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Vol 9 Issue No.119 Aug - Sept 2021 USD 0.70`50AED 5BD 0.500

The US has an inflation problem Shri V.P. Nandakumar MD & CEO Manappuram Finance Ltd.

UPWARDLY

MOBILE

Mr. Sayyed Hamid

FONE4 Managing Director

Chief Mentor Mr. V.P. Nandakumar Director & CEO Jebitha Ajit Editor Jebitha Ajit Legal Advisor Latha Anand B.S.Krishnan Associates bskrishnanassociates@gmail.com Sub-Editor Anusha Varghese Consulting Editor Sujit Chandra Kumar Associate Editor Ravi Saini Rajeev Kumar Director and special editor kollur Correspondents Dr. Thomas Nechupadam Vivek Venugopal- Quarter Mile Amrutha V Kumar Creative Design PEGASUS Cover Photographer Ashique Hassan Marketing USA 725, burning tree lane, punta gorda Florida-33982 Mob: +1 (863) 558-5234 UAE Jolly Tel: +971 50 307 1125 Shaji N Palakkal 415, Building 23, Al Khail Gate, Al Quoz-2, Dubai, UAE Tel: +9714 4511075 Maharashtra Jayasankar M, a/101, New Prathamesh Niwas, OPP. Laxmi Park, Thakurli East, Dombivli post, Thane District, 421201 Mob: 9820708662 Tamil Nadu Hariharan Unique Times, No.6/31, Arunachalam main road, Saligramam, Chennai – 600093 Mob: 9840018929 Karnataka, Telangana, Andhrapradesh PEGASUS Ph: 09288800999 Sunilkumar NN Director Vineeth Nair Ambalika Saikia, Ambalika_saikia@yahoo.com

Published at Pegasus Global Pvt. Ltd. L5-106, Changampuzha Nagar Kalamassery, Ernakulam-682 033 e-mail: editor@uniquetimes.org uniquetimesindia@gmail.com Ph:0484 2532040, 2532080, Mob:9288800999

Editorial “B

usiness has only two functions – marketing and innovation.” – Peter Drucker This month, our cover story is on Mr Sayyed Hamid, the Managing Director of FONE4, the premier chain of mobile phone stores in Kerala. We trace the growth of his business from a one-room shop in Kochi to 29 swank outlets across Kerala and the innovations and commitment that made such a growth possible. In this edition, Manappuram Finance Limited MD and CEO V P Nandakumar shares his valuable opinions on the topic, ‘The US has an inflation problem’. In our travel article, readers will get familiar with Cappadocia, a semi-arid region in central Turkey known for its unique moon-like landscape, underground cities, cave churches and houses carved in the rocks. This month, our auto article is about Skoda Kushaq, one of most elegant, comfortable and advanced cars of 2021. Apart from the above-mentioned articles, the edition has all our regular features from beauty, movie reviews and book reviews to motivation tips and business articles. ‘A book is a dream that you hold in your hand’ – Neil Gaiman So, let’s dream more! Happy reading. Thank You Sd/Jebitha Ajit

Cover Photograph Mr. Sayyed Hamid FONE4 Managing Director

Printer & publisher Pegasus Global Pvt. Ltd. Cochin (682033) on behalf of Ajit Ravi. Printed at S.T.Reddiar & Sons, P.B. No: 3627, Veekshanam Road, Cochin-18.

CONTENTS

Upwardly Mobile

The US has an inflation problem

On Work, Service, and Life…

Kerala’s Potential as a Prominent Global Health Hub

IBC amendment bill, 2021 – the road this far

44 46 50 56

Gadgets Nuts in a healthier way for a more beautiful and healthier you Cappadocia in Turkey: The Most Magical Place on Earth Skoda Kushaq

UNIQUE DIARY

Bisleri Forays into the Hygiene Segment

n a strategic move, packaged drinking water company, Bisleri International Pvt Ltd is set to foray into the hygiene segment meeting the evolving consumer needs for health and hygiene. It is stated that the company will be leveraging its distribution network grabbing a share of the sanitiser segment. Angelo George, CEO, Bisleri International Pvt Ltd said, “More than half of urban consumers are now using sanitiser products compared to about 1-2 percent in the pre-pandemic times. Consumer needs for hygiene have now also evolved further. Our consumer research indicated that they are now seeking hygiene products that not only offer protection from germs but also offer enhanced benefits such as moisturisation and refreshing fragrances.”

Amazon Brings Back Banned Chinese Fashion Site to India

“There is no such thing as failure. Failure is just life trying to move us in another direction.” Oprah Winfrey

he Chinese fashion brand Shein is making a comeback in India through Amazon after a year and a half after the site was banned in India earlier. Shein that was extremely popular for its affordable and fashionable clothing will be re-launching on Amazon during their annual Prime Day sale which is scheduled on July 26 from midnight till July 27. This site was temporarily banned from selling its goods in India along with Clubhouse and Ali Express for evading tax rules. It was also banned by the Home Ministry as part of India’s crackdown on Chinese apps in 2020.

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UNIQUE DIARY

Youtuber Karl Rock Barred From Entering India: Cancels Even His Visa

ew Zealand-origin Youtuber Karl Rock has been restricted from entering India till next year for violating multiple visa norms, ass per the sources from the Government. It is stated that the Vlogger was found doing business activities on a tourist visa, which violates the terms and conditions of his visa, and hence been restricted from entering India for a year wherein his visa has also been canceled as well. The Youtuber who has over 1.79 million subscribers had on July 9 published a video titled ‘Why I haven’t seen my wife in 269 days #Blacklist”.

Top Green Energy Banker Predicts $150 Billion in Deals in India

“To be successful, you have to have your heart in your business, and your business in your heart.” Thomas Watson

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ll roads lead to India’s domestic energy players for overseas investors seeking a piece of the country’s renewables boom — and the bankers who sit across the table from them. According to statistics provided, Bank of America Corp.’s Gaurav Singhal leads the busiest team in India’s green energy M&A sector over the last 12 months. The largest of the transactions involved the American bank advising SoftBank Group Corp. on the sale of its renewables business in India to Adani Green Energy Ltd. For $3.5 billion earlier this year. Foreign purchasers will definitely continue to vie for assets; Singhal estimates that the sector will receive more than $150 billion in equity investment by 2030. However, he claims that the majority of strategic investors from abroad want to support local entrepreneurs.

Infosys Reopens Offices as Indian Officials Warn About Third Covid Wave

ndian outsourcing giant Infosys Ltd has asked its employees to resume work from offices. The Bengaluru-based IT services company stopped short of calling all employees back to work, reflecting wider caution across the sector as Indian officials warn about the looming threat of the third wave of Covid-19 infections. Health experts have appealed to state governments and citizens to not lower their guard against COVID-19, saying a third wave was inevitable. Other sectors such as aviation and manufacturing have had to call some employees back to sites, or are staying closed entirely as the pandemic disrupted travel and many states imposed lockdowns to curb rising cases.

HCL to Reward Mercedes-Benz to Top-Performers

“Change is not a threat, it’s an opportunity. Survival is not the goal, trans-formative success is.” Seth Godin

ell-performing IT companies are rolling out enticing offers to retain their employees. Top performers in HCL Technologies, for instance, might drive home a Mercedes Benz. With regard to this proposal, it is kept for approval by the board. During 2013, the company had given out 50 Mercedes Benz to its top performers but later discontinued the practice. He further added that the replacement hiring cost is 15-20% higher, hence they are actively participating in skilling the workforce. HCL Technologies is planning to hire 22000 freshers in the current financial year wherein last year the recruitment was 15600.

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Alexander Zverev Defeats Novak Djokovic to Reach the Final of the Tokyo Olympics

he world number one, Serb Djokovic, was attempting to make history by becoming the first player to win all four Grand Slam titles as well as an Olympic gold medal in the same year. But Zverev, a 24-year-old German, battled back from a set down to win 1-6 6-3 6-1 at Tokyo’s Ariake Tennis Park. On Saturday, Djokovic, 34, will face Carreno Busta in the bronze medal match. His previous best performance at the Olympics was in London 2012 when he finished second to Juan Martin del Potro for bronze. Djokovic broke the all-time record for weeks at number one in March, and with his sixth Wimbledon win this month, he tied Roger Federer and Rafael Nadal for a record 20 Grand Slam titles.

Blue Origin’s Jeff Bezos Picks Female Aerospace Pioneer to Launch With Him

eff Bezos has chosen an early female aerospace pioneer, an 82-year-old pilot denied astronaut wings decades ago because of her gender. The company Blue Origin has announced that Wally Funk will be aboard the July 20 launch from West Texas, flying in the capsule for the 10-minute hop as an “honored guest”. She is one amongst the so-called Mercury 13 women who went through the astronaut training in the 1960s but couldn’t make it to space or NASA’s astronaut corps due to their gender. During those times those who made it to space were military test pilots and males. In an Instagram video posted by Bezos, Funk said she feels “fabulous” about being asked to launch.“Nothing has ever gotten in my way,” she noted. “They said, ‘Well, you’re a girl, you can’t do that.’ I said, ’Guess what doesn’t matter what you are. You can still do it if you want to do it and I like to do things that nobody has ever done.”

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Dozens Missing as Severe Floods Strike Europe

ore than 60 people have died and dozens are reported to be missing on Thursday as severe flood hits Germany and Belgium turned streams and streets into raging torrents that swept away cars and caused houses to collapse. Among those who lost their lives were nine residents of an assisted living facility for people with disabilities and two firefighters involved in the rescue mission across the region. “I grieve for those who have lost their lives in this disaster,” German Chancellor Angela Merkel said during a visit to Washington, expressing shock at the scope of the flooding. Speaking alongside U.S. President Joe Biden at the White House, Merkel said her thoughts were with all those who had lost loved ones or were still searching for them. “I fear the full extent of this tragedy will only be seen in the coming days,” she said. Biden likewise paid his condolences for the devastating loss of life and the destruction due to the flooding.

