purpose of this study is
to review and to evaluate technology startup and its impact on Indian economy. However,
technology startup is at growing phase in India and plenty of opportunity to achieve expected
goals subject to focus on innovations and initiatives.

COVER STORY
T
Introduction Initiatives are series of supporting eco-friendly schemes
he idea of doing something is called to the new entrepreneurs like funding at initial stage, skill
entrepreneurship which is the prerequisite for development programme and tax exemption schemes etc.
favorable environment for businesses. But, Finance may be collected through crowd funding, self-
entrepreneurship in novelty bears separate funding, venture capitalists and angel investors.
identity from rest of others. When novelty
comes into reality and is marketed with sophisticated Objectives of the Study
technology, then it enters a new brand into the market. India The study has three broad objectives.
is far behind of launching some outstanding brands globally
(i) To explore the startup policies in India
due to clear shortage of using contemporary hi-tech approach
in their products. This has been reducing competitiveness (ii) To analyze various aspects of technological startups
and faceless presence in international markets. The well in India
known edge thinks globally but acts locally is not being (iii) To evaluate the impact of technological startups on
observed and followed by the new entrepreneurs. They economy in India
basically operate and take decisions within contiguous areas. Startup Policies in India
In this juncture, concerned agencies in India are required
In order to transform India into a global design and
to encourage startups in the light of leveraging exports in
manufacturing hub, Government of India has been taken
the manufactured articles specifically. Service sector in our
several initiatives2 in recent past. Some of the leading
country is the leading earner of foreign currencies while
initiatives are startup India, Atal Innovation Mission
performance of secondary cum manufacturing sector is
(AIM), Make in India, Digital India, Support to Training
frustrating. Therefore, the study will not only to focus on
and Employment Programme for Women (STEP),
background and potentiality of technology startup but also
Biotechnology Industry Research Assistance Council
to measure its impact on economy in India.
(BIRAC), Trade Related Entrepreneurship Assistance
Although, India is second highest populated country but its Development (TREAD) and Pradhan Mantri Kaushal
rank in export is very insignificant in the World. In view of Vikas Yojana (PMKVY). Every scheme must have unique
that, India’s share in global merchandise exports is just at 1.7 objectives. Therefore, startup India is one of the important
percent as compared to China’s 12.8 percent1. In fact exports initiatives in the field of business environment.
are directly linked with strength of socio-cultural, economy,
Startup India came into force on 16th Day of January,
security, geo-political, technological and influential role in
2016. The main objective of this policy is to build-up the
the leading International bodies. Highest the exports leads
nation towards jobs creator rather than jobs seeker. In this
to enjoy more sovereignty in all respects and vice-versa.
policy, there is an action plan which outlines simplification
Therefore, tech-startups in India may be an ideal step and
and handholding, funding support and initiatives and
shape the exports scenario in the country.
industry-academia partnership and innovation. Department
The study is based on secondary data which are collected for Promotion of Industry & Internal Trade (DPI&IT) under
from some repute journals, articles and web resources. The Ministry of Commerce and Industry, Government of India
main focus of this article is to analyze the strength of tech- directs and control this scheme.
startup and its impact on economy in India. The study has 3
The startup India scheme can be availed by the registered
three broad parts. In the first part, the study has to explore
partnership firms or limited liability firms or private limited
the startup policies and potentiality in India followed by
companies in India and operate less than seven years
discussion on various aspects of technological startups and
while biotech firms operate up to ten years from its date
finally to evaluate the impact of technological startups on
of incorporation. Annual turnover not exceeding Rs. 25
economy.
crores in any of the preceding financial years, ease of doing
business, women empowerment, attracting more innovation
Conceptual Clarity and entrepreneurs, foreign exchange earnings and boost to
Technological Startup means building up new enterprises make in India are some of the predetermined objectives of
to supply technology based products and services. It the startups India.
includes both software designing and developing products The financial assistance is being a part of startups. This
as well as industrialized products using superior technology. includes setting up a Rs. 10000 crore fund as venture capital
In order to reach high rate of GDP, policy makers need to exclusively for the MSMEs. In this connection, Mudra Bank
focus on technological revolution in all sectors including is constituted to allocate Rs. 20000 crore for the Small and
manufacturing industries. Medium Enterprises sector and assign Rs. 1000 crore to
Economic Environment is an indispensable parameter support startups.
which is affected by all other environments like socio-
cultural, legal-political, technological, natural resources, Technological Startups in India
policy initiatives and international economic trends.
Technological startups are very much needed for Indian
Economic condition of a country can be measured by growth
entrepreneurs. No firm will survive and expand unless
rate of GDP, amount of exports, external debts, strength of
to adopt holistic technological approach in production
purchasing power and inflation.

COVER STORY
process, marketing, distribution and selling mechanism technocrats along with need based sophisticated technology
either directly or through e-commerce process. We are across the world (iv) focus on image development in
not concerning about entrepreneurship but it is found that international arena, so that world community can familiar
absence of required number of technological startups in with make in India’s products or brands (v) special incentive
India. Some enterprises are doing well but not internationally schemes should be announced for creating of new technology
accredited. Those who are businesses outside India but hub.
they can’t compete successfully with rival firms in the
same line due to technological backwardness. In order to
remove such drawbacks, the necessary points should keep
in mind. (i) Industry-academia relationship (ii) Participate
Relationship between Technology and Economic
international fairs and exhibitions (iii) Importance on
Development
customers’ testes and fashions of specific regions (iv)
Priority on customers feedback and ensure quick remedial
measures (v) Expansion of strategic partnership with joint
venture basis (vi) Emphasize on adequate sales services
centre (vii) Competitive price of the products (viii) Quality
development with identical features (ix) Invite advanced
technology and experts in related fields (x) Emphasize on
artificial intelligence. (Source: www.researchgate.net)
Technology products are huge demanded across the world.
These are changing over time and becoming key medium There is a direct relationship between advancement
for their works done by the students, technicians, scientists, of technology and economic development. But rate of
intellectuals, professionals and corporate world. All most development in an economy depends on level of technology
every sector is used by electronic gadgets massively. Some and inputs used in production and service sectors. Science
of the popular technological products are laptops, tablets, and technology are mutually effected each other positively.
robotics, communication technology labs, mobile phones, Development of science and technology are stimulating
3-D printers, digital cameras, video cameras, interactive economic growth and prosperity. Economic development
whiteboards, drones, health care products and software is being felt through quantitative and qualitative changes.
technology. It is fact that growth is quantitative but development is
The number of registered startups has grown from 7000 in qualitative. Positive quantitative changes in economic
2008 to 50000 according to latest report by KPMG on startup development are understood in the way of improving GDP,
ecosystem in India. During the last five years, many startup NNP, investment, capital and consumption while qualitative
companies reached into billion-dollar club. Some Indian changes can be measured through life expectancy, nutrition,
tech startups that have become billion-dollar businesses are safety, power structure and so on.
Lenskart, Big Basket, Druva, Dream11, Policybazaar, Paytm Technology startups have been doing businesses in India for
Mall, Oyo, Swiggy, Byjus, Freshworks, Udaan, Zomato, developing and producing know-how products and products
Billdesk, and Delhivery4. which are being produced with the help of technology. In
Indian exports scenario is far behind and miles to go order to transform from developing to developed economy,
for achieving high level of expectation. At present Indian technology startups in India should be given priority by both
enterprises have been exporting limited goods and services private entrepreneurs and government initiatives directed
relating to regional handicrafts, processed meats, dairy accordingly. There is no doubt that development of science
products, homeopathy medicines, gems, jewellary and and technology must have strong consequences but it is
precious stones, leather and leather products, organic too difficult to isolate its individual effect on economy as
supplements and medicines, tea and coffee, ceramics, a whole.
engineering products and software technology. Though, there
is enough scope to increase in market share in electronics Impact of Tech Startups on Economy
cars, electronic gadgets, FMCGs, E-commerce, life saving Advancements of rapid technological explosion have been
medicines, accessories, home appliances and tourism. But induced to open up thousands of new idea based industries
due to huge investment is involved in opening up some are and create millions of jobs in all sectors in India and outside
such as defense products, exploration of natural minerals world. But, rate of usability of such technology is relatively
and gasses as well as space technology, therefore, in these low in India as compared to countries of developing world.
circumstances PPP model will be more suitable. On line shopping and thereby e-payments are increasing in
In order to provide excellent technological environment manifold due to internet explosion. Large shopping malls
in India for the new entrepreneurs, there must be taken and online purchases have been affected badly on micro
following measures such as (i) education curriculum is to be and small enterprises. One side technology is generating
converted into technical rather than conventional (ii) massive employment and at the same time micro and small enterprises
investment in developing of technical infrastructure for skill are pulling out from the markets on the other.
development of young talents and employees (iii) inviting In general, Indian entrepreneurs have been benefitted

COVER STORY
from technology revolution. They are doing excellent Conclusion
performance in both manufacturing and service sectors. Technological advancement contributes major economic
Though, success rate is more in service sector rather than growth of a country. Easier and faster communication
manufacturing sector. Startups at twenty first century have system is accelerating technological revolution in many
been innovating, implementing and serving lot of products countries including India. The level of technology is also
by young and energetic people in India. 5Products they are an important determinant of economic growth. Inventions
producing are app development, technology consultancy and innovations and their optimum approaches have been
and repairing, social media activities, website designing largely responsible for rapid economic growth in most of the
and development, e-marketing, marketing data supplying, industrialized nations. It is also an important tool which is
business consultancy, online health services, blogging, online used to eradicate poverty and to improve standard of living.
education and many more. These economic startups have a Whether technology startups can be acclaimed sustainability
good impact on economy at large in India. But, its impact or not depend on quantitative and qualitative changes in
is not so powerful as compared to some global brands. In economic development. So far as India’s point is concerned,
Asia, Japanese and South Korean startups for example have technology advanced enterprises go ahead steadily but micro
flooded electronics goods and cars across the world and their and small enterprises which are basically labour intensive
brands turn into highly accepted and trusted brands in the in nature have been suffered adversely due to open market
universe. Some of the popular world class brands in South economy. As a result, MSMEs can’t successfully compete
Korea are LG Electronics, Kia Motors, Hyundai Motor and with presence of rival firms operating with sophisticated
Samsung while Sony, Toyota, Suzuki, and Mitsubishi are technology and vast financial resources. However,
leading brands of Japan. technology startups in India have been strengthening along
The scale of production is also an important parameter in with quality improvement and combat challenges and there
economy. Except a few products which are producing at very is enough scope to reach these enterprises at highest echelon
large scale for exports, most of the startups are producing of technological superiority.
in the light to meet the demand for local markets. In this
situation, industrialists should have changed their traditional
References
mindset and attitudes regarding to go global. Apart from
family owned and controlled businesses, they would equally
1
Chaudhary, Archana (2018)The trade war between the US
concentrate to do partnership and joint ventures with global and China may have a positive impact on India, Bloomberg,
counterparts. As a result, new thinking and technology updated November, 26, 2018, https://m.economictimes.com
will transfer and access by the national entrepreneurs. In 2
Singh, Gauri (2018) The helpful startup policies from
this way, we can scatter our businesses in many countries. Indian Government, https://pixr8.com
In India, red tapism, high level of corruption, bureaucratic 3
www.startupindia.gov.in
attitude, slow reforms in economic sector are considered 4
Meet 14 Indian tech startups that have billion-dollar
as key backwardness for startups. Therefore, concept
businesses, www.gadgetsnow.com
of negative thinking will remove in the eyes of foreign
investors through massive sectoral reforms, flexibility
5
Patrick (2019),The ultimate list of Tech startup ideas,
norms of Foreign Exchange Management Act, RBI policies, https://theincomespot.com
Foreign Direct Promotion Board, Securities and Exchange
Board of India and clearance certificate from Pollution
Control Board. Besides, special incentives and facilities
must be offered to startups in India. In order to be successful
make-in-India slogan, technological startups in India must [email protected]
be directed towards massive exports, employment and well-
built economy.
Kind Attention !!!
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the purpose of publication in “The Management Accountant” Journal along with the selected high resolution
pictures (.jpeg format) within 45 days of the date of the event and within 20th of every month to [email protected]

COVER STORY
START UPs IN INDIA

– THE THEME FOR
ECONOMIC GROWTH
Dr. Mohammad Khwaja Moinoddin

Professor, Dept. of Commerce & Business Management
SRM Group of Institutions
Karimnagar, Telangana
Abstract
Today, technology entrepreneurship could be a world development with startup ecosystems

rising world over. Startups square measure growing at the speed of 5x compared to 15 years
past. Startups square measure the lifeblood of our economy and innovation across the world.
They produce jobs, new merchandise, dreams, and disruption. Startups square measure are
rising in their title, driving economic process, making employment and absolutely impacting the
economy. It’s not solely altering the business topography, however in addition to the practice;
we have a tendency to work nowadays. They’re semiconductor diode by entrepreneurs who
work effortlessly to bring their concepts to life. Normally, block out by failure, they keep on
and may adjustment the globe.
S
INTRODUCTION with the aim of sponsored entrepreneurs, and reworking India
tartup India may be a bellwether initiative of the into a fashion of job creators instead of job seekers.
govt. of India, supposed to change state startup
culture and build a powerful and inclusive OBJECTIVE OF THE STUDY
system for innovation and entrepreneurship in The present study focuses on start ups and their importance
India. Since the spirit originated on 16th January, and role in growth of nation economy and challenges faced by
2016, Startup India has spread out many events startups in India. The paper also reveals the statistics of top

COVER STORY
performing and least performing industries from the NPM point MAIN ROLES OF STARTUPS TO INCREASE
of view. ECONOMIC GROWTH
STARTUPS DRIVE ECONOMIC GROWTH 1. Startups creates employment

On the Startup India initiative, the Economic Survey states Yes. If we are going to become an entrepreneur then we must
that startups drive economic process, produce employment and be in a position to create employment. Then the percentage of
foster a culture of innovation. It states that, as on March 1, this unemployment in our country comes down. So employment
year, 16,578 new start-ups were recognized unfold across 499 generation is one of the main outcomes from startups.
districts across the country.
It states that 47% of the start-ups from Tier II and III cities
2. Creation of Value
and 46% of licensed start-ups have a minimum of one female
director. The survey conjointly enumerates steps the govt. As entrepreneurs are trying to attract investors by investing
is taking to ease laws within the sector like exemption from their own resources, the people of the country will be benefited
taxation on investments raised by start-ups, regulative reforms when startups grow. Since the money is being shared with the
enforced to enhance easy doing business for start-up firms and society, wealth property is created within the nation.
then on.
Among the states, Maharastra (18.91%), followed by Mysore 3. Quality standard of living
(14.67%) and Old Delhi (13.38%) deemed for a maximum share Startups can implement innovations and technologies to
of the listed startups. As per the industry-wise distribution of enhance the living condition of the people. There are many
recognized start-ups, IT Services crystal rectifier the method startups which are working for remote areas to develop the
with 15% share followed by health care and Life Sciences at community.
9% Education at 8 %. Two buzzwords that are well-liked within
the past number of years, Renewable Energy and web of Things
accounted 3.05% and 3.09% of the overall startups severally. 4. Maximisation of GDP
GDP (Gross Domestic Products) plays a key role in enhancing
WHY STARTUPS ARE IMPORTANT FOR the financial growth of a country. World Bank report says that
ECONOMIC GROWTH OF A NATION India will become the fastest growing country as per economic
growth in the globe. By supporting and motivating more
startups, it is possible to generate more income domestically and
consumer’s capital will also flow around the Indian economy.
5. Indian Startups- Boosting Economic strength

Setting up of small scale businesses by the young
entrepreneurs is definitely going to boost the Indian economy
in the coming future. India is a host for almost 3100 startups
starting per annum standing just behind US, UK and Israel
according to the NASSCOM report of 2015. If the growth is
continued on the same line then it is expected that Indian tech
startups will produce almost 2.5 lakh jobs in the next five years.
India is additionally afore said to get pleasure from
Figure 1 demographic dividend and it’s anticipated that by 2020 Indian
nation would be a home to 112 million operating population
There is little doubt that startups are necessary for economic falling within the cohort of 20-24 years as compared to it of
process of a nation. If we have got an idea to execute it in to 94 million employees of China. This economic growth will
startup or if we are running a startup, then we must scan this, certainly lifts the startup trend within the country. Initially,
to understand how we and our startup will serve to monetary India was thought-about because the marketplace for providing
process of India. The responsibility of startups in economic low-cost labor to the planet and for export of Indian services
strength is growing in today’s world. One of the major outcome within the field of IT. Because of this India has witnessed low
of startups is that it creates new work. A global source of development and innovation in the past. It is already started
information shows that startups are making additional jobs in bearing fruits and is all prepared to profit the Indian economy
our nation than the big corporations or enterprises. As of now, within the end of the day.
several startups have introduced moderate technologies like
web Technology, Robotics, and artificial intelligence etc.
So the role of startups is very important to our society to
develop our nations. Means, it’s necessary to develop associate
entrepreneurship culture in our country for additional startups.

COVER STORY
TOP 10 CHALLENGES FACED BY STARTUP IN options.
INDIA
6. Skill Deficit
Although a skilled personnel is not that bad in India, start-
ups just cannot pay for them all the time. Often, however, the
multi-skill required to make start-up fruitful stories are very rare
to see.
7. Government Policy
India missing a clear long-term start-up roadmap, as
economic liberalization is very fresh to India. Given the width
of the nation and the concerns, the government seems to keep
the road-map on the shelve.
Figure 2 8. Not Experimenting Often Or Enough

Innovations can give answers to many queries, which are
The start-up economy, although may be booming now, it mostly demanded by any start-ups. However, either due to turn
is moving towards the early stages of growth and maturity in around time or due to monetary status, they are always omitted
India. Following given are the some of the challenges typically or stymied.
startups are facing in India.
9. Constructing the Right Team
1. Dependence on “Gut-feel” instead of costly market
At the heart of any successful business lies Group-work. Due
survey.
to scarcity or limited inputs and short-sightedness of the owners,
Resetting is very common in India as founders cannot good team building does not possible, results in cohesion less
be wooed solely by a concept note anymore. As a result, the team.
founders have to fund on their own at the beginning stages
for which research is a huge capital outlay, which is better
10. Not able to execute: 20% Thought and 80%
eliminated.
implementation
Accomplishment of aim lies in skillful execution. Ideas can
2. Mentorship crisis create a tower in the air, but the visionary has to consider the
Standard management polices do not work well in a start-up blocks of brick to build the castle.
scenario, as many decisions have to be taken in a ‘data poor
high risk’ condition. As a result, conventional managers are not STARTUP STATISTICS
equipped to manage start-ups. There is a shortfall of mentors
Table 1
in the system, who can guide the young blood, as the wave of
start-ups is just started. INDUSTRIES WITH INDUSTRIES WITH
THE BEST STARTUP THE WORST STARTUP
3. Branding strategy vacuum STATISTICS STATISTICS
When any start-up initiates a radically new method or
inviting the real challenge goes into elaborate the MVP – Industry NPM* Industry NPM*
Minimum Viable Product. As a result, the priority of branding
steps a second seat or completely disregard, in the passion of Accounting,
creating something path-breaking. Tax preparation, Oil and Gas
18.4 -6.9
Bookkeeping, and Extraction
4. “May be or May not be” – cunctation Payroll Services
Since start-up attracts the Newbies and given the risk of such Lessors of Real Software
17.9 -5.1
a ventures, reputed industries hardly look them as a chance. Estate Publishers
Hence, many start-ups have to be constructed and developed on Beverage
non-specialized managers giving direction to longer decision- Legal Services 17.4 -3.7
Manufacturing
making time and loose the opportunities.
Semiconductor
Management of and Other
5. Beat the market without scanning the enough options Companies and 16 Electronic -0.3
Since research is a costly element, the startup entrepreneurs Enterprises Component
have to jump into deciding on creating the MVP without Manufacturing
testing it out to a broader set of people. Not verifying on bigger
consumer base can lead to lesser trails thereby declining the

COVER STORY
Activities Related to Forging and startup and contribute towards the growth of our nation. Now I
14.9 0.4 am concluding that startups are important for economic growth
Real Estate Stamping
of a nation.
Farm Product
Raw Material
Offices of Dentists 14.8 0.9 REFERENCES
Merchant
Wholesalers 1. Kumar,Keshav (2015) Indian online startups- can
they stand against the world?: International Journal
Beer, Wine,
of Advance Research in Computer Science and
and Distilled
Offices of Real Management Studies.Vol. 03, Issue.04. ISSN NO.
Alcoholic
Estate Agents and 14.3 2.1 (Online) 2217782.
Beverage
Brokers 2. Report title “Start – Ups: What You Need To Know”
Merchant
Wholesalers (2016) by Nishithdesai associates. Mumbai.
Petroleum and 3. Sharifi,Omid, Hossein,Karbalaei.Bentolhoda.(2015).
Nonmetallic Petroleum Understanding The Financing Challenges Faced By
Mineral Mining and 13.2 Products 2.8 Startups In India: International journal of Science
Quarrying Merchant Technology and Management (IJSTM). Vol.4, Issue1.
Wholesalers ISSN:23941537
Offices of Other
13 Grocery Stores 2.2 WEB LINKS
Health Practitioners
Medical and Bakeries 1. http://startupindia.gov.in/
Diagnostic 12.1 and Tortilla 2.3 2. http://indiatoday.intoday.in/story/startup-india-19-key-
Laboratories Manufacturing points-of-pm-modis-action- plan/1/572651.html
3. https://www.forbes.com/sites/krnkashyap/2016/09/29/
• NPM= Net Profit Margin the-8-most-prominent-angel-investors-in-
india/#7d81f6056081
CONCLUSION
4. https://www.ibef.org/economy/startup-india
Startups can change the globe and in coming period more
5. https://en.wikipedia.org/wiki/Start-up_company
and more startups will develop with innovation and creativity.
Entrepreneurship is the only route to strengthen the economic 6. https://en.wikipedia.org/wiki/Start-up_India
growth of a country like India and a tiny concept can be turned
into big innovative solution which can shape our future. So if
we have an idea, should not block our dreams because of fear [email protected]
of failure and taking risk. Just we have to execute our plan into
CONGRATULATIONS
Our heartiest congratulations to CMA Asim Kumar Mukhopadhyay, VP & Head – Business Finance at Tata Motors Ltd. and
a Fellow Member of our Institute, who has been awarded the Doctor of Excellence-HonorisCausa on 20th October 2019 at the
India International Centre New Delhi, for excellence in the field of Finance Management by the Confederation of International
Accreditation Commission (CIAC), Global through their partnering affiliated International University – University of
Entrepreneurship and Technology, USA. This award is bestowed upon individuals for their outstanding performance in their
respective fields & for excellent contribution & undisputed commitment through their sustainable work which can benefit both
country and society at large.
We wish CMA Asim Kumar Mukhopadhyay the very best for all his future endeavors.

