Executive Briefings Politics & Economy: China Stimulus

Wednesday November 20, 2024

Category: Opinion Papers

China announced a stimulus package of USD 1.4 trillion to boost its depressed economy. And about time, many analysts would argue. Price deflation continues to haunt the manufacturing sector as consumers defer purchases in the belief that goods will be even cheaper in the future. Whilst the sums appear to be substantial, the stimulus in fact fell quite short of what analysts would have hoped for. But this should be considered the first step with more to follow, based on the emerging trade scenario and the economy’s response over the months ahead.

Executive Briefings Politics & Economy: Trade Tariffs

Monday November 18, 2024

Category: Opinion Papers

Recently, America whacked a 100 percent tariff on imported Chinese electric vehicles and raised duties on a large number of other imports. More are likely to follow. The America First policy, proposed during Mr Trump’s first administration was kept in place and in fact further reinforced by Joe Biden. China, together with a host of other countries are now bracing themselves for further shocks.

Executive Briefings Politics & Economy: Trump & China

Friday November 15, 2024

Category: Opinion Papers

The return of Donald Trumpto the White House will have a geopolitical and an economic impact across the world. But none would be more affected than China. Now that there is consensus on both sides of the aisle in US Congress on the China strategy, President Trump will use tariffs in a desire to rebalance trade. This will affect global supply chains

The Food-Processing PLI Scheme: Progress and Challenges

Friday November 15, 2024

Category: IMA Analysis

The Production-Linked Incentive (PLI) Scheme, launched in 2021-22 as part of the Make in India initiative, aims to strengthen India's manufacturing across key sectors. With an allocation of Rs 109 billion, the food processing PLI scheme leverages India’s agricultural resources to boost production, exports and reduce import dependency. It incentivises incremental revenue and capital expenditure, driving investments and capacity creation

India Brief - November 2024

Monday November 11, 2024

Category: IMA Analysis

America’s decisive election results and upcoming state polls in Maharashtra and Jharkhand will set the course for policymaking in the near term. The attached India Brief for November summaries our views on the economy and politics, but in brief

Executive Briefings Politics & Economy: Data Protection

Friday November 8, 2024

Category: Opinion Papers

As the digital landscape morphs rapidly, so do the tribulations encompassing data privacy and protection. The DPDP Act, falls short of addressing the intricacies of modern data usage. In an age governed by tech giants like Google, Apple, and dozens of applications that collect, analyse, and monetise user data, the Act faces acute restraints that undermine its efficacy. One could justifiably question as to what the fuss was all about in the first place?

Executive Briefings Politics & Economy: China

Sunday October 27, 2024

Category: Opinion Papers, IMA Analysis,

Whilst the recent agreement to resume patrolling, along the Line of Actual Control, is a welcome step, it does not indicate a reset of relationships. The trust deficit will take a lot longer to amend. There have been several skirmishes on the border, fuelled by China’s creeping acquisition of disputed territory. Negotiations are painful, as they involve dozens of positions in high altitude terrains with both sides claiming ownership

Executive Briefings Politics And Economy: Fed Rates

Wednesday October 16, 2024

Category: Opinion Papers, IMA Content,

The impact of US monetary policy spreads across the entire global economic architecture. Fund flows to emerging markets are directly proportional to interest rate differentials. This is logical, as investors seeking higher returns, move funds out of the United States. More recently, the Reserve Bank of India defied market hopes, leaving interest rates unchanged. Logically, therefore, we should expect greater stability in the value of the rupee, as in the values of the other emerging market currencies. The half per cent point reduction now places the Fed fund rate to be between 4.75% and 5%. The shift in the Fed’s stance towards monetary easing, suggests that inflation is firmly under control, or so the central bank would like to believe

Executive Briefings Politics & Economy: Sri Lanka

Saturday October 12, 2024

Category: Opinion Papers

Sri Lankans, exasperated with corruption and crony capitalism amongst the ruling and business elite, voted for fundamental change. This constituted the basis of the support that drove the victory of Anura Kumara Dissanayake, an outsider from a Marxist political party, in the recently concluded presidential elections. Mr Dissanayake promised to renegotiate the terms of the IMF bailout, eliminate corruption and bring back money siphoned offshore by the previous ruling family – the Rajapaksa. Despite these endearing promises, Mr Dissanayake’s ability to deliver is either limited or completely lacking

India Brief - October 2024

Saturday October 12, 2024

Category: IMA Analysis

Entering the second half of FY25, Indian politics has thrown up a surprise win for the BJP, while the economic numbers are displaying some signs of weakness. The attached October 2024 edition of IMA's India Brief summaries our view of the macroeconomic and political/policy environment

Executive Briefings Politics & Economy: Foreign Policy

Monday October 7, 2024

Category: Opinion Papers

Recent diplomatic upsets aside, specifically within the neighbourhood of the Indian subcontinent, India’s foreign policy has served its interests well in the global community of nations. Even friends or indeed allies, cannot agree all the time but must find ways to work together on issues that they agree upon. In the final count they must build relationships based on matters of mutual interests. India has done a fine job, as the attached paper explains.