Pope Francis Leaves Hospital After 10 Days of Colon Surgery

ope Francis has left the hospital in Rome after having had his intestinal surgery 10 days ago. The pontiff, who is 84 years old, was released at 10:30 a.m. local time (4:30 a.m. ET) from Gemelli Polytechnic hospital. On his way home to Casa Santa Maria in Vatican City, he stopped to pray at the Basilica of Saint Mary Major, Holy See spokesman Matteo Bruni said in the statement. “He expressed his gratitude for the success of his surgery and offered a prayer for all the sick, especially those he had met during his stay in the hospital,” said Bruni in the statement. Francis had surgery for a severe narrowing of his large intestine on July 4, his first major surgery since he became pope in 2013. The Vatican said it was a planned procedure though it didn’t release any details before he was admitted to the hospital. The surgery was scheduled for early July when his audiences are usually suspended and he would normally take some time off.

For more info: europetimes.co

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COVER STORY COVERSTORY

UPWARDLY MOBILE Sayyed Hamid built his FONE4 empire from scratch and is poised for greater heights Sujit Chandra Kumar

obile and automobile are the twin passions of Sayyed Hamid, the youthful and dynamic boss of FONE4, the popular retail chain in Kerala for mobile handsets. While the former obsession helps him qualify as one of the most promising and upwardly mobile entrepreneurs in the state, the latter makes him a man always on the move. If you try to reach him on his mobile phone – right now a Samsung Galaxy Z Fold2 but he changes one every six months – during the day, chances are that he may be driving down on his Lexus from Kochi to Bangalore, where he has set up his base now. Nothing gives him greater pleasure than driving along with his family of five in his hybrid car; on his wish list now is an electric vehicle that would be cost-effective and non-polluting.

His journey as a businessman started in 1997 from a room that his father owned in Kochi’s Penta Menaka, which is now a hub for all kinds of electronic products. Unlike many of his contemporaries, he did not inherit a business empire but built it from scratch from that one-room shop that he personally managed in those days along with two assistants. Hamid’s dad, the late Sayyed Imbichi, hailed from Thrissur. He boasted of an MBA degree in those days and worked for a multinational company in the Middle East as a senior manager for over 30 years. Hamid’s mother was from Kozhikode, another city that he holds close to the heart besides Kochi and Bangalore. Little Hamid grew up in the Gulf as well as in hostels of educational institutions in Kerala but somewhere he developed a desire to become

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His journey as a businessman started in 1997 from a room that his father owned in Kochi’s Penta Menaka, which is now a hub for all kinds of electronic products.

August - September 2021

COVER STORY COVERSTORY

Around six years ago, there was a virtual explosion in mobile usage in Kerala. In fact, it replaced eight to 10 products, points out Hamid. “Once, we needed a VCR to watch movies. Now, we can watch a movie on the mobile itself and play games on it. It also replaced the clock, watch, alarm, calculator, and even the PC,” he points out.

a businessman. For his graduation, he pursued automobile engineering – no surprises there – and later on, took an MBA degree too. His dad worked as a consultant after retirement and set up a pharma company but Hamid charted his own course. He did look for a job in the beginning but didn’t land one that suited his interests. So, he paid a certain rent to his dad and started his first store in Penta Menaka, then called Mobile Gallery. “In those days, we used to sell handsets that came from Singapore which we procured from Chennai. This was the pre-Internet era when phones were used only for talking. These sets came with no warrantee or billing. The popular models then were Escotel, Nokia, Seimens, and Alcatel. My first phone was an Alcatel which must have cost around 2000 rupees,” he says. There were a couple of other similar, small outlets for mobile phones in Penta Menaka and the owners used to take turns to go to Chennai to procure handsets. In those days, mobile phones were only for the well-heeled since incoming calls cost Rs 14 for 30 seconds. One of the main service providers was BPL and Hamid had a tie-up with that company’s local distributor. “I had many leading corporate clients in Kochi and be-

sides selling them handsets, I was able to arrange the connection and this became my value-added service to them,” he says. He still maintains that first store though it has moved its position in the building, nearer now to the entrance. “We used to have a counter and some pieces on display. There is no comparison to today’s stores,” he says. He has come a long way since then and at last count, he has 29 stores in all districts of Kerala barring Kannur, Kasaragod, Wayanad, and Idukki. Right from the days of his first store, he brought in a personal touch in customer service. “Besides arranging the ‘SIM’ for them, I ensured good after-sales service too and this helped in developing a nice rapport with my clients. Formalities were more in those days in procuring the connection. For instance, for international roaming, people had to deposit a fixed sum. We acted as a facilitator.” The turning point towards high growth came in 2013 when he relaunched the brand with a new name, Fone4. “There was no special reason for choosing this name except that we found it catchy. I never imagined then that it would go on to be such a large chain of stores. But the realisation had come that there was no point

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in functioning from just one store or one city,” he says. The second outlet thus came up in Kuruppam Road in Thrissur, a prime location. The specialty in this outlet was live demos of the various models for the customers. “Till then, it was not a practice to demonstrate the various features of a phone to the customers. Stores wouldn’t allow customers to unpack or take a look at a particular model. We invested in demo pieces and this resulted in a lot of customer satisfaction. Today, the mobile company shares 50 percent of the demo cost but not in those days. We also kept dedicated and trained staff to explain the features,” he says. In his Thrissur store, he pressed into service eight salesmen, so that customers’ needs could be attended to on priority. Overall, it was a new experience for the customers in Thrissur and the store was a stupendous success. Today, Fone4 has 350 employees including around 70 in their corporate office in Kochi, and boasts a turnover of over Rs 200 crore. The high growth could be attributed to the fact that the mobile phone has become the go-to product for everyone in recent times. Around six years ago, there was a virtual explosion in mobile usage in Kerala. In fact, it replaced eight to 10 products, points out Hamid.

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COVER STORY COVERSTORY

"I ventured into the Karnataka market without studying the customer behaviour properly," he admits. "When I started my stores there, I knew 50 percent of the customers used to shop online for mobile phones. Today, that figure has grown to 62 percent.''

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“Once, we needed a VCR to watch movies. Now, we can watch a movie on the mobile itself and play games on it. It also replaced the clock, watch, alarm, calculator, and even the PC,” he points out. What also fuels sales is that there is a need to replace phones at least once a year. “Most people opt for phones that cost below Rs 10,000. Such handsets are meant to be used for a couple of hours a day but youngsters use it for seven or eight hours and in six or seven months, these will need to be replaced,” he says. As online education picked up in a big way during the Corona phase, demand for mobile phones went up further but Hamid has a word of caution. “Nowadays, there are a lot of sponsors who donate phones to students. But they need to give handsets that have at least 3 GB RAM and not give any cheap handset. Because it doesn’t serve the purpose otherwise.” His career graph is not without ups and downs, however. He tried to diversify into the hotel business and built three of them in Kerala and one in Bangalore but then Corona came in the way and he had to sell them off to concentrate on his core business of phones which was one of the few sectors still thriving. Even in his mobile phone business, he has suffered setbacks off and on. At one point, he had 35 stores but several of them had to be wound up, especially the ones he had launched in Karnataka. “I ventured into the Karnataka market without studying the customer behaviour properly,” he admits. “When I started my stores there, I knew 50 percent of the customers used to shop online for mobile phones. Today, that figure has grown to 62 percent. In Kerala, on the other hand, people want to touch and feel a product before committing to buy it. In a city like Bangalore, the professionals do not have the time for a store visit. The IT crowd is also

very knowledgeable and know about phones sometimes better than the guy at the store. I was overconfident because wherever I started a store in Kerala, people were queuing up to buy phones. I expected the same trend in Bangalore but learned my lesson the bitter way.” Food is another sector he has dabbled in, with notable success. Pizzas, fried chicken, and burgers fly off the shelves of Smoking Burg in Thrissur, which is next to the KFC outlet, without any significant advertising and there are now three more branches in Bangalore. “Food is always in demand,” he says. “If we give good products, we can attract as many customers as any international brand.” His wife Roudha Zerlina, who is a law graduate, also runs a chain of dessert joints in Bangalore called Pudding Jar. The couple have three school-going children – Zaara, Zaman, and Ayisha Zoya. Before his mobile business took off in a big way, he tried to set up a farm of cows and goats in Palakkad but without much success. “At that time, I harboured a more peaceful life and constructed a house there. I used to visit the farm during the weekends. I had around 100 cows but could not go large scale because it didn’t work out the way I planned it out. The farm is still here but not much activity,” he says. Of all the store launches that he has done, one that stands out in his memory, as well as that of Kochiites, is that of the MG Road outlet, which was inaugurated by the sexy siren of Bollywood, Sunny Leone. It was nothing less than a coup in event management when the whole stretch of MG Road was choc a bloc with fans who thronged to catch a sight of the actress and Hamid could not have asked for a better opening for his 24th branch. The event attracted national attention and was a talking point all over the mainstream as well as social media. “It was a gamble. Suppose I had brought

Food is another sector he has dabbled in, with notable success. Pizzas, fried chicken, and burgers fly off the shelves of Smoking Burg in Thrissur, which is next to the KFC outlet, without any significant advertising and there are now three more branches in Bangalore. “Food is always in demand,” he says. “If we give good products, we can attract as many customers as any international brand.”

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COVER STORY COVERSTORY

Of all the store launches that he has done, one that stands out in his memory, as well as that of Kochiites, is that of the MG Road outlet, which was inaugurated by the sexy siren of Bollywood, Sunny Leone. It was nothing less than a coup in event management.