COVER STORY
STARTUP MOVEMENT IN
INDIA:
THE JOURNEY AHEAD
Abstract
Startup India has immense scope and

opportunities to flourish business by
utilizing ever-increasing demands of one
of the biggest local and niche markets. In
CMA (Dr.) Ananta Mohan Mishra order to accelerate the startup movement
Principal
Ramnagar College
in India attention should be concentrated
on changing the form of business activities,
I
Depal, Purba Medinipur, West Bengal
product and services, consolidation of
n general, start up means a newly emerged, fast- ideas and transforming the same into a
growing business entity that aims at fulfilling product or service; and finally creation
the needs of the market place by developing and
flourishing a business idea through innovative
of demand should be the main motto or
product(s), service(s) and the like. History of success story of today’s Startup business.
business taught us that there is large number of
success stories built by some renowned multi-national
entrepreneurs like Microsoft founded by Bill Gates, Ford
self-driving vehicles,
Motors founded by Henry Ford, McDonald’s founded by
Ray Kroc. Face book by Mark Zuckerberg and others, etc. • Glossier, a skincare and beauty product company,
In this connection, it would be pertinent to mention the name • Ripple, a network that uses block chain technology to
of following Startup companies who reached their picks in process currency exchange transactions.
2018. 1
• Rubick, a cloud management company founded in 1.00: CONCEPTUALIZING START-UP
2014, Grant Thorton (2015) defined Startup as a new business
• Aurora, a developer of hardware and software for organization which is: 2

COVER STORY
i) incorporated for three years or less, 3.00: THE STARTUP INITIATIVE: INDIAN
ii) at a funding stage of Series B or less (B Series means EXPERIENCE
second round of funding), It is encouraging to note that “one of the flagship initiatives
iii) an entrepreneurial venture/a partnership or a at the national level “Startup India” was launched first by our
temporary business organization, honorable Prime Minister Sri Narendra Damodardas Modi
in August 15, 2015. The immediate objective to promote this
iv) engages in development, production or distribution of
initiative was to encourage young enthusiastic entrepreneurs
new product(s) or service(s) or process(es),
for concentrating to start new business by capitalizing their
v) revenue of up to INR 25 Crore, new ideas, skills, talent and thereby transforming India into
vi) not formed through splitting or restructuring, a “Startup Nation- a country of job creators instead of job
vii) employing 50 people or less. seekers.” 4
In this connection, he argues that time is ripe to become an
According to startup guru Steve Blank a Startup3 is a entrepreneur in India. Startup ecosystem experts, founders,
“temporary organization designed to search for a repeatable investors and policy-makers have acknowledged the strength
and scalable business model”. Small businesses function of current scenario of startup ecosystem in India in several
according to the fixed business model, while the very basis reputed platforms. It is comprised of over 14600+ startups,
of Startups is determined by following three main functions
5
approximately 270 incubation and business acceleration
namely: programmes, 6 200 global and domestic venture capital
firms 7supporting home-grown Startups, and fast-growing
• To provide a vision of a product with a set of attributes
community of 231 angel investors 8 and 8 angel networks. 9
or characteristics;
India also boasts of being home into the third largest unicorn
• Creating a series of scenarios of the business model community 10with over 16 high value startups having raised
as regards to the customers, delivery channels and over USD 17.27 billion funding with overall valuation of
funding of the business units; and USD 58 billion. These unicorns made a huge difference by
• Understanding, whether the model is the right changing the outlook of the global investors, venture capital
one, based on consumers’ behavior as the model firms, global corporate towards the immense opportunity
anticipates. presented by the growing Indian consumer markets. The fast
growing number of internet users and lowering/ever falling
2.00: OBJECTIVES AND METHODOLOGY OF internet use prices has played a pivotal role in expanding
THE STUDY the ecosystem, with almost 500 million 11 Indians now using
internet service across the country.
2.01: Objectives
3.01:Start-Up in India: Definition
The present study has been finalized with following aims
and objectives: As narrated in the Startup India Action Plan, 2016, 12
Startup means an entity, incorporated or registered in India
i) To understand and conceptualize the term ‘Startup’ in not prior to five years, with turnover not exceeding INR
Indian as well as international context, in brief. 25 Crore in any preceding financial year, working towards
ii) To know the background of Startup initiative taken in innovation, development, deployment or commercialization
India, of new products, processes or services technology or
iii) To familiar with various plans and programmes intellectual property-
adopted at the national level; and finally • Provided that such entity is not formed by splitting up,
iv) Making a performance analysis of the Startup India or reconstruction of a business already in existence.
achieved so far. • Provided also that an entity shall cease to be a Startup,
if its turnover for the previous financial year has
2.02: Methodology exceeded INR 25 Crore or it has completed 5 years
The study is descriptive in nature. In order to fulfill the from the date of incorporation/registration.
above objectives, the study has been conducted and finalized
in the line as noted below: 3.02: Startup India Action Plan
i) Reviewing of existing literatures, reports, regulations, The Government of India also formulated a road-map in
laws etc, the form of announcing a Startup Action Plan on January, 16,
ii) For quantitative analysis secondary data have been 2016 to spread Startup movement throughout the country.
used, and, While announcing the Startup Action Plan, 2016, honorable
Prime Minister said-“ I see the Startups, technology and
iii) Finally, the paper has been presented in descriptive innovation as exciting and effective instruments for India’s
manner with the help of various statistical tools; like transformation.”The Action Plan so formulated hopes that it
tables, charts, diagrams etc. will accelerate spreading of the startup movement:13
• from digital/technology sector to a wide range of

COVER STORY
sectors including agriculture, manufacturing, social remained quite significant (46 percent of the Startups formed
sector, healthcare, education etc; and, so far have at least one women director). If we consider the
• from existing tier 1 cities to tier 2 and tier 3 cities State-wise performance of accreditation of Startups we
including semi-urban and rural areas. will notice Maharashtra, Karnataka, Delhi, Uttar Predesh,
Telengana and Haryana are the topper of the top ten lists in
terms of forming recognized Startups in their State.
The Action Plan has been formulated consisting on three
important pillars namely,
Figure 2: Bar Chart Top Ten State-wise Distribution of
i) Simplification and Handling,
Recognized Startups in India as 31.03.2019 (Figures in
ii) Funding Support and Initiatives; and Nos)
iii) Industry-academic Partnership and Incubation.
There are 19 action points in total that formed the skeleton

of finalizing the Action Plan and considering the urgent need
of the hour, it can be said that the Government has come
up with a Startup Action Plan in right time; and, of course,
towards right direction
4.00: STARTUP INDIA: THE GROWTH AND

SUCCESS STORY
As a result of some concerted efforts both at the Union as
well as State levels under the leadership of DIPP it is a fact
there has been a Startup movement all over the country; and
entrepreneurial activities have been significantly increased We now present top ten State-wise distribution of
in the form of number of recognition given to Startup recognized startups in India as on 31.03.2019 in Table 1 and
ventures which was 503 in 2016, rose to 5373 in 2017 and also see the presentation through a Bar Chart, Figure 2.
finally reached at 8724 in 2018. 14 This indicates a very high
rate of growth story achieved in regards to expanding startup Table1: Top Ten State-wise Distribution of Recognized
movement in our country during last three years (see, Figure Startups in India as on 31.03.2019
1: Bar chart). Another source of statistical record, on the Percentage of
other hand, further discloses that there has been 16,578 Number of
State/Union Recognized
Sl. No. Startups
Start-ups 15 spread across 499 districts in our country as on Territory
Recognized
Startups as on
31.03.2019, which is no doubt, a great achievement in deed. 31.03.19
Among the Startups formed, recognized and accredited so 1 Maharashtra 2587 18.91
far, it is noted that 55 percent Start-ups have been recognized 2 Karnataka 1973 14.67
from Tier I, 27 percent of them have been recognized in Tier
3 Delhi 1833 13.38
II, and rest 18 percent of them have been registered in Tier
III cities. 4 Uttar predesh 1129 8.23
5 Telengana 748 5.59
Figure 1: Bar Chart Showing Growth of Startups in 7 Haryana 710 5.33
India (2016-2019) 8 Tamil Nadu 709 5.18
9 Kerala 461 4.00
10 West Bengal 417 3.03
11 Rest of the States 6011 16.51
Total 16578 100.00
Source: DIPP, Ministry of Commerce and Industry,

Government of India (figures in Nos)
If we analyze the sector-wise recognition of Startups in

Source: DIPP, Ministry of Commerce and Industry, India, it can be observed that IT Services account for 15.23
Government of India (figures in Nos) percent of the recognized startups remained on top, followed
by Healthcare and Life Sciences at around 9 percent
This signifies that the benefit of Startup initiative has (8.97%) and Education; 8.07 percent respectively(Table 2
been percolated all over the country from Tier 1 to Tier 3 and Figure 3). The share of other sectors like Professional
cities. In this connection, it is encouraging to note that the and Commercial Services, Food and Beverages, Agriculture
involvement of women entrepreneurs in registered Startups and others are the sectors where startup ventures were also

COVER STORY
recognized at a significant rate during the period. recognized Startups, a Fund of Funds ( FFS) of INR
10,000 Crore has been earmarked by the Government. The
Table2: Top Ten Sector-wise Distribution of Recognized Government has already assured INR 1611.7 Crore to 32
Startups in India as on 31.03.2019 Venture Capital Funds through FFS. The fund supported
by the Government has enabled Venture Capital funds to
Percentage of Recognized raise a corpus of over INR 7.000 Crore 18 which is meant
Sl. No. Sector/Industry for Startups. When this committed fund will complete their
Startups as on 31.03.19
1 IT Services 15.23 fund-raising process, a total of INR 13,888 Crore will be
available then for the use of different Startups. In addition
2 Healthcare and Life Sc 8.97
to this, Angel and Venture Capital Funding has reached
Professional & its peak; over USD 3.5 billion has been invested into 380
3 8.07
Commercial Services
disclosed deals in the Hi2015.dealsl in the first half of the
4 Education 4.15 year suppressing the number of Startups deals in 2014.
Food and Beverage As far as the creation of jobs is concerned the NASSCOM
5 4.01
Services report unveils that around 11,500 Startup will become
6 Agriculture 3.73 operative in the country by 2020, expected to create over
7 Finance, Technology 3.10 2.5 lakh jobs, compared to the current figure of 75,000
jobs. On the other hand, creation of wealth by the Startups
8 Renewable Energy 3.09 is concerned the report published by iSpirit shows that the
9 Internet of Things 3.05 top 30 software product Startups in India are valued at USD
10 Technology Hardware 3.04 10.25 billion, which is up by 20 percent over the October
11 Others 43.56
2014 figure. These Startups will employ 21,200 people
whose 80 percent of the customer-base is abroad.
Total 100.00
When company-wise analysis of innovation is taken into
Source: DIPP, Ministry of Commerce and Industry, consideration, it has been noted that the TATA is the only
Government of India (figures in Nos) Indian company who found the place in the top 50 rankings.
The first top 10 spots are held by Apple(1st), Google (2nd),
Samsung (3rd), Microsoft (4th), IBM (5th), Amazon (6th),
Figure3; Bar Chart Showing Major Industry-Wise Tesla (7th), Toyota (8th), Face book (9th) and Sony(10th). Our
Distribution of Recognized Start-ups in India (in per consolation is that TATA could manage to occupy 43rd place,
cent) being the only Indian company ranked among top 50 list.
5.00: STARTUPS IN INDIA: CHALLENGES AHEAD

It cannot be denied that Startup India initiative has
already got recognition and appreciation at the national and
international platforms for high rate of growth achieved
during a short span of time. This does not mean that the aims
and objectives of the project have been fulfilled and no task
is ahead of to do by us. In fact, we have to do a lot to reach
the goal which is far away and continuously expanding for
us with the change of time. Under this backdrop, we now
present some of the gray areas or issues making hindrance or
India has already declared 2010-20 as the “Decade of hampering the smooth functioning and desired growth and
Innovation”. The Government has realized to make a development of Startups in India.
concerted effort by taking in to account the issues of science,
technology and innovation for the growth of business and 1. Lack of Nourishment and Nurturing of
economy as well. The newly formed National Innovation Entrepreneurial Talent
Council (NIC) has been assigned to function/operate in this
direction. It is heartening to note that India is, now, the 4th Making a business is a risky job and there has been a series
largest ecosystem in the world for Start-ups just after the of uncertainty in every step of doing business. Therefore,
USA, UK and Israel. 16 India’s Start-up ecosystem is being majority of the people do not prefer to go for promoting a
driven by an extremely young generations having energy, business and gladly accept a service-life or similar other job
potential and skills with entrepreneurial ability. It is expected where chances of uncertainty are minimum. On the other
that if the current trend remains in force; by next 1-2 years hand, there are some in-born people having talent, skills and
India will reach 2nd after the USA; and at the same time it ability to handle risk and uncertainty and they are the leaders
will emerge among the top Asian Start-up ecosystem along and potential entrepreneurs, who are highly ambitious and
with China and South East Countries. 17 could not satisfy themselves with small things and take the
risk of doing business. Making the Startup movement more
With a view to provide growth stage funding to the effective they should be identified, motivated and groomed

COVER STORY
from the grass root level. This exercise must be started from 5. Functioning of Startup India Hub
the school level by the teachers who are the real mentors of The Action Plan for Startups 2016, vows for constituting
our society and also the mentor of the potential entrepreneurs ‘Startup India Hub’, for the entire Startup Ecosystem with
as well. the object of making collaborative efforts with various
stakeholders operating in the system. In fact, this hub will
2. Lack of Steady Supply of Finance act as friend; mentor and guide will hold hands and walk
A recent Report published by InnoVen Capital 19 discloses with the entrepreneurs through their journey. However, the
that 54 percent of the respondent entrepreneurs who functioning of this hub is yet to achieve its expected height
attempted to raise fund in last 12 months had a favorable and frequently urged by many of the early-stage startups
experience but 46 percent of them opined the same as that they are not receiving that much of cooperation from
challenging. They further argued that at the mid-stage of different Government agencies as they expect.
Startup procurement of additional fund is not so easy and
troublesome also. The Government must think this issue 6. Lack of Appropriate Marketing Policies
seriously and finalize a solution of this problem through Though it was expected that Startup will attract young
convening interface meetings with Startup managers, talents and entrepreneurs of our country in doing indigenous
financers and other related stakeholders. At the same time, it innovative business, but in reality it has been observed that
is reported that existing foreign investment norms need to be mainly large business houses have used this opportunities
relaxed in order to attract international investors in the fold and started their business under the Startup India initiative
of Startups in India. and participation of indigenous business under this project
could not make due impact till date. Indian businessmen,
3. Compliance of Government Regulations those forming small and medium size business could not
Regulatory formalities requiring compliance with various sustain their Startup owing to lack of competitiveness,
labour and environmental laws are also still a headache to technological up-gradation and inappropriate marketing
the Startups operating in our country. The Startup India policies etc.
Action Plan (2016), vows for reducing the regulatory burden
on Startups and thereby allowing them to focus on their core 6.00: CONCLUDING REMARKS
business and keeping the compliance cost at minimum. At Startup India has immense scope and opportunities to
present there are seven Labor Laws and three laws relating flourish business by utilizing ever-increasing demands
to the environment are in operation that makes the task of one of the biggest local and niche markets. Keeping in
critical and problematic. view the ever-changing lifestyles of our society, Startups
It is true that enactment of various laws is urgently should concentrate on changing the form of business
required for maintaining the social system and social order activities, product and services, consolidation of idea and
of our society. But it should be kept in mind that the same transforming the same into a product or service; and creation
should be redressed or settled by the appropriate authorities of demand for are the main motto or success story of today’s
for social cause, when a defaulter violates the prescribed Startup business. Zomato, Swiggy (online food delivery),
provision of laws. It should be kept in mind, as per the report Peel works (big data analysis for business), Mura(online
of Word Bank, India ranks 142nd out of 190 economies in pharmacy), Ola (Car hiring), Pine labs (payment solution
terms of ease of doing business in 2014. 20 for debit/credit card), Fareye (Logistic management through
software) are the today’s business identities emerged out of
4. Bottlenecks due to Existing Taxation Policies Startup endeavors.
It is argued that in order to attract investment in There are so many issues where prospective entrepreneurs
Startups, rate of incentives should be more attractive and may think and concentrate for forming Startup in the local
the rate of various taxes must be rationalized. The recent level as a small scale business unit;
Report published by InnoVen Capital 21 shows that 32 i) Waste management (collection of household
percent of the respondents opined for better incentives garbage),
needed for domestic players to compete against global ii) Delivery of Snacks and Tiffin among the office staff,
majors and 52 percent of the respondents remained
iii) Ironing and washing,
unhappy with the existing provisions of GST. They
expressed dissatisfaction and concern on the following: iv) Assistance to old age,
i) existing system of input tax credit process (10 %), v) Logistic and manpower support to organizing events
like observance of cremation and related rituals and
ii) reverse charge levy when was dealing with small
other religious ceremonials,
businessmen(14 %); and
vi) Grooming and supplying of various professionals
iii) higher compliance cost (28%)
or professional groups like folk singers, musicians,
Further respondents from Media/Content, Fin Tech, priests, drivers, electricians, plumbers etc as per
Healthcare and Food felt that GST had a negative impact on demand.
their business.
On the other hand we may suggest some Startups which

COVER STORY
can be formed as a medium-size unit, namely services, technology and infrastructure support etc.
i) Ayurvedic medicine and other healthcare services, 7. Venture Capital: Venture Capital is a means of
equity financing for rapidly-growing private
ii) Preservation of fruits, food and flowers,
companies.
iii) Solutions for organic farming etc 8. Angel Investors: An angel investor is an affluent
iv) Tutorial and coaching for professional courses. person or a high net worth individual that provides
initial capital to the startup in the infancy stage.
Participation of women in every sphere of life has been 9. Angel Networks: An angel network is a group of
increasing noticeably in our society. It is heartening to note angel investors who have recognized to invest
that Indian Startups have inspired and attracted women collectively, operate more effectively and provide
entrepreneurs quite successfully. It is a good sign of mutual support.
transformation of outlook of our society. In the mean time, 10. Economic Times: CB Insights, Yours Story
encouraging news has been published by the World Bank 11. www.iamai.in
in its Ease of Doing Business Ranking Report 2020, where 12. Government of India (2016): #startupindia, Action
India has jumped 14 places to 63rd position, riding high on Plan, January 16, New Delhi, p.27.
the Government’s flagship “Make in India scheme and other 13. Ibid, p.1.
reforms attracting FDI. 22In 2014 India’s ranking was 142 14. Govt of India, Ministry of Company Affairs, DIPP
among the 190 nations; and the present ranking is no doubt (2018): States’ Startup Ranking 2018, December,
is a great achievement in deed. New Delhi, p.8.
15. Government of India (2018-19): Economic Survey,
We therefore, very optimistic about the future of the
Vol II, New Delhi, p.204.
Startup movement in our country; and hope that the
16. CMAI (2018): START UP INDIA, STAND UP
existing discouraging issues would be dealt seriously by the
INDIA, Action Plan, New Delhi, p.1.
appropriate authorities to make the initiative truly a success.
17. Ibid.
18. Govt of India, Ministry of Company Affairs, DIPP
(2018): States’ Startup Ranking 2018, Dec, N D, p.8.
REFERENCES
19. INNOVEN CAPITAL (2018): Innoven Capital India:
1. http://www.investopedia.com, visited on 20.10.19
Startup Outlook Report, April, p.3.
2. Grant Thorton Report( 2015): Startup India: An
20. World Bank (2014): Report on Ease of Doing
Overview.
Business 2014.
3. http://www.renderforest.com, visited on 21.10.2019
21. Ibid.
4. Government of India, Ministry of Commerce &
22. World Bank (2019): Report on Ease of Doing
Industry (2018): States Startup Ranking, #Startup
Business-2020.
India, December, p.1
5. Department of Industrial of Policy and Promotion,
Ministry of Commerce and Industry(2018): States
[email protected]
Startup Ranking, December,12, New Delhi, p.7.
6. Incubators: incubators provide array of business
OBITUARY
The Institute and its members deeply mourn the demise of CMA K.R.S. Sastry, Past President of South Asian Federation of
Accountants (1996) and Chairman of SIRC of the Institute (1991-92), who left us for his heavenly abode on 19th November,
2019.
May his family have the courage and strength to overcome the loss.

SOUTHERN INDIA REGIONAL COUNCIL
(Statutory body under an Act of Parliament)
REGIONAL CMA
CONVENTION 2019
CHALLENGING ECONOMIC LANDSCAPE -
DRIVING PERFORMANCE DIMENSIONS
OF GOVERNANCE
S
IRC organised its Annual Prestigious Mega ‘Best Chapter Award’ – Certificates were presented by the
Event of Regional CMA Convention 2019 President of the Institute, CMA Balwinder Singh to the Chapter
on 23rd and 24th November, 2019 at Hyatt Representatives under different Categories. The Valedictory
Regency, Anna Salai, Teynampet, Chennai. Function of the Convention was held on 24th November,
The theme of the Convention was “Challenging 2019 where Thiru Kadambur C. Raju, Hon’ble Minister for
Economic Landscape – Driving Performance Information and Publicity, Govt. of Tamil Nadu was the Chief
Dimensions of Governance”. CMA Balwinder Singh, President Guest. CMA Mrs. Jyothi Satish rendered Welcome Address.
of the Institute was the chief guest. CMA P.V.S. Jagan Mohan CMA Vishwanath Bhat summed up the entire proceedings of
Rao, President – SAFA was the guest of honour. President the two-day Convention. While CMA Biswarup Basu rendered
of the Institute inaugurated the Convention by lighting the Presidential Address, CMA H. Padmanabhan, Council Member
traditional lamp with other dignitaries. CMA Mrs. Jyothi Satish, – ICAI rendered ‘Special Address’. During the Function, the
Chairperson – SIRC rendered welcome address. The theme of Minister for Information and Publicity released the Souvenir
the convention was briefed by CMA Sankar P. Panicker, Vice- brought out in connection with the Convention. After a brief
Chairman, SIRC. CMA Biswarup Basu, Vice – President of the addressing of Council Members from other Regions of
Institute and CMA H. Padmanabhan, Council Member of the ICAI, the Convention ended with vote of thanks proposed
Institute also rendered ‘Special Address’. Key Note Address by CMA D. Munisekhar, Secretary, SIRC – ICAI, followed
was delivered by Dr. Tirthankar Patnaik, Chief Economist, by National Anthem. In coincidence with the Regional CMA
National Stock Exchange of India Ltd. As part of the Inaugural Convention 2019 held at Hyatt Regency, Teynampet, Chennai,
Session, CMA H. Padmanabhan, Chairman, RC & Chapter Ganapathisubramanian Memorial Fund Committee organised
Coordn. Committee, Chairman – CAT Committee and Council its 14th S. Ganapathisubramanian Memorial Lecture on 24th
Member – ICAI announced the Nominations for ‘Best Chapter November, 2019 at the Convention Venue. The Memorial
Award’ for the Chapters under Southern Region who performed Lecture was addressed by CMA Asim Kumar Mukhopadhyay,
well in their activities relating to Career Counselling, Students VP & Head – Business Finance, Tata Motors Limited, on the
Admission, Professional Development Activities for the Topic “Challenges to Cost Management from the e-Vehicle
Members in Service as well as Practicing members. The Generation”. Around 200 Delegates attended this Lecture.
CMA Balwinder Singh, President – ICAI inaugurating the CMA Mrs. Jyothi Satish, Chairperson – SIRC rendering Welcome
Convention by lighting the traditional lamp Address

CMA H. Padmanabhan, Council Member – ICAI addressing the CMA Dr. P.V.S. Jagan Mohan Rao, President – SAFA, Guest of
delegates during the Inaugural Session Honour addressing the delegates
Hon’ble President – ICAI CMA Balwinder Singh handing over Best Chapter Award Certificate being issued by CMA Balwinder
the ‘SHE SKILL’ MoU under ASAP BFSI MoU between Institute Singh President – ICAI to Hyderabad Chapter under Category ‘A’
& Govt. of Kerala to Kerala Chapter ERs along with CMAs H.
Padmanabhan, Chairman – CAT, M. Gopalakrishnan, Amit Anand
Apte – Past Presidents – ICAI, Jyothi Satish, Chairperson – SIRC
& others.
Best Chapter Award Certificate being issued by CMA Balwinder Best Chapter Award Certificate being issued by CMA Balwinder
Singh President – ICAI to Coimbatore Chapter under Category ‘A’ Singh President – ICAI to Vijayawada Chapter under Category ‘B’
Singh President - ICAI to Visakhapatnam Chapter under Category Singh President – ICAI to Thrissur Chapter under Category ‘C
‘B’

Singh President – ICAI to Mysore Chapter under Category ‘C’ Singh President – ICAI to Nellore Chapter under Category ‘D’
Best Chapter Award Certificate being issued by CMA Balwinder Key Note Address delivered by Dr. Tirthankar Patnaik, Chief
Singh President – ICAI to Erode Chapter under Category ‘D’ Economist, NSEI Ltd. Mumbai
CMA H. Padmanabhan, Council Member – ICAI, Hon’ble Shri Suresh Gooneratne, Chartered Accountant of Srilanka,
Minister for Information and Publicity, Govt. of Tamil Nadu and Board of Director – DIMO, Srilanka at a Technical Session
CMA Mrs. Jyothi Satish, Chairperson – SIRC at the Valedictory
Session
CMA Ashish P Thatte, Practicing Cost and Management Accountant addressing our delegates

DIGITAL TRANSFORMATION
DIGITAL TRANSFORMATION –
PARADIGM SHIFT FROM WAYS TO
CONDUCT BUSINESS WITH
ARTIFICIAL INTELLIGENCE
CMA (Dr.) Paritosh Basu

Senior Professor
NMIMS School of Business Management
Mumbai
I
Marketplace & Competition is fast shifting of the paradigm of competition from physical
ndia witnessed advent of IT during 1970s when digital marketplace. Traditional business houses are a bit late in
transformation was synonymous with a machine’s appreciating that there is a drop of oil in every data, which is
help in computing fast and repetitive writing, that the new source of energy for propelling business growth. Data,
too in areas of accounting and reporting. The course which was also available in ERP age, is now being considered
of progress till about 2012 made us to experience as the most powerful asset for reverse mapping and framing
computerisation of, inter alia, operational systems and agile strategies from market to entity.
business processes; and monitoring and controlling functions The new tribe of competitors, that have emerged in the form
with extensive ERP applications. This enhanced quality and of Google, Amazon, Facebook, Alibaba Netflix Just Dial, etc.;
speed, albeit traditional mode of conducting business continued. are re-writing business rules with a paradigm shift. They have
But digital scientists never stopped there, and India also converted data into strategic power for thrusting business with
started catching up. It will be appropriate to remember here quantum leaps. These players are disrupting incumbent players
Carl Sogan, an American astrophysicist. He said, “Imagination through a diagonally different, yet easy and simple mode of
will carry us to worlds that never were. But without it we go ensuring customers’ independence for choice and digitally
nowhere.” This paper aims to briefly understand how digital delivering services. Players like Amazon and Google are adding
transformation is making us to appreciate the power of data and one after the other business riding on the basic digital platform
use it to transform from traditional to digital way of conducting that was built first and making intelligent analytics of data they
business with the help of artificial intelligence. gathered in the process. Thus they have incredibly led multiple
shift-forwards of marketplace from physical to online, to social
In this Industry 4.0 era we are witnessing propagation of
media, and now to the consumers’ drawing rooms using wheels
eight deep technologies, viz. AI, Blockchain, RPA, IoT, Drone,
of tele-mobility.
3D Printing, AR, and VR. These are influencing and impacting
life of business entities across sectors. The major outcome Digital transformation is thus the process of leveraging and