Industry: Diversifying Sources of Capital

Friday October 4, 2024

Category: IMA Analysis

IMA recently published its ‘Vision 2030: India’s Growth Frontiers’ report, which offers a comprehensive analysis of the factors driving the country’s economic transformation. This report aims to provide strategic insights and recommendations to navigate what is undoubtedly an exciting and dynamic environment, while decoding the nuances of India's economic journey in the years ahead.

Executive Briefings Politics & Economy: Travel Destinations

Friday September 27, 2024

Category: IMA Analysis

It would be fair to say that India has been blessed with some of the world's most scenic places. Himalayan towns with magnificent views of the Great Himalayan Range, or lesser ranges like the Dhauladhars or the Pir Panjal are stunning from any benchmark.

Consumer Markets: Powering Growth

Friday September 20, 2024

Category: IMA Analysis

IMA recently published its ‘Vision 2030: India’s Growth Frontiers’ report, which offers a comprehensive analysis of the factors driving the country’s economic transformation. This report aims to provide strategic insights and recommendations to navigate what is undoubtedly an exciting and dynamic environment, while decoding the nuances of India's economic journey in the years ahead.

Executive Briefings Politics & Economy: Interest Rates

Tuesday September 17, 2024

Category: Opinion Papers

US Treasury markets are suggestive of a cooling economy. Investors expect many rate cuts, as yields on bonds have refused to rise. Lower yields on long-term Treasuries, suggest that there is still a scramble to buy safe assets as volatility in riskier asset classes, specifically shares, will continue with further bouts of pounding.

An Economy in Transition

Friday September 13, 2024

Category: IMA Analysis

IMA recently published its ‘Vision 2030: India’s Growth Frontiers’ report, which offers a comprehensive analysis of the factors driving the country’s economic transformation. This report aims to provide strategic insights and recommendations to navigate what is undoubtedly an exciting and dynamic environment, while decoding the nuances of India's economic journey in the years ahead

Attrition and Talent Management

Friday September 13, 2024

Category: IMA Analysis

Attrition and talent management remain perennial concerns for HR leaders. IMA India recently conducted a dipstick survey across the India CHRO Forum, which garnered 40 responses, to understand ongoing trends in these areas. The attached article summarises the key findings of the survey.

Executive Briefings Politics & Economy: Policy Burdens

Thursday September 12, 2024

Category: Opinion Papers

The way the system will work is that the government will create a Data Protection Board, as the supervising agency to monitor, enforce rules and impose penalties when appropriate. The board would adjudicate a dispute between those whose personal data has been given to a platform and the platform which has in turn breached the obligations under the Act. Companies are understandably concerned that even unintended slips can lead to serious charges of violation. This opens up a completely new industry that promises auditing of an organisation’s processes to ensure compliance. The cost of doing business will consequently jump

The Operating Environment Assessment Paper

Wednesday September 11, 2024

Category: Opinion Papers

Executive Briefings Business & Management: Motivational Speakers

Friday September 6, 2024

Category: Opinion Papers

During a briefing at IMA’s CEO Forum, Jonty Rhodes, a prominent cricketer, explained that as a member of the South African squad, he observed his captain Hansie Cronjeplay decisively to each member’s strength. Everybody could simply not be exceptional at everything and as long as each team member did his job, success was near assured. As cricket commentators frothingly explain, getting red leather past Jonty was like trying to smash through a concrete wall.

India Brief - September 2024

Thursday September 5, 2024

Category: IMA Analysis

India’s Q1 GDP growth slowed though the underlying growth momentum remains strong. Meanwhile, Assembly elections in the next few weeks in Jammu & Kashmir and Haryana, and a bit later in Maharashtra, will set the tone on policymaking. The attached September 2024 edition of the India Brief summaries our view of the macreconomic and political/policy environment, but in short

Executive Briefings Politics & Economy: Private Investment

Thursday August 29, 2024

Category: Opinion Papers

The failure of private investment to perk up, has been a source of worry. Private investment scores have essentially declined since 2012. Despite the government’s cajoling, through PLI based incentives, and the slashing of corporation tax, inhibitions remain amongst a sceptical business constituency to take the punt and expand capacity.

Executive Briefings Politics & Economy: Yen Carry Trade

Thursday August 22, 2024

Category: Opinion Papers

Markets across the world came under a bout of bear hammering on the 5th August. US unemployment which had fallen to a new set of lows, began edging up again and inflation pressures eased. All of this contributed to the sell off, but the key reason was the unwinding of the yen carry trade - which involves borrowing in yen at minimal cost and investing in higher yield assets overseas.