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someone like Shah Rukh Khan, I would have had to shell out much more. This idea clicked and I got a lot of free publicity about the event,” he says with glee. He had always got celebrities to inaugurate his stores but never before had he got such mileage. It is not unusual for people to queue up for days when a new Fone4 outlet gets launched in Kerala. “I would buy handsets in bulk and sell them without taking a margin. People would then talk about the store,” he explains his strategy. There is no special mantra in business to succeed, he says. “The product should be good and service should satisfy the customer. That is what people want. Look at the success of Oyo rooms. All that people want are a bed, A/C, and WiFi. Similarly, when you sell a product, you should be transparent and give people the best solution for the money they are spending. For us, it may be just a handset but for the customer, it may be his one-year savings. So, we need to be sensitive and meet his requirement. And, when he calls with a problem, we need to address it,” he says. Covid-19 and the resultant lockdowns did pose a challenge but it also presented opportunities, Hamid says frankly. “Usually, we advertise a lot during Onam and offer big discounts. Without any such gimmicks, people queued up to buy phones and we could sell without special discounts and make profits. There was also a shortage of phones, so people were eager to buy. So, it did not affect us that much,” he says candidly. “I expect the Corona situation to remain till 2024. No point in getting obsessed about that unnecessarily. We need to

look at the existing opportunities and tap those. We need to look at the small format model and cut costs as much as possible,” he says, revealing that he intends to open more stores in Malabar. I bring his attention to the ongoing debate if Kerala has the right climate to do business or not and he replies without batting an eyelid: “I have no doubt in my mind that Kerala is the best place to do business. I have tried in Karnataka also, so I know this. Because the population is more in big cities, the opportunity may be more there. But the risk is also much more. Let us take the case of getting a simple licence. In Kerala, if your papers are in order, it may take a few days but you need to spend just 500 or 600 rupees. In other big cities, I can probably get the same licence in an hour but I have to spend Rs 10,000. It takes a little more time to get the same done in Kerala but it costs much less. It is a mere misunderstanding that the state is not business-friendly and that we rank behind others in ease of doing business. Suppose a problem crops up, we can settle it genuinely here. In other places, you need either money or influence to settle it. You can’t expect natural justice. But yes, if you are looking for growth, you need to go in search of bigger markets. In Kochi, if we have around 7-8 lakh people, Bangalore will have 15 times more customers.” Does this mean that he is content with what he has achieved? By way of reply, he gives an enigmatic smile and lets on that he is planning an IPO in a year or two. Why not? After all, isn’t he also from Thrissur, the land of billionaires? “Oh, I am just an ordinary man,” he concludes 

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BUSINESS

When the Federal Open Market Committee (FOMC) met in June, they revised their estimated consumer inflation for the whole-year to 3.4%, which is 1 percentage point higher than their March projection, and double of what they had forecasted in June 2020.

Shri V.P.Nandakumar MD & CEO Manappuram Finance Ltd.

The US has an inflation problem A jump in US inflation may pressure the Fed to tighten monetary policy sooner than expected. How would India fare in that scenario?

here is no doubt that the US economy is facing an inflation problem. And the risk is that if it is not handled with care, it can get out of hand. According to the US Labour Department, Consumer Price Index (CPI) in June 2021 increased by 5.4% from a year ago, the highest 12-month rate since August 2008. Earlier, the consumer price inflation for the month of May showed a 5% increase over the year, which was also the highest 12-month rate since August 2008. But the run-up in inflation had begun in April this year when consumer prices registered a 4.2% increase over the year. For the record, the US Federal Reserve

(Fed) has long targeted an inflation rate of 2%, so these numbers are clearly well above their comfort zone. Indeed, the US Fed has acknowledged that inflation is stronger and perhaps more durable than they had anticipated. When the Federal Open Market Committee (FOMC) met in June, they revised their estimated consumer inflation for the whole-year to 3.4%, which is 1 percentage point higher than their March projection, and double of what they had forecasted in June 2020. However, they insist there is no need to press the panic button as higher prices are transitory and related to the peculiarities of an economy getting back on its feet

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after the unprecedented lockdowns. It can be argued that comparing today’s price levels to those prevailing a year ago is subject to the base effect given that large parts of the economy were shut down last year. While that is true, the fact remains, inflation measured on a month-on-month basis also offers no comfort. US consumer price inflation jumped 0.9% month-on-month in June after recording a 0.6% gain in May that in turn followed a 0.8% increase in April and 0.6% in March. The strong run-up of month on month (MoM) readings over the past few months makes the Fed stance of inflation being ‘transitory’ open to question, if not outright doubt.

Predictably, these numbers have led to increasing calls for a faster winding down of the massive monetary stimulus the Fed has been injecting into the economy. It may be recalled that in March 2020, in response to the economic shock of the pandemic, the Fed had cut its benchmark federal funds rate sharply. The target for this rate (that banks pay to borrow from each other overnight) was brought down to near

zero, to a range of 0% to 0.25%. Further, from June 2020 onwards, the Fed started buying US treasuries worth $80 billion and mortgagebacked securities worth $40 billion every month (a monthly injection of liquidity worth $120 billion) which continues to this day. The rising prices point to strong consumer demand boosted by the good progress in vaccinations, the easing of restrictions on business as

the virus recedes, the trillions of dollars in federal pandemic relief, and ample household savings that have surged in recent months (after liberal handouts from the federal government). Housing and shelter prices in US continue to increase at a frantic pace, strengthening the belief that inflation could be sticky. Housing costs have an undue bearing on inflation risks as primary rents and owners’ equivalent rent account for a third of the CPI basket. The current increase in inflation has other structural causes that are not entirely related to the pandemic. Driven by all the stimulus money, the economy is growing at a fast pace, and demand is outpacing supply as the production capacity of the economy limps back to normal after the pandemic shock. Wages have risen significantly against a scenario of firms reporting acute difficulties in hiring suitable labour to operate

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BUSINESS their businesses. For instance, in May this year it was reported that more than nine million Americans wanted jobs but were unable to find them while at the same time companies reported they had more than nine million unfilled job vacancies, a record high. This explains why wages have risen even as the unemployment rate which stood at 5.9% in June continues to be above the prepandemic rate of 3.5%. This dichotomy has come about because of overly generous unemployment benefits which have made labour choosier about the jobs they accept. However, the current series of benefits are set to expire in September 2021, and labour shortages and the pressure on wages should ease somewhat, even though wage increases are known to be sticky.

The Global Financial Crisis of 2008

It is a fact that US monetary policy has been on an expansionary path ever since the global financial crisis (GFC) of 2008. GFC was a watershed in the economic history of the world, because of the resort to unconventional methods by the central banks of the advanced economies. The idea of quantitative easing (QE) emerged that to restore growth and employment, central banks should stimulate the economy by injecting as much money as needed and cutting interest rates sharply. At the start of the meltdown in 2008, the US Federal Reserve held assets worth about US$870 billion. By 2015, with successive rounds of QE, it had ballooned to US$ 4.5 trillion. Many predicted inflation but it did not happen. However, asset prices (stocks, bonds, commodities, and real estate) did go up sharply along with equities in emerging markets including India. In 2018, the Fed decided to normalise its monetary policy and began by targeting a US$ 10 billion monthly reduction of its bond holdings that would gradually increase to US$ 50 billion. Within a year, the Fed had succeeded in bringing down its balance sheet size to US$ 3.8 trillion. But in the aftermath of the pan-

demic, the US Fed restarted bond buying and today its assets have shot up to over US$ 8 trillion. All of this has a direct bearing on the supply of money in the economy and gives strength to fears of inflation. Against this backdrop, the US government’s $1.9 trillion Covid relief bill signed into law by President Biden in March will put more money into the hands of people without necessarily adding to output.

nancial crisis, and the Fed decided to reduce, or taper off, the quantitative easing begun in 2008. Essentially, this meant reducing the purchases of treasury bonds and thereby the quantity of money being pumped into the economy. However, by this time investors had come to depend on Fed support for sustaining asset prices, and they responded to the prospect of decline in bond prices by hitting the sell button in panic. The result was that bond prices Likely consequences of fell, and yields shot up. The consehigher US inflation Should higher US inflation be quences were felt all over the world here to stay, what would be the in- as investors pulled their money back ternational consequences? In other to the safety of the US dollar, leadwords, what would be the conse- ing to sharp outflows from emergquences if the Fed is forced to tighten ing markets (including India) which monetary policy well ahead of sched- forced central banks to hike interest ule? Afterall, it would be sensible for rates. As foreign portfolio investors began to pull their money out of India, the rupee fell by over 15 percent between late-May and late-August 2013. India found an unwelcome mention on Morgan Stanley’s “fragile five” The current increase in inflation list along with Brazil, Indonehas other structural causes that sia, South Africa and Turkey. The Reserve Bank of India was are not entirely related to the pandemic. Driven by all the stimulus forced to raise interest rates to cap the outflow. However, sucmoney, the economy is growing at a cess was limited and eventually fast pace, and demand is outpacing India had to borrow about US$ 30 billion at a high cost under supply as the production capacity the FCNRB route to restore of the economy limps back to stability.

normal after the pandemic shock.

policymakers around the world, and particularly of the vulnerable economies, to be prepared for the possibility of US interest rates rising sooner and faster than currently predicted. History tells us that if US interest rates were to rise sharply, countries with large foreign-currency debt (particularly short-term debt maturing within a year) and holding relatively low foreign-exchange reserves would become vulnerable to a currency and debt crisis. In this context, the experience of 2013 is quite relevant. That was when the US Fed made a serious attempt to raise interest rates, in what later came to be known as the “taper tantrum.” The world had come out of the global fi-

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India, how vulnerable?