DIGITAL TRANSFORMATION
multi-tasking of digital tools and devices for effecting orbital There is no doubt that, irrespective of any one or more of those
leap in customers’ experience, simultaneously with minimisation seven deep technologies being applied for any solution design,
of value destruction. Economists and social thinkers are busy data analytics and artificial intelligence will reign supreme in
in debating whether digitalisation is driven by technology, or foreseeable future. A famous digital evangelist commented that
imaginative design thinking by new-age business leaders in “AI promises unprecedented possibilities for organizations to
finding solutions to customers’ problems. They proved that anticipate, understand and react to customer’s intentions much
idea is none’s monopoly. Their objective of not charging a price before these intentions can become articulated needs.”
for the services they render, but to share out of the benefits, Gartnar has included many varieties and applications of data
in tangible value terms, being delivered to customers. For all analytics and AI in their list which businesses can adopt for
these most of them did not require large capital investments in varying needs. Those are, Augmented analytics, Augmented
physical assets, as has been proved by Alibaba and Uber. They data management, Continuous intelligence, Explainable
solely relied upon imagination and innovation of human capital. Artificial Intelligence, Graph analytics, Data fabric, Natural
It is wrong to think that business models and technologies used language processing or Conversational data analytics,
by likes of Amazon, Uber Swiggy and UrbanClap are disruptors. Commercial AI and Machine Learning. Gill Press in his article
Because disruption presupposes entry of a David like player has included many research findings3 related to AI. Predictive
with Goliath’s ability in the same industry. estimate of FinancialNewsMedia.com is that AI market will
Rajiv Jayaraman, Founder of Knolskape very rightly said,“We grow at a CAGR of 33% to $ 202.57 billion from $20.67 billion
are in the Era of the Digital BLUR. Organizations leveraging in 2018. One of the survey results found that 63% of executives,
the power of digital are playing by very different rules and are whose companies have adopted AI, reported achieving higher
attacking the incumbents from practically every industry. How? revenues, while 44% said AI has helped in minimising value
They think and act differently, allowing them to thrive in the face destruction. However, 76% mentioned that scalability with AI
of uncertainty, chaos and a blinding pace of change.” is a matter of struggle.
Let this volume end with reference to a unique piece of article
Procurement Function - B2B Marketplace related to artificially intelligent robotics. Its headline sounds
Digital transformation of B2B marketplace, or procurement very funny4. Here it is:
function is no longer falling behind. The battle has already
started among players in the value chain from natural resources Welcome to Robot University
to manufactured goods. However, challenges and struggles in (Only robots need apply)
change management for transforming procurement function are
Want your robot to learn a new task? Then send it to RoboNet,
not less than that of B2C space. In their recent research report
a vast video database that could one day teach it anything.
Deloitte has stated the following:
“CPOs, (Chief Procurement Officers) who are able to stay
abreast of these changes and take a true transformational Webliography
mindset toward technology, are able to deliver new value 1. https://www2.deloitte.com/us/en/insights/topics/
streams beyond just internal procurement process automation. operations/chief-procurement-officer-cpo-survey/2019/
…. not only for cost reduction but also for emerging customer- digital-procurement-technologies-automation.html
focused requirements such as socially responsible products 2. https://www.techrepublic.com/article/10-ways-data-
and supply chains. …. Of the CPOs surveyed, 58 percent are and-analytics-will-impact-businesses/
aligning their digital strategies to both their own objectives and
3. https://www.forbes.com/sites/gilpress/2019/11/29/63-of-
to the overall business strategy. And they don’t do it alone, with
executives-say-ai-leads-to-increased-revenues-and-44-
48 percent of organizations collaborating closely with their IT
report-reduced-costs/#38565f1914b3
partners.”1
4. https://www.technologyreview.com/s/614668/welcome-
Here is an area where CMAs have immense scope for
to-robot-university-only-robots-need-apply/?utm_
contributions. Some of the issues which are bothering
campaign=site_visitor.unpaid.engagement&utm_
professionals in this area are standardisation of workflow,
source=twitter&utm_medium=social_share&utm_
poor governance of master data, selection of the right digital
content=2019-11-18
technology / platform; and accessibility, quality and relevance of
data for application of AI and ML. The new concept of solution
designing for this is ‘DevOps’. It does mean collaborative
efforts between team members from operating functions, IT [email protected]
and Digital. The latter is a team more for design thinking and
meaningful adoption of newer technologies.
Augmented Data Analytics and AI – The key differentiator

Gartner has predicted that ‘Augmented Analytics and
Artificial Intelligence are among the top trends in the field
that will significantly change businesses in coming years.”2

DIGITAL OBJECT IDENTIFIER (DOI)
Issue: November - 2019 [Vol. 54 No. 11]
Issue Page
Name of The Article Name of Author/s Volume Issue DOI Numbers
No. No.
FIELD EXPERIMENTS
AND CUSTOMIZABLE 10.33516/maj.v54i11.32-
Dr. Saibal Kar 54 Nov-19 11 32-35
DEVELOPMENT POLICIES: THE 35p
NOBEL PRIZE IN 2019
CMA Amit Kumar
RISK FACTORS OF REAL 10.33516/maj.v54i11.38-
Arora 54 Nov-19 11 38-41
ESTATE RETURNS- A STUDY 41p
Arpit Jain
A STUDY ON AWARENESS
Prof. (Dr.) D. B. 10.33516/maj.v54i11.42-
WHILE INVESTING IN REAL 54 Nov-19 11 42-45
Bharati 45p
ESTATE AND GOLD
REAL ESTATE CAN BE A
Dr. Mohammad 10.33516/maj.v54i11.46-
HAVEN FROM STOCK MARKET 54 Nov-19 11 46-48
Khaja Moinoddin 48p
VOLATILITY
IS CONSIDERATION OF
Mrs Pahuljot Kaur 10.33516/maj.v54i11.49-
GLOBAL REAL ESTATE 54 Nov-19 11 49-51
Harjot Kaur 51p
INVESTMENT RISKS WORTH?
HOME BUYERS AND THREE
Hareesh Kumar 10.33516/maj.v54i11.52-
FOLD PROTECTION SHIELD 54 Nov-19 11 52-54
Kolichala 54p
OF LAW
DIGITAL TRANSFORMATION-
STARTUP ECOSYSTEM AND CMA (Dr.) Paritosh 10.33516/maj.v54i11.56-
54 Nov-19 11 56-57
PEOPLE CENTRIC SOLUTION Basu 57p
TO DESIGNING
VALUE CREATION THROUGH 10.33516/maj.v54i11.61-
CMA A Mathews 54 Nov-19 11 61-63
COST-OPTIMIZATION 63p
DIGITAL CURRENCY AND ITS CMA (Dr.) Manpreet 10.33516/maj.v54i11.64-
54 Nov-19 11 64-67
IMPLICATIONS FOR INDIA Kaur 67p
EXPLORING CONSUMERS
10.33516/maj.v54i11.68-
ADOPTION OF MOBILE Saba Parveen 54 Nov-19 11 68-71
71p
WALLET IN KOLKATA
CMA (Dr.) Niranjan
DEVELOPMENTS AND
Mahendranath 10.33516/maj.v54i11.72-
CHALLENGES IN PUBLIC 54 Nov-19 11 72-76
Shastri 76p
SECTOR ACCOUNTING
CA Khushboo Jain
10.33516/maj.v54i11.78-
TAX TITBITS CMA S. Rajaratnam 54 Nov-19 11 78
78p
COMMUNITY CROWD
FUNDING FOR CIVIC-
10.33516/maj.v54i11.79-
INFRASTRUCTURE PROJECTS Dr. Abhishek Sinha 54 Nov-19 11 79-81
81p
IN INDIA – A CONCEPTUAL
MODEL
COST GOVERNANCE IN
HIGHER EDUCATIONAL 10.33516/maj.v54i11.82-
Dr. Sankar Paul 54 Nov-19 11 82-88
INSTITUTIONS IN INDIA- A 88p
STUDY
ETHICAL ISSUES FOR Kritika Tekwani
10.33516/maj.v54i11.89-
GOODS AND SERVICES TAX Dr. Rinku 54 Nov-19 11 89-91
91p
PRACTITIONERS Raghuvanshi
SOCIALLY RESPONSIBLE 10.33516/maj.v54i11.92-
Jasbir Singh Matharu 54 Nov-19 11 92-94
INVESTING 94p
NATIONAL PENSION SYSTEM 10.33516/maj.v54i11.95-
CMA Mohd Asif 54 Nov-19 11 95-97
(NPS) 97p

COST BENEFIT ANALYSIS
CHALLENGES IN
IMPLEMENTATION AND
OF AI & BI PROPOSALS
Abstract
Industry 4.0 revolution is aimed towards

bringing in higher transparency, flexibility
and adaptability of business systems. The
CMA Ajay Vasant Mahajan
DGM – Tata Motors Ltd., Pune
need is felt by all businesses for evaluation
of AI & BI proposals which are suitable for
current and future business needs. However
there are practical difficulties in terms
of proper identification of business need,
integration with existing system, reliable
vendor’s selection etc. Moreover, capex
evaluation via traditional Management
account tools is a challenge as monetary
value cannot be assigned to intangible
Dr. (Mrs) Shailaja Deobagkar benefits and costs. Management needs to
Associate Professor select appropriate BI tool supported by AI,
Savitribai Phule Pune University, Pune
keeping in mind possible increase in data
volumes, market trends and end customer
A
A. Introduction behavioural pattern in near future.
rtificial intelligence (AI) & Business
Intelligence (BI) are the buzzwords for
successful adoption of Industry 4.0.
Integration of Artificial Intelligence
and Business intelligence is key to
success with smart cost reduction and they make a powerful & intelligent BUSINESS TEAM!
better customer satisfaction. Integration is possible with AI- Future of BI will depend on AI, wherein AI can help in
powered dashboards creating alerts which will help business development of smarter and user friendly BI tools, which
to get full control over its key success factors. can store and process more data, interact more with users
Both terminologies (AI & BI) are used interchangeably, and its results can be customised.
although both techniques have different meaning, purpose Now a days, organisations have to invest in software
and objectives. It’s observed that AI will make BI more and hardware whereby they can fully realize their potential
effective & useful. AI and BI are perfect match when they are which in turn will help the business to achieve its objectives
used jointly. Though AI and BI techniques are different, by creating alarm for key success factors deviations.

Organisations use data to analyse and understand customer Basic assumption of AI is that intelligence of human can
preferences and markets trends and likely predications based be represented in terms of symbols & structures which can be
on past trends. This process of collecting and analyzing data programmed in a digital computer. Whereas BI is supposed
is known as data warehousing / business intelligence (BI) to arrive at action points for achievement of business
and analytics. objectives, after considering all business complexities with
speed.
When BI is combined with AI in the form of innovative
business dashboards it will revolutionize the business As seen in Hollywood movies, AI emerges from science
intelligence activity. fiction which has power to change the world and will soon
dominate the world, there is an urgent need for systematic
B. Meaning & Application development and implementation of AI which will lead to
next-gen of industrial systems, namely Industry 4.0.
It would be more meaningful to analyse both the terms
simultaneously
C. Benefits of AI-Enabled BI
Artificial Business Intelligence
• Efficiency improvement by automisation of tasks
intelligence (AI) (BI)
• Quality of data can be improved and errors are
AI started with
minimised
an intention
of creating • Better data transparency with user friendly tools
intelligence in • Better profitability with improved analytical literacy
machines like & user skills
Business Intelligence
human being. In
helps in analysing
other words, it is
business performance D. Challenges of AI-Enabled Business Intelligence
a study of how
Meaning through data driven
human thinks D.1 Technical Challenges
analysis i.e. understand
and decide in a I. Results generated by AI-enabled BI systems must be
the past and predict the
given scenario correct and reliable.
future
and then using
the outcome as a II. Data generated should be relevant. If users don’t
basis of developing trust or value the recommendations it’s a waste of
intelligent software investment
and systems III. AI & BI models must be kept up to date, programming
Objective of BI is to should be updated with new market trends
provide information
Objective of AI
that will help in D.2 Non-Technical Challenges
is to implement
Objective efficient and effective
human intelligence I. Trust and acceptance. If people don’t trust the
business decisions
in machines output of AI-based BI tools, they will stop using
at all levels of the
business them. The results or findings must be understandable,
logical and timely.
BI involves business
AI is derived out of II. Over-dependency. There is also a risk that people
analysis tools like
computer science, might become overly dependent on AI-enabled
Techniques Statistics, analytics,
Maths, biology, systems and stop questioning results and don’t use
used OLAP (Online
human psychology common sense
Analytical Processing)
etc.
etc. III. Lack of creativity. One area where machines do not
Speech and yet outperform humans is creativity. It is difficult to
BI is used in
Handwriting innovate by imitating existing concepts. AI-enabled
spreadsheet queries,
recognition, BI systems are not very good at making strategic
digital dashboards,
Language decisions in complex and unstructured scenarios.
Applications data mining, data
processing &
warehousing for IV. Ethics and legal issues. Who will be held accountable
Vision systems,
business activity if something goes wrong with the model? The
Intelligent Robots
monitoring developer or the vendor or the end user?
Gaming etc.
AI can be viewed
V. Know-how and staff availability. AI and machine
as threat to privacy BI issues are learning are latest and upcoming technologies and
Threats / availability of staff who can implement and maintain
/ human dignity organisation, people,
Issues them is a challenge.
& safety if it is in technology and data
wrong hands

E. AI-BI Cost-Benefit Analysis platform.
A detailed cost-benefit analysis will allow you to predict
One of the main reasons behind a slow adoption of AI-BI is the amount of data you will be generating down the line and
the difficulties in understanding of poor cost-benefit analysis invest in a platform accordingly.
(CBA).
AI & BI projects are difficult to cost-justify II. Manpower cost saving
For Cost-Benefit Analysis, there are limitations in attaching The cost of manpower will be more than the benefits of
monitory value for assessing project viability with the help of a BI platform if cost-benefit analysis considers only the
conventional Management Accounting techniques for getting manpower that will be required for managing the platform.
ensuring desired Return On Investments In the initial stages more manpower cost will be required
for initial trouble shooting, user training etc. As BI tools
E.1 Steps in Cost Benefit Analysis are automated, it will end up using far less manpower than
I. To understand the business needs and key success anticipated, in the longer run.
factors of the business.
II. Which are critical factors for the customer satisfaction III. Integration
and customer retention A skewed cost-benefit analysis will show the cost of
III. Actual cost of implementation, maintenance and integrating the BI platform is too high. But when the
upgradation of proposed software and hardware implementation is done right, a BI platform can be made to
IV. Possible savings in terms of manpower and seamlessly integrate with existing business processes.
administrative costs Business Intelligence capabilities, when integrated with
V. Intangible benefits and costs of not implementing the business processes, will empower decision makers to take
same (which are difficult to quantify) informed steps based on actionable insights.
The results of the cost-benefit analysis should clearly
E.2 Intangible Benefits and Costs state how the BI application would solve a business
problem or will enable a business opportunity. It should
The cost of not The benefits of implementing also state what type of information will be available, how that
implementing AI-BI AI-BI information can be used to make better business decisions,
Remarkable Improvement and when and how the information will be presented to the
Cost of human error business community.
in timely decision making
Cost of lost opportunities All BI decision-support initiatives should fulfil at least one
Business process inefficiencies of the five benefit categories listed below
given the lags in human
can be minimised
discretion
Easy identification of the trends
Opportunity cost of
and challenges thereof and
delayed decisions
data-driven resolution thereof
Costs and benefits of AI-BI implementation are difficult to
quantify in financial terms
In a normal business scenario, a decision maker will look

at the cost of software of a BI product and compare it with
the direct benefit that might derive from data analytics. This
may lead to wrong business decisions as it fails to make a
cost-benefit analysis in the true sense and fails to judge the
actual, long-term impact of BI on a business, it is important
to carry out a SPEND VS BENEFIT MAPPING.
E.3 Decision maker’s dilemma I. Revenue increase, in the form of:

Following are the common problems faced by the Decision a. Identification of new markets and product gaps
Makers.
b. More effective selling areas / customers
c. Faster opportunity recognition / gap identification
1. Suitability of software for future needs
d. Faster time to market
By investing in a low-cost BI tool can solve your current
business needs. But after 2/3 years, the data you are
generating today is likely to be doubled or tripled by next II. Profit increase:
year, in that scenario you may need to invest in modern BI a. Better customer promotional activities

b. Early warning of market share changes and data scientists for requirements and how to use
c. Identification of under-performing product lines or the model-building functions within a BI tool.
products
d. Identification of internal inefficiencies Conclusion
e. More efficient merchandise management For ensuring survival in competitive world, organisation
needs to be ‘in touch’ with the ‘end customer’. Development
of various mobile apps is best example of how Artificial
III. Customer satisfaction improvement:
intelligence techniques are transforming modern businesses
a. Improved understanding of customer preferences with cost benefit and productivity improvement in long
b. Improved customer-to-product matching term. There is always a risk in capex investment decision as
c. Increased repeat business there are many non-cost elements which cannot be ignored
bringing subjectivity in decision making. With proper
d. Faster resolution of customer complaints
understanding and application of the BI tools organisation
can bring in transparency in business.
IV. Cost Savings:
a. Through better inventory management Bibliography
b. Reduction in administrative waste 1. Stephan Weyer, Mathias Schmitt, Moritz Ohmer,
Dominic Gorecky (2015), IFAC Research paper;
V. Market share gain: Towards Industry 4.0 - Standardization as the
a. Increased numbers of customers who defect from the crucial challenge for highly modular, multi-vendor
competition production systems
b. Much higher customer retention 2. Julian Ereth and Wayne Eckerson (2018); Eckerson
Research paper; AI: The New BI How Algorithms
Are Transforming Business Intelligence and
F. Management Accounting Tools for assessing Analytics
investment viability decision
3. Deloitte Research Paper; (Jan2019) How leaders
If business need are clearly defined cost benefit analysis are navigating the Fourth Industrial Revolution
for justification for the BI project becomes easy. In addition
to determining ROI, a business case assessment should 4. Analytics India Magazine, (Oct 2016); Why new-
include risk assessment w r t delta change in critical success age Business Intelligence systems are better than
factors like, traditional MIS
- Sales volumes
Links
- Revenue
1. https://flylib.com/books/en/4.49.1.28/1/
- Material cost
2. https://www.toptal.com/insights/innovation/ai-vs-bi-
- Capex changes differences-and-synergies
- Interest cost changes 3. https://www.gooddata.com/blog/artificial-
intelligence-future-business-intelligence
Common Management Accounting tools used for assessing 4. https://blog.adext.com/artificial-intelligence-new-business-
capex decision or investment analysis are Payback period intelligence/
analysis (PBP), NPV, PI, IRR etc new tools of sensitivity
analysis with tornado charts may help Management in 5. https://www.denave.com/bi-cost-analysis-for-your-
decision making business-why-does-it-matter-so-much/
G. Recommendations
I. Ask your BI vendor to provide a road map of its AI [email protected]
features and functions.
II. Ensure intensive testing of the AI capabilities to
ensure relevant, timely, and accurate insights.
III. Involve your BI vendor to tailor AI capabilities to
make them more useful to end user.
IV. Model-development features should be standardised
V. Access to base model should be restricted to limited
data programmers having good understanding of the
basics of creating predictive models.
VI. Ensure regular communication between data analysts

LIBOR
BID ADIEU
TO
LIBOR!
Biplab Chakraborty
Risk Consultant and Trainer
Former General Manager
Reserve Bank of India, Kolkata
Abstract
Libor as reference interest rate has been an ubiquitous part of global financial plumbing
over decades. However, in the aftermath of it being tainted by scandle of rigging as also
structural changes in global inter bank market in the wake of Global Financial Crisis , Libor
is now approaching its twilight as a benchmark in the financial industry. Quests now are on
all over the world for its appropriate successor. Authorities are grappling with several issues
and challenges facing the ensuing change over .
L
ondon Interbank Offered Rate (LIBOR) Libor Odyssey
is world’s one of the most important and LIBOR emerged in the late 1960s to support then
widely used reference rates (others viz., expanding syndicated loan market. In 1986, the British
EURIBOR, and TIBOR) for a large volume Bankers’ Association (BBA) took over control of the rate,
and broad range of financial products assuming responsibility for its publication until January
and contract. LIBOR is an interest rate 2014. The BBA collected interbank offered rate quotes
benchmark that is used in calculating floating or adjustable from a panel of banks, indicating the rates at which banks
rates on trillions of dollars in bonds, loans, derivatives and expressed willingness to borrow funds from other banks,
other financial agreements.The benchmark underpins about just prior to 11:00hrs local time, London. Prior to October
$230 trillion(estimated) of mortgages, loans and derivatives 2013 the BBA was computing LIBOR for 10 currencies and
across major currencies as of mid-2018. However,LIBOR is thereafter that number was reduced to five: the US dollar,
set to be phased out by the end of 2021. euro, sterling, yen and Swiss franc.
It may be mentioned that LIBOR was constructed from

LIBOR
survey of a small set of banks reporting non-binding quotes Executive of UK FCA the regulator of LIBOR) publicly
rather than actual transactions. This created ample scope for stated that FCA was required to exert significant efforts in
panel banks to manipulate LIBOR. Following revelation convincing banks to remain in LIBOR panel of banks and
of cases of rate-fixing scandals of LIBOR and misconduct make LIBOR submission and it would not persuade or
involving falsification and manipulation of LIBOR, compel LIBOR Panel banks to make LIBOR submissions
submissions by some panel banks distorting the LIBOR to beyond 2021.Consequently, future of LIBOR has become
their own advantage the global consensus has the need to uncertain beyond 2021.Andrew Bailey, added “I hope it is
strengthen market integrity fortifying its governance and already clear that the discontinuation of LIBOR should not
oversight. be considered a remote probability ‘black swan’ event,” .
In June 2012 the UK Treasury assigned Martin Wheatley,
then CEO-designate of the Financial Conduct Authority In quest of alternatives
(FCA), responsibility to establish an independent review LIBOR is used in a huge volume and wide range of
into the setting and usage of LIBOR. The findings, along financial products and contracts in five currencies all over
with a plan for the reform of the benchmark, were published the world.Embedded in the plumbing of markets’ over
in September 2012 in the Wheatley Review. In April 2013, more than three decades, LIBOR transformed into most
the FCA was given responsibility for regulating LIBOR, and ubiquitous financial benchmark rooted in everything from
a new private organisation, the Intercontinental Exchange consumer contracts such as auto loans to trillions of interest
(ICE) Benchmark Administration Limited, started to rate derivatives.The notice of cessation of LIBOR escalated
administer ICE LIBOR in February 2014. further the uncertainties as to LIBOR’s sustainability posing
ICE LIBOR is calculated and published daily across five a potential threat to the safety and soundness of individual
currencies and seven maturities based on submissions by financial institutions and to the financial systems.The size,
panel banks. This benchmark is meant to reflect the cost at scale and scope of LIBOR usage make this shift the biggest
which large globally active banks can borrow on unsecured challenge facing the finance industry today. ‘Advance
basis in wholesale market which includes borrowing from preparation is therefore of paramount importance for the
other banks, CPs or uninsured certificate of deposits. ensuing mammoth transition process to be seamless avoiding
possible consequential market disruptions.
The final nail Quests are therefore on to find suitable successor for it.
There has been continual decline in amount of unsecured Transition away from LIBOR is now projects in progress
wholesale borrowings by banks in the wake of the Global which have since gather considerable momentum.
Financial Crisis. In the emerging circumstances the Committees/Working/Study Groups at national and
benchmark rate LIBOR is based increasingly on expert international levels in various countries have been formed
judgements of the panel banks and less on actual market to delineate the alternatives, to flag the challenges and set
transactions not as envisioned by international standard out roadmaps around the proposed transition for market
of benchmark set out by International Organisation of participants.
Securities Commission (IOSCO) (Vide Principles of To build up fire-walls against any possible manipulation,
Financial Benchmark Report, July 2013).In the wake of the new benchmark rates should ideally be based on actual
revelation of incidence of rigging of LIBOR presentation transactions and liquid markets rather than being derived
data by a section of panel banks, cloud of uncertainty from a poll of selected banks.The ideal benchmark rate should
surrounded the integrity of global reference rates. Against provide a robust and accurate representation of interest rates
this background, considering the potentially serious source in core money markets based on actual transactions in active
of vulnerability and systemic risk entailed therein, the and liquid markets not susceptible to any manipulation
Financial Stability Board (FSB) undertook a fundamental whatsoever. The operating process must be subjected to
review of major interest rate benchmarks and set out plan best-practice governance and oversight. Besides Reference
for reforms of significant benchmarks in use across the rate need be suitable for financial contracts that extend
globe. FSB in its report titled “Reforming Major Interest beyond the money market and usable for discounting and
Rate Benchmarks” ( July 2014) recommended strengthening for pricing of cash instruments and interest rate derivatives.
of existing Inter Bank Offer Rates (IBORs) and developing It should serve as a benchmark for term lending and funding
“nearly risk-free reference rates (RFRs)” without bank credit to obviate running of a “basis risk” between its asset and
risk; and promoting the usage of existing IBORs and RFRs, liability exposures.
in ways suited to the characteristics of financial instruments The task of designing an ideal market accepted alternative
and financial transactions. benchmark rates preserving all the desirable characteristics
The scarcity of underlying transactions makes LIBOR and ensuring that the new rates are based on actual
potentially unsustainable with the reported increasing transactions in liquid markets is indeed onerous. Besides,
uneasiness on the part of many panel banks in providing as pointed out herein above, in the wake of the Great
submissions based on expert judgements and many Financial Crisis (GFC) there has been significant decline
eventually choose to stop submission altogether. In this in the activities in interbank deposit markets. This coupled
backdrop of accelerating concern as to the sustainability of with structural changes in the money market landscape, has
LIBOR’s viability, on July 27, 2017 Andrew Bailey (Chief rendered further complicated the search for alternatives. The