Executive Briefings Politics & Economy: Travel Destinations

Monday August 19, 2024

Category: Opinion Papers

The degradation of cities and, most worryingly, hill travel destinations, is a terrible tragedy. What has been destroyed as unlikely to be fixed but governments specifically at the local level must act to ensure that further damage to less travelled destinations does not happen

Executive Briefings Politics & Economy: Bangladesh

Monday August 19, 2024

Category: Opinion Papers

The recent developments in Bangladesh, leading to the ouster of Prime Minister Sheikh Hasina Wazed, were in many ways not dissimilar to what happened in Sri Lanka a few years ago. Civil Society anger against the ruling establishment had been pent up for several years, so when a peaceful demonstration by students began a couple of months ago, it quickly turned violent

India Brief - August 2024

Saturday August 10, 2024

Category: IMA Analysis

Its first Budget behind it, India’s new government will now focus on the nuts and bolts of policymaking while managing the fallout of a change of leadership in Bangladesh. The attached August 2024 edition of the India Brief summaries our view of the macreconomic and political/policy environment, but in short

Executive Briefings Politics & Economy: Unemployment

Friday August 2, 2024

Category: Opinion Papers

Youth unemployment in India, specifically amongst graduates, stands at an alarming 17%. This is despite the fact that, over the course of the last several years, the government has invested unprecedented sums in the creation of infrastructure

India Brief - July 2024

Tuesday July 9, 2024

Category: IMA Analysis

The new government appears to have settled in, the economy remains on a strong growth path and the markets now await a Budget that will signal the Centre’s intent for the coming years. The attached July 2024 edition of the India Brief summaries our view of the macreconomic and political/policy environment, but in short

Executive Briefings Politics & Economy: Chinese Yuan

Friday July 5, 2024

Category: Opinion Papers

At our last paper, we explained why we believe that the US dollar will remain the dominant reserve currency as well as the primary medium of exchange, for settlements in international trade

Executive Briefings Politics & Economy: US Dollar

Saturday June 29, 2024

Category: Opinion Papers

All things considered, the dollar is unlikely to be replaced, at least over the next decade or two. One reason for this is the absence of an alternative. Some would argue that China’s growing and powerful economy, should enable the renminbi to replace the dollar, as both a reserve currency and a medium of exchange. However, that seems implausible under the current circumstances. A reserve currency is meant to be a store for value and issued by a country, which hosts a free an independent judiciary, rule of law and a reliable legal system.

The Operating Environment Assessment Paper - June 2024

Friday June 14, 2024

Category: Opinion Papers

FY24 GDP growth was a positive surprise while in the realm of politics, the BJP came up short in the recent Parliamentary elections. IMA’s June 2024 Operating Environment Assessment Paper provides an overview of our current outlook on the macroeconomy, and of the political/policy landscape.

Executive Briefings Politics & Economy: Post Elections

Friday June 14, 2024

Category: Opinion Papers

From a policy perspective, July’s Union Budget will shed light on the way forward. However, the NDA’s broad thrust is unlikely to change much, with a continuing emphasis on ‘Make in India’, fiscal consolidation, the green transition and digitalisation. That said, many 2nd/3rd generation reforms will have to be supported by the states, as will issues such as labour, land and farm reforms. All are state subjects and unlikely to be addressed in a hurry.

India Brief - June 2024

Thursday June 6, 2024

Category: Opinion Papers

The General Election results and the latest GDP numbers both came as a surprise to nearly everyone. As a new government takes shape, there is a degree of trepidation around what this means for policymaking, and financial and currency markets remain on edge.

Executive Briefings Politics & Economy: Chabahar Port

Friday May 24, 2024

Category: Opinion Papers

In all the coverage surrounding the parliamentary elections, it may have slipped the attention of a few that India signed a deal with Iran on developing and operating the Chabahar port. As the attached paper explains, this is geopolitically significant. I hope that you would find it in order.

Executive Briefings Politics & Economy: Gold Investments

Wednesday May 15, 2024

Category: Opinion Papers

Gold as an asset class, has performed surprisingly well with a return of just under 40% over two years. With currencies losing value.as a result of large fiscal deficits across the world and sticky inflation, Gold promises to provide a hedge. The attached paper explains.

Update - Emigration May 2024

Saturday May 11, 2024

Category: Opinion Papers

Over the course of the last five years, approximately 25,000 to 30,000 people left India to settle elsewhere. Emigration comes with economic consequences, as it's usually the highly educated and, almost certainly, the well heeled variety that move. According to research by Henley & Partners, a global consultancy that specialises in offering advice on second passports, India is third in the pecking order after Russia and China to lose its citizens to other countries.

Executive Briefings Business & Management: Adapting Brands

Friday May 3, 2024

Category: Opinion Papers

We had previously written a piece on how careful one may need to be, in tweaking heritage brands. Based on client requests, we have done one on how some successful adaptions have taken place. I hope you find it in order.

Executive Briefings Business & Management: Brands & Customers

Monday April 29, 2024

Category: Opinion Papers

Heritage brands command a premium in the market place but are also constraining, in the sense that they may not be able to target a new emerging customers segment.

Executive Briefings Business And Management: Strategy

Friday April 19, 2024

Category: Econimics, Opinion Papers,

The use of consultants, towards the formation of business strategy, has had mixed results. Some companies claim they were a game changer, whilst others strongly disagree. It’s hard to conclude authoritatively with numerical evidence, either way. But what is clear is that they charge a lot. What is not clear though is whether what they do cannot be done internally.