Can something like that happen again? The chances are unlikely because as against $275 billion in forex reserves in August 2013, India’s forex reserves currently stand at over $600 billion. Hence, there is greater confidence among policymakers today that the economy can deal with a taper tantrum like situation should it arise. However, that does not rule out short-term volatility and pain. As interest rates rise in the US and other advanced economies, there will be an initial period when emerging market economies will see capital stampeding back to the US attracted by the higher interest rates. Almost certainly, there will be turbulence in the capital and currency markets with falling stock prices and the rupee shedding value. To counter

the outflow, the RBI would have to raise interest rates besides drawing down on its accumulated forex reserves to support the rupee. A weakened rupee can have an inflationary impact as cost of essential imports especially petroleum goes up. Further, higher interest rates also add to overall inflation by pushing up the cost of business. The turbulence will gradually wind down once the rupee is stabilized and international investors come to realize that potential returns from investments in India outweigh what is on offer in the advanced economies. One of the bright spots for the Indian economy in the gloom of the pandemic age has been corporate India’s remarkable success in cost cutting which has led to earnings beating estimates. In recent years, India has made great strides with its Digital India campaign, having emerged as the second-fastest digital adopter among seventeen major digital economies. The digital infrastructure has added to the resilience of India’s corporate sector and it was a key enabler for cost cutting during the pandemic. Besides, start-ups in India’s tech-enabled services sector have become a magnet for foreign investors. The potential for growth here is enormous and unlikely to be missed by international investors. The other good news is that after the introduction of the goods and

services tax (GST0 in 2017, we appear to have overcome all the teething problems and stabilized the system. Over the last 10 months, GST collections have consistently exceeded the Rs.100,000 crore level barring collections pertaining to June 2021 which was affected by the second wave. India has now become one common market for most goods and services and that has given a boost to e-commerce. GST has also served to accelerate the formalization of the Indian economy which has helped the organized sector increase its market share and reap economies of scale. That is one reason why in the recent earnings seasons, most companies have beaten estimates and why the economy has rebounded so well, both after the first and the second waves. Moreover, India’s infrastructure has undergone major upgradation, and our roadways and railways are in much better shape now. In the coming years, major gains will accrue from this improvement by way of lower costs for business which in turn improves export competitiveness. Recently, it was announced that India had exported goods worth a record $35.2 billion in July 2021 while exports in Q1FY22 stood at a record $95 billion. Importantly, India’s merchandise exports in July 2021 represented a significant increase of 34% over what was achieved July 2019, before the pan-

demic. The taper tantrum of 2013 was an unhappy experience for India and one reason was that the economy was already overheated then. That was because the government had delayed rolling back the generous fiscal stimulus provided after the 2008 global crisis setting off prolonged high inflation. In contrast, in the current crisis, India has been something of an outlier in terms of its fiscal and monetary response to the pandemic which has been faulted for inadequacy. However, this may well turn out to be the right response given the storm clouds gathering ahead. Summing up, the global economy would face significant headwinds if US inflation gets out of hand. As for India, barring an initial period of turbulence, we are likely to emerge stronger and better off. The Indian economy has entered a virtuous cycle where digital and physical infrastructure combine with structural reforms of recent years to improve efficiency and bring down costs all around. We will continue to remain attractive for foreign investment. Yes, there will be a taper ahead, but no tantrum (V.P. Nandakumar is MD & CEO of Manappuram Finance Ltd. Views are personal.)

August - September 2021

BUSINESS

Rajesh Nair Associate Partner, Ernst & Young LLP

The core of human nature is giving and nurturing. This is what builds civilization and what eventually makes the world what it seems. The act of giving helps us become the best versions of ourselves and to empathise more with the world around us.

On Work, Service, and Life…

ost of the waking hours of an average human life are spent delivering a vocation of our choice and often not our choice. Life in the 21st century has been one long tryst with habitual monotony. We fall into the patterns that society has built around us and move through the grooves and the much-walked pathways of others, as they seem to be the only clearing in the forest. As we wander through those terrains, life is still structured in ways we have no control over as many a quotidian task has been thrust upon us, as if we have no choice. It starts with the race at schools in the very portal of education we enter for the first time. The curriculum has decided that we need a dose of multiple subjects, languages, and the know-how of the world and the machinery of the world. We are also led to basic skills of reading and learning – and serendipitously we also learn to ‘think’. While we mostly read similar texts at that age,

our circumstances, family, relatives, teachers, and friends shape what we become, and what we broadly call ‘values’. It is true that our sense of ‘right and wrong’ and what is acceptable is formed in the crucible of our minds at that early stage. Our aspirations find foundation and our personalities are sculpted out of the events and the turns of life! Then we move to the phase where we chase a vocation. Whether we work, we run businesses, we teach others – we are often delivering a service that is of some value to the society at large and specifically in the organisational constructs that we belong to. We use the education that we obtained in our primary institutions and make good of it. Those less fortunate seek outlets where they can deliver services that did not require the rigmarole of structured learning and adjust to working as a ‘pair of hands’. Society reminds us to build groups, abide by social structures of family and marriage and we become married to a schedule of

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life that has been largely dictated by what we see around us and what we have to ‘abide’ by. Then there are also the distractions of life and entertainment in general. We spend a humongous time in a day getting ‘entertained’ or perhaps as the new phrase goes ‘edutained’. Social media provides avenues of interaction and distraction equally alike and the little extra we have from the tasks of life gets frittered away. This melee of the activities of life continues each day as

a cycle, and gently monotony settles in. In the English lexicon, ‘monotony’ is defined as ‘lack of variety and interest, tedious repetition, and routine’. Monotony weaves into a pattern around us and builds a habitual mosaic that is invisible but guides us most of the time. Some of the behavioural scientists call this ‘motions of life’… A regular pattern in our lives that we sleepwalk through!! Workplace psychology also attempts to call it a ‘disorder’ or a condition. Here is a quick test:

• Can you remember the meal you had for lunch two days ago? • Can you remember the colour of the attire you wore one week ago? • Can you remember what is that you learned in the last one month? • Can you point out a new skill you learned in the last three months? • Can you reminisce the last one year chronologically? If you falter at some of these questions, then chances are that you

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BUSINESS

The easiest way is to ‘think more’ and attempt new things, change your patterns, read more, do\learn activities which are new to you and create a space to learn more. Some schools have what they call ‘thinking time’.

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have started to fall into a pattern in your life. A pattern that makes you go through life mechanically, although you are still using your mental faculty for specific tasks. The more you become a prisoner to the pattern, the more you are sleepwalking through your routines. It does sound strange! It beckons the question, how does one break the mould? Is there a better fulfillment of the time? Is there a scope for mental engagement with everything that we do? This is a little different from what psychologists call ADHD -- Attention-deficit/hyperactivity disorder (ADHD) is one of the most common mental disorders affecting children and a lot of adults. It is about just falling into a monotonous pattern. So what is the remedy? The easiest way is to ‘think more’ and attempt new things, change your patterns, read more, do\learn activities which are new to you and create a space to learn more. Some

schools have what they call ‘thinking time’. This is where they encourage students to think of what they have learned and how each of it falls into the structure of the mind – linking what we see and read to the broad structure of knowledge in your mind. But the more fascinating remedy is – the art of giving! The core of human nature is giving and nurturing. This is what builds civilization and what eventually makes the world what it seems. The act of giving helps us become the best versions of ourselves and to empathise more with the world around us. It helps us feel for what is happening around us and nudges us to step out of the bubble of our lives and helps us be part of something that is bigger than our individual lives and that makes sense. Organisations like the Rotary International build these platforms for people from different walks of life to come

together and contribute to what could be a larger deal for the society and align to schemes. It gives us an opportunity to ‘give’ and make a difference in the life of strangers, whom we have no connection otherwise. Doctors will tell us that those acts of giving build more serotonin in your system and help maintain peace and mental stability and develop certain calmness around you. So while we ramble through life, work, and the tasks of a regular day – think of what we can do to make things brighter around us and how we can contribute to make the world smile more and sulk less. How can we help the world look better for the generations coming in and what can we do to make it the paradise it was envisioned to be in our scriptures? So, look out and find ways to build happiness around you with small acts of giving for true worth and happiness is only a generous act and a smile away!

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HEALTH

Kerala is one of the very few areas in the world practicing Ayurveda. Many foreigners are aware of the health potential of Ayurveda and are seeking treatment especially rejuvenation therapies in large numbers.

Dr Arun Oommen MBBS, MS (Gen Surg), MCh (Neurosurgery), MRCSEd,MBA Senior Consultant Neurosurgeon VPS Lakeshore Hospital NH-47, Bypass, Maradu, Nettoor PO, Kochi 682040, India.

Kerala’s Potential as a Prominent Global Health Hub

erala is one of the few regions in the developing world, which has achieved substantial progress in the realm of education and health. The demographic, morbidity, mortality, epidemiological, and health transitions have been substantial and follow a pattern similar to many advanced countries. Kerala has become a model Indian state viewed in terms of low birth and death rates, infant and maternal mortality rates. high life expectancy at birth, favorable sex ratio, and achievements in public health surveillance. The Human Development Index of Kerala is the highest among the states of India. Its because it has the highest literacy rate, highest life expectancy, and lowest sex ratio(male: female). Thanks to a multitude of Ultra-

modern Superspeciality hospitals and other health care facilities cropping up in different parts of Kerala which are capable of catering to any sort of health care problems on earth Kerala definitely has the potential to become a leading health Hub. Moreover, Kerala is blessed with highly renowned Doctors and well-trained health care personnel well versed in all ultramodern modalities of health care. Kerala might be one of the largest producers and suppliers of staff nurses around the globe. Thanks to the exponential growth of health care institutes in Kerala there is a noticeable increase in the number of Malayali doctors and other health personnel who had been serving abroad to return to their homeland, which is really an encouraging sign.