LIBOR
emerging position in regard to alternative rate adoption for looking and therefore able to better capture the effects in
the five major currencies is as under. contemporary quick changing interest rate scenario.
Proposed Transition Issues

Reference Rate
Currency alternative Apart from the varying characteristics of the new
benchmark Administrator
benchmark rate benchmarks, transition issues loom large. The most important
Secured Overnight Federal one is migration of legacy LIBOR-linked exposures to the
USD USDLIBOR Financing Reserve Bank new benchmarks in the eventuality of discontinuance of
Rate (SOFR) of New York LIBOR publication after 2021 as announced. Trillions of
Sterling Overnight dollars of legacy contracts would remain outstanding at that
British Bank of
GBPLIBOR Index Average time. In the emerging scenario it is indeed crucial from a
Pound England
(SONIA) financial stability perspective that credible fallback language
EUROLIBOR Euro Short-term European be inserted into contracts well in time. Many transactions
EURO EURIBOR Rate (€STER) central Bank referencing LIBOR include provisions to address temporary
unavailability of LIBOR which involve obtention of rates
Swiss Average
Swiss
CHFLIBOR Rate Overnight
SIX Swiss from poll of banks in London market. The process being
Franc Exchange cumbersome is not considered suitable as a permanent
(SARON)
solution to phasing out of LIBOR.
Tokyo Overnight
YEN The transition would pose greater challenge for bespoke
JPYLIBOR Average Rate Bank of Japan
Japan
(TONAR) cash instruments. Trade/business loans, consumer loans,
Floating Rate Notes (FRN) and securitised products linked
Some risk- free rates are secured (e.g., SOFR in the US to USD LIBOR maturing after 2022 have been estimated to
and SARON in Switzerland) and some are unsecured (viz., exceed $2 trillion. Different modalities for transition may be
SONIA in the UK and €STR in the euro area). Whilein the feasible. Conversion of floating rate instruments in to fixed
UK and US the focus is on replacing LIBOR, in the euro rate contracts is an available option. Suitably amending the
area focusis on replacing EONIA with €STR and defining terms and conditions of the existing contract the floating
fallbacks for EURIBOR instead of replacing it. Thus, rate may be changed to an adjusted RFR-based term rate.
although moves clearly are towards risk-free rates there is Recalling LIBOR-linked debt instruments and replace them
no “one-size-fits-all” approach to the transition in different with those linked to the new benchmarks may be another
national/currency jurisdictions. alternative. However, agreement should be reached ex ante
rather than ex post on the fallbacks.
Alternative rates are risk free/nearly “risk-free” rates,
while LIBOR being unsecured rate capture a spread related LIBOR has significant influence on the derivatives markets
to bank credit risk. As a result, LIBOR historically has been too. LIBOR is the reference interest rate for the financing leg
higher than alternative rates. The gap has also been found of many swap transactions. In interest rate swap transactions,
to register substantial increase during times of market stress, LIBOR-linked payments may hedge exposure to LIBOR
reflecting the submitting bank’s creditworthiness. under another financial instrument viz., bonds or loans.
Consider a fixed for floating swap referenced to LIBOR
Alternative rates are overnight in nature. LIBOR is taken for hedging floating loan exposure to LIBOR. Unless
estimated for seven tenors. The most commonly used LIBOR successor to LIBOR is matched exactly with successor rate
tenors are one, three, and six months. The methodologies determined for the loan agreement the transition will entail
for extracting market acceptable term structures for these basis risk. For example, in case of SOFR as the substitute
alternative rates are being finalised through consultative for LIBOR it being a risk-free overnight rate, switching
process among the concerned market players and other stake form LIBOR to SOFR would require to evolve consensual
holders. credit and term spread to add to SOFR for its viability and
LIBOR is set at the beginning of the period to which it acceptability as LIBOR fallback.
applies making visible the total interest payment due OTC derivatives generally follow the International Swap
at the end of the period. It is therefore considered as a and Derivatives Association’s (ISDA) Master Agreement.
“forward-looking rate”. An alternative overnight rate ISDA is engaged in consultation with a wide cross section
like SOFR is repriced daily and represents the prior day’s of market players for evolving a consensual protocol for
realized rates, and not the interest rate due for an overnight seamless transition to new benchmark regime well before
transaction today. Methodology of “Compound setting in the end of 2021.ISDA protocol if adopted will facilitate mass
arrears” term rate involving compounding of daily values contract amendment with reduced effort.
of the overnight rate, throughout the relevant term period
may be acceptable to market. Under this method interest rate ISDA has been grappling, interalia, with thorny issues
would be set a few days in advance of the payment due date concerning “cessation triggers” in the fallback language that
to allow for payment calculation and settlement. Although would apply to legacy contracts referencing a LIBOR index.
this methodology might be operationally complicated, in Recently FCA has requested ISDA to revisits their triggers
as much as the interest payment would be known only few definition to include the case where the supervisor considers
days prior to the due date, rates being used are more forward the relevant rate no longer qualify for being considered as

LIBOR
market representative - typically, following the departure of needs (eg computation of interest obligations in cash
a panel bank. It may be noted that fallback mechanisms are instruments or discounting and valuation in derivatives
actually a last recourse safety measure. Market participants markets). This, in turn, intensifies the challenge of hedging
are expected to work on actively to migrate their legacy risks, especially asset-liability mismatches on banks’ balance
LIBOR positions before occurrence of actual discontinuation sheets. These would have a variety of characteristics to fulfil
of LIBOR. differing purposes and market needs. The ultimate outcome
The responses to ISDA consultations indicate that a of this transition efforts balancing and fulfilling differing
majority of market participants would generally not want purposes and market needs of many players and diverse
to continue referencing a covered IBOR in existing or new kinds of financial instruments may culminate in coexistence
derivatives contracts following a statement from a supervisor of multiple rates. In this backdrop an all-purpose, all-in-one
that it is no longer representative of the underlying market. benchmark may be neither feasible nor desirable.
However, the consultation did not reveal a consensus on how The familiar and ubiquitous LIBOR may not be published
to respond to such a statement in the context of fallbacks for after 2021. Transition of LIBOR market to alternative Risk-
derivatives contracts. However,ISDA has been continuing to Free Rates (RFRs) entails a huge amount of work. The pace
work towards finding a solution for how to address a non- of change need ensure that the deadline is met to avoid any
representative covered IBOR in derivatives documentation possible market disruptions. This requires action by both
and how to implement a pre-cessation trigger for fallbacks market participants and regulators.
in this scenario. In light of the emerging issues and challenges in the process
The transition to new benchmark is expected to have of transition to new benchmark regime jury is out whether
ramified accounting implications and impacts particularly the transition will ultimately leadtointended greatersystem
on hedge accounting, lease accounting, fair valuation etc., integrity,transparency, efficiency and precision in risk
both under US (GAAP) and IFRS. pricing and risk management without market disruption.
Corporate treasury operations will experience substantial
changes in the wake of departure of LIBOR. Institutions
are susceptible to legal and conduct risks when talking References
about legacy contracts.Risks would arise not only from the 1. Beyond LIBOR: A primer on the new reference
exposure via financial contracts but also from the processes rates: by Andreas Schrimpf, VladyslavSushko (A BIS
in the form of operational risk. New products would replace publication)
many of the variable-rate treasury products. Considering
2. THE ROAD TO LIBORATION: By Oliver Wyman
LIBOR’s ubiquity in the financial market the ensuing change
will besides reconfiguring the landscape of available products, 3. EURIBOR questions and answers: By EMMI
significantly impact the treasury processes, technology, and 4. A message from the FCA to ISDA on LIBOR
operations. Where external commercial borrowings are for fallbacks, January 31, 2019
a longer term (e.g. infrastructure and housing finance) the 5. Findings of Alternative Reference Rates Committee
contracts need to be revaluated in light of the impact of (ARRC)
transition to a new benchmark besides the impact on hedge
6. Report of Working Group on Sterling Risk-Free
effectiveness of the existing hedges taken.
Rates
Institutions will have to identify legacy contracts linked
7. National Working Group on Swiss Franc Reference
to LIBOR and carry out impact assessments of the transition
Rates-Recommendations
on foreign currency loans, derivative contracts and hedges.
Inter-bank markets will also be impacted throughMumbai 8. Study Group on Risk-Free Reference Rates for
Interbank Forward Offer Rate (MIFOR) which is the rate TONAR
that Indian banks use as a benchmark for setting prices on 9. Working Group on Euro Risk-Free Rates
forward-rate agreements and derivatives. It is a mix of the 10. Reforming Major Interest Rate Benchmarks,FSB
London Interbank Offered Rate (LIBOR) and a forward
premium derived from Indian forex markets.Borrowing of
Indian government in foreign currency is not significant.
Indian businesses, however, have resorted to ECBs. The
interest costs entailed in ECBS are mostly linked to LIBOR. [email protected]
In fact, RBI’s regulations on ECBs also use LIBOR to
calculate the cost of loans. These borrowers will have to shift
to some other benchmarks after phasing out of LIBOR.
Conclusion
The new RFRs are expected to provide for authentic,
robust and credible overnight reference rates. In principle,
they should also provide for the creation of term benchmarks,
which makes them well suited to many purposes and market

WASTE MANAGEMENT & COST REDUCTION
3R
REDUCE, RECYCLE, REUSE:
AN APPROACH TO
ENVIRONMENTAL
HEALTH AND WEALTH
CREATION THROUGH COST
REDUCTION
CMA K. N. Hari Hara Prasad Ravikanth Kuchibhotla

Deputy Director (Cost) Trainer & Researcher
Central Excise and Customs, Port Area, Visakhapatnam Visakhapatnam
Abstract
It is very important to know how the waste can be used/reused/recycled and converting that
into organizations/entrepreneurs profits. Reducing the quantity, we buy the better choice to
mitigate the Waste. Thereby reducing the consumption and saving the resources to manufacture
products. Usage of robust manufacturing devices with state of art technology to mitigate
waste. In this process, the efficiency and effectiveness will occur and this quality of output
and quantity of output is balanced, this process automatically the waste can be minimized and
profits will maximize.
Introduction: Profits for every organization/company countries importing waste from various countries of the world
is a major motivating factor and that can be shared with all and generating power, biogas, and others. In Kerala, coconut
stakeholders of the organization. However, Entrepreneur wastes are used for making crafts, toys, and usable goods. The
always minds about the reduction of expenses/cost cutting, hierarchy of waste management process consists of 3 steps.
increasing of performance/improvement in sales/marketing Namely Reduce, Recycle, reuse.
of goods is the major drive factor for profit earning. But in
modern days various waste are generating by plants/industries/ Reduction of waste: Let’s start how waste can be converted
organizations these wastes are affecting the price of the product, into profits through Reduce, Reuse, and Recycle. First of all,
environmental safety, industries pollution. In this scenario, it will discuss the reduction of waste from the various process.
is very important to know how the waste can be used/reused/ Reducing the quantity, we buy the better choice to mitigate
recycled and converting that into organizations/entrepreneurs’ the Waste. Thereby reducing the consumption and saving
profits. Now the question is what is called waste? “Waste the resources to manufacture new products. This reduction
is any substance which is discarded after primary use, or will apply to manufacturing industries to control the waste
it is worthless, defective and of no use”. Various waste was through efficient production and quality of inputs/material
generating from power generating plants like fly ash, sludge is used for getting good output. Usage of robust manufacturing
generating from the paper manufacturing plant, households are devices with state of art technology to mitigate waste. As
generating wet and dry waste which from vegetable, fruits, and the saying goes “prevention is better than cure”, like wise
others. From the existing sources, it is learned that one of the from the beginning of the production process a good plan of

production for reduction of waste is the prevention of waste. pads and used for the hotel requirement. Railings and barricades
While the primary use of material, output-input ratio, designing are made from pipe steel waste. It uses CFL bulbs at all hotel
of the production process, quality of material used, quality of premises, which can save 78% less energy. Taj West End, at
manpower utilized, the good working environment created, Bengaluru, has installed solar water heating systems, have
skilled manpower supervised/ proper incentives declared saved 51,000 liters of fuel over the last 3 years.
automatically reduction of waste can happen in all industries. In
this process, the efficiency and effectiveness will occur and the Re-Cycle: Secondly will talk about recycle of waste and
quality and quantity of output is balanced, which automatically converting that into profits, “The process convert into reusable
results in minimization of waste and maximization of profits. material or is the process of converting waste material into
new materials and objects recycling can prevent the waste of
Some of the measures in reducing the amount of wastage potentially useful materials and reduce the consumption of fresh
• Usage of E-mails instead of using pen and paper raw materials, thereby reducing energy usage, air pollution, and
water pollution as well as production costs for the management.
• Usage of E-ticket and M-ticket instead of a hard copy
“Recycling is just one step away from the garbage can and is
wherever possible.
merely a stop gap measure” (Christine von Konitz). At present
• Avoid usage of polyethylene bags and use reusable bags this recycling process is more familiar with the paper industry,
and containers while shopping. plastic industry, coir, and jute industry. Generally, polyethylene
• Buy the raw material and other goods in larger and covers, newspaper, jute bags, coconut waste are famous for
economy sized packs, saving the packing material and recycling products. In present days plastic covers are creating
also the cost of production. more pollution and effects on the environment through sinking/
• Avoid and reduce the usage of disposable materials. As dilution in the soil. Hence the recycling process is the only
they increase trash and also increase the cost of recycling way to create more plastic products from plastic waste that
and disposing of. can be useful for reduction in raw material cost, power, water,
waste management cost, environmental safeguarding costs. In
another way, we can say that reduction of the cost will increase
Case study:
the profits. Further, it is pertinent to mention that millions of
• European commission, in their report, more than 12.1 tons of waste are generating from households and dumping
million tonnes plastic waste to landfill. Skipping Rocks of these waste cost in millions of rupees as well as affecting
Lab discovered a sustainable packaging initiate where environment also. Now, this waste can be recycled and it can
edible gel can be used to encase drinking water through generate power, gas, and biodiesel etc. Finally, it makes more
a process called Spherification. They named the product profitable for entrepreneurs/ organizations/ governments. In
as OOHO BUBBLE. “They do the process with frozen Government departments, the major problem is E-Waste i.e.
water filled into capsule made of the double membrane old computers, typewriters, CDs floppies etc. It can be recycled
gel. The gel itself is made from a mixture of brown and manufactured different products from e-waste. Every
algae and calcium chloride. The main idea behind it is to organization yearly spend lots of money for disposal of e-waste.
reduce to use of plastic bottles.” When the E-waste recycled, we can use the output for different
purposes obviously this process yields profits.
Case study:
• Recycling the sea water into drinking water by
desalination mechanism. Minjur Desalination Plant
was established in the state of Tamilnadu, to alleviate
Drinking water problems in the city of Chennai. Using
the Reverse osmosis technology, the plant Desalinates
100 megaliters sea water into fresh water per day. Pre-
treatment of raw sea water includes various processes
such as Coagulation-flocculation, gravity and pressure
filtration.
• “Wipro (Western India Products Limited), a leading
provider global information technology and business
Source: https://www.durhamyorkwaste.ca/FAQ/FAQ.aspx transformation services, has developed Eco-friendly
Greenware personal computers, free from toxic
Indian Hotels Company Limited (IHCL), with the brand chemicals like polyvinyl chloride (PVC) and brominated
name as Taj Hotels Resorts and Palaces, has introduced EARTH flame retardants (BFR). It is a major development in
(Environment Awareness and Renewal at Taj Hotels) program the clean production and recycling Environment. It has
to reduce the impact of its businesses on the environment. As a used the minimum amount of alternate substitutes to
part of the maiden program waste management practices were perform the intended function. The alternate substitutes
introduced by, “converting the kitchen waste and dry leaves are verified and validated to IPC norms (Institute of
into compost, wastepaper from printing is converted to writing

Interconnecting and Packaging Electronic Circuits). community, further companies may claim for this process of 3R
Once these deadly toxic substances are removed from in corporate social responsibility (CSR) through earning instead
the manufacturing process, the process of Recycling of expanding for the social clause. Due to reuse and recycle
process becomes safer and easy. “ reprocess will be useful in saving of environment as well
implementation of swatch Bharat, clean India, and green India.
Re-Use: Reuse is the action or practice of using something At present women are active in various activities of re-
again, whether for its original purpose or to fulfill a different process, recycle, reuse in small cottage industries. This target
reason. The reuse process is more famous in bottling plants can be achieved through self-help groups. The Concept of the
especially the co-cola, Dairies, alcohol factories. Making of 3R process involves very less investment and these groups
new bottles takes more time and expensive in monetarily as chain with organizations/ PSUs/ other firms which are creating
well as environmentally. The bottles can be reused often after industrial waste and solids. Further these wastes, solids can be
carrying some sterilization process. This process can save cost, bought from the industries with minimum cost and implement
time, transport, manufacturing expenses, power, water, waste the 3R concept in an effective manner.
effluents. Some of the equipment in the industries can be reused
for different purposes. This can lead to saving of lakhs of rupees Conclusion: Waste and solid, effluents are the more
for the organization and it turns into profits. cumbersome for every organization, State Governments,
Central Government and other Industries. Even manga la yan
Case study: and making technology for cryogenic engines so easy but its
The center for Environment Education (CEE), a pioneer very difficult to get rid of waste/ solids/ effluents problems.
organization develops programs and material to create and As discussed above paragraphs it is very important to create
increase awareness of the environment and sustainable awareness about the benefits of the 3R concept as well as
development practices. “It has set up a handmade paper disadvantage from improper handling of wastes. Further,
making unit and a plastic weaving loom at Coorg in the state the total human community should have vigilance about the
of Karnataka. CCE collects waste polythene bags from schools negative impacts of waste on our environment. Then search is
and various places through waste retrievers and other groups. for the ways how to handle the waste, solids, and effluents in
These polyethylene bags are washed, dried, cut into strips and right approach. For this re-use-recycle, reprocess are the right
woven in handlooms to make designed bags, mats, folders, process to handle the waste in ethical, legal way. Hence, the
pencil cases, wall charts, curtains for window and doors. These only solution is Reduction, Recycle, Reuse. Waste management
goods are sold in the open market.” (source: SWM learning measures can create Sustainable Development; however, the
program) participation in the creation of vigilance/ awareness from all
sectors of the economy is required. Those organizations can
produce low-cost products than its competitors in the market
Major benefits of 3R for the various stakeholders:
when waste management measures effectively implemented
• Reduce the greenhouse gas emission, by improving the through 3R concept. The environment is everything around you
climatic conditions including air, water, land, plants, and man-made things and by
• Preventing pollution improves the health and well-being now your proper planning made for waste management will
of the people in the society. create a healthy environment for a happy world. As the good
• 3R’s fetch Foreign direct investment and also reduces saying “health is wealth” hence your reduction, recycle, reuse of
the dependency on imports waste gives good health as it converts into wealth (profits).
• Growing supply of goods, demands more plants to
recycle, thereby recycling industry will develop.
Bibliography:
1. http://www.conserve-energy-future.com/reduce-reuse-recycle.
Awareness about 3R Concept: The foremost aim is to
php
create more awareness in the mind of social stakeholders in the 2. https://sustainabledevelopment.un.org/content/dsd/csd/
country. Just giving information and benefits dealing with the csd_pdfs/csd-19/learningcentre/presentations/May%209%20
3R concept is not enough, for this awareness program, phase am/1%20-%20Learning_Centre_9May_ppt_Mohanty.pdf
wise awareness action plans is to be warranted. 3. www.geenesys.com
4. www.wipro.com
a. Awareness to the common man 5. https://en.wikipedia.org/wiki/Minjur_Seawater_Desalination_
b. Awareness to the Students and educational Institutes Plant.
c. Awareness to the Rural and urban women community 6. http://aces.nmsu.edu/pubs/_g/G314.pdf
d. Linking 3R with swatch Bharat, Make in India, Ease of 7. http://saahas.org/wp-content-saahas/uploads/2015/02/
Recycling3.pdf
doing business concepts. 8. www.tata.com
e. Awareness to the business entrepreneurs, Government 9. http://www.wired.co.uk/article/ooho-plastic-bottle
organization, professional CMAs, CAs, Doctors and 10. Authors (K.N Hari Prasad) practical, teaching, industrial
other Professionals, Environment lovers. experience in manufacturing, sectors & ministries of Govt of
The success of 3R concept is not one man or one organization India.
show its teamwork and team efforts. The total human
community should work together to made consistent efforts to
achieve this. The fruits and results will be useful for total human [email protected]

IBC
CORPORATE INSOLVENCY
& BANKRUPTCY
UNDER THE IBC, 2016
Abstract
The Insolvency and Bankruptcy Code,

2016 brings about a paradigm shift in the
recovery and resolution process of stressed
assets by introducing the concept of
CMA Rajesh Ojha “Creditor in Control” instead of “Debtors
Doctoral Scholar
GLS School of Doctoral Research & Innovations
in Possession”. This brings about value
GLS University enhancement of the corporate debtor
Ahmedabad as once this process starts, the Board of
Directors cede control of the company and
T
1. Introduction:
the Insolvency Professional with the help
he new code was designed to streamline the of advisors starts managing the company.
Corporate Insolvency Resolution Process, which Creditors now have the guidelines that
among other things, prevents value destruction if
there is corporate distress. The resolution process
clarify details till the last mile, including
is a representative action for the general body distribution of the recovery proceeds .The
of creditors and not for the recovery of money Reserve Bank of India in order to align
of an individual creditor. Being a time bound
process to resolve cases within 180 days extendable up to 270 days the resolution mechanism with the IBC
i.e. Bankruptcy has to be resolved within the prescribed time limit . subsequently withdrew all circulars such
(As per a recent amendment approved by the Central Cabinet dated
17th July, 2019 , the time limit has been extended up to 330 days ). If as CDR. The Flexible Structuring of the of
not resolved on time , then the assets are to be liquidated. Creditor Existing Long Term Project Loans, SDR,
is the king and IBC is creditors driven. Creditors indirectly take
control of the Board and assets of the corporate debtor . Insolvency Change in Ownership outside SDR, 5 by 25
Professionals take charge of the assets on behalf of the creditors. Scheme and S4A .The Joint Lenders Forum
was also discontinued. The paper, which is
2. Objectives:
1. To understand the meaning of Financial Creditor, Operational
exploratory in nature, aims to explain The
Creditor and the Corporate Debtor under the IBC, 2016. Corporate Insolvency Resolution Process
2. To state the role of the COC (Committee of Creditors) &
the appointment of the Resolution Professional .
and the Corporate Liquidation Process
3. To understand the steps involved in the Corporate along with the waterfall mechanism of
Insolvency Resolution Process & the formulation of the distribution of assets in a sequential
Resolution Plan.
4. To understand the Liquidation Process & the Waterfall manner, for the benefit of the readers with
Mechanism of Distribution of Proceeds . extensive reference to the Insolvency &
5. To understand Voluntary Liquidation .
6. To ascertain the status of the CIRP’s as on 31st March, 2019 Bankruptcy Code, 2016 and also various
reports and practice manuals on the
3. Literature Review:
subject in the public domain.
Price Water House Coopers Private Limited in a report to
submitted to CII (Confederation of Indian Industry) in August
2018 titled “Decoding the Code: Survey on 21 Months of IBC In