Executive Briefings Business and Management: CXO Talent

Friday April 12, 2024

Category: Opinion Papers

A retirement age of between 58 and 62 years, leaves a decade for active engagement. Some prefer to use this freedom, from regimented employment, to pursue personal interests and leisure. Still others seek to remain professionally involved by lending their skills and knowledge, acquired over decades, for the benefit of others. It is a win-win, where the individual monetises her experience and an organisation, gains from it in a cost effective manner.

Executive Briefings Business And Management: Gen Z

Sunday April 7, 2024

Category: Opinion Papers

Gen Z are different to their bosses. Their job is only a small part of their identity and they make that abundantly clear in the work place. They value empathy at work and frequently consider it a precondition. Their bosses, on the other hand, do not place as high a value on this attribute.

India Brief - April 2024

Thursday April 4, 2024

Category: IMA Analysis

As India’s general elections get underway shortly, the focus will soon turn to what policy measures the new government will undertake. The attached April 2024 edition of IMA’s India Brief summarises our current view of the economic and policy environment. In summary

Executive Briefings Politics and Economy: Forward Premiums

Thursday April 4, 2024

Category: Opinion Papers

Forward premiums, play a critical role in foreign exchange markets. They are the difference between the spot rate and the forward exchange rate. They represent either a premium or a discount at which a foreign currency is valued in the forward markets, when compared to its current value. Premiums, consequently, provide insights into the market’s outlook, investor sentiments and the likely direction of exchange rate movements.

Executive Briefings Politics And Economy: US Interest Rates

Thursday March 28, 2024

Category: Opinion Papers

The key issue that CFOs will grapple with is the longer-term Fed rate, once the inflation target of 2% has been achievedin America. The average projection is estimated at 2.6%, suggesting a real neutral rate of 0.6%.

The Operating Environment Assessment Paper March 2024

Thursday March 14, 2024

Category: Opinion Papers

The Indian economy grew at an unexpectedly brisk 8.4% in Q3 (Oct-Dec), taking cumulative growth in the first 9 months of FY24 past 8% and prompting the government to hike its full-year forecast to 7.6%. However, underneath these impressive numbers, there are clear signs of a slowing growth momentum. Q4 growth is likely to come in at ~5.9% and private and government spending are both faltering. Next year should see growth moderate to about 6-6.5%.

Executive Briefings Business and Management: Forecasting Demand

Thursday March 14, 2024

Category: Opinion Papers

Forecasting demand is the critical imperative for business, which provides the basis for judicious choices to follow. Strategy planners have created models that offer a heads up for emerging demand trends. They work on correlations with expected GDP growth amongst an array of financial, economic and social indicators.

Executive Briefings Business and Management: Personal Finance

Monday March 11, 2024

Category: Opinion Papers

Financial markets move in both directions. Although, during a long bull-spell, this fact is easy to forget. Equities across the world have done remarkably well, and it would be reasonable to say that they have in fact defied gravity. But that is not to say that future growth is guaranteed or even likely. The attached paper explains.

India Brief - March 2024

Thursday March 7, 2024

Category: IMA Analysis

India’s general election dates will be announced shortly and the recently released Q3 GDP numbers point to an economy that remains in generally good health. The attached March 2024 edition of the India Brief summarises our current view of the economic and policy environment, but in brief

Executive Briefings Politics And Economy: Sovereign Ratings

Friday March 1, 2024

Category: Opinion Papers

India’s sovereign ratings lag only a notch or so about junk. This is not because India deserves to be placed there, but rather due to a bias amongst rating agencies. Some might venture to suggest this is a trend across several institutions,where biases reflect in various forms including media reports. The attached paper provides some insights on this issue.

Executive Briefings Business & Management: The Work Place

Thursday February 15, 2024

Category: Opinion Papers

No more than a decade ago mental health sadly, carried a stigma which prevented patients from even discussing it within their own families. Fortunately, that has now begun to change. The issue gained recognition and importance during the extended lockdowns in the aftermath of the Covid 19 pandemic. Subsequently, employers acknowledge this as something that could no longer be ignored and needed to be grappled with.

Executive Briefings Politics And Economy: US Elections

Saturday February 10, 2024

Category: Opinion Papers

The odds of a second Trump presidency are a little better than the outcome of a toss of a coin. It all boils down to 7 swing states, which have over recent history been pivotal. The real issues to grapple with are the likely policy shifts that may take place under a second Trump administration. This could be across the entire spectrum from geopolitics, energy, security, trade and investment, immigration amongst others. These will impact global supply chains (both manufacturing and services) , and consequently, business enterprise, even those operating in India.

India Brief - February 2024

Thursday February 8, 2024

Category: IMA Analysis

The political winds continue to blow in the BJP’s direction. Adding to the impetus created by the inauguration of the Ram Temple late last month, Nitish Kumar made yet another alliance switch, re-joining the NDA after a 2-year gap. This may swing Bihar firmly the BJP/NDA’s way in this year’s general elections and with the INDIA alliance fraying elsewhere, the government is confident of returning to power. This was apparent as well in the Interim Budget, which stayed far from the path of populism.