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Kerala has recently emerged to be a health care destination to access low priced medical procedures with world-class standards and state-of-the-art treatment facilities., Kerala is now in a position to provide any advanced surgical and health care treatments in a cost-effective way. Many hospitals in Kerala avail the best possible treatment facilities and with the availability of highly renowned doctors and well-trained health personnel the results produced are at par with developed nations. Globalization and economic liberalization have given a boost to the medical service sector in Kerala. Kerala is capable of handling any sort of health care problems thanks to so many ultra-modern hospitals. The Results produced are also at par with the best in the world. A

remarkable thing is that the expense is much less compared to western and European countries. For eg, a liver transplant surgery that costs around $,2,70,000 in the US can be done here at 1/6rd cost producing similar results. Similarly, a major brain tumour surgery that can cost around $60,000 can be done here at just 1/10th cost with similar results if not better. A bone marrow transplant costs around $3,20,000 in the US but here it's done in 1/10th cost. An open heart surgery done at $60,000 can be done here at 1/10th cost. A Knee replacement surgery costing $25,000 can be done in 1/4th cost in Kerala. There is an extensive network of medical care institutions practicing homeopathy, unani, Ayurveda spa, acupuncture, naturopathy, holistic care, and yoga therapy. The indigenous medical systems particularly Ayurveda have been dominant and contributed significantly to public health and overall health transition in Kerala. Kerala is one of the very few areas in the world practicing Ayurveda. Many foreigners are

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HEALTH aware of the health potential of Ayurveda and are seeking treatment especially rejuvenation therapies in large numbers. There are so many factors that truly favours Kerala as a prominent health Hub. Kerala is well connected to different parts of the world. There are 4 international airports well connected with different parts of the world.. There is a well-connected rail, road and water transport system. Kerala is a unique destination for all types of tourists visiting this beautifully blessed state. Health insurance companies are beginning to play

a major role in promoting Kerala’s health care. Keralites are well versed in the International language English, hence foreigners may not find any language problem. Also, there is a multitude of professional language translators in Arabic. French, German, Italian, etc in Kerala whose services can be availed easily. Kerala has moderate weather throughout the year. Kerala also maintains a high standard of hygiene. Kerala NRIs are spread all over the world and can function as goodwill ambassadors. It is unfortunate that in spite of such cheap treatment options

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with world-class standards, many Keralites still can't afford the available treatment facilities. One way to solve this problem is the implementation of a compulsory Government Health care insurance system for all citizens so that the citizens are not denied their right to get quality health care. This has been implemented in many developed countries as the government there gives top priority to health care. The percentage of GDP earmarked for health care should also increase drastically. In our part of the world health care is not the top priority which has to change

FINANCE

Adv Sherry Samuel Oommen This article is authored by Adv Sherry Samuel Oommen. Adv Oommen, who specializes in constitution, tax and corporate laws has also cleared the final exams of the Institute of Chartered Accountants of India, the Institute of Cost Accountants of India and the Institute of Company Secretaries of India. He has also completed his Masters Degree in Commerce, apart from obtaining a Post Graduate Diploma in Business and Corporate Laws from Symbiosis Pune. The views expressly are personal and should not be construed as a legal opinion.sherryoommen@nashcp.com.

PIRP may be initiated in the event of a default by a corporate debtor classified as an MSME under the MSME Development Act, 2006. Currently, under the 2006 Act, an enterprise with an annual turnover of up to Rs 250 crore, and investment in plant and machinery or equipment up to Rs 50 crore, is classified as an MSME.

n this article, I intend to provide a summary of some of the key amendments/changes sought to be brought about by the Insolvency and Bankruptcy Code (Amendment) Bill, 2021 promulgated on April 4, 2021. In order to understand the merits and impact of the newly sought legislation, I intend to delve into some of the basics on the subject encompassing Insolvency and Bankruptcy.

What it means

Insolvency: Insolvency is a situation where individuals or companies are unable to repay their outstanding debts or other outgoings on time or in full. In many ways, insolvency can be seen as bankruptcy for businesses. A company is classed as insolvent when its liabilities (or debts) outweigh its assets; or when it can no longer meet its outgoings as and when they are due.

Background

A brief reading of the history of the Indian economy gives us the understanding that India, during the early years of 2000 and the decade thereafter was in the state of experiencing a thriving growth in its economy. The banks during this period (specifically the public sector banks) would lend out extensively to the corporates and individuals. However, due to the slowdown in the global economy post-2010 and due to multiple bans imposed on the mining projects, and delays in various environment-related approvals the slowdown primarily began to affect the power, iron, and steel sector, thereby increasing the price of raw

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material as well as their availability. As a result, the ability of the corporates to pay back their loans was negatively impacted. This, among others, ultimately led to the increase in Non-Performing Assets (NPA) across India. There were, however, other reasons as well which led to the increase in the NPA in India. These include but are not limited to: (1) The prevailing lending norms were highly lax and negligent, which did not adequately analyse the borrower’s financial status/ credit rating; (2) The ineffective and inefficient implementation of the risk mitigation tools such as contingency planning for consequences like the failure of gas projects, and failure of companies to acquire land for highway development projects, etc.; (3) The lack of provision to provide for fresh capital through new loan facilities for companies facing difficulty in meeting their existing debt obligations. (4) The existing mechanism for recovery of bad loans was governed by multiple legislations prior to the enactment of the Insolvency and Bankruptcy Code, 2016 (IBC) such as (i) The SARFAESI Act, 2002 (ii) The Presidency Towns Insolvency Act, 1909 and The Provincial Insolvency Act, 1920 (iii) Companies Act, 2013 (iv) The Recovery of Debts due to Banks and Financial Institutions Act, 1993.

Enter The Insolvency and Bankruptcy Code, 2016 (‘IBC’)

The Insolvency and Bankruptcy Code, 2016 consolidated the existing

IBC AMENDMENT BILL, 2021 – THE ROAD THIS FAR

framework for debt recovery by creating a single law for insolvency and bankruptcy. The code was introduced in Lok Sabha in December 2015. It was then passed by Lok Sabha on May 5, 2016, and it received the assent of the President of India on May 28, 2016. The code became effective in December 2016. The IBC is a one-stop solution for resolving insolvencies which at present is a long process and does not offer an

economically viable arrangement. A strong insolvency framework, where the cost and time incurred is minimised in attaining liquidation, has been long overdue in India. The code strives to protect the interests of investors and make the process of doing business a less-cumbersome process.

Fast Forward 2021

The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 was

introduced in the Lok Sabha on July 26, 2021. It amends the Insolvency and Bankruptcy Code, 2016. The Bill seeks to amend sections such as 4, 5, 11, 33, 34, 61, 65, 77, 208, 239, 240 & insert new sections such as 11A, 67A, 77A, and a new chapter as IIIA on pre-packaged insolvency resolution process for MSMEs in the code. The beneficiaries of these amendments are the corporate entities identified as micro, small and

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FINANCE tiated only by the debtors. The debtors should have a base resolution plan in place and an application for initiating the PIRP must be placed before the adjudicating authority (ie, the National Company Law Tribunal). The timeline for completion of the PIRP is 120 days out of which 90 days’ time has been given to the resolution professional to file the resolution plan with the adjudicating authority and 30 days’ time has been given to the adjudicating authority to approve the resolution plan. If no resolution plan is approved by the committee of creditors, then the resolution professional shall apply to the adjudicating authority to terminate the pre-packaged insolvency resolution process.

Process of PIRP

medium enterprises (MSMEs) under the code. The new amendments (with a view to preserving jobs and protect stakeholders) aim to create a fresh insolvency resolution framework for ensuring speedy, value-maximising, and cost-effective outcomes which are least disruptive to the MSMEs. The incorporation of a pre-packaged insolvency resolution process in the code is expected to alleviate the distress experienced by the numerous MSMEs across the country. It provides an efficient framework for corporates especially MSMEs for alleviating distress in a time-bound and cost-effective manner, thereby ensuring a positive indicator to the debt market, healthy employment preservation, ease of doing business, and protection of enterprise capital.

Structure of Amendments

Section 11A - To provide the manner of disposal of simultaneous applications for initiation of the pre-packaged insolvency resolution process and corporate insolvency resolution process, pending against the same corporate debtor. Section 67A - During the pre-

packaged insolvency resolution process, where an officer of the corporate debtor manages its affairs with the intent to defraud its creditors or for any fraudulent purpose, a penalty may be imposed upon such officer. Section 77A - To provide punishment for offenses related to the pre-packaged insolvency resolution process. Chapter IIIA - Pre-packaged insolvency resolution process. The provisions related to the prepackaged insolvency resolution process are provided in Chapter IIIA of Part II of the Insolvency and Bankruptcy Code. The latest bill introduces an alternate insolvency resolution process for micro, small, and medium enterprises (MSMEs), called the prepackaged insolvency resolution process (PIRP). The PIRP is a process wherein the corporate debtors can get into an informal arrangement between the secured creditors and investors before initiating the corporate insolvency resolution process (CIRP) or liquidation. The uniqueness of the PIRP is that it may be ini-