IBC
India” present the results of a survey carried out amongst private Mechanism.
equity funds, ARC’s (asset reconstruction companies) and strategic 5. (a) Financial Creditor & Financial Debt
investors. Amongst the investors fraternity 60% of the respondents
were of the opinion as compared to the last year more than 25% of the Part II Chapter 1 Para 5(7) of the IBC: Financial Creditor means
distressed deals were actionable and attractive investment opportunity. “Any person to whom a financial debt is owed and includes a person
More than half the respondents preferred resolution through the ARC to whom such debt has been legally assigned or transferred to”
route. From the lenders perspective, two thirds preferred a resolution Part II Para 5 (8) of the IBC: Financial Debt means “A debt along
through IBC Recovery of dues. with interest, if any, which is disbursed against the consideration for
Ernst & Young LLP in a report submitted to ASSOCHAM in the time value of money and would include:
August 2017 titled “Experiencing the Code – Corporate Insolvency a. money borrowed against the payment of interest
in India” states the journey so far in terms of the number of cases b. any amount raised by acceptance under any acceptance credit
admitted by NCLT, it briefly discusses the select judgments , the facility or its de-materialized equivalent;
issuance of multiple regulations by IBBI, the practical challenges c. any amount raised pursuant to any note purchase facility
being faced by the IP’s, key milestones in the journey ahead and or the issue of bonds, notes, debentures, loan stock or any
also puts forth the perspectives of some of leading luminaries in the similar instrument;
trade like Mr Nitin Jain, President & CEO Global Asset and Wealth d. the amount of any liability in respect of any lease or hire
Management Edelweiss Capital, Mr Sumant Batra, Chief Mentor, purchase contract which is deemed as a finance or capital
INSOL India and Managing Partner Kesar Dass B. & Associates, Mr lease under the Indian Accounting Standards or such other
Kalpesh Kikani, Managing Director and Senior Partner, AION. accounting standard as may be prescribed;
e. receivables sold or discounted other than any receivables sold
Ernst & Young LLP in a report submitted to ASSOCHAM in July, on non –recourse basis;
2016 titled “ARC’s – at the Cross Roads of making a paradigm shift” f. any amount raised under any other transaction, including any
submitted to at the annual AIRCON 2016 meet presents the distressed forward sale or purchase agreement , having the commercial
asset scenario in India, the key challenges before the ARC’s, the key effect of a borrowing;
initiatives taken by RBI and the government and introduces the game g. any derivative transaction entered into in connection with
changing legislation, the IBC, 2016. protection against or benefit from fluctuation in any rate
SIPL, Edelweiss & INSOL India in their joint report to or price and for calculating the value of any derivative
ASSOCHAM in April, 2017 titled “Effective Implementation of transaction, only the market value of such transaction shall be
Insolvency and Bankruptcy Code 2016: A Collective Stakeholder taken into account;
Responsibility “ state the collective responsibility and duties of the h. any counter indemnity obligation in respect of a guarantee,
various stakeholders in implementing the Insolvency & Bankruptcy indemnity, bond, documentary letter of credit or any other
Code, 2016, it also discusses the role of ARC’s (Asset Reconstruction instrument issued by a bank or financial institution;
Companies) in stressed asset management. i. the amount of any liability in respect of any of the guarantee
India Ratings & Research (a Fitch Group Company) in a report or indemnity for any of the items referred to in sub clauses (a)
to ASSOCHAM in July, 2016 titled “A Need for Paradigm Shift in to (h) of this clause;”
Changing Scenario” at the annual AIRCON 2016 Conference presents 5. (b) Operational Creditor & Operational Debt
the bad debts problem in India and also provides the backdrop of the Part II Chapter 1 Para 5(20) of the IBC: Operational Creditor means”
new insolvency and bankruptcy framework. A person to whom an operational debt is owed and includes any
CRISIL in a report to ASSOCHAM in October, 2016 titled person to whom such debt has been legally assigned or transferred.”
“Insolvency & Bankruptcy Code 2016: A Game Changer” submitted Part II Chapter 1 Para 5 (21) of the IBC: Operational Debt means
compares the Code with the then existing legal framework, highlights “A claim in respect of the provision of goods or services including
the impact of the code on various stakeholders and discusses the employment or a debt in respect of the repayment of dues arising
issues and challenges in building the ecosystem. under any law for the time being in force and payable to the Central
CA Agarwal Ravinder in his book “Insolvency & Bankruptcy Government or State Government or any local authority.”
Practise Manual” published in July 2018 by the Taxmann’s 5. (c) Corporate Debtor and Corporate Person
Pubilications Pvt Ltd provides a comprehensive practice guide for
insolvency resolution professionals, practitioners, creditors and Part 1 Preliminary Para 3(8) of the IBC :Corporate Debtor means
debtors. “a corporate person who owes a debt to any person.”
Insolvency & Bankruptcy News, the quarterly news letter of The Part 1 Preliminary Para 3(7) of the IBC: Corporate Person means
Insolvency & Bankruptcy Board of India, New Delhi, in their Jan – “a company as defined in clause (20) of section 2 of the Companies
March 2019, Vol. No: 10 issue provides details of the CIRP status Act, 2013, a limited liability partnership , as defined in clause (n) of
as on 31st March, 2019 and the break up of the ongoing CIRP with the sub section (1) of Section 2 of the Limited Liability Partnership
reference to number of days for which the CIRP has been under Act, 2008 or any other person incorporated with limited liability
process. under any law for the time being in force but shall not include any
financial services provider.”
4. Research Method: 5. (d) Liquidation Cost
Since the research paper is conceptual and review in nature , Part II Chapter 1 Para 5(16) of the IBC: Liquidation Cost means
the researcher has applied exploratory search design by using “any cost incurred by the liquidator during the period of liquidation
secondary data. The IBC Code, 2016, various reports, practice subject to certain such regulations, as may be prescribed by the
manuals, newspaper articles, the official website of the Insolvency board.”
& Bankruptcy Board of India (IBBI) and that of NCLT have been 5. (e) Liquidation Commencement Date
referred to and reviewed. Part II Chapter 1 Para 5(17) of the IBC: Liquidation Commencement
date means “the date on which the proceedings for liquidation
5. Certain important definitions under the IBC, 2016 commences in accordance with Section 33 or Section 59 as the case
It is pertinent to look at a few important definitions before we maybe.”
proceed to the understand the Corporate Insolvency Resolution 5. (f) Liquidator
Process (CIRP) and the Liquidation Process along with the Waterfall Part II Chapter 1 Para 5(18) of the IBC: Liquidator means “an

IBC
insolvency professional appointed as a liquidator in accordance with creditors. Directors and operational creditors can attend the COC
the provisions of Chapter III or Chapter IV of this part as the case Meetings but would not have any voting rights. The COC may
may be.” approve the resolution by a vote.
6. Corporate Insolvency Resolution Process (CIRP) If NCLT is satisfied that the resolution plan as approved by
Part II Chapter II of the IBC: “When a corporate debtor makes the COC confirms the requirements, it shall by order approve the
a default whether in part or whole or an installment of the amount resolution plan and the moratorium period ends. The NCLT order
debt or interest thereon of a minimum of Rs 1 Lac, the Corporate shall be binding on the corporate debtor, its employees, members,
Insolvency Resolution Process can be initiated by the Financial creditors, guarantors and otherstake holders involved in the
Creditors, Operational Creditors (Including government/employees resolution plan. After the order of approval is passed by the NCLT
or workmen) or the Corporate Debtor itself by filing an application the moratorium order shall cease to have effect and the resolution
to the adjudicating authority i.e. NCLT (National Company Law professional shall forward all records relating to the conduct of the
Tribunal) in case of Corporate. corporate insolvency resolution process and plan to the Board to be
recorded. An appeal against the order passed by the NCLT can be
The name of the Interim Insolvency Resolution (IRP) shall be made in the manner and on the grounds as prescribed in subsection
proposed by the Financial Creditors and/or Corporate Applicant in (3) of section 61.”
the application to the NCLT.
Once the Adjudicating Authority admits the application it shall Diagram 1: The Corporate Insolvency Resolution Process
by order (a) declare a moratorium for the period from the insolvency
commencement date till the completion of insolvency proceeding
after the application has been admitted by it. During the period of
moratorium, institution of suits, continuation of pending suits or
proceedings against the corporate debtor ; the transfer or creating
an encumbrance or the disposal on any of its assets; any action to
foreclose , recover or enforce any security interest by the corporate
debtor in respect of its property or any action under SARFAESI
Act, 2002; any recovery by an owner or lessor of any property in
occupation of the or possession of the corporate debtor is prohibited
(b) make a public announcement of the initiation of the CIRP and
shall ask for the submission of claims and (c) shall appoint an interim
resolution professional. All the powers of the suspended board of
directors shall vest with the IRP. The IRP shall run the corporation on
a going concern basis . After determination of the financial position
of the corporate debtor the interim resolution professional shall
constitute a committee of creditors (COC).
The COC shall comprise of all financial creditors of the corporate
debtor excluding related parties. It shall include both secured and
unsecured financial creditors. Where the corporate debtor owes
financial debts to two or more than two financial creditors , the
voting rights of these financial creditors shall be in proportion to
the financial debts owed to them. The Committee of Creditors
shall confirm or replace the Interim Resolution Professional as the
Resolution Professional. The Committee of Creditors shall approve
various actions of the RP. The members of the committee may meet
in person or by such electronic means as may be specified. The
Resolution Professional shall conduct all the meetings of the COC
including giving notices of each meeting to members, members of
the suspended board of directors or partners of the corporate persons
as the case may be. The RP shall determine of the voting share
as specified by the board, each creditor shall vote proportionately
according to the financial debt owed to such creditor.
The Resolution professional shall prepare an information
memorandum for formulation of the resolution plan and shall Note: Adapted from the EY Report “Experiencing the Code:
provide to the resolution applicant access to all relevant information Corporate Insolvency In India” submitted to ASSOCHAM India
in physical and electronic form, provided such resolution applicant in August 2017.
undertakes to comply with the provisions of law for the time being
in force relating to confidentiality and insider trading, to protect any 7. Corporate Liquidation Process
intellectual property of the corporate debtor it may have access to and
Part II Chapter III of the IBC: “The Adjudicating Authority may
not to share relevant information with third parties unless clauses of
initiate the Liquidation Process of the corporate debtor in the following
the subsection are complied with.
circumstances :(a)(i) Does not receive a resolution plan before the
The Resolution applicant shall provide the resolution plan which expiry of the CIRP period or the maximum period permitted or the fast
shall provide for the (a) payment of insolvency resolution process track CIRP or (ii) Rejects the Resolution Plan for non compliance of
costs (b) repayment of the debts of the operational creditors (c) the requirements there in.(b) The Resolution Professional intimates
management of the affairs of the corporate debtor after the plan is the Adjudicating Authority the decision of the COC to liquidate the
approved and (d) implementation and supervision of the approved corporate debtor any time during the CIRP.(c) The Resolution Plan
resolution plan. is contravened by the Corporate Debtor, any person other than the
Only the Financial Creditors shall have the voting power in the corporate debtor, whose interests are prejudicially affected by such
committee of creditors in the ratio of the debt owed. All decisions of contravention , may make an application for liquidation.(d) On receipt
the committee of creditors shall be approved by 66% of the financial of an application under subsection 3, if the Adjudicating Authority

IBC
determines that the corporate debtor has contravened the provisions 7(a). The Waterfall Mechanism: Distribution of Assets in the
of the resolution plan . event of Liquidation
Once the Adjudicating Authority passes the order for liquidation of
the Corporate Debtor, the Resolution Professional appointed for CIRP
shall act as the liquidator for the purpose of liquidation unless replaced
by the Adjudicating Authority. On appointment of the liquidator, all
powers of the board of directors, key managerial personnel and the
partners of the corporate debtor shall vest with the liquidator. The
personnel of the corporate debtor shall extend all assistance and co-
operation to the liquidator as may be required by him in managing the
affairs of the corporate debtor. The Insolvency Professional proposed
to be appointed as the liquidator shall charge such fee for the conduct
of the liquidation proceedings and in such proportion to the value of
the liquidation estate assets as may be specified by the board.
For the purposes of liquidation, the liquidator shall form an estate
of the assets which will be called the Liquidation Estate in relation
to the corporate debtor. The liquidator shall hold the liquidation estate
as a fiduciary for the benefit of all the creditors. The Liquidation
Estate shall comprise of any assets over which the corporate debtor
has ownership rights, assets that may or may not be in possession
of the corporate debtor including but not limited to encumbered
assets, tangible assets whether movable or immovable ,intangible
assets including but not limited to intellectual property, securities and
financial instruments, insurance policies, contractual rights, assets
subject to the determination of ownership by the court or authority,
any asset of the corporate debtor in respect of which a secured creditor
has relinquished security interest, any other property belonging to or
vested in the corporate debtor at the insolvency commencement date ,
all proceeds of liquidation as and when they are realized.
However the following assets shall not be included in liquidation Diagram No: 2 Water Fall Mechanism for distribution of
estate assets and shall not be used for recovery in the liquidation assets assets
owned by a third party which are in possession of the corporate debtor Note: Adapted from EY Report “Experiencing the Code:
including: assets held in trust for any third party, bailment contracts Corporate Insolvency In India” submitted to ASSOCHAM India
(a) all sums due to any workman or employee from the provident in August 2017
fund, the pension fund, and the gratuity fund ,(b) other contractual
arrangements which do not stipulate transfer of title but only use 7(d )Voluntary Liquidation
of assets and such other assets as may be notified by the Central Part II Chapter V of the IBC: “A corporate person could opt for
Government in consultation with any financial sector regulator.(c) voluntary liquidation by itself. However in order for it to do so there
Assets in security collateral held by financial services and are subject are certain preconditions that shall be required to be met.
to netting an set off in multilateral trading or clearing transactions,(d)
personal assets of any shareholder or partner of a corporate debtor These pre-conditions are:
as the case may be provided such assets are not held on account of a. The majority directors of the company after having carried
avoidance transactions that may be avoided ; (e) assets of any Indian out a detailed enquiry into the affairs of the company have
or foreign subsidiary of the corporate debtor ,(f) any other asset as formed an opinion that the entity has no debt or shall be in a
may be specified by the board , including assets which could be position to pay off all its debts from the proceeds of the assets
subject to set off on account of mutual dealings between the corporate sold under voluntary liquidation and submits a declaration to
debtor and any creditor. this effect.
The Consolidation of Claims shall undergo the following steps b. The declaration of the majority of board of directors shall
: (a) receive or collect the claims of the creditors within a period of be required to be supported by the audited annual financial
thirty days from the date of the commencement of the liquidation statements of the last two years along with the valuation
process (b) A financial creditor or an operational creditor may submit report of assets of the entity by a registered valuer.
a claim to the liquidator in along with supporting documents required c. a special resolution would be required to be passed in the
to prove the claim as may be specified by the board.(c) A creditor who general meeting of the members of the company stating that
is partly a financial creditor and partly an operational creditor shall the company has opted for voluntary liquidation and also
submit claims to the liquidator to the extent of his financial debt in the appointment of an insolvency resolution professional as
the manner prescribed. (d) The act provides for a creditor to withdraw the liquidator. This resolution shall be required to be passed
or vary his claims within fourteen days of its submission. (e) The within four weeks of the declaration made by the majority of
Liquidator shall verify the claims and even ask for other documents the board.
to be produced if so required .(f)After the verification of the claim
has been made , the liquidator may either admit or reject the claim d. The Registrar of Companies and the IBBI shall be required
and shall communicate the acceptance or rejection as the case may to be notified within seven days of having passed this special
be (g) The Liquidator shall determine the value of the claim (h)A resolution.
creditor has the option to appeal to the adjudicating authority against e. the voluntary liquidation process of the company shall
the decision of the liquidator.” deemed to have commenced from the date of passing the
resolution subject to the approval of the creditors.
f. Once the affairs of the corporate person has been completely
wound up, the liquidator shall duly inform the adjudicating
authority for dissolution, the adjudicating authority shall

IBC
accordingly pass the order on receipt of the application and Source: Insolvency & Bankruptcy News, IBBI, Jan – March
within fourteen days of such passing the order the adjudicating 2019, Vol No: 10
authority shall intimate the authority with which the corporate www.ibbi.gov.in
person is registered.”
Table No: 3 On Going CIRP Status as on 31.03.2019
9(a) Service Providers
There are various service providers with regards to the Insolvency Sr No On Going CIRP Numbers
& Bankruptcy Code,2016 i.e. they are (a) Registered Insolvency
Professionals (IP’s) (b) Insolvency Professional Agencies (IPA’s) 01 > 270 Days 362
(c) Information Utilities (IU’s) (d) Insolvency Professional Entities
(IPE’s) (e) Registered Valuer Organisations (RVO’s) (e) Registered
02 > 180 Days < or = 270 Days 186
Valuers – Individual s and (f) Registered Valuer Entitites . They form
a part of the Ecosystem. Their current count is stated in the Table
No:1 below. 03 > 90 Days < or = 180 Days 247
Table No: 1 Types of Service Providers 04 < or = 90 Days 348

Sr No Service Providers Numbers
Source: Insolvency & Bankruptcy News, IBBI, Jan – March
01 Registered Insolvency Professionals (IP's) 2688 2019, Vol No: 10
www.ibbi.gov.in
02 Insolvency Professional Agencies (IPA's) 3
10. Conclusion:
03 Information Utilities (IU's) 1
The Insolvency and Bankruptcy Code, 2016 has radically altered
the insolvency law landscape in India. The clear shift of control from
04 Insolvency Professional Entities (IPE's) 99
the shareholders and promoters to the creditors enables the recovery
process to much more smoothly and effectively. There is also a
05 Registered Valuer Organisations (RVO's ) 11
restriction on the completion of the corporate insolvency resolution
process , failure to do so may lead to the liquidation of the corporate
06 Registered Valuers - Individuals 2063 debtor. The code vide a recent ordinance has also provided for a
voluntary liquidation of the corporate debtor. The Code over a period
07 Registered Valuers - Entities 2 of time shall go a long way in resolving the distressed assets in Indian
Banking System. Thereby resulting in an effective and profitable
banking system in India.
Source: www.ibbi.gov.in
References:
9(b) Status of CIRP’s as on 31st March, 2019
1. Insolvency and Bankruptcy News , Insolvency and
Bankruptcy Board of India , Jan – March 2019 , Vol. No: 10.
1858 Corporate Insolvency Resolution Process cases were
admitted as on 31st March, 2019 . Out of which 152 cases were closed 2. SIPL , Edelweiss & INSOL India (April, 2017.) joint report
on appeal ,review and settled. Those closed by withdrawal u/s 12 A “ Effective Implementation of Insolvency and Bankruptcy
were 91 cases. 94 cases were closed on account of resolution whereas Code 2016 : A Collective Stakeholder Responsibility ” to
378 were closed due to liquidation. There are 1143 cases of CIRP ASSOCHAM .
which are currently ongoing. Table No: 2 herein below provides these 3. CRISIL Report (October, 2016 ) “Insolvency & Bankruptcy
details whereas Table No: 3 gives the breakup of the 1143 ongoing Code 2016 : A Game Changer ” submitted to ASSOCHAM.
cases in terms of numbers of days i.e. 362 cases have crossed the 4. CA Ravinder Agarwal (July 2018)“ Insolvency &
threshold limit of 270 days , 182 cases are between 180 and 270 days, Bankruptcy Practise, published by Taxmann’s Publications
247 cases are currently in the 90 to 180 days bracket and finally 348 (P) Ltd .
cases are below 90 days.
5. EBC’s “ Insolvency and Bankruptcy Code, 2016 ”
published by EBC Publishing Pvt Ltd , Lucknow
Table No: 2 CIRP Status as on 31.03.2019
6. Ernst & Young LLP (August 2017) Report on “
Sr No Particulars Numbers Experiencing the Code – Corporate Insolvency in India ”
submitted to ASSOCHAM.
01 Admitted 1858 7. Price Water House Coopers Private Limited (August 2018)
Report “ Decoding the Code: Survey on 21 Months of IBC
In India ” submitted to Confederation of Indian Industry .
02 Closed on Appeal/Review /Setteled 152
8. Ernst & Young LLP ( July, 2016) Report on “ ARC’s – at
the Cross Roads of making a paradigm shift ” submitted to
03 Closed by Withdrawal u/s 12 A 91 ASSOCHAM at AIRCON 2016
9. India Ratings & Research (a Fitch Group Company) (July,
04 Closed by Resolution 94 2016) Report “ A Need for Paradigm Shift in Changing
Scenario ” submitted to ASSOCHAM at AIRCON 2016
05 Closed by Liquidation 378 10. www.ibbi.gov.in
11. www.nclt.gov.in
06 On Going CIRP 1143
[email protected]

TAXATION
RECOMMENDATION
OF
HLAG
CMA S. Rajaratnam
Retd. Member
Income Tax Appellate Tribunal
Advocate & Tax Consultants
Chennai
R
ecommendation of High Level Advisory of KYC and PAN requirements.
Group (HLAG) have been made in Foreign investments will be welcome, subject to their
the context of our Finance Minister’s being made through authorised dealers by a simplified online
expectation of 5 trillion economy. A major application subject to withholding taxes, if any, applicable.
recommendation of HLAG is another Investment though permitted for debts and equity will not,
amnesty scheme by permitting issue of however, be permitted for real estate.
“Elephant Bonds” disclosing unaccounted wealth subject to
Simplification of the procedure by dispensing with registration
40% of such wealth being invested in long term infrastructure
requirements of foreign investors and proof of global identity
bonds. It is an attempt to bring foreign money belonging to
with minimum restrictions is yet another recommendation.
Indians back to India.
The effect of recommendations, if implemented and the
Liability for amounts subscribed to Elephant Bonds is 15%
expected response by way of boost to foreign investment in
of unaccounted wealth with 40% of such wealth requiring to
India will be anxiously awaited.
be invested in long term investments in bonds. But interest
therefrom is to be charged at the rate of 75% with maturity
period being 20 to 30 years, the temptation being immunity
from penalty and prosecution under all laws and not merely
taxation laws. Round-tripping is expected to be tackled by this
[email protected]
major step.
Overseas direct investment for bona fide business activity is
recommended with regulations thereon being relaxed, subject
to conditions as now prevailing for foreign direct investments
with such investments being permitted under automatic route
with more liberal treatment by way of exemption for overseas
listed companies. Special status is recommended for Offshore
Funds, subject to eligibility conditions which will be simplified
by a regulatory framework with the requirement of satisfaction

Down The Memory Lane
December 2009
Her Excellency, Mrs. Pratibha Patil, President of India, awarding

the Corporate Excellence Award to Mr. G.N. Venkataraman,
President of ICWAI. Also seen in the picture: Hon’ble Minister for
Corporate Affairs, Mr. Salman Khurshid; Past Presidents of ICWAI,
Mr. Kunal Banerjee and Mr. Chandra Wadhwa on December 21,
2009 at New Delhi
December 1999
SAFA Conference was held on 4th December 1999 at Kathmandu, Nepal
(From left) D.C. Bajaj, Vice President, Mahesh Shah, President,

S. Ramanathan, CCM, Bibhabanandda Majumder, CCM, V.V.
Deodar, CCM
December 1989
4th Conference and 11th Assembly of SAFA at New Delhi
Shri Thyagarajan, Chairman, Audit Board and Deputy

Comptroller and Auditor General, GOI, Chief Guest at the
inaugural session delivering inaugural address at the 4th
SAFA Conference held at Hotel Hyatt Regency, New Delhi on
25-26 December, 1989
SAFA President Shri V. Kalyanaraman

address the Inaugural Session

Down The Memory Lane
December 1979
Banker’s Meet was organised at Grand Hotel, Calcutta on 8th December 1979
Shri Sushant Niyogi, CMD, United Bank of India delivering his

address. Others are Shri V. Kalyanaraman, Shri B.K. Chatterjee,
Professor N.K. Roy and Professor V. Basavaraju
Members meet on Project Appraisal on 10th December, 1979 at Chelmsford Club
Shri B.S. Ramaswamy, Additional Financial Adviser & Joint

Secretary, Government of India, Ministry of Finance (Defence)
addressing Members. Others (L to R) are Shri J.N. Gupta, Shri
J.S. Iyer, Shri S. Narayanaswamy and Shri Ajit Nath
December 1969
Shri A.P.B.Nayar Controller General of Defence Accounts New Delhi visited Institute Headquarter on 3rd
December 1969
Shri A.P.B.Nayar Controller General of Defence Accounts, Shri

J.B. Martin Controller of Defence Accounts (Factories), Sri
Swaminathan Jt Controller, Sri J.N. Bose Past President and Sri
N.K. Bose Past President
The Silver Jubilee of Institute was celebrated on 28th December 1969 in the Princess Hall of the Ritz Hotel,
Hyderabad
Mr. C.C. Desai, M.P. the Chief Guest lights the lamp during
the Silver Jubilee Celebration