IMA India's Q4FY24 BCPI - Highlights - January 2024

Thursday January 25, 2024

Category: IMA Analysis

IMA’s quarterly Business Confidence and Performance Index (BCPI) survey tracks the business outlook of organisations across industries. Regularly conducted for over a decade, the headline BCPI index is strongly correlated with economic growth, and thus, is a good lead indicator of future GDP data releases. Over 155 CEOs and CFOs responded to the Q4 FY24 edition of the survey, run earlier this month.

India Brief - January 2024

Wednesday January 10, 2024

Category: IMA Analysis

January 2024 INDIA Political & Policy Issues to Watch The Winter Session saw much rancour but also significant legislative action Parliament’s short Winter Session was both, highly acrimonious and unusually productive. 146 opposition MPs were suspended for ‘disorderly conduct’ and one was expelled for ethical misconduct. Despite the opposition’s repeated protests and walkouts, the government managed to introduce 10 bills and pass a total of 17. These included 3 bills to replace colonial-era criminal laws and procedures; a bill repealing 65 redundant laws; one that changes the selection procedure for Election Commissioners; and a new telecommunications law that may potentially impinge on personal privacy. Outside of the legislature, the Supreme Court’s formal nod to the abrogation of Article 370 was a shot in the arm for the government and clears the way for the restoration of full statehood for Jammu & Kashmir. Ayodhya’s Ram Temple and the Interim Budget will be in focus this month Two upcoming events will set the tone for national elections, expected in April-May. The inauguration of the Ram Temple in Ayodhya later this month will serve as an informal launchpad for the BJP’s campaign. It may also leave the INDIA bloc parties in a bind over how to handle what remains a deeply sensitive matter. Meanwhile, even as February’s Union Budget will by, convention, be a stop-gap, interim statement of account, it may provide some succour to voters and industry alike. Expectations are rife that the FM will announce concessions that leave more money in the hands of consumers, as well as a few new incentives for manufacturers.

Executive Briefings Politics & Economy: Argentina

Wednesday January 10, 2024

Category: Opinion Papers

After decades of being burdened with leftist Peronists, Argentina finally elected Javier Milei a self-described libertarian. Mr Milei had campaigned on a promise of small government and a passionate commitment to fixing Argentina’s crumbling economy.

Executive Briefings Business & Management: Director’s Compensation

Thursday December 28, 2023

Category: Opinion Papers

IMA’s Executive and Board Remuneration Report was published a few weeks ago and presents an analysis of compensation trends amongst 100,00 executives in about 18,000 companies. It provides a useful input to benchmark compensations for C-suite individuals across company size, industry, and publicly listed, unlisted, and multinational companies. The attached paper provides some insights from the report's findings.

Executive Briefings Politics & Economy: Japan

Thursday December 28, 2023

Category: Opinion Papers

Simon Kuznets, a Nobel Prize-winning economist, once remarked that there are four types of countries – advanced economies, emerging markets, Argentina and Japan. Japan, which has over the years and despite a series of policy efforts, remained plagued with price deflation and feeble growth.

Executive Briefings Politics & Economy: BJP Victories

Sunday December 17, 2023

Category: Opinion Papers

For a cadre-based organisation, where ground support was the key factor in election outcomes, to transform itself around its leader indicates a drastic shift. Narendra Modi is not only the party leader. He is its message. Mr Modi embodies the BJP’s ideology and its cadres. He is, in fact the very product that is offered to constituencies as the electoral choice. The product is a combination of three issues that have dominated Indian politics and led to successful victories over the past few years. The attached paper explains.

The Operating Environment Assessment Paper

Thursday December 14, 2023

Category: Opinion Papers

The BJP’s decisive electoral victory in 3 key states has made its return to power at the Centre next year a stronger likelihood. Particularly convincing was the huge margin by which it won Madhya Pradesh - and even more so, its unexpected success in Chhattisgarh, where the Congress was expected to retain power. The ongoing Winter Session of Parliament - probably the last ‘full’ session before the 2024 polls - will see frantic legislative action, with as many as 19 bills listed for consideration and passage.

India Brief - December 2023

Monday December 11, 2023

Category: IMA Analysis

Sunday’s unexpected election results from three crucial Hindi heartland states have shortened the odds of an NDA victory in next year’s general elections. 6 months is an eternity in politics but the clear mandate the BJP received in Madhya Pradesh and Chhattisgarh strengthens its hand and weakens the prospects of a viable opposition coalition replacing it. On the policy front, the Winter Session of Parliament will see a legislative push, with 19 bills scheduled for consideration, including 7 new ones.

Executive Briefings Business & Management: Global Outlook

Saturday December 9, 2023

Category: Opinion Papers

Over the coming decade, some countries will do a lot better than others. India, for instance, is likely to emerge as the world’s fastest growing large economy just as China’s growth begins to moderate. Businesses will need to realign their strategies under these changing market conditions to seek out opportunities and refigure their supply chains.