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• Minimum default amount An application for initiating PIRP may be filed in the event of a default of at least one lakh rupees. The Central government may increase the threshold of minimum default up to one crore rupees through a notification. • Debtors eligible for PIRP PIRP may be initiated in the event of a default by a corporate debtor classified as an MSME under the MSME Development Act, 2006. Currently, under the 2006 Act, an enterprise with an annual turnover of up to Rs 250 crore, and investment in plant and machinery or equipment up to Rs 50 crore, is classified as an MSME. For initiating PIRP, the corporate debtor is required to apply to the adjudicating authority (National Company Law Tribunal). The authority must approve or reject the application for PIRP within 14 days of its receipt. • Approval of financial creditors For applying for PIRP, the debtor needs to obtain approval of at least 66% of its financial creditors (in value of debt due to creditors) who are not related parties of the debtor. Before seeking approval, the debtor must provide creditors with a base resolution plan. The debtor must also propose the name of the resolution professional along with the application for PIRP. The proposed resolution professional must also be

FINANCE approved by at least 66% of the financial creditors. • Proceedings under PIRP The debtor shall submit the base resolution plan to the resolution professional within two days of the commencement of the PIRP. A committee of creditors will be constituted within seven days of the PIRP commencement date, which will consider the base resolution plan. The committee may provide the debtor with an opportunity to revise the plan. The resolution professional may also invite resolution plans from other persons. Alternative resolution plans may be invited if the base plan: (i) is not approved by the committee, or (ii) is unable to pay the debt of operational creditors (claims related to the provision of goods and services). A resolution plan must be approved by the committee by a vote of at least 66% of the voting shares. A resolution plan must be approved by the committee within 90 days from the commencement date of PIRP. The resolution plan approved by the committee will be examined by the adjudicating authority. If no

resolution plan is approved by the committee, the RP may apply for termination of PIRP. The authority must either approve the plan or order termination of PIRP within 30 days of receipt. Termination of PIRP will result in the liquidation of the corporate debtor. • Moratorium During the PIRP, the debtor will be provided with a moratorium under which certain actions against the debtor will be prohibited. These include filing or continuation of suits, execution of court orders, or recovery of property. • Management of debtor during PIRP During the course of the PIRP, the board of directors or partners of the debtor will continue to manage the affairs of the debtor. However, the management of the debtor may be vested with the resolution professional if there has been fraudulent conduct or gross mismanagement.

Summary

There are many companies in India that are classified under MSMEs and they significantly contribute towards the country’s gross

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domestic product besides providing employment to a sizeable population. Also, MSMEs in India have relatively suffered the most during the current pandemic times. Therefore, the newly introduced amendments as well as the novel pre-packaged insolvency framework would benefit such companies to enter into an arrangement where the resolution of a company’s business is negotiated with a buyer before the appointment of an insolvency professional. Further, it can maximise value by combining the efficiency, speed, cost, and flexibility of workouts with the binding effect and structure of formal insolvency proceedings, since it will involve out-of-court negotiations of resolution plans, while the approved resolution plan will receive the sanction of the adjudicating authority under the Code. In a landmark judgment, the Hon’ble Supreme Court in Orator Marketing Private Limited Vs Samtex Desinz Private Limited 2021 SCC Online SC 513 has held that an ‘interestfree’ loan would also partake the nature of ‘financial debt’ under section 5(8) of the code

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MOTIVATION

Passion helps you to enjoy something in the process of learning and achieving a thing to happen. When you genuinely commit yourself to something, you board onto the first train on building Passion for it.

Dolly Neena Dolly Neena is founder of THE IGNIST, a training company born out of a noble cause and spirit. She holds a decade long experience being a passionate mentor and entrepreneur.

PASSION CHANGES EVERYTHING!

e all want to succeed. We all want to build connections. We all want to achieve our dreams. There should not be any doubt that you need to have extremely huge goals – because there is less competition out there for lifealtering roles. The higher you go, the fewer it gets. So first we need to set the dream, and then we need to ensure we have enough “passion” to fuel it to full throttle. How to find the passion to succeed and how to succeed in finding passion are both important when it comes to leading a successful contented life. Passion and consistency go hand in hand when it comes to reaching your desired destination in life. The good news is passion can be taught and learned. There is still a difference of opinion on this. Having the right attitude and sustaining the right perspective is a must. The more con-

sistency you put into your efforts, the more value and results you are to generate out of it. Passion holds a key role in this rollout because it directly correlates to a person’s genuine desire and realistic ability to go beyond challenges to make things happen. We all had dreams when we were children. Some were externally induced into us and some were weaved into our souls by ourselves. Some kept on changing as and when we grew up, and some dreams stay intact till the end of our lives. Good goals start with daydreams and imagination. Though most of the original dreams keep altering and shifting shapes through the different life phases, you need not unnecessarily pressure yourself to pin down on any in the initial phase. As we know passion can fuel your dreams, you need not force a passion out of you for the booked dream as well. When

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it comes to achieving those dreams, there are certain very important elements you cannot be without, which are inevitable to boost you onto the threshold of soaring success. Discipline is the first and foremost one, which will keep you rooted to the basic longing and will gradually strengthen your mental and physical muscles to carry out the yearning goals onto reality- Followed by taking actions and focusing intently on the target. Once you have the target fixed, it’s important to keep all your energy and focus steadily on the goal, so that your discipline and subsequent action will help you get there faster, while keeping equal patience at it. Henry David Thoreau says, “What you get by achieving your goals is not as important as what you become by achieving them”. Sometimes we ponder hard thinking why someone did what she or he did…

The answer to it would be mostly that, ‘it was his or her passion’. There are many standards to define success, but, Passion indeed is a difficult skill to define. Failure as we know is the stepping stone and precursor to success. As we saw above, it is relieving to know that passion can be learned. Passion helps you to enjoy something in the process of learning and achieving a thing to happen. When you genuinely commit yourself to something, you board onto the first train on building Passion for it. It gradually grows on you. As the days pass by, as the longing to reach the target inten-

sifies inside you, you start building new skills in order to accomplish the objective. The more hours you put on it, the more accustomed and familiarized you become to it. You will learn that the once difficult task is becoming easier and easier day by day, only if you consistently keep at it. It now takes lesser time and effort than it did when you started. You then start raising the bars higher, just to master the task. Having intense Passion helps you keep at it. It concretes the future possibility of succeeding in your trials and efforts. Let’s admit it – there are goals

we set in life that we are not passionate about too. It can be a tedious task or objective given to you by your employer or by your parents. Even when you find it difficult to generate your own interest in it, just because it is inevitable for your future growth, you need to selfmotivate yourself to breed passion to it. It becomes more compelling now. In this context, you may start by finding fun and interesting ways to work it out, so that you are amusingly stimulated and involved through the daunting process. The first step anyways to get a difficult job done is to – start doing it. When

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MOTIVATION

some goal doesn’t interest us, we wouldn’t even want to start it. But trust me, once you start doing it, find amusing ways to keep at it, and most importantly if you sustain doing it for several weeks or months, this once dull monotonous boring one will later definitely become an interesting thing for you. Where you may have found that you had the least passion to continue with it, later with strategized consistent plans, you can very well invoke new-found passion in you to keep going with it. First thing is to clear out the distractions. You need to have this solid conviction that you are going to start and you are going to finish this. You need to find enough reasons to validate the challenges and hurdles that

pop up later so that you do not quit midway. It would be useful if you try to think of it as an internship, as a temporary trial run, just to acquire skills to do it. There is always a way if you have the will to do it. You do not really have to do it just because someone else is doing it – you do not have to choose a career path just because it promises a job. You need to answer your conscious whether it is in any way doing good to your being and essence ahead in life; whether it’ll make you happy, whether you can generate enough passion to run it through your life. You need to answer this question – How do you want to feel? – while you are at it. Identify your outcomes, your values associated with them, identify your role models and

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motivating factors related to them. Also identify the pain areas, realtime challenges, the difficulties you may face. If the outcome can outdate the snags, then it is definitely worth it. Immerse yourself into learning everything about it, so that you can easily integrate it into your system and life. This will help you find the right balance to continue with. Your passion should always be something that makes your life better. Find reasons to substantiate that – Once you do that you’ll have no issues in generating the needed passion to run onto your strongly desired goal. “If you want to be happy, set a goal that commands your thoughts, liberates your energy and inspires your hopes. “ – Andrew Carnegie.

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BEAUTY

Nuts in a Healthier Way for a More Beautiful and Healthier You

uts are a storehouse of nutrients. Eating it gives a lot of health benefits. Nuts are very good for heart health, intelligence, and fertility. Studies show that nuts, which are high in fiber and protein, can help you lose weight and improve your metabolism. These are the nuts that help you lose weight.

Peanuts

Peanuts are a handy and inexpensive nut. Groundnuts contain monounsaturated fatty acids and polyunsaturated fatty acids. It reduces inflammation in the body. Eating peanuts gives strength to the body and helps in weight loss.

Cashews

Include cashews in your daily diet. Cashews contain a lot of magnesium, which improves metabolism. In addition, the protein contained in cashews helps in weight loss.

Walnut

Walnuts are very beneficial for weight loss and cholesterol control. Walnuts are a rich source of protein, minerals, and vitamins. Eating walnuts instead of bakery sweets can help the body get rid of bad cholesterol and increase good cholesterol. Consuming a handful of soaked walnuts daily can help you lose weight fast.

Raisins

Studies show that raisins help reduce the appearance of bumps on the skin. Put raisins in water the night before and drink this water on an empty stomach in the morning. Raisins prevent the urge to overeat. Nutritionists advise that raisins help reduce belly fat and include them in your daily diet.

Almonds

Almonds are a nut that helps you lose weight. Almonds can help pre-

Dr. Elizabath Chacko, MD-Kalpana International

Mob: 9388618112

August - September 2021

vent food cravings. Eating a handful of almonds every day is good for your health. Almonds contain monounsaturated fats and fiber. Therefore, almonds are good for controlling appetite.

Pistachios

Pistachios also brim with proteins, which is again a weight-loss-promoting nutrient. Pistachios are rich in fiber and protein, both of which increase satiety and help you eat less. They contain a high amount of vitamin B6, which is an important nutrient required for blood sugar regulation and the formation of haemoglobin.