INSTITUTE NEWS
EASTERN INDIA REGIONAL COUNCIL
A seminar on “Direct & INDIRECT TAXATION-SABKA

VISWAS SCHEME & THE NEW GST RETURN AND THE
RECENT DEVELOPMENTS IN INCOME TAX ACT 1961”
was organized by EIRC on October 19, 2019.Shri Rajibshankar
Sengupta-Joint commissioner GST was the chief guest. CMA Timir
Baran Chatterjee, CA VivekJalan were the resource persons. The
seminar focussed on the SabkaViswas Scheme introduced by the
Government to resolve all disputes relating to the erstwhile Service
Tax and Central Excise Acts, which are now subsumed under GST,
as well as 26 other Indirect Tax enactments and the New GST
Returns. ShriRajib Shankar Sengupta, Joint Commissioner, GST
highlighted the benefits under the scheme the tax payers may obtain
by paying the outstanding tax amounts due and be free from any
other consequences under the Law. Taxpayers will get substantial THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
relief in the form of full waivers of interest, penalties and fines. BHUBANESWAR CHAPTER
CMA Ashis Banerjee RCM-EIRC, CMA C.R.Chatterjee- CCM-
ICAI, CMA Arundhati Basu, Chairperson, Members in Industry- The Chapter organised a seminar on “Corporate Governance and
EIRC, CMA Pallab Bhattacharya-Chairman, EIRC were present CSR Activities under Companies Act, 2013” cum Career Awareness
in the seminar. A seminar on “GST Audit & Annual Return” was Programme jointly with the P G Department of Commerce, FM
organised by EIRC on 1st November 2019 at its premises. CA University , Balasore on October 25, 2019. To commemorate
Subham Khaitan was the guest speaker on the occasion. CMA this Seminar, Quiz Competition and Debate Competition was
Asish Banerjee-RCM, EIRC, CMA Biswarup Basu, Vice-President, also organised amongst the P.G. Students by the Chapter. CMA
CMA Pallab Bhattacharya, Chairman, EIRC, CMA C.R. Chatterjee, Saktidhar Singh, chairman of the chapter graced the seminar as
CCM, CMA Arundhati Basu, Chairperson, Members in Industry, “Guest of Honour” and highlighted the career prospects in CMA
EIRC were present in the seminar. The seminar highlighted the Course. Chairman, PG Council, F M University graced the seminar
procedures to be followed during GST Audit and Annual Return. as “Chief Guest”. CMA Uttam Kumar Mohallik, member and guest
A seminar on MCA Progressive Reforms- Ease of Doing Business faculty of the chapter was the resource person on the occasion
in India was organized by EIRC jointly with Bengal Chamber and delivered details in the topic. The Chapter observed Rashtriya
of Commerce & Industry on November 15, 2019 at J.N.Bose Ekta Diwas (National Unit Day) at its office premises on October
Auditorium, Kolkata. Shri D. Bandopadhyay, ICLS- Regional 31, 2019 with reference to the communication received from the
Director, Eastern Region - MCA, GOI was the Chief Guest and Institute. The observance was led by Shri H K Biswal, AAO of
Shri K.G. Joseph Jackson, ICLS, Registrar of Companies, MCA, the Chapter along with other employees and few CMA students
GOI was the special guest of honor. CMA Timir Baran Chatterjee, by taking pledge.The Chapter successfully organized a seminar on
Chairman, Indirect Taxation, BCCI, CS Ravi Varma, CA Vivek Jalan “Managing Risk by a Business Manager” on 31st October, 2019 at
were the speakers. The seminar highlighted on the different reforms CMA Bhawan. Shri Kalyan Kumar Mazumdar, DGM, New India
undertaken by the Government for ease of doing business. CMA Assurance Company Ltd., Bhubaneswar inaugurated and graced the
Arundhati Basu, Chairperson, Members in Industry- EIRC, CMA seminar as “Chief Guest”. He highlighted in brief the importance
Pallab Bhattacharya, Chairman -EIRC, CMA Ashish Banerjee, of insurance coverage to overcome the risk of damages/losses.
RCM-EIRC, CMA C.R.Chatterjee, CCM, CMA Biswarup Basu, Shri Sanjeeb Kumar Mohanty, Practicing Chartered Accountant &
Vice President of the Institute were present in the seminar. Insurance Surveyor, Bhubaneswar delivered on “Property Damage
and Effective Handling of Insurance Claims”, Shri R.P.Samal,
Retd. GM, New India Assurance Company Ltd and a Renowned
Author delivered on “Invisible sides of Insurance Claims” and
CMA Nilamani Mohapatra, Retd. Sr GM (Fin) and Past Chairman
of the chapter delivered on “Underwriting of Industrial Risk-Issues
and Challenges”. CMA Saktidhar Singh, chairman of the chapter
delivered welcome & key note address. CMA Mukesh Chaubey,
Chairman, Professional Development Committee of the Chapter
facilitated the seminar and extended formal vote of thanks.The
Chapter observed Vigilance Awareness Week at the premises
of CMA Bhawan on November 1, 2019. With reference to the
advice of Ministry of Corporate Affairs (MCA) vide letter dated
2nd September 2019 to create awareness about the progressive
reforms undertaken by the Ministry for Ease of Doing Business in
India for the year 2019 and subsequent communication from the
PD Directorate of our Institute, the chapter successfully organized
a seminar on “MCA Progressive Reforms - Ease of Doing Business
in India” on 17th November, 2019 at CMA Bhawan, Nayapalli,
Bhubaneswar. Shri Ananta Ku. Sethi, ICLS ROC-cum-Official
Liquidator, Odisha, Cuttack inaugurated, graced and addressed in
the seminar as “Chief Guest & Keynote Speaker”. He highlighted
in brief about Ease of Doing Business in India. Dr. Mania Alpesh
D, ICLS, Asst. ROC-cum-Asst. Official Liquidator, Odisha,
Cuttack also graced and addressed on the topic as “Special Guest

INSTITUTE NEWS
and Resource Person” on the occasion. Rajen Padhi, Commercial
Director, M/s B-One Business House Pvt. Ltd., Bhubaneswar and THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
Shri Debasish Das, General Manager (Investment Promotion), RAJPUR CHAPTER
IPICOL, Bhubaneswar delivered in details on the topic as the
“Resource Person”. CMA Saktidhar Singh, chairman of the chapter The Chapter organized a Round Table Discussion Meet on
delivered welcome & key note address. CMA Mukesh Chaubey, Alternative Source Energy - its Cost and Price on 2nd November,
Chairman, Professional Development Committee of the chapter 2019 in association with Bharatyo Vidya Bhavan, Institute of
felicitated the seminar and CMA Ajay Kumar Samal, Member of Management Science at Kolkata. Dr. R.K. Patra, Principal of the
MC and PD Committee of the chapter extended formal vote of IMS, BVB, welcomed the participants and the guest speakers.
thanks. Dr. S.K. Mukhopadhyay of DVC was the key note speaker and
CMA Manas Kr. Thakur, Past President was the special guest.
Both elaborated the necessity of having alternative source of
energy against conventional sources in the interest of survival of
mankind. CMA S.N. Das, Chairman of the Chapter gave vote of
thanks to the speakers in Inaugural Session. Prof(Dr.) Mohanlal
Kohle, Professor, Smart Grid, University of Agder, Norway
gave his speech over skype system detailing cost and price of
conventional and non conventional energy and how they could
be merged in a smart grid. Then Dr (Prof) Ratanlal Mandal, Asso.
Prof (Energy Studies), Jadavpur University submitted his views
in detail about different sources of non-conventional sources
and their usability. Shri Anjan Kr. Dey, Executive Director
(Systems), DVC about his experience in energy cost and price.
Shri Shiladittya Bhawmick, Lead Engineer, Elec. Design, in M/s
M.N.Dastur & Co.(P)Ltd and CMA Debdulal Chattopadhyay,
Addl General Manager, WBSETCL also mentioned about
problems in use of non-conventional sources in India and how to
make best use of it.

INSTITUTE NEWS
NORTHERN INDIA REGIONAL COUNCIL
NIRC organized flag hoisting ceremony on the occasion of

73rd Independence Day on August 15, 2019 at CMA Bhawan.
The Region conducted the pre placement programme on
behalf of Training & Placement department of Institute from
September 11, 2019 to September 22, 2019 who qualified
CMA Final June-2019 term examination and registered at
Delhi office for Placement. The program was inaugurated by
CMA Inderpal Singh Sandhu, Director Finance –Handicraft
and CMA Harkesh Tara, Vice Chairman-NIRC, Sandeep Goel
, CMA Santosh Pant, RCM, CMA & CMA Manish Kandpal-
RCM presented a highly motivating talk to the candidate to
take up the challenges of the profession of the Institute in their
career path. NIRC participated in Career Conclave organised by
Delhi Govt. at Tyagraj Stadium, Delhi on October 21, 2019 to
October 25, 2019. Hon’ble Dy. Chief Minister and Minister of
Education, Govt. of Delhi Shri Manish SisodiaJi was the chief
guest of the conclave. The event aimed to create awareness
and disseminate information regarding diverse fields of career,
various opportunities available in the field of higher education
to students of Class XII in Government schools of directorate of
Education, Govt. of NCT, Delhi.

JAIPUR CHAPTER
The Chapter organised an Industrial visit to Agrawal Metals

Pvt. Ltd. and Kajaria Tiles at Bhiwadi on 3rd and 4th October
2019 for CMA final pursuing students. During the visit,
Chairman, CMA S.L. Swami, Past Chairman CMA Rakesh
Yadav and Member CMA RatanLal Sharma also accompanied
the students.Students were exposed to the Cost Accounting
System in the operations of the industry.The chapter organised
a seminar on GST and Securities Market on 12th October 2019
at its premises. In the beginning, chairman of the chapter, CMA
S.L. Swami welcomed the speakers and the participants. In
the first technical session, key speaker was CA Yash Daddha,
a leading Practitioner. He explained in detail various changes
made recently in GST Laws and also briefed about GSTR-
9-C. In the second technical session, key speaker was CMA
Dr. B.L. Gupta, Retd. Associate Professor and Controller of
Examination, University of Rajasthan. He explained in details
about Securities Market and Investment planning (2nd Series).
The Program was conducted by secretary of the chapter,
CMA Swapnil Bhandari. At the end of the program, executive
member, CMA Harendra Kumar Pareek thanked speakers and
the participants. The chapter organised a Campus Placement
Program for June 2019 qualified CMAs on 11th November
2019 at its premises. In this program, AU Small Finance Bank
and Genpact participated. Team of above companies comprised
of officials from HR and Finance. The teams were welcomed
by CMA Rakesh Yadav, Past Chairman, CMA Sudarshan Nahar
Vice - Chairman and CMA P.D. Agrawal, Director of Coaching.

INSTITUTE NEWS
of the session, CMA Dinesh Dargar proposed the vote of thanks to
the Chief Guest Shri S.S. Devpura, CMA Anil Sharma Chairman
of NIRC, CMA Harkesh Tara, Vice Chairman, NIRC,CMA
Rajendra Singh Bhati, secretary of NIRC and other officials of
NIRC, Gurujans, members of the chapter, ladies and students who
participated in the programme.

CHANDIGARH-PANCHKULA CHAPTER
The Chapter conducted continued education program on

“Hedging foreign exchange exposure through use of derivatives”
and “Motivational talk on how to be luckier” by the key note
speakers, Dr Aman Chugh and CMA Sahil Dragan. The program
was held at Chandigarh on 10th November 2019 and attended by a
large number of CMAs. The chapter organized a career counselling
programme at Govt Sr. Secondary school & DAV school at Kullu
in association with NIRC on 8th November 2019. The program
was attended by large number of students. The key note counsellors
were CMA Bhavna Sharma from Chandigarh and CMA Vasudha
from Kullu. 2nd Advance Workshop on IBC 2016 for Insolvency
Professionals in association of the chapter was organised by
Insolvency Bankruptcy Board of India at Chandigarh on 1st and
2nd of November 2019. The key note speakers were Dr Ashish
Makhija, advocate, Mr Anil Katia-IP, Ms Aprana Gupta, Director
Deloitte, Mr K.V. Jain-IP, Mr Nitin Kapoor-Director RICS, Mr
Vinay Manchanda-Director Duff & Phelps.

UDAIPUR CHAPTER
The chapter organised a half-day seminar on“Direct tax code,

GST update, Dialogue with Gurujans” and felicitation to student
who secured position in the NYCO Examination conducted
by NIRC. CMA C. K. Sancheti, chairman of the chapter gave
introductory speech. He also apprised the members about various
activities, achievements and latest developments of the Chapter. He
welcomed all the Guest, office bearer of NIRC. Shri S. S. Devpura,
Asstt. Commissioner (CGST) Chief Guest, spoke stressfully on
subject of GST and gave latest updates about GST. CMA Anil
Sharma Chairman, NIRC spoke about income tax and Direct Tax
Code. CMA Harkesh Tara,Vice Chairman explained in detail on
GST. CMA Rajendra Singh Bhati explained in detail on Direct-Tax
Code and its importance for the Cost Accountants. CMA Shailendra
Kumar Paliwal spoke on the CMA and future of students. CMA
Harendra Kumar Parikh key note speaker on career counselling
explained in detail about three stages of CMA course.At the end

INSTITUTE NEWS
SOUTHERN INDIA REGIONAL COUNCIL
SIRC organized study circle meetings on various dates of

October 2019. As per the directive of Ministry of Corporate
Affairs, Govt. of India, in Commemoration of 150th Birth
Anniversary of Mahatma Gandhi Ji, on 2nd October, 2019,
SIRC was engaged in cleaning the building premises as a
tribute to the Great Soul who has practiced the cleanliness
in true sense, throughout his life, in which Staff of SIRC and
students took active participation. CMA H. Padmanabhan,
Council Member, CMA Jyothi Satish, Chairperson-SIRC,
CMA Rajesh SaiIyer, RCM-SIRC were also present for this
‘Cleanliness’ Campaign. As per the directives received from
the Tax Research Department of the Institute to observe Direct
Taxation Month throughout India from 5th September 2019 to
5th October 2019, SIRC organised a seminar on ‘Income Tax
and Direct Tax Code – Expectations Ahead’ on 5th October,
2019 at its premises. Dr. G. M. Doss, IRS, Commissioner of
Income Tax was the Chief Guest who also handled a session
on ‘Transfer Pricing’. The other Topics include ‘ ‘International
Taxation’, ‘Any other topics covering Capital Gains and Loss set
off’, ‘Assessment Procedure’, ‘Taxation in Non Government/
Non Profit Organizations’ & TDS Provisions and Case Study’
which were handled by Smt. R. Anita, IRS, Senior Authorised
Representative ITAT, Shri. T. Manimaran, IRS, Assistant
Commissioner of Income Tax, Smt. R. Parameswari, Smt.
Dhanalakshmi Ravikumar and Shri. R. Devarajan – Income Tax
Officers respectively. The Campus Placement Programme for
June 2019 Batch CMA Final passed candidates was organised
at SIRC on 10th and 11th October, 2019, in which 7 Corporates
namely L &T, ITC, Power Grid Corpn. of India, Wipro, Vedanta,
Tube Investments and Maersk Global Service participated.
As per the directive of Ministry of Corporate Affairs to create
awareness about the progressive reforms undertaken by the
Ministry for Ease of Doing Business in India, SIRC organised
a Discussion Meeting on ‘Ease of Doing Business in India’ on
11th October, 2019 at its premises. Chief Guest for this event
was Shri A. SeharPonraj, Registrar of Companies, Tamil Nadu,
Andaman & Nicobar Islands, Chennai. Mrs. S. Meenakshi, Jt.
Director – Southern Region, MCA, Chennai – Guest Speaker
addressed the members on the topic. In connection with and as
per the directions of President of the Institute on the occasion of
150th anniversary celebrations of Mahatma Gandhi in line with
MCA GOI advice, SIRC organized a ‘Blood Donation Camp’
on 5th October 2019 at its premises.

INSTITUTE NEWS
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
HYDERABAD CHAPTER COIMBATORE CHAPTER
In Faculty meet, the committee focused on the points about The Chapter signed MoU on 25th October, 2019 with
syllabus completion, mock tests, Motivating Students, Career Hindustan College of Arts & Science, Coimbatore for conducting
awareness Programmes on October 5, 2019. Senior Member, Intermediate Course at their College as Satellite Centre. The
CMA D. Venkateswarlu, Practicing Cost Accountant explained chapter chairman signed the MoU on behalf of chapter at the
about Costing & Pricing procedures in Fertilizer Industry on function held at the College. Vice Chairman and admin.officer
October 12, 2019. CA Subbareddy elaborated the points like were present at the function. Students of Hindustan College of
Actions to be taken before 20th October, 2019, Check points Arts & Science, Coimbatore published books on Foundation
for review of ITC, Disclosure to be made relating to RCM course subjects. These books were released at a special function
Transactions, Action points for outward tax liability, Reversals held at the College on 25th October, 2019 by Chairman and
for Real Estate Industry on October 15, 2019. As per instructions Vice Chairman. The College Principal, HOD Commerce Dept,
received from the Institute, the chapter observed Rashtriya Ekta staff were present. The Chairman, in his speech, applauded
Diwas, also known as National Unity Day, on October 31, 2019 the students on their unique contribution. As per HQ circular,
to commemorate the birth anniversary of Sardar Vallabhbhai the chapter observed Rashtriya Ekta Diwas on 31st October,
Patel, the Iron Man of India. The programme was led by CMA 2019. The Managing Committee Members, Staff and Students
Lavanya K.V.N, Chairperson of the chapter. took the pledge followed by singing National Anthem. On
25th September, 2019, a career counselling programme was
conducted by Chairman CMA K.Ravindran at Sankara College
of Arts & Science, Coimbatore. Chairman CMA K.Ravindran
addressed the students of Sri Ramakrishna College, Coimbatore
on 27th September, 2019.The Chapter celebrated its Annual
Inter-Collegiate Student Festival “COSMA FEST 2019” for
Costing and Management Students on 21st September,2019 at
PSG Institute of Management, Avinashi Road, Coimbatore.
The Student Festival was inaugurated by the Chief Guest Sri
R.Ramamurthy, President, CODISSIA, Coimbatore and CMA
Mrs.Jyothi Satish, Chairperson, SIRC of ICAI, Chennai was the
Guest of Honour. While welcoming the dignitaries, chairman
of the chapter, CMA K.Ravindran explained the role played by
CMA professionals in strategic decision making. During the
Inaugural Address Sri R.Ramamurthy, President, CODISSIA,
Coimbatore called upon the cost and management professionals
and the students to play an active role in supporting the
numerous MSMEs in this region with their expertise. Guest of
Honour CMA Jyothi Satish had urged the students to focus on
Knowledge, Attitude, Skill and Hard work for coming out as
successful CMA professionals. Students from various colleges
actively participated in the day-long competitions in the field
of Management show-casing their talents and knowledge.
The valedictory session was presided over by Dr.S.Nirmala,
Principal, PSGR Krishnammal College for Women, Coimbatore
followed by cultural events by the students.The Chapter
celebrated 150 year of Mahatma jointly with Suburban
Matriculation Higher Secondary School, Coimbatore on
3rd October, 2019 at the School. As advised by Head Office,

INSTITUTE NEWS
celebration of Hindi Divas was conducted on 4th October, 2019.
Our Chairman explained the importance of National language
and advised our students to learn Hindi. As per HQ circular, a
meeting of the students was held on 4th October, 2019 wherein
our Chairman gave a lecture to the students on sanitation &
hygiene and its importance.The Chapter arranged a one day
workshop on ’Professional Empowerment’ jointly with PSG
College of Arts & Science College - Department of Commerce
(CMA) on 11th October, 2019. As a part of ‘Direct Tax Month’
Celebration, a session is arranged on ‘Tax Audit & Internal
Audit’ by MC Member, CMA Sathish. R.The chapter jointly
with Government of India, Ministry of Corporate Affairs,
Office of ROC, Coimbatore, Indian Chamber of Commerce
and Industry, Coimbatore, ICAI Coimbatore Branch and ICSI
Coimbatore Chapter organized a half day joint seminar on 12th
October, 2019. The Seminar includes”Ease of Doing Business
in India” & Interactive Meeting with Shri. M.R.Bhat, Regional
Director, Southern Region, Ministry of Corporate Affairs, Govt.
of India, Chennai and Professional Development Programme
on “An overview of the Companies Amendment Act, 2019”
addressed by Shri.R.Sridharan, Past President, ICSI, New
Delhi followed “Latest Amendment to the Companies Act –
A regulatory reform to enhance the ease of doing business”
Address by Shri.G.Ramaswamy, Past President, ICAI, New
Delhi. The Chapter Chairman, Secretary and past Chairman paid
a visit to the Office of the Registrar of Companies, Coimbatore
on 19th October, 2019 to honour Regional Director Shri. M.R. THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
Bhat and Advisor - Cost Audit Branch, ShriDevendra Kumar. COCHIN CHAPTER
The Chapter organised a PD Programme in connection with
Celebration of ‘Direct Taxation Month’ on the Topic ’Income The Chapter celebrated observance of Rashtriya Ekta Diwas
Tax Act & Direct Tax Code’ on 19th October, 2019. The Speaker (National Unity Day) and took a pledge as directed by HQ on
CMA N. Ramesh Natarajan, Practising Chartered Accountant, October 31, 2019. The programme was led by Mr.Vijesh M.
Coimbatore gave a vivid lecture on the topic. V, co-ordinator of the chapter. The Managing Committee of
the chapter decided to conduct Study Circle Meeting at the
chapter for effective sharing of knowledge “Strategic Cost
Management” among the members. The first meeting was held
on 16th Nov 2019 on the topic “Time Driven Activity Based
Costing”. The programme was opened by CMA Thomas T.V,
Chairman, P.D. Committee. The session was handled by CMA
Padmakumar V. K., CFO, ACSIA Technologies.

INSTITUTE NEWS
VISAKHAPATNAM CHAPTER
The Chapter conducted a professional development program

on Assessment Procedures at CMA Bhawan, Visakhapatnam.
CMA M.Ramakrishna, chairman of the chapter welcomed the
dignitaries and delegates from various industry.Eminent and
leading Chartered Accountant of the City Akula Chandra Sekhar
delivered the lecture on the subject. CMA S.Siva Kumar, Vice-
Chairman, CMA S.Ramprasad Secretary,CMA U Lakshmana
Rao, member of the chapter gave the vote of thanks, CMA
Uppalapati Parkash, past-chairman of the chapter and other
members were also present on the occasion.

MADURAI CHAPTER
The Chapter conducted a professional development program

on October 18, 2019 at Madurai. The topic is ‘E-assessment
under the Income Tax Act, 1961’. CMA S Kumararajan,
Chairman of the chapter welcomed the gathering. CMA
Dr. M. Govindarajan, delivered the lecture on the topic. He
briefly described the filing of returns. CMA A Arumugam
gave the vote of thanks. After the professional development
program was over, CMA T. Thavamani, who has been awarded
‘Kalaimamani’ by the Tamil Nadu Government for the current
year for Karagattam, a folk dance of Tamil Nadu, was honored
by the chapter.

THRISSUR CHAPTER
The chapter conducted felicitation programme for June

2019 term winners on 13th Oct 2019 at Nalinam Auditorium,
Thrissur. Chief Guest Hon. Shri.K.Sanakaranarayanan, Former
Governor –Maharashtra, Nagaland, Jharkand, Assam, Arunachal
Pradesh inaugurated the function. President of the Institute,
CMA Balwinder Singh presided over the function. CMA H.
Padmanabhan delivered special address. Thrissur Chapter ,
Chairman CMA T.G.Sugunan welcomed the gathering, CMA
Dr.P.V.S.Jagan Mohan Rao- SAFA President, CMA Jyothi
Sathish- SIRC Chairperson, CMA Sankar.P.Panicker, SIRC
Vice Chairman felicitated the winners. After the distribution of
trophies and reply speech of students, the programme winded THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
up with Vote of thanks by vice chairman, CMA Jagadish.A.D. BENGALURU CHAPTER
Commemoration of 150th Birth Anniversary of Mahatma

Gandhi Ji – Swachh Bharat Abhiyann at Soudhamini
Kalyanamantapa, 3rd Cross, New bank Colony, Konanakunte,
Bengaluru on October 2, 2019. President of the Institute, CMA
Balwinder Singh visited the chapter on October 3, 2019. CMA
Sreepada H.R., Chairman, CMA Kumar H N, Secretary, CMA
Satish R, Treasurer, CMA Manjula B.S. Vice Chair Person,
CMA Ragavendra B.K- MC Member, CMA G.N.Venkataraman,
Past President , CMA Pranabandhu Dwibedy, MC Member of
the chapter were present at the programme. Communication
Skills for oral students at the chapter premises were organised
on September 25 and 26, 2019. Mrs.Keerthan ,Mrs.Anuradha
Mission Catalyst attended the programme. A seminar on Direct
and Indirect Taxes at Hotel Paraag, Raj Bhavan Road, Bengaluru
was organised on October 20, 2019. Shri. Ajay Saxena IRS,
Principal Commissioner of Central GST & Customs, Shri.

INSTITUTE NEWS
Dr.S.V.S.S Prasad, IRS, Principal Commissioner of Income Tax,
CMA Niranjan Mishra, Chairman, Indirect Taxation Committee,
CMA Rakesh Bhalla, Chairman, Direct Taxation Committee,
CMA, CA Gururaja Acharya, CMA, CA Jatin Christoper,
Dr.B.V.Muralikrishna- Addl.Commissioner of Commercial
Taxes, CMA Sreepada H.R., Chairman, CMA Kumar H N-
Secretary, CMA Satish R – Treasurer, CMA Manjula B.S,
Vice Chair Person, CMA Ragavendra B.K- MC Member, CMA
Pranabandhu Dwibedy MC Member, CMA H.Padmanabhan,
CCM & Chairman, Chapter Co-ordination Committee and
CMA VishwanathBhat, Treasurer, SIRC attended the seminar.
Karnataka State Level Chapters Meet , at Hotel Paraag, Raj
Bhavan Road, Bengaluru was organized on October 20, 2019
and CMA H. Padmanabhan, CCM & Chairman, Chapter Co-
ordination Committee, CMA Niranjan Mishra, Chairman,
Indirect Taxation Committee, CMA Rakesh Bhalla, Chairman, THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
Direct Taxation Committee, CMA Arup S Bagchi, Sr.Director, TRIVANDRUM CHAPTER
CMA Sreepada H.R., Chairman, CMA Kumar H N, Secretary,
The chapter organised a professional development programme
CMA Satish R, Treasurer, CMA Manjula B.S, Vice Chair
on 29th September 2019 on the subject “Avenues of CMA,
Person, CMA Pranabandhu Dwibedy MC Member, CMA
under Companies Act, 2013”. The session was handled by CMA
Ashok, Chairman-Mysuru Chapter and CMA Rajashekar M R,
R Ram Ganesh, Company Secretary cum General Manager,
Hosur Chapter Chairman attended the Meet.
Kerala State Backward Classes Development Corporation Ltd.
The speaker vividly explained various provisions of companies
Act 2013 where in service of CMAs are mandatory and other
provisions where they linked at par with other professionals.
The programme was very interactive and gave an insight into
the avenues available to CMAs under companies Act. The
meeting concluded with vote of thanks by CMA Ajith Kumar
A, Chairman, PD Committee.The chapter jointly with the
Institute of Company Secretaries of India, Trivandrum Chapter
organized a professional development progamme on November
3, 2019 at CMA Hall of the chapter. The meeting was
presided over by CMA Joseph Louis, chairman. The subject
of discussion was “Prohibition of Benami Property Transaction
Act, 1988 and handled by CA P.T. Joy, Practicing Chartered
Accountant from Cochin. CMA Prasanth S, Vice Chairman of
the chapter welcomed the gathering. The speaker discussed the
implications of each provisions of the Act and explained how
a dormant Act acquired nail and teeth through amendments
of 2016 under the guidance of late Sri Arun Jaitly the then
law Minister. The meeting concluded with vote of thanks by
CMA R Ram Ganesh, Treasurer, ICSI, Trivandrum Chapter.
The Chapter observed “Rashtriya Ekta Diwas” (National Unity
Day), the birth anniversary of Late Sardar Vallabhbhai Patel on
31st October 2019. Members, Faculties, Staff and Students
took Rashtriya EktaDiwas Shapath (Pledge) followed by a
collective singing of the National Anthem.