Executive Briefings Business & Management: Global Economy

Sunday December 3, 2023

Category: Opinion Papers

The rise and fall of countries in the global pecking order, is based on their ability to efficiently use capital and other resources. Clearly, it helps to avoid bad politics.

Business & Management: PRS Oberoi

Monday November 27, 2023

Category: Opinion Papers

PRS Oberoi, Chairman Emeritus, Oberoi Hotels passed away on the 14th November. He built an institution that sets benchmarks in what constitutes hospitality. Oberoi hotels, across the world, are synonymous with the highest standards of luxury and impeccable service. All of this was possible because of a fine eye for detail, as Mr Oberoi had the unique ability to spot the tiniest imperfections. He never shied away from pointing them out to his colleagues.

Executive Briefings Politics and Economy: Business Travel

Wednesday November 8, 2023

Category: Opinion Papers

Business travel in India has gradually improved over the course of the last three decades. Airports are so much nicer and so much more efficient. Privatisation, on balance, has worked effectively. Over the course of the coming 5 to 7 years, the aviation market in India will jump to 400 million passengers annually. This would constitute the third largest market in the world after America and China.

India Brief - November 2023

Tuesday November 7, 2023

Category: IMA Analysis

Assembly elections this month in 5 states - including 3 key states in the ‘Hindi heartland’ - are being touted, perhaps incorrectly, as a ‘semi-final’ ahead of the 2024 General Elections. Voters tend to make very different decisions in state-level polls than in national elections, and the latest opinion surveys suggest that the BJP will have a battle on its hands. A strong performance by the Congress may give it some political momentum but it will also make it harder to hold together the brittle INDIA alliance. Meanwhile, the brutal Israel-Hamas war will, particularly if it sustains, greatly complicate India’s geopolitical calculations.

Executive Briefings Politics And Economy: Middle East

Tuesday October 31, 2023

Category: Opinion Papers

If the war in the gulf were to escalate then, commodity prices, specifically oil, would be affected. The World Bank suggests that in the worst scenario, 6 to 8 million barrels of oil could evaporate from the marketplace, leading to a spike in crude to a range between USD 140 to 157 a barrel. Surprisingly, oil markets have remained calm, with only a moderate 6% increase in the wake of the conflict.

Executive Briefings Politics And Economy: Global Outlook

Wednesday October 25, 2023

Category: Opinion Papers

With US bond yields spiking, stock markets in India suffered a pasting on October 22. Volatility will remain and the markets may correct further. The global economy is beginning to falter and GDP growth in America and the EU is slowing. These developments will have an impact on India and asset prices may deflate with an impact on consumption.

Executive Briefings Business & Management: Personal Finance

Wednesday October 18, 2023

Category: Opinion Papers

During our espresso session last week, we shared the findings of the 2023 Personal Finance and Wealth Management Survey. With about 360 respondents, the data generated was robust both in terms of our ability to undertake correlations and generate meaningful insights for practical use.

Executive Briefings Business & Management: Manufacturing

Wednesday October 11, 2023

Category: Opinion Papers

The Make in India scheme comes with two props. First incentivise local production and second curtail imports. Ultimately, it is the policy intent of government that should a business want to sell in India, it would have to make manufacturing commitments. The attached paper explains.

Executive Briefings Politics & Economy: Israel

Tuesday October 10, 2023

Category: Opinion Papers

India Brief - October 2023

Tuesday October 10, 2023

Category: IMA Analysis

At the half-way point of FY24, India’s economic indicators remain unexpectedly strong and Q2 (Jul-Sep) GDP growth is likely to remain in the 6.5%+ range. However, a below-normal monsoon, stubborn inflation and slowing world trade are big risk factors that will weigh on growth in the second half of the year.

Executive Briefings Business & Management: Personal Finance

Thursday September 21, 2023

Category: Opinion Papers

Passive investing is now recognised as the ideal option for those seeking to take punts on the equity market. Despite what investment managers might say, the evidence is clear that ETFs provide flexibility, tax advantages and transparency. They are much cheaper, as the brokerage paid is a fraction of what mutual funds would charge.

Executive Briefings Politics & Economy: BRI

Thursday September 21, 2023

Category: Opinion Papers

On paper, the BRI comprised an ambitious plan to connect parts of the globe through land and maritime routes, as the basis for trade. In reality, results have been mixed. Some countries benefited from China’s financial clout; still others, have fallen into a debt trap and a vicious cycle of dependency. The attached paper explains.

Executive Briefings Politics & Economy: The Judiciary

Friday September 15, 2023

Category: Opinion Papers

Most blame the judiciary as being primarily responsible for the volume of unsettled cases. A closer examination, however, suggests there is much more to this than meets the eye. As it happens, the government and its associated entities play the overriding role in burdening the Indian legal process. The attached paper explains.

Operating Environment Assessment Paper - September 2023

Thursday September 14, 2023

Category: Opinion Papers

India’s Q1 (Apr-Jun) GDP growth, at 7.8%, was strong, yet mildly below what analysts had expected. Coming off a high base from a year ago, this number looks very credible and is indicative of strong growth momentum. On current trends, Q2 growth is likely to be only mildly lower. However, the second half of the year could prove more challenging, with inflation, a weak monsoon and a slowing global economy all weighing down.