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TRAVELOGUE

The Rose Valley is a 4-km trekking trail where the fairy chimneys can be viewed perfectly. Rose Valley’s pink color becomes more and more evident throughout the day, peaking at sunset when the sun glows directly onto the Rose Valley giving it that fine shade of pink where many people come to witness it.

August - September 2021

Cappadocia in Turkey:

The Most Magical Place on Earth

ave you ever been to a place that’s picturesque and has a magical feel? If not then Cappadocia in Turkey is the right place for you to add to your bucket list. Cappadocia is a geological oddity of honeycombed hills and towering boulders of otherworldly beauty. This region

is in central Turkey and is famous for its fairytale scenery, cave dwellings, remarkable rock formations, and not to forget the hundreds of hot air balloons that soar in the sky during sunrise every morning. Cappadocia’s landscape consists of dramatic expanses of soft volcanic rock, shaped by erosion into towers, cones, val-

leys, and caves. Those who wish to travel to Turkey never miss catching the beauty of Cappadocia. Here traveling by plane is the most practical way wherein you can reach Cappadocia Airport in Nevsehir. This place can be visited in all seasons of the year; thanks to the winter season which is not too cold.

August - September 2021

TRAVELOGUE

Visiting Cappadocia in different seasons will surely give different experiences. However visiting the place during the spring and autumn months (April, May, June, September, and October) will give a pleasant feel as the climate will be neither hot nor cold. It is also the best time for activities such as trekking and the famous ballooning. Due to its inland location and high altitude, this place has a markedly continental climate, with hot dry summers and cold snowy winters. In this region, rainfall is less and the region is largely semi-arid. Cappadocia just looks like anoth-

One of the best ways to enjoy the beauty of this place is by flying over it. Not just flying, you have to experience a hot air balloon ride. They are fast becoming one of the most common travel bucket list items in the world. er planet. Sometimes weird can be truly beautiful. This weird landscape is what makes it more magical to explore. The best way to describe Cappadocia’s landscape is “Moonscape” as it just looks otherworldly. One of the best ways to enjoy the beauty of this place is by flying over it. Not just flying, you have to experience a hot air balloon ride. They are fast becoming one of the most common travel bucket list items in the world. Each year more than half

August - September 2021

a million people come to experience hot air ballooning in Cappadocia, which makes this region the number one hot air balloon destination in the world. Soaring above the valleys and dramatic rock formations, peeking into pigeon holes and caves, and getting to float among hundred multi-colored hot air balloons would nothing be short of more spectacular. Another quintessential thing to do in Cappadocia is to stay at one of the many cave hotels – rooms carved into mountainsides or rock pillars. These cave hotels are not only just for the rich travelers and

are literally affordable by most. The best thing about such cave hotels is that the interiors stay cool and feel like a natural air conditioner. Ottoman Cave Suites in Goreme and Kale Konak Cave Hotel in Uçhisar are the top famous ones among the cave hotels, though there are still many more that offer the best hotels and are affordable at the same time. These hotels also come with complete amenities such as Hamams (Turkish baths), fast-speed internet, and modern bathrooms. Other highlights of these include rock-cut arches, walls painted with volcanic color, and panoramic terraces with

views of the valley. While being in Cappadocia, the next thing you shouldn’t forget is to wander through Goreme Open Air Museum. This is a UNESCO World Heritage Site that consists of classic rock-cut churches with beautiful frescoes dating back to the 10th, 11th, and 12th centuries. Plan to spend an hour to 90 minutes wandering between hollowed-out cave churches, and don’t forget to skip the “Dark Church” for seeing the preserved colorful frescoes. This Open-Air Museum sheds light on the life of early Christians. Buckle, Apple, Snake, Dark, and St. Bar-

bara churches are amongst the main churches to visit in Goreme Museum. Just outside of the Goreme town is the Rose Valley which is aptly named after its signature pink hue. It’s the minerals and sandstones in this landscape that gives it the pink tinge. This is a popular place for people to take wedding photos. The Rose Valley is a 4-km trekking trail where the fairy chimneys can be viewed perfectly. Rose Valley’s pink color becomes more and more evident throughout the day, peaking at sunset when the sun glows directly onto the Rose Valley giving it that

August - September 2021

TRAVELOGUE

August - September 2021

fine shade of pink where many people come to witness it. The next highlight is the Pasabag Valley that is the most popular spot in Goreme which has its epic fairy chimneys and cave dwellings. Here the fairy chimneys are truly quite amazing where large crowds always come to witness it. It can be seen often with a rock that sits atop of the chimney, ominously balancing its way through storms and heavy winds. These exist becomes of volcanic eruptions and were carved beautifully by the winds. You will also find cave dwellings which are often double and triple stories. The Ihlara Valley is also an incredible gorge that has a stunning river running down the heart of the valley for 16km within the volcanic rock. This is located near the province of Aksaray but is still considered to be part of the southern Cappadocia region. This is a great spot for a casual easy walk amidst some peaceful leafy nature and also is a hub for cave churches which you may find along your trail. 16 of 105 churches are open to the public and there are intact paintings and carvings inside. The Uchisar Castle is located in the small but beautiful town of Uchisar in Cappadocia. This is also one of the best viewpoints in Cappadocia and only a short drive or a small trek from the town of Goreme. The trek isn’t that tough with 100 stairs on the top but watching the sunset from the Uchisar castle will be worth the walks. With a 360-degree view, there is really a lot to view so make sure you walk around all the corners to see out over Goreme and all of the surrounding valleys.

So are you ready to visit Cappadocia in Turkey?

August - September 2021

AUTO REVIEW

Vivek Venugopal is one of India’s top automotive writers with over a decade’s experience in road-testing and reviewing cars. He is currently the Editor of Quarter Mile magazine and a columnist in several leading magazines and newspapers. He is also a highly sought after consulting engineer and market analyst for many automobile manufacturers.

August - September 2021

The Kushaq has a shrunken Tiguan look all over it with clean Germanic lines. At 4.2 metres, it is about as long as a Creta and has the longest wheelbase (2651mm) in its class, but looks a size smaller because of the tighter skin.

his is the most important new car for Skoda in many years. It is the first product to be part of their new ‘India 2.0’ strategy to develop India-specific models rather than bringing a product from their global portfolio and adapting it to the Indian landscape, as they always did before. Given our tax structure, most of the time when a manufacturer introduces an international model here, it is either too expensive for the masses or there is very little profitability for the

manufacturer. And prices go up a lot during the lifetime of the car if the components aren’t localized. The Kushaq is based on the MQB A0 platform which underpins the new Polo, Skoda Fabia, Audi A1, and other superminis. The India-specific MQB A0 IN platform has been stretched to make it more spacious. The big hump in the rear floor pan has also been removed meaning that there won’t be an all-wheeldrive version of the Kushaq here. It has almost 93 percent

Skoda Kushaq localization as of now. The Kushaq has a shrunken Tiguan look all over it with clean Germanic lines. At 4.2 metres, it is about as long as a Creta and has the longest wheelbase (2651mm) in its class, but looks a size smaller because of the tighter skin. The front-end styling is similar to the Kamiq and has the characteristic Skoda look to it. The rear three quarters look more compact than the proportions suggest and the rear-end styling is very clean and simple. The 17 inches ‘Atlas’ wheels look neat and there are minor lash-

ings of chrome on the car which every manufacturer thinks that we Indians like. Overall the styling is a ‘please-all, offend-none’ affair and that’s half the job done. Step inside and you are treated to an interior that is half-familiar and half new. It has the typical European familiarity where everything falls to hand and you feel right. The two spoke steering with rotary knobs is similar to the one in the new Octavia and feels CBU quality. The AC vents are said to have been made larger for India. The dials

are very basic and the infotainment interface seems to be from the last-gen Skodas. The upper part of the dashboard and the centre console are very different designs from what we have seen in Skodas. What is also different is the material quality that isn’t remarkable, in places. Sure, it’s not bad for its segment, just that we are spoilt by the top quality of Skoda and VW cars over the years. The front seats are great with good support, but the artificial leather cover looks more like an aftermarket addition and is loose-fitting in places. There

August - September 2021

AUTO REVIEW

are other cost-cutting bits where the plastic shroud around the sunroof is missing and the mechanism inside is visible. The front seats are ventilated, but the fans inside get quite loud and sound like a radio playing static. The rear seats are good with decent legroom, offer the right support, and have a near-perfect backrest angle. But it is not wide enough to seat three adults abreast, so the near-flat floor makes no big difference here. The boot, at 385 litres, is

smaller than the competition's. Equipment-wise, the Kushaq gets ESP, six airbags, collision warning, brake assist, electronic diff lock, traction control, tire pressure monitoring, wireless Apple Car Play, and Android Auto, ventilated seats, etc. However, it misses out on a lot of stuff that other cars in the segment offer, like a powered driver seat, panoramic sunroof, 360-degree camera, driving modes, connected car tech, etc.