INSTITUTE NEWS
Haskins & Sells LLP. The PD Committee Chairman of the
Chapter, CMA Vivek Bhalerao introduced the speaker to the
audience and the programme commenced with the speaker
delving into the intricacies in the GST SVLDR Scheme,2019.
The interactive workshop came to an end with the speaker being
felicitated by CMA HariIyer. CMA Ajay Mohan, secretary of
the chapter proposed the vote of thanks.

INDORE-DEWAS CHAPTER
The Chapter celebrated the felicitation program for CMA

passout students of June’19 with communication & soft skills
WESTERN INDIA REGIONAL COUNCIL training on 14th November 2019. Chairman of the chapter, CMA
Aniruddh Gupta organized a felicitation program ceremony
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA and communication & soft skills training at Indore. Mr.Sant
NAVI MUMBAI CHAPTER Saran Mantri, Commissioner of Income Tax (Appeal) Indore,
Ms.Aarti Maheswari, Fit India Ambassador, Ms. Sheetalji,
The Chapter conducted a CEP programme on the topic “Get Educator and Motivational Trainer, Brown Sir, Soft skill and
Smart with Money” on 17th November 2019 at K.B. Patil Corporate Trainer were the chief guests of the programme.
College, Vashi. The Chairman CMA Sirish Mohite welcomed the
speaker CMA Akaanksha Khare and the audience and thanked
them for taking their valuable time for attending the CEP. The
PD Committee Chairman of the Chapter, CMA Vivek Bhalerao
introduced the speaker to the audience and the programme
commenced with the speaker discussing the various avenues
in financial planning. A large number of professionals and
students participated in the programme. The lucid presentation
came to an end with the speaker being felicitated by CMA
Vinod Jadhwani along with the Chapter Chairman CMA Sirish
Mohite and managing committee members. CMA B N Sapkal,
past chairman of the chapter proposed the vote of thanks.
The Chapter conducted a CEP programme on the topic “GST
SabkaVishwas Legacy Dispute Resolution Scheme (SVLDRS)”
on 20th October 2019 at K.B. Patil College, Vashi. The speaker
for this event was CMA Amit Sarker, Senior Director Deloitte

INSTITUTE NEWS
AHMEDABAD CHAPTER
The chapter organized CEP, Lecture meeting on The

Companies (Cost Records and Audit) Amendment Rules, 2019
on 23rd October’2019. CMA Haren Bhatt, Chairman welcomed
speaker CMA Ashwin Dalwadi, CMA Ashish Bhavsar and
participants. CMA Ashwin Dalwadi and CMA Ashish Bhavsar
presented and explained various points on subject. There was
very healthy interaction between participants and speakers.

BARODA CHAPTER
The Chapter arranged Swachch and Swasth Bharat

pakhawadia on 02nd October 2019.

STATUTORY UPDATES
DIRECT & INDIRECT TAXES UPDATES - NOVEMBER 2019
Income Tax Compliance calendar

– December 2019
Date Things to remember
Due date for deposit of Tax
deducted/collected for the month of
November, 2019. However, all sum
CMA Rakesh Bhalla deducted/collected by an office of
Central Council Member 7th
the government shall be paid to the
Chairman, Direct Tax Committee December
credit of the Central Government
Member, Indirect Tax Committee on the same day where tax is paid
The Institute of Cost Accountants of India without production of an Income-
tax Challan
-Due date for furnishing of Form
24G by an office of the Government
DIRECT TAXES UPDATES where TDS/TCS for the month of
November, 2019 has been paid
without the production of a challan
Recent circulars/ notifications/ rules/ clarifications/ -Third instalment of advance tax
News for the assessment year 2020-21
-Due date for issue of TDS
»» CBDT notifies Form 16D (certificate of deduction of tax at source) 15th Certificate for tax deducted under
and 26QD (challan-cum-statement) in relation to section 194 M December section 194-IA & 194IB in the
(deduction of tax at source for contractual or professional payment month of October, 2019
by Individual or HUF) (Notification No. 98/2019 dated 18th -Due date for furnishing
November 2019) statement in Form no. 3BB by
a stock exchange in respect of
»» Aadhar allowed to be used instead of PAN in income tax forms
transactions in which client codes
(Notification No. 95/2019-Income Tax [G.S.R .825(E)] dated 06th been modified after registering
November 2019) in the system for the month of
»» The provisions of clause (x) of sub-section (2) of section 56 shall November, 2019
not apply to any immovable property, being land or building -Due date for furnishing of
or both, received by a resident of an unauthorised colony in the challan-cum-statement in respect of
tax deducted under section 194-IA
National Capital Territory of Delhi (Notification no. Notification
& 194IB in the month of November,
No. 96/2019 [G.S.R. 836(E)] dated 11th November 2019) 2019
»» CBDT notifies Special Court for trial of offences under section -Due date for furnishing of
section 280A of Income-tax Act, 1961 (Notification No. 87/2019 challan-cum-statement in respect of
dated 5th November, 2019) tax deducted under section 194-IB
in the month of November, 2019
»» CBDT Chairman inaugurates Web Portal for exchange
-Furnishing of report in Form No.
of information on Income Tax Website. The Web Portal 30th 3CEAD for a reporting accounting
consolidates all the relevant Automatic Exchange of Information December year (assuming reporting accounting
(AEOI) related information at one place for convenient access by year is January 1, 2018 to December
financial institutions, Departmental officers as well as public at 31, 2018) by a constituent entity,
large (Release ID: 1593094 dated 22nd November 2019) resident in India, in respect of the
international group of which it is
»» Insolvency and Bankruptcy Board of India (Bankruptcy Process a constituent if the parent entity is
for Personal Guarantors to Corporate Debtors) Regulations, not obliged to file report u/s 286(2)
2019 issued by IBBI on 20th November, 2019 (Notification no. or the parent entity is resident of a
country with which India does not
IBBI/2019-20/GN/REG051 dated 20th November 2019)
have an agreement for exchange of
»» Mis International Centre for Research in Agroforestry, NASC the report etc.
Complex, Delhi (ICRAF) (PAN:- AAATI4803K) has been
approved by the Central Government for the purpose of section Important cases decided
35(I)(ii) of the Income-tax Act 1961 from AY 2019-2020 onwards
»» Condonation of delay is acceptable
in the category of ‘Scientific Research Association’ (Notification
if respondent not refuted the same-
no. 99/2019 dated 27th November 2019)
condation delay of 1754 days accepted
»» Cabinet approves Taxation laws (Amendment) bill, 2019 (Senior Bhosale Estate (HUF) Vs ACIT
(Supreme Court of India)- 07/11/19)

STATUTORY UPDATES
»» Section 54 deduction (Capital gains) cannot be denied for mere that if any registered taxpayer, during course
non – deposit in Capital gain account. (Venkata Dilip Kumar, of reconciliation of his accounts, notices any
Kartha-HUF Vs CIT (Madras High Court)- 05/11/19) short payment of tax or ineligible availment
of input tax credit, he may pay the same
INDIRECT TAXES UPDATES through Form GST DRC-03. (Circular No.
124/43/2019-GST dated 18-11-2019)
GST Job work – Rate of tax clarified: Relying

on definition of ‘job work’ provided in
- GST Compliance Calendar – Returns for the M/O November Section 2(68) of the CGST Act, CBIC has
2019 to be filed in December 2019 clarified that Entry at item (id) under Heading
9988 of Notification No. 11/2017-Central
Tax (Rate) covers only job work services as
Return Last Date defined in said provision, that is, services by
Outward supply for the month of 11th December way of treatment or processing undertaken
GSTR-1
November 2019 2019 by a person on goods belonging to another
Non-resident foreign taxpayers registered person. Circular also states that
20th December Entry at item (iv) covers only such services
GSTR-5 return for the month of November
2019
2019 which are carried out on physical inputs
Input service distributor for the 13th December which are owned by persons other than those
GSTR-6 registered under the CGST Act. (Circular
month of November 2019 2019
No. 126/45/2019-GST, dated 22-11-2019)
Tax Deducted at Source for 10th December
GSTR-7
November 2019 2019
Tax Collected at Source by CBIC implements digital DIN for
10th December correspondence with taxpayers: CBIC has
GSTR-8 e-commerce operator for November
2019 implemented a system of digital generation
2019
of Document Identification Number (DIN)
Summary return tax payment for 20th December
GSTR-3B for all communication sent by its offices to
the month of November 2019 2019
taxpayers. This will create a digital directory
GSTR- 9 & 31st December for maintaining an audit trail of such
Annual return for F.Y. 17-18
9C 2019
communication., no authorization, summons,
arrest memos, inspection notices and letters
Notifications and Circulars in the course of an inquiry shall be issued on
ITC restrictions when details of invoices not uploaded, clarified: or after 8-11-2019 (Circular No. 37/2019-
CBIC has clarified in respect of recently inserted provision relating to Cus. and Circular No. 122/41/2019-GST,
restrictions for taking ITC when details of invoices or debit notes are not both dated 5-11-2019)
uploaded by the suppliers. As per Circular, the availment of restricted credit
in terms of sub-rule (4) of Rule 36 of CGST Rules shall be done on self-
assessment basis by the tax payers, and the restriction, applicable only on
Case Laws
the invoices / debit notes on which credit is availed after 09-10-2019, will GST transitional credit – Non-filing of
be applicable only in respect of those invoices / debit notes, details of which TRAN-1 by 27-12-2017 not fatal: Observing
are required to be uploaded by the suppliers under Section 37(1). (Circular that there was no intention to deny carry
No. 123/42/2019-GST, dated 11-11-2019) forward of unutilized credit of duty/tax
already paid, on the ground of time limit,
Punjab & Haryana High Court has directed
GST annual returns for 2017-18 to be filed by 31-12-2019: Registered
the Revenue department to allow petitioners
person, other than an Input Service Distributor, a person paying tax under
to file or revise incorrect TRAN-1 either
Section 51/52, a casual taxable person and a non-resident taxable person,
electronically or manually before 30-11-2019.
can now furnish GST annual return / reconciliation statement in FORM
Credit was held as vested right which cannot
GSTR-9/FORM GSTR-9C, for the period from the 1st July, 2017 to
be taken away on procedural or technical
the 31st March, 2018, by 31st of December 2019., the said returns for the
grounds. Reiterating the findings in the
period from the 1st April, 2018 to the 31st March, 2019 shall be furnished
Gujarat High Court and Delhi High Court
by 31st of March, 2020. (Order, 2019, dated 14-11-2019)
decisions, the Court observed that department
was at liberty to verify genuineness of claim
Optional filing of GST annual return clarified: Clarifying through of petitioner, but nobody shall be denied to
about optional filing of annual return by the assessees whose aggregate carry-forward legitimate claim of Cenvat
turnover in a financial year does not exceed INR 2 crores, CBIC has stated credit / ITC on the ground of non-filing of
that the tax payers, may, at their own option file Form GSTR-9A for 2017- TRAN-I by 27-12-2017. It noted that most
18 and 2018-19 before the due date. It states that the common portal will not people in India are not well conversant
permit furnishing of the return after the due date. The Circular also clarifies with the electronic mechanism. [Adfert

STATUTORY UPDATES
Technologies v. UoI – Judgement dated4-11-2019 in CWP held that products sold in the ready to eat form are liable to be
No.30949 of 2018(O&M), Punjab & Haryana High Court] taxed at the respective rates specified according to their HSN.
[Square One Homemade Treats – 2019 VIL 413 AAR]
GST transitional credit permissible of accumulated
credit of Education Cesses and Krishi Kalyan Cess: Madras GST on expenses incurred by employees on behalf of
High Court has allowed GST transitional credit in respect employees and on remuneration to Directors: An advance
of accumulated credit of Education Cess, Secondary and ruling was sought on (a) whether the expenses incurred by the
Higher Education Cess and Krishi Kalyan Cess. It rejected employees on behalf of the company exceeding Rs.5000/- a
the contention that the accumulated credit of cesses is dead day and then reimbursed periodically are liable to tax; and (b)
and gone. The High Court noted tha there is no notification/ whether GST under reverse charge (RCM) is applicable on
circular/instruction that expressly provides that credit of such remuneration paid to the Directors. AAR Karnataka, relied
cesses would lapse. It also noted that the credit was carried on Clause 1 of Schedule III of the CGST Act, 2017 and the
forward and reflected in the returns and that the department definition of ‘consideration’, and held that the amount paid by
having permitted the assessee to carry forward the credit, the employees to the supplier of services was covered under
cannot now take a stand that such credit is unavailable for the term consideration” as if it was paid by the applicant-
use. [Sutherland Global Services P. Ltd. v. Assistant company for the services received by them on behalf of
Commissioner – Order dated 5-9-2019 in Writ Petition No. the company. Accordingly, it was held that the amount
4773 of 2018, Madras High Court] reimbursed by the applicant to the employees will neither be a
supply of goods nor supply of services. With respect
Good seized due to expiry of e-way bill cannot be to applicability of GST under RCM on remuneration paid to
released on indemnity bond: Uttarakhand High Court has the directors, it was held that since the directors are not the
declined to accede to petitioner’s request for release of vehicle employees of the company, the services provided by them will
and goods seized on merely furnishing an indemnity bond. be liable to GST. The AAR was of the view that the applicant
It observed that it would be inappropriate to issue a direction will be liable to pay GST under RCM on such services as per
contrary to provisions of Section 129 of the CGST Act, 2017 Serial No. 6 of Notification No. 13/2017-Central Tax (Rate).
which stipulates that goods can only be released on furnishing [Alcon Consulting Engineers (India) Pvt. Ltd. – 2019 VIL
a bank guarantee. The goods were seized due to expiry of 363 AAR]
e-way bill while the goods were still in transit. The delay, as
per assessee, was not deliberate and had occurred because of Customs
traffic diversions on account of Dussehra festival [Livguard Deemed export drawback can be claimed on All Industry
Energy Technologies (P) Ltd v. State of Uttarakhand – Rate: Drawback on the inputs used in manufacture and supply
2019 VIL 554 UTR] as per para 7.03(b) of the Foreign Trade Policy (deemed
exports) can now also be claimed on ‘All Industry Rate’ of
Presence of lawyers cannot be allowed during Duty Drawback Schedule notified by Department of Revenue,
examination by GST officers: Delhi High Court has held provided Cenvat credit has not been availed by the supplier
that presence of lawyer cannot be allowed at the time of of goods on excisable inputs. DGFT has amended, with effect
questioning or examination of a person by the officers under from 5- 12-2017, para 7.06 of FTP relating to conditions
the GST provisions. The Court observed that officers under for refund of deemed export drawback. Consequential
GST law are not police officers and have been conferred amendments have also been made for this purpose in paras
power to summon any person whose attendance they consider 7.02 and 7.06 of Handbook of Procedures Vol.1. (Notification
necessary to give evidence or to produce a document. No. 28/2015-20 and Public Notice No. 40/2015-20)
Regarding the apprehensions of petitioner being physically
assaulted or manhandled, the Court was of the opinion that Export policy for onions revised: Earlier, the Central
it is well settled law that no investigation officer has a right Government had imposed prohibition on export of onions
to use any method which is not approved by law to extract vide Notification No. 21/2015-20, dated 29-9-2019. Now,
information from a witness/suspect during examination. the export policy condition has been amended to provide
Supreme Court’s decision in Pool Pandi v. Superintendent, for export of Bangalore Rose Onions covered under item
Central Excise, was relied upon. [Sudhir Kumar Aggarwal description of Serial Number 52 of Chapter 7 of Schedule 2
v. Directorate General of GST Intelligence – 2019 VIL 557 of ITC (HS), upto a quantity of 9000 MT, for the period up to
DEL] 30th November, 2019. The aforesaid exports will be allowed
subject to obtaining a certificate from the Horticulture
Mere providing place to consume food not prepared Commissioner, Government of Karnataka certifying the item
there is not restaurant services: - Kerala AAR has held that and the quantity of Bangalore Rose Onions to be exported.
where a bakery sells ready to eat items and provides a place (Notification No. 27/2015-20, dated 28-10-2019)
to consume them, but the food is not prepared in the premises,
the service will not amount to restaurant services for purposes Case Laws
of GST. The AAR held that a restaurant is a place of business
Valuation - Evidentiary value of export declarations, public
where food is prepared within the premises and served based
ledger, commodity trade statistics data: CESTAT Chennai has
on the orders received from the customer. The Authority also
held that the transaction value adopted by the importer cannot

STATUTORY UPDATES
be rejected merely based on export declarations received and not as personal or welfare measure for its employees. The
from Turkish Customs, public ledger and Commodity Trade expense was not recovered from employees and was debited
Statistics Data (Comtrade). It noted that the Tribunal, while in profit and loss account. In respect of rent-a-cab services,
disposing of a batch of cases in regard to similar imports of the Tribunal noted that the said service, for attending business
the very same goods and where similar evidence was adduced meetings, was availed before 2011 and was an expenditure in
by Department, had held that the transaction value cannot relation to business. (Mediacom Media India Pvt. Ltd. Vs.
be rejected on the basis of such evidence. (Haji Sumar and Commissioner – 2019 VIL 625 CESTAT)
Diamond Traders v. Commissioner – 2019 TIOL 3301
CESTAT MAD) Bees wax – Washing, melting and packing not amount
to ‘manufacture’: CESTAT Mumbai has held that merely
Interest on delayed refund - Wrong/excessive collection because certain processes are carried out on the raw bees wax
of duty is not ‘deposit’: Madras High Court has held that an to make the product in a presentable and better marketable
amount determined as ‘duty’ by processing the bill of entry form, without significant change in the character and use
and collected by the revenue department can never be termed between the raw bees wax and the cleaned/purified bees wax,
as a ‘deposit’. It observed that ‘deposit’ is either offered by the processes undertaken cannot result in manufacture. Relying
importer on their own or in compliance pending disposal of on the decision of the Supreme Court in the case Shyam Oil
proceedings as an interim measure whereas ‘duty’ is a statutory Cake Ltd., the Tribunal observed that merely because the
liability collected as revenue. The Court hence allowed interest product bees wax was mentioned under chapter sub-heading
on delayed refund of the amount so collected earlier by the 1507, it cannot be considered that the processes carried out
department. The Court observed that wrong or excessive on the raw bees wax resulted in ‘manufacture’ within the
collection of duty cannot make such collection as ‘deposit’ definition of Section 2(f) of Cental Excise Act, 1944. [Shree
in the hands of the revenue department so as to escape the Laxmi Textile Processors Pvt. Ltd. v. Commissioner 2019
clutches of Section 27A of Customs Act, 1962. Further, taking TIOL 2755 CESTAT MUM]
note of the fact that there was no factual dispute between
the parties except on the nomenclature of the amount paid
Cenvat credit on motor vehicles – No need for exclusive
by the petitioner, the High Court held the writ petition filed
use in listed services: CESTAT Hyderabad has held that as
against adjudication order was maintainable. (Global United
long as the assessee used motor vehicles for rendering Cargo
Shipping (I) Pvt. Ltd. v. Asst. Commissioner – 2019 VIL
Handling Services on which they had paid service tax, they
515 MAD CU)
were entitled to Cenvat credit on such motor vehicles as capital
goods. The Tribunal was of the view that the motor vehicles
Mis-declaration by SEZ – Permission based on project
need not be used exclusively for providing cargo handling
report to be relied: Relying on the permission which
or other listed services, and that mere fact that the assessee
was granted in terms of project report made before the
had also used such motor vehicles for some other purposes
Development Commissioner, which stated that the SEZ unit
did not deprive them of their Cenvat Credit. Observing that
was permitted to import garments that were almost new but
show cause notice had not brought forth any evidence that the
could be out of fashion in terms of time as far as the country
vehicles in question were not used for cargo handling services,
of production is concerned, CESTAT Ahmedabad has set
the Tribunal rejected the department’s view that the vehicles
aside the confiscation of goods under Section 111(m) of the
were used for Port services which was the main service of the
Customs Act, 1962. The Tribunal though noted that new
assessee. [Srinivasa Transports v. Commissioner – 2019
clothes imported could not be called rags and hence there
VIL 708 CESTAT HYD ST]
was mis-declaration, it observed that the letter of permission
was specifically issued referring to the project report and also
permits the assessee to manufacture reconditioned clothing.
[email protected]
Further, confiscation under Section 111(d) was also set
aside observing that no testing was done by the department.
(Texool Wastesavers v. Commissioner – 2019 VIL 710
CESTAT AHM CU) Information Source - M/s LKS, CBIC.gov.in., various
internet websites including Income tax website, Dailyhunt,
Central Excise, Service Tax & VAT Deloitte, livemint.com, related links and various notifications,
circulars, orders, press releases and other sources-many
Case Laws thanks to all.
Cenvat credit on outdoor catering activity and rent-a-
cab services: Observing that definition of input service was
very wide and that the only condition precedent was that it
should be the activity relating to business, CESTAT Mumbai
has allowed Cenvat credit on outdoor catering services and
rent-a-cab services for the period 2007-2010. It noted that
outdoor catering services was availed for the clients who
visited the office for business meeting during business hours

AUTHOR/ARTICLE INDEX 2019 (Vol. 54 Nos. 1-12)
Sl No. Article Author Page No. Issue No.
A
A Study on ''Third Cost'' In Banks (Rent , Taxes and Lighting) (Schedule 16 - Operating Expenses of
1 Er Sunil Dasari 52-59 1
Banks Balance sheet)
An Interaction of Credit Risk and Liquidity Risks and Its Impact on Bank Stability: Evidence from Venkati Ponnala
2 60-67 1
Indian Commercial Banks Dr. R Kasilingam
3 AI and Its Ever Expanding Horizon CMA (Dr.) Mohit Kumar Koley 26-32 3
4 Artificial Intelligence in Project Management CMA Joy M Shah 34-37 3
5 Artificial Intelligence : A Driving Force for Industry 4.0 CMA (Dr.) Rekha Melwani 42-45 3
6 Artificial Intelligence - An Emerging Trend of Technology CMA H Yuvaraj 51-54 3
7 Artificial Intelligence in Powered Banking Sector CMA Deepa Hinge 55-57 3
8 Artificial Intelligence in Banking Sector - A Study Dr. Mohammad Khaja Moinoddin 58-61 3
9 Artificial Intelligence: Leveraging Technology in Enhancing Overall Business Decision Process CMA Vitin Kumar 62-64 3
CPA Stephen Machin
10 A Case Study - Overnight Couriers 85-86 3
CMA Davinder Bhatia
CA Agnishwar Basu
11 A Study of The Effects of Transition to IND As on Selected Phase I PSUs 14-19 4
Dr. Debabrata Mitra
CMA Abhisek Bhowmik
12 A Study of Ethics & Integrity in Public Sector Accounting with Reference to Public Sector Banks 20-21 4
CMA (Dr.) Rohit Poddar
13 A Brief Canvas on Accounting Reforms in Indian Railways: Why & How Dr. Pooja 22-27 4
Are Mergers And Acquisitions A Quick Way for Companies to Grow - A Case Study from the
14 CMA Deepashree Chatterjee 67-70 6
Acquisition of FEM Pharmaceuticals by Dabur Ltd.
CMA Rambabu Genteela
15 A Study on Transportation Assets held by Companies in Manufacturing Sector in India 18-23 7
CMA (Dr.) Srikanth Potharla
16 Arresting Deterioration - CEO's Priority CMA (Dr.) Girish Jakhotiya 63-65 7
17 A Study on Input Tax Credit Utilization Rules And Regulations CMA (Dr.) Susanta Kanrar 42 - 46 8
Anindya Ganguly
Attaining The Equilibrium: An Insight into The Presence Of Glass Ceiling in Information Technology
18 Ms. Jasmine Rao 91 - 96 8
Companies Listed In BSE 30
Dr. Sumanta Dutta
Dr. Amandeep Kaur
19 An Insight into The Quo of U. S. - China Trade War Garima Gupta 81 - 86 9
Kanishka
20 A Study on Awareness While Investing in Real Estate And Gold Prof (Dr.) D B Bharti 42-45 11
21 Artificial Intelligence Startups in India CMA (Dr.) M Govindarajan 44-47 12
22 Agritech Start-Ups and Cost & Management Accountants: Making Farmers Farmpreneurs CMA Kalyani Karna 54-58 12
B
CMA (Dr.) Jayanta Kumar Seal
1 Big Data in Finance 14-19 5
Dr. Pulak Ghosh
2 Big Data Analytics: The Next Big Thing CMA Dheeraj Kumar Pradhan 20-24 5
3 Big Data Analytics and Paradigm Shift in Marketing & Sales CMA Suraj Kumar Pradhan ICoAS 26-30 5
4 Big Data Analytics and the Future of Auditors Jeswin Jose 31-32 5
5 Big Data Analytics and the Management Accountant CMA Ravikumar Ramachandram 40-43 5
6 Big Data Analytics: Opportunity or Threats for the Accounting Profession CMA (Dr.) Rohit Poddar 44-46 5
CMA (Dr.) Sanjeev K Bansal
7 Big Data Analytics: Implications and Prospects for Accounting Professionals CMA (Dr.) Rajni Bala 47-51 5
CMA Deepak Bansal
8 Bid Adieu To LIBOR! Biplab Chakraborty 87-90 12
C
CMA (Dr.) Niranjan Mahendranath Shastri
1 Cashless India: The Way Ahead 45-51 1
Pratik Vaidya
2 Corporate Governance - An International Perspective CA Pankaj Kapoor 34-38 2
Corporate Governance - Mapping And Imaging The Swot on Real Time - A Bare Minimum in
3 CMA Nantu Ranjan Pal 40-45 2
Assurance to Growth and Sustainability
4 Corporate Governance of 2018, 2019 and Beyond Dr. Subir Kumar Banerjee 70-74 2
CMA Dinesh Arya
5 Corporate Governance - Looking Beyond Statutory Compliances 75-78 2
CMA Sumit Jaiswal
Corporate Board Structure: A Key to Effectiveness of Corporate Governance in The Light of SEBI's
6 CMA (Dr.) Meenu Maheshwari 79-84 3
LODR (A Case Study of Automobile Sector Companies Included in BSE Sensex)
Dr. Swapan Sarkar
CSR Practices - Trends and Compliance A Comparative Study Between Select Public and Private Sector
7 Priyadarshini Chatterjee 93-103 3
Companies in India
Dipankar Biswas
8 Cost Accounting & Audit - The Future CMA B B Goyal 57-60 6
9 Cross Border Trade Between India and Bhutan & The Golden Prospects of CMA CMA Abhishek Bhowmik 57-59 7
10 Cost Governance - Role & Importance of Costing Standards and Principles CMA H. Yuvaraj 22 - 25 9
11 Cost Governance For Employee Stock Ownership Plan: A Study on Esops in Indian Industries. 26 - 30 9
CMA (Dr.) Srikanth Pothrla
12 Cost Governance - The Expressway Towards Us $5 Trillion Economy CMA Nimishakavi Rama Narasimham 31 - 35 9
13 Cost Management in Cloud Computing CMA (Dr.) Aparna R Hawaldar 44 - 47 9
14 Cost Management By Cost and Management Accountant A Building Block of Vision New India 2022. CMA Kalyani Karna 56 - 62 9
15 Cost - Consciousness Culture and Cost Reduction Strategies to Carry on Business Sustainability. Dr. Sushita Chakraborty 64 - 67 9
16 Cost Governance in Education Sector in India A Case Study of A Higher Educational Institute. Dr. Sukamal Datta 68 - 72 9
17 Cost - Benefit - Analysis of Selling of Third Party Products In Banks Er. Sunil Dasari 78 - 82 10
18 Community Crowd Funding For Civic - Infrastructure Projects in India - A Conceptual Model Dr. Abhishek Sinha 79-81 11
19 Cost Governance in Higher Educational Institutions in India - A Study Dr. Sankar Paul 82-88 11
CMA Amit Kumar Arora
20 Challenges Faced By Start Ups in India 51-53 12
Arpit Jain
CMA Abhisek Bhowmik
21 Corporate Governance and Its Importance in The StartUp World 48-50 12
CS Amrita Bhattacharya
CMA Soumendra Nath Mukherjee
22 Costing Principles For StartUps 34-36 12
CMA Kishore Ajitesh Bhatia
CMA Ajay Vasant Mahajan
23 Challenges in Implementation and Cost Benefit Analysis of AI & BI Proposals 83-86 12
Dr. (Mrs) Shailaja Deobagkar
24 Corporate Insolvency & Bankruptcy Under the IBC, 2016 CMA Rajesh Ojha 94-98 12
D
1 Digital Banking - Journey of A Nation CMA Dheeraj Kumar Pradhan 26-31 1
2 Decoding AI: From Artificial Intelligence to Super Intelligence CMA Suraj Kumar Pradhan 46-50 3
3 Distressed Companies: An Exploratory Study of Considerations, Approaches and Methods of Valuation CMA (Dr.) S K Gupta 59-63 4
Kiran Kumar K V
4 Deciphering Design Thinking as an Apposite Approach for BFSI 4.0 44-47 6
Dr. P S V Balaji Rao
Dr. Swapan Sarkar
5 Demonetization Effect on Digital Banking 70-80 7
Priyadarshini Chatterjee

Dr. Shivkumar L Biradar
6 Digital Money: An Analysis of Users' Perception 81-84 7
Ms. Hibare Rima Balkrushna
7 Digital Transformation - Solution Design for Problem Solving CMA (Dr.) Paritosh Basu 58 - 59 10
8 Digital Transformation - Start Up Ecosystem and People Centric Solution Designing CMA (Dr. ) Paritosh Basu 56-57 11
9 Digital Currency and Its Implications for India CMA (Dr.) Manpreet Kaur 64-67 11
CMA (Dr.) Niranjan Mehendranath Shastri
10 Developments and Challenges in Public Sector Accounting 72-76 11
CA Khushboo Jain
11 Digital Transformation - Paradigm Shift from Ways to Conduct Business with Artificial Intelligence CMA (Dr.) Paritosh Basu 80-81 12
E
Entrepreneurial Characteristics as Determinant of Business Performance of Micro and Small
1 Indrajit Chatterjee 92-95 1
Entrepreneur in The District of Darjeeling
2 E Governance and The Companies Act 2013 CMA Raghabendra Ray 54-60 2
3 Ensuring Safety and Security of Women While Availing Transport 14-17 7
Arpit Jain
4 Electric Vehicle - A Key for Clean and Green Mobility in India Dr. Sushita Chakraborty 24-27 7
5 Engaging consultants? Done Your Homework - Right? Debopam Chell 60-62 7
6 Expedition to Mt Kanchenjunga CMA Prasad Joshi 110-116 7
Ms. Purvi Sawhney
7 Economic Survey 2018 - 2019 at A glance 71 - 76 8
CMA Pankaj Kapoor
8 Evaluation of Capacity Assessment - A Case Study. CMA R. Venkataramani 83 - 86 10
9 Exploring Consumers Adoption of Mobile Wallet in Kolkata Saba Parveen 68-71 11
Kritika Tekwani
10 Ethical Issues for Goods and Services Tax Practitioners 89-91 11
Dr. Rinku Raghuvanshi
11 Entrepreneurship CMA Santosh Sharma 40-43 12
F
CMA Niranjan Pendse
1 'Fit And Proper'= A Study of IL&FS Governance Practices 80-84 2
Dr. Kaustubh Sontakke
Dr. Gautam Bhowmik
2 Fifty years of Bank Nationalization: Phase Wise Policy and Progress of Indian Banking 65-76 5
Sri Saikat Dutta
3 From Industry 4.0 to Agriculture 4.0: Shaping the Future of Farming to Strengthen Backbone of India CMA Kalyani Karna 35-40 6
Dr. Birajit Mohanty
4 Factors Contributing to Profitability of Select Commercial Banks in India : An Empirical Study 98-102 7
Dr. Sankersan Sarkar
5 Future Proofing Cost Audit Framework. CMA Mahadevan Gopalakrishnan 64 - 70 8
6 Fintech: New Financial Landscape in India 26 - 29 10
Ankit Panchal
7 Fintechs: The Dark Horse of SME Lending R Sumitra 30 - 32 10
CMA (Dr.) Gaddam Naresh Reddy
8 Fin - Tech Adoption by The Indian Banking Sector - A Study 35 - 38 10
Dr. Maloth Taghuram.
Dr. K. Krishna Chaitanya
9 Financial Technology and Its Scope in Higher Education A Study With Reference to India Dr. Nilanjana Biswas (Mitra) 44 - 46 10
10 Financial Innovation in The MSME Sector: An EmPirical Study on Fin - Tech Dr. Rintu Nath 47 - 50 10
M. Chandra Shekar
11 Fintech - An Exploratory Study and its Applications 51 - 54 10
Kumaran. R
12 Field Experiments and Customizable Development Policies: The Nobel Prize in 2019 Dr. Saibal Kar 32-35 11
G
1 GST Audit and Ease of Doing Business CMA Narhar K. Nimkar 23 - 26 8
GST A Sovereign Economic Reactor in Consonance With The Institutions of Audit to Sustain
2 CMA Nantu Ranjan Pal 27 - 31 8
Equivalence in The Whole Dynamic System.
3 GST Audit A Strong Proponent of Sublime Ease of Doing Business Ranking CMA Harpreet Singh 32 - 35 8
4 GST Audit Questionnaire CMA Nimishakavi Ram 36 - 37 8
5 GST Audit A Big Opportunity for CMAs CMA Raghabendra Ray 38 - 41 8
6 GST Audit A Conceptual Framework with Challenges and Role of an Accountant Dr. Vivek Sharma 48 - 53 8
7 GSTR - 9C Under GST: It's Not Audit But Certification With Lot of Responsibilities!! CMA D.S. Mahajani 60 - 63 8
Governance in Higher Education Institutions in India Striking A Balance Between Human Capital and CMA (Dr.) Oscar Braganca De Melo
8 48 - 54 9
Cash Cows. Dr. Carmelita Dmello
9 Global Economic Situation and Banking Environment in India CMA (Dr.) Subhash Chandra Das 74 - 75 10
H
1 Health Insurance in India Vis -a Vis The New Ayushman Bharat - National Health Protection Mission Dr. Arindam Gupta 74-78 3
2 How to Pass Limited Insolvency Examination CMA (Dr.) Rajkumar S Adukia 108-110 3
3 Howdy Modi CMA Harijiban Banerjee 20 - 21 10
4 Home Buyers and Three Fold Protection Shield of Law Hareesh Kumar Kolichala 52-54 11
I
1 Insolvency & Bankruptcy Code - The Biggest Reform in Banking Hareesh Kolichala 37-41 1
2 Indian Banking Scenario - Dynamism and Optimism CMA H Yuvaraj 73-78 1
3 Indian Company Law on Corporate Governance - A Critical Analysis CMA (Dr.) Subhash Chandra Das 61-64 2
4 Implementing IFRS - A Study of Indian Corporate CMA Balwinder Singh 87-92 3
5 Interim Budget: 2019-2020 CMA S Rajaratnam 104-106 3
6 IPSAS: Reforming Public Sector Accounting Language CMA (Dr.) Shivani Inder Chopra 33-36 4
7 International Financial Reporting Standards and Ethical Concerns: The Integrity Challenge Magnified CMA Apoorva Vyas 38-40 4
8 Infrastructure Leasing & Financial Services Limited(IL & FS) - The Crisis and Challenges Ahead Dr. Bikram Singh 56-58 4
9 Industry 4.0: Overview, Practices and Role of Management Accountants CMA (Dr.) Batani Raghavendra Rao 16-20 6
10 Industry 4 Readiness: Evidences from India Dr. Bikram Singh 21-24 6
11 Industry 4.0 - A Study on Innovative Journey from Germany to India CMA Pankaj Kapoor 25-28 6
Bristi Bose
12 Industry 4.0: Is Indian Corporates are ready for Industrial Internet of Things (IIoT)? 41-43 6
Dr. Sumanta Dutta
13 Industry 4.0 - A New Manufacturing Paradigm CMA Suraj Kumar Pradhan 48-52 6
14 Industry 4.0 : Leveraging for Efficiency, Adaptability, Productivity CMA H Yuvaraj 53-56 6
15 Insolvency & Bankruptcy Code, 2016 - Journey so far: A Survey CMA Rajesh Ojha 90-97 7
16 Impact of Financial Technology on Accounting & Auditing CMA Harpreet Singh 33 - 34 10
17 Impact of ICT Usage in Detection and Prevention of Bank Frauds Dr. Deepika Gautam 39 - 43 10
18 Issues In Performance Assessment Framework: A Case of Konkan Railways. Abhishek Banerjee. 91 - 94 10
Mrs. Pahuljot Kaur
19 Is Consideration of Global Real Estate Investment Risks Worth? 49-51 11
Harjot Kaur
L
Supratik Mitra
1 Leadership Concert Between Big Data Analytics and the Accounting Professionals 52-54 5
Shouvik Mitra
CMA (Dr.) Oscar Braganca De Melo
2 Leapfrogging Education for Leveraging India's Demographic Dividend and Meeting Industry 4.0 Needs 29-34 6
Dr. Carmelita Dmello
3 Labour Cost Variance analysis through diagrams - Integration to MIS CMA Bimalendu Banerjee 61-66 6
4 Logistics Sector in India - Current Scenario and Financial Outlook Dr. M Senthil 51-56 7

CMA (Dr.) M Sriram
M
CMA Bhabatosh Banerjee
1 Management Accounting: An International Perspective 86-91 1
Sumon Bhattacharjee
2 Mystery Shopping As a Decision Making Tool - The Indian Scenario Saurabh Bhatia 96-103 1
Merger, Shareholder Value And Corporate Governance - An Empirical Study of Mergers &
3 Prof Dipen Roy 46-52 2
Acquisitions In India
4 Mooc's Based Learning - Creating An Ecosystem of Adaptive Learning in Social Context Dr. Sandeep Hedge 37-39 12
N
1 NPA Woes In Indian Banking Sector - A Case Study Dr. Mohammad Khaja Moinoddin 32-36 1
2 NPA Woes - Sarfaesi - Brahmastra In Bankers' Hands L Srnivasan 42-44 1
3 Notion of Goods And Services Tax in Indian Context Dr. Sameer Shekhar 54 - 58 8
4 National Pension System (NPS) CMA Mohd Asif 95-97 11
P
1 Public Sector Accounting System in India - A Study Dr. Sankar Paul 28-32 4
Radha Krishna Tripathy
2 PPP: A Catalyst for Sustainable Infrastructure Development in India 46-50 7
Vivek Tyagi
Performance Appraisal Through Inventory Management : The Case of Central Public Sector Enterprises
3 CMA (Dr.) Sudipta Ghosh 103-109 7
(CPSEs) in India
Q
1 Qualitative Data Analysis Techniques for The New Age Management Accountants CMA (Dr.) Ashish Varma 54-55 4
R
1 Risk Management Strategies in Energy Sector: A Brief Overview CMA Santanu Majumder 104-107 1
2 Role of SEBI as Director of Corporate Governance in India Yashaswini 66-69 2
Role of Corporate Governance on Corporate Fraud in India - A Case Study of Satyam Computer
3 Dr. Sankar Paul 85-88 2
Services Ltd
4 Redrawing the Healthcare Landscape - The Facets of AI and Robotics CMA Krish Narayanan 38-41 3
CMA Krishna M C
5 Role of Women Directors: The Reality of Diversity in Corporate Boards - An Indian Perspective 66-70 3
Aravind Kumar P V N
6 Role of CMAs in Integrated Transport Ecosystem Jeswin Jose 28-29 7
7 Role of Logistics in Economic Development Dr. K Sivaraman 30-33 7
8 Road Safety in India : Issues and Government Initiatives Dr. Sankar Paul 38-45 7
Relevance Of Zero - Based Budgeting (ZBB) to Commercial Banks in Asia Under Present "Slow
9 Dr. Ravindhar Vadapalli 36 - 39 9
Economic Growth" A Perspective on Cost Governance.
10 Risk Factors of Real Estate Returns - A Study 38-41 11
Arpit Jain
11 Real Estate Can Be a Haven from Stock Market Volatility Dr. Mohammad Khaja Moinoddin 46-48 11
CMA (Dr.) Niranjan Mahendranath Shastri
12 Role of Big Data in Accounting & Auditing Sarthak Kumar 33-39 5
Vanshika Shaw
3 R Reduce, Recycle, Reuse: An Approach to Environmental Health and Wealth Creation Through Cost CMA K N Hari Hara Prasad
13 91-93 12
Reduction Ravikanth Kuchibhotla
14 Recommendation of HLAG CMA S Rajaratnam 99 12
S
CMA (Dr.) Sudarshan Maity
1 SWOT Analysis of India Post and India Payments Bank and Their Role in Financial Inclusion 68-72 1
Prof. (Dr.) Debdas Ganguly
2 Standard Costing and Material Cost Variance CMA Ashwani Kumar 82-85 1
3 Succession Planning in India - The Path Less Traversed CMA (Dr.) Aparna R Hawaldar 30-33 2
Dr. Mahasweta Roy Dutta
4 Service Quality and Its Effect on Customer Satisfaction in Digital Banking Services 89-95 2
Dr. Arindam Das
5 Spectrum For Wireless Telecom Service - Models? Valuation Approaches CMA Anil Kumar Dhingra 96-103 2
6 Sensitivity Analysis Using Product Costing CMA Neeraj D Joshi 104-110 2
7 Shorten Your Journey to Become Insolvency Professional Dr. Neeti Shikha 107 3
M Chandra Shekar
8 Share Repurchases - A Review of Literature Study 85-89 7
Prof. Mohd Akbar Ali Khan
Dr. Mahesh Chand Garg
9 Social Reporting Practices in Indian Corporate Sector. 77 - 85 8
Sandeep Kumar
10 Sustainability Reporting and Performance of Indian Companies. Aishwarya Krishnaswamy 86 - 90 8
11 Sustainable Business Through Cost Management and Control CMA (Dr.) Abhimanyu Sahoo 40 - 43 9
12 Shareholding Pattern: A Sketch of Dividing Cake Under SEBI'S LODR - 2015 CMA (Dr.) Meenu Maheshwari 74 - 80 9
13 Standard Costing And Labour Cost Variance CMA Ashwani Kumar 65 - 73 10
Sabka Vishwas (Legacy Disputes Resolution) Scheme Called - Benefits to Trade And Analysis for The
14 CMA V. S. R. M Kasyapa 87 - 90 10
Benefit Of Practising Professionals
15 Socially Responsible Investing Jasbir Singh Matharu 92-94 11
16 StartUp India And Women Entrepreneurship - A Theme for Economic Growth Dr. Sukamal Datta 59-62 12
17 Start Ups in India - The Theme for Economic Growth Dr. Mohammad Khwaja Moinoddin 67-70 12
18 StartUp Movement In India: The Journey Ahead CMA (Dr.) Ananta Mohan Mishra 71-76 12
T
Dr. Vidya R
The Role of Panchayati Raj Institutions' Accounting and reporting Building Public Confidence and
1 Dr. Sumathi K 46-53 4
Legitimacy - An Empirical Study
Prof R Hiremani Naik
2 "The Future of Cost & Chartered Accountants - Impact of Automation and Artificial Intelligence" CMA (Dr.) Girish Jakhotiya 56-57 5
Preeta Sinha
The Study of the Determinants Affecting the Performance of Mutual Funds in India - Equity Mutual
3 CMA (Dr.) Tamal Taru Roy 58-64 5
Fund
Prof Debi Prasad Lahiri
Dr. P Srilatha
4 Telematics Technology in Motor Insurance for Effective Risk Management 34-37 7
Mrs Vijayalaxmi B
5 The Us - India Economic Relations: An Enthusiastic Renewal Dr. Saibal Kar 22 - 25 10
6 Tax Titbits CMA S. Rajaratnam 76 10
7 Tax Titbits CMA S Rajaratnam 78 11
8 Technological StartUp And Its Impact on Economy in India : An Overview Dr. Rintu Nath 63-66 12
V
1 Value Addition in Cost Audit Non Financial Parameters Focus for MSMES CMA R Venkataramani 88 - 91 9
2 Value Creation Through Cost -Optimization CMA A Mathews 61-63 11
W
1 Women Empowerment & Skill Development in Tourism Sector S Chidambara Selvi 71-73 3
Dr. Gautam Chandra Deb
2 Working Capital Management Practices in Public Sector Undertakings - A Study in Oil India Limited 41-45 4
Dr. Nikhil Bhusan Dey
3 Will the New Loan Pricing Norms Achieve Monetary Policy Transmission? CMA Nilay A Savla 66-69 7

120
MISCELLANEOUS INDEX 2019 (Vol. 54 Nos. 1-12)
Sl No. Topic Jan Feb March April May Jun July Aug Sep Oct Nov Dec
1 Editorial 6 6 6 6 6 6 6 8 6 6 6 6
2 President’s Communiqué 9 9 9 9 10 9 9 10 10 10 9 8
3 Vice President's Communiqué - - 14 - - - - - - 14 -
4 Chairman's Communiqué/ Message(Various Council Committee) 14,17,18 15,16 16,18 - - - - - 14 - 14 13
5 ICAI-CMA Snapshots 22 26 23 - - - - 20 16 16 16 14
6 Interview 80 - - - - - - - - 60,62 58 80
7 Obituary 91 - - - - - - - - - 67,81 73
8 Congratulations - 95 - - - - - 76,96 - - 71 61
9 Institute News 108 111 111 - - - - 104 96 97 101 102
10 At the Helm 72 - 45 - - - - 35,41,90 - - 35,78,88 -
11 Flashback 2018 118 - - - - - - - - - - -
th
12 59 National Cost Convention & SAFA Events-2019 79 - - - - - - - - - - -
13 Statutory Updates - - - - 80 71 117 113 107 109 114 113
14 Glimpses of 59th NCC 2019 - 17 - - - - - - - - - -
15 Advisory For Renewal Of COP - 118 119 - - - - - - - - -
16 Notice (Election to the Council) 2019 - 120 - - - - - - - - - -
17 Global Students Summit 2k19 - - 19 - - - - - - - - -
18 Appeal to Members 15 - - - - - - - - - - -
19 National Regional Council & Chapter's Meet 2019 - - 20 - - - - - - - - -
The Management Accountant - December 2019

20 Examination Time Table & Programme - - 121 120 120 121 119 120 -
21 Election 2019 - - - 64 85 76 - 97 - - - -
22 Book Review - - - - 78-79 - - - - - - -
23 Digital Object Identifier - - - - - - 120 53 63 55 55 82
24 Council Committees for the year 2019-2020 - - - - - - - 14 - - - -
25 Gazette Notifications - Election 2019 (Elected Members) - - - - - - - 97 - - - -
26 Budget Highlights 2019-20 - - - - - - - 111 - - - -
27 Down the Memory Lane - - - - - - - - 93 95 98 100
th
28 Awardees - 16 National Awards for Excellence in Cost Management 2018 - - - - - - - - - - 19 -
29 Global Summit - 2020 - - - - - - - - - - 23 22
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www.icmai.

in December 2019 - The Management Accountant 1

6 The Management Accountant - December 2019 www.icmai.in

• Interest Rate Risk Management

Transformation in • Digital Lending: Driving the Next Wave of Loan Innovation

• Arbitral Award: Challenge & Enforcement

• Institutional, Statutory and Ad-hoc Arbitration

• Removing Structural Barriers towards Gender Equality and Women’s Empowerment

• Role of Judiciary in Empowering Women in India

• The Fundamentals of Effective Internal Audit

• Role of Internal Audit in Mergers, Acquisitions and Divestitures

DIRECTORATE OF JOURNAL & PUBLICATIONS

www.icmai.in December 2019 - The Management Accountant 7

November 2019 at Chennai. The theme of the

8 The Management Accountant - December 2019 www.icmai.in

www.icmai.in December 2019 - The Management Accountant 9

10 The Management Accountant - December 2019 www.icmai.in

www.icmai.in December 2019 - The Management Accountant 11

12 The Management Accountant - December 2019 www.icmai.in

the issue more informative and stimulating, we have included

www.icmai.in December 2019 - The Management Accountant 13

CMA Balwinder Singh, President of the Institute welcomes

Vice President CMA Biswarup Basu and Council Member

Vice President CMA Biswarup Basu and Council Members

14 The Management Accountant - December 2019 www.icmai.in

Inauguration of SAP-FICO Power User Course on 9th

www.icmai.in December 2019 - The Management Accountant 15

‘GST – Recent Developments & New Return System’

16 The Management Accountant - December 2019 www.icmai.in

With a portfolio of over 35 custom magazines, 7 consumer titles, 3 event properties,

Contact us to see how you and your brand can grow

Spenta Multimedia wins four

www.icmai.in December 2019 - The Management Accountant 17

3rd EDITION - CAREER AWARENESS PROGRAMME

THE INSTITUTE OF COST ACCOUNTANTS OF INDIA DEPARTMENT OF COMMERCE

18 The Management Accountant - December 2019 www.icmai.in

CMA Santosh Sharma stated that in the face of

www.icmai.in December 2019 - The Management Accountant 19

Chief Guest – Mr. S. Rakesh - IRS, Assistant

CMA Niranjan Mishra - Chairman, Indirect Taxation

Inauguration of Crash Course on GST in Pooja Bhagavat Memorial Mahajana Post

Lighting of the lamp in the Inauguration and MOU

20 The Management Accountant - December 2019 www.icmai.in

TAX RESEARCH DEPARTMENT

“Behind Every Successful Business Decision, there is always a CMA”

www.icmai.in December 2019 - The Management Accountant 21

GLOBAL SUMMIT-2020 Mission

Headquarters:- CMA Bhawan, 12, Sudder Street, Kolkata-700016, Ph. +91-33-22521031/34/35

22 The Management Accountant - December 2019 www.icmai.in

www.icmai.in December 2019 - The Management Accountant 23

ABOUT THE THEME

24 The Management Accountant - December 2019 www.icmai.in

GLOBAL SUMMIT 2020

Welcome Address Chairman, Global Summit

www.icmai.in December 2019 - The Management Accountant 25

10th January, 2020

Enterprises; Reorienting the Management Systems towards Sustainable Strategies; and

26 The Management Accountant - December 2019 www.icmai.in

and Korean Costing Practices.