Executive Briefings Politics & Economy: China

Monday September 11, 2023

Category: Opinion Papers

Real estate in China constitutes a fifth of GDP and is weighed down by a combination of untenable debt and scant demand. It is now clear that the trajectory of growth, over the course of the last two decades in China, can now no longer be sustained. A combination of debt, price deflation and demographic debility has begun to express itself in economic trends.

India Brief - September 2023

Tuesday September 5, 2023

Category: IMA Analysis

At 7.8%, India’s first-quarter (Apr-Jun) GDP growth was robust but slightly below market expectations. Manufacturing showed signs of lethargy but the services sector grew at just over 10% and construction expanded by nearly 8%. Even as Q2 growth is likely to stay buoyant, rising inflationary risks and slowing global trade volumes are likely to trigger a deceleration in the second half of the year.

Executive Briefings Business & Management: BRSR

Tuesday August 29, 2023

Category: Opinion Papers

Business Responsibility and Sustainability Reporting (BRSR) involves disclosure requirements of a company’s non-financial performance, including but not limited to its environmental, social, and governance practices. It is intended to provide stakeholders with more than just numerical scores. In fact, it is the wholesome perspective on a business’s impact towards the environment, society and ethical dimensions.

Executive Briefings Politics & Economy: Debt Market

Wednesday August 23, 2023

Category: Opinion Papers

India’s debt market, is still nascent. It has the promise of enormous growth if the various barriers constraining it are eventually addressed. This requires a multi-pronged approach that includes policy reforms, developing the infrastructure, incentivising participation from domestic and foreign investors and, most importantly, educating them on how it works and why it is important from a portfolio diversifying perspective. Going forward, the market for debt must be wide and deep as it should be a vital source of capital and, consequently, economic growth.

Executive Briefings Business & Management: Industrial Revolution 5.0

Saturday August 19, 2023

Category: Opinion Papers

The factories of the future will consist of machines, packed in a complex format, producing precision goods with practically no human intervention. Previously, this was considered within the realm of science fiction. Now, that is no longer the case.

Executive Briefings Business & Management: AI And The Work Place

Friday August 11, 2023

Category: Opinion Papers

Analysts suggest that private consumption in India will touch USD 6 trillion by 2030. Perhaps, this might seem optimistic but the reality remains that the growth anticipated over the coming 5 to 7 years would certainly be brisker than that demonstrated over the last decade.

India Brief - August 2023

Thursday August 3, 2023

Category: IMA Analysis

The lead-up to 2024 is intensifying, with 26 opposition parties clubbing together to form a new ‘INDIA’ alliance that aims to present a united front against the BJP on a seat-by-seat basis. In response, the BJP has been busy shoring up its own alliances. Meanwhile, in Parliament, the continuing rancour over Manipur has disrupted proceedings but the government has continued to push through its legislation.

Executive Briefings Business & Management: Culture

Wednesday August 2, 2023

Category: Opinion Papers

The culture of organisations is what ultimately sets it apart from the competition. It frequently characterizes its competitive place and is the backbone of a winning strategy. It attracts talent and builds goodwill amongst employees, vendors and customers. In the final count, it is the key thing that companies must focus upon.

Executive Briefings Business & Management: Talent

Saturday July 29, 2023

Category: Opinion Papers

At a forum session led by Krish Shankar (Former CHRO of Infosys) the importance of ‘re-onboarding’ was made explicitly clear. From his vast experience in dealing with HR policies and a younger generation of employees, Krish argued that most companies should expect a 25% churn within 3 years of a worker coming on board. The only way to reduce this unacceptable level of attrition is to retrain, manage growth aspirations and re-induct them, so to speak.

Executive Briefings Politics & Economy: China’s Economy

Friday July 21, 2023

Category: Opinion Papers

Most forecasters including IMA had predicted that China’s reopening, post lockdown, would create an economic boom of unusual proportions. That has failed to occur. In fact, following the initial couple of months, where pent-up demand unleashed itself upon the market place, the consumption bubble rapidly deflated.

Executive Briefings Politics & Economy: Indo US Relations

Monday July 10, 2023

Category: Opinion Papers

Several initiatives provide platforms for engagement in further strengthening the bilateral relations between the US and India. Amongst them is India’s membership of the Quad, the Clean Energy Agenda Partnership 2030, the Indo-US Initiative on Critical Technology and finally, I2U2 - a four-nation pact including UAE, Israel, USA and India.

Executive Briefings Business & Management: AI And The Work Place

Thursday July 6, 2023

Category: Opinion Papers

It’s fair to suggest that Generative AI will replace some jobs, but also that it will make others considerably easier for humans and the basis of new ways and means of working altogether. For organisations and their workforces, adapting to the next wave of technologies would appear essential. Companies would redesign processes and operations to stay competitive, something their people will remain at the heart of, in one way or another.

India Brief - July 2023

Thursday July 6, 2023

Category: IMA Analysis

A full quarter into FY24, most of India’s lead economic indicators remain strong. The PMI indices in June were close to multi-year highs; GST receipts are reliably strong and vehicle sales are holding up. IMA’s quarterly BCPI index jumped sharply in its latest, June-end reading. Inflationary pressures also seem to be ebbing, though conversely, trade flows continue to weaken.

Executive Briefings Business & Management: Leadership Attributes

Thursday June 22, 2023

Category: Opinion Papers

In life, as in the work place, individuals are different, with distinctive strengths and frailties. It would appear pointless to try and straighten out failings especially of a sort that are ingrained in the very character, personality or instinctive capability. Leaders, therefore, play to people’s strengths. That’s where they get the biggest bang for their buck.

The Operating Environment Assessment Paper - June 2023

Wednesday June 14, 2023

Category: Opinion Papers

India’s GDP expanded by a faster-than-expected 6.1% in Q4 (Jan-Mar), taking full-year growth in FY23 to 7.2% - again, higher than both private and official forecasts. The strong growth momentum appears to have carried into the new year, with most lead indicators pointing solidly upwards. Inflation is also moderating and external conditions are more favourable than they were a few months ago. A potentially weak monsoon may impact rural growth in the second half of the year and consumer markets are a mixed bag. All considered, however, growth this year is likely to be close to the upper-end of the 6-6.5% range.

Executive Briefings Politics & Economy: Economic Policy

Friday June 9, 2023

Category: Opinion Papers

There are three essential considerations on whose premise the country’s economic policy would be ascertained. First, above everything, is the issue of macroeconomic stability. This specifies a clear mandate to the Reserve Bank of India (RBI) to ensure that inflation remains within a band of 2-6%. Second, the importance of accumulating foreign exchange reserves. Third, the government will focus on supply-side issues, rather than demand and therefore, seek investment driven growth.

India Brief - June 2023

Wednesday June 7, 2023

Category: IMA Analysis

India’s fourth-quarter (Jan-Mar 2023) GDP growth came in at a stronger-than-expected 6.1%, lifting full-year growth to 7.1% - slightly above the official forecast. This momentum has carried over into the new year, with the PMI numbers, GST receipts, vehicle sales etc all holding strong. Inflation is also trending downwards, making it almost inevitable that the RBI will hold steady on policy rates at this week’s MPC meeting. On the other hand, foreign trade continues to shrink.

Executive Briefings Politics & Economy: Libor

Friday June 2, 2023

Category: Opinion Papers

Libor will cease to exist with effect from June 30, 2023. The benchmarks replacing it are better structured. As a start there is one for each of Libor’s five currencies – the secured overnight financing rate Sofra for the dollar, Sonia for the pound, Tonar for the yen, Saron for the Swiss franc and the euro short-term rate (€str) for the euro. The way this works is that they measure borrowing costs on actual transactions, rather than trusting bankers to respond honestly to a daily questionnaire, as was the basis of determining the Libor rate. The US dollar Sofra, report rates in the repo market (for loans secured against government bonds) rather than for bank deposits. CFOs, specifically those with large treasuries, are struggling through this transition on negotiations with lenders and money managers. It will be a few months before things begin to settle.

Executive Briefings Politics & Economy: The Rise of India

Monday May 22, 2023

Category: Opinion Papers

India is becoming a victim of leftist propaganda from organisations that disagree with its political paradigm. They attempt to undermine its transition through widely circulated reports, which are based on wobbly foundations. It would be a folly to take them seriously. India’s rise will be resisted, as was the case with China and, going back in time, with Japan during the 1980s.

Executive Briefings Business & Management: Nandan Nilekani

Thursday May 18, 2023

Category: Opinion Papers

Nandan Nilekani played the formative role in creating the basic infrastructure - Aadhar - upon which various offerings and government services have been stacked. He advised UPI, ONDC and informally worked with the government on several projects.

Executive Briefings Business & Management: China Dependence

Wednesday May 10, 2023

Category: Opinion Papers

Many companies are thinking through a China plus one strategy, with new capacities being created in Eastern Europe and Mexico. In any case China’s labour cost arbitrage no longer works, as wages have jumped over the course of the past five years. Consequently, new manufacturing locations that have robust infrastructure, low taxes and an efficient and predictable judiciary are benefitting from the reallocation of capital. But China will continue to play a role for a long time to come, as this paper explains

India Brief - May 2023

Tuesday May 9, 2023

Category: IMA Analysis

Karnataka goes to the polls tomorrow and the results may prove even more significant than previously believed. India’s opposition parties appear determined to forge a broad, non-BJP front, and should the Congress unseat the BJP, it could emerge as a serious contender as the anchor party for such a grouping. Meanwhile, on the policy front, various arms of the government have been busy finalising new rules, regulations and policies across a range of sectors.

Executive Briefings Business & Management: Generative AI

Thursday May 4, 2023

Category: Opinion Papers

As a productivity enhancement tool, generative AI helps solve complex problems rapidly. It scans vast amounts