August - September 2021

There are two choices of engines for the Kushaq, each with its own automatic and manual transmissions. The 1.0L 3cyl engine is the same as in the Polo and Vento but has 115bhp and 178Nm. It idles very smoothly for a 3 cylinder and it is only when you rev it harder do you feel the thrum. 0-100kmph comes up in 11.3 seconds and the automatic take two more seconds to hit the ton. The manual transmission is slick and the clutch is well-

AUTO REVIEW

weighted, but it is best to go for the 6 speed automatic. It also masks the engine’s turbo lag below 1800rpm and makes it feel stronger than the 1.0L capacity suggests. This Aisin sourced unit has an unusually fast creep that takes some getting used to. But in town, it is easy to drive the Kushaq leaving the gearbox to its duties. When you want to drive fast, it feels a bit out of its comfort zone though. That’s where the 1.5 litre 4 cylinder Kushaq fits in. It is the same engine that came in the Karoq and T-Roc. The engine makes 150bhp and 250Nm and that makes it a willing performer. 0-100kmph comes up in 9.5 seconds and the DSG is a tenth of a second faster. The engine feels a bit strained near its redline but the midrange is strong and it pulls well. It also employs cylinder deactivation

August - September 2021

on two cylinders for more fuel saving. The 7 speed DQ200 dual-clutch gearbox is a bit jerky and confused at some speeds. It does its job fairly well and gives a strong surge in each gear, letting you use the paddles for some extra control. The six-speed manual is even more fun, rowing through the gears, stretching the engine a fair bit every time. The Kushaq rides well over most roads. The suspension feels taut and well-judged for the most part. There is a bit of firmness, but then it can take most potholes well and feels very composed on broken roads. Straight-line stability is excellent and gives you massive confidence at high speeds. The steering has the right amount of assist and gives a decent feel. You can hurl it through a set of corners faster than other cars in its class.

Even with disc brakes at the rear, there is adequate stopping power. The Kushaq has its breadth of abilities – decent space, European build, good driving dynamics, lots of safety kit – which buyers have been longing for in this segment. But it also comes at a premium with prices ranging from Rs.12.421.5 lakhs on-road. The 1.0L variant, although it may seem like a Venue/Sonet rival in terms of engine capacity, is aimed at the 1.5 litre naturally aspirated versions of the Creta/Seltos while the 1.5 TSI is aimed at their turbocharged variants. There is no diesel option which is a deal-breaker for some. But if you want a goodto-drive, well-built, decently equipped midsize SUV that doesn’t skimp on safety features, the Kushaq fits the bill perfectly

MOVIE REVIEW

Mimi

imi is a Hindi language comedydrama film written and directed by Laxman Utekar. The movie is about an aspiring actress played by Kriti Sanon, in a small town who agrees to bear a child for a visiting couple seeking a surrogate mother, but her experience takes unexpected turns. The plot is entertaining and touching and has all the ingredients of a family entertainer. Mimi takes a relevant topic and turns it into an engaging, empowering, and compassionate tale of humanity and motherhood. For most parts of the film, there’s a lot of humor thus it appeals to audiences of all kinds. The dialogues are funny and very well-worded and largely contribute to the film’s entertainment scale.

Navarasa

“N

avarasa” is an anthology drama that is an effort to help the film workers in Tamil cinema impacted by the pandemic. Mani Ratnam and Jayendra Panchapakesan produced and presented Navarasa as a way to support film industry workers affected by the Covid-19 lockout. Navarasa consists of 9 episodes that depict 9 different stories. Each episode explores one of the nine rasas, such as anger, compassion, courage, disgust, fear, laughter, love, peace, and wonder intended to stir that emotion in the audience. It stars an ensemble cast of Suriya, Vijay Sethupathi, Siddharth, Revathi, Parvathy Thiruvothu Arvind Swami, and so on. Navarasa, which is currently streaming on Netflix, does a good job of conveying a variety of cinematic moods and colour palettes, albeit not the whole range of emotions intended.

August - September 2021

A Dark Foe

Dark Foe directed by Maria Gabriela Cardenas is a crime thriller movie. The story revolves around a vengeful FBI agent relentlessly searching for the serial killer who murdered his mother and kidnapped his sister years earlier. A Dark Foe temptingly measures ounces of blood, suspense, and psychological anguish. A Dark Foe cannot be accused of not thinking big enough; it is a sprawling, even epic story that evokes everything from classic film noir to Silence of the Lambs to Georges Franju, and, perhaps inadvertently, Trisha Rae Stahl's character Onacona, who, while fabulous, would be more at home in a John Waters film than in a neo-noir crime thriller. There's no doubt that Maria Gabriela Cardenas is on the verge of a promising career as a filmmaker, and there's also no doubt that working with her father as a co-writer and lead actor strengthened and personalised a professional partnership that grew out of their parent/child bond.

Old

ld is an American thriller film written, directed by M. Night Shyamalan. It is a thriller movie revolving around a family on a tropical holiday who discover that the secluded beach where they are relaxing for a few hours is somehow causing them to age rapidly reducing their entire lives into a single day. The movie makes references to very adultlike fears like the fear of growing old both mentally and physically, the fear of losing your beauty and youth, the fear of losing the reputation you’ve built for yourself, and most importantly the fear of getting caught up in all the unimportant dramas. The elements of silliness and deadly seriousness are nicely balanced. If you’re looking for something fresh that makes you think and aren’t overly sensitive, this is an entertaining watch.

August - September 2021

BOOK REVIEW

Malibu Rising Author Price

: Taylor Jenkins Reid : Rs.1,251 (hard cover)

alibu Rising is a psychological fiction novel written by Taylor Jenkins Reid which depicts the story of four siblings throwing an epic party to celebrate the end of the summer. But over the course of twenty-four hours, their lives will change forever. Every single thing the characters feel, from the big heart-shattering betrayals to the small moments of sibling pride is portrayed perfectly. Taylor Jenkins Reid is awakening the artistic soul of the readers with her extra creative and realistic storytelling skills. As equal to her earlier books Malibu Rising too explores the inner lives of the rich and famous showing us what is really going on behind all of those luxurious lifestyles.

The Lost Apothecary Author Price

: Sarah Penner : Rs 1,749 (hard cover)

he Lost Apothecary by Sarah Penner is the story of two women who are working to find their own way in the world. It is an intoxicating novel of secrets, vengeance, and the remarkable ways women can save each other despite the barrier of time. It throws a juicy mystery, murder, intrigue, and an entire layer of secret-keeping, and you get a novel that lifts the skirt of history to reveal women running the world. With immersive storytelling, a dark, gothic atmosphere, and unforgettable characters, this is a subversive debut that should not be missed.

August - September 2021

One Last Stop Author Price

: Casey McQuiston : Rs 1,265 (paperback)

ne Last Stop is a romantic comedy novel penned by Casey McQuiston. It is a delightful speculative tale that follows one of the protagonists August Landry, a somewhat cynical mystery lover who finds the ultimate puzzle in Jane, a punk-rock lesbian she keeps encountering on the subway. One Last Stop is about finding who you are and what your purpose is in life. It’s about how the people who love you come together for you again and again, even when you feel alone. It is a magical, magnanimous romance where the impossible becomes possible as August does everything in her power to save the girl lost in time.

The Last Thing He Told Me Author Price

: Laura Dave : Rs. 2,011 (Hardcover)

he Last Thing He Told Me written by Laura Dave is a thrilling mystery novel. The story revolves around the life of a woman, Hanna Hall who is in search of her husband, Owen Michael after his sudden disappearance. What makes it more memorable is the interesting stepmotherstepdaughter equation that Hannah and Bailey share and how it evolves as they try to unfold Owen’s sudden disappearance. The book is plotted carefully, without glaring plot holes or dangling narrative threads and everything in this thriller fits together neatly, with just enough complications to keep you on guard.

August - September 2021

EASY & BREEZY

Pandemic greeting and the Indian rope trick Sujit Chandra Kumar is an independent journalist who has earlier worked with leading publications for three decades

hat I am about to narrate happened just before the government forced the clubs to down their shutters once again and put a stop to wining and dining. So, when I parked the car and was about to enter the club, I noticed the watchman, who had strategically placed himself neither near nor afar from the main door, holding what seemed like the ubiquitous infrared thermometer. I extended my right hand involuntarily, ready to be tested and let in. Then, something unexpected happened. The watchman beamed from ear to ear, extended his own right hand and punched me gently with the back of his palm, in a pandemic variation of the high-five greeting. Pleasantly surprised but a little taken aback, I inquired if he wasn’t going to check my temperature. He, in turn, pointed out that what he had in his left hand was his mobile charger. But there are other places where

the situation is entirely hostile and so unwelcoming that you want to return without accomplishing your original intention. At a dentist’s, for instance, they have tied a rope at the entrance to restrict entry, allowing only fewer than half a dozen at a time inside the clinic, which means that the severe toothache is now coupled with the searing, windless humidity that prevails outside the clinic. The practice of rope-tying has become the norm even in government offices. Yet another trend that is catching up is to issue tokens, running even up to four digits, that puts you off so swiftly that you promise to return the next afternoon or not at all. The numbers are alarmingly rising despite all this caution. And the reason? These measures are done so that you don’t cause trouble to the people concerned and not entirely to drive away the virus. Once inside the club, which I had referred to earlier on, masks are neatly folded and kept within the trouser packets and chairs are placed within hissing distance of each other. The host of the evening insists on giving me a hug, despite my gentle protests, making me suspect that the club either has a very positive attitude, which cuts across

August - September 2021

all levels from the watchman to the very top, or wants to ensure that I go back home that night with a Covid-19 positive status. The clubs are now temporarily closed but I am told some of them have hushhush meetings even in this phase and it won’t be long before it becomes business as usual. Almost every voter In Kerala is enraged that the politicians conducted themselves without a care in the world during the campaign phase and contributed immensely to the surge in the daily count of cases. Now the same leaders are pontificating on the need to maintain Covid protocols. Couldn’t the polls have been put off, they ask, before the vaccination process got completed? Dance of democracy was not above the dance of death itself? Perhaps the politicians should learn a lesson or two from the tipplers of the land, who stood in queue patiently before the beverage counters, faithfully masked up, maintaining physical distance, only occasionally allowing themselves a joke or two, and returning satisfied with hands-full of bottled poetry that is supposed to last them for at least a week. And help them keep their sanity in tact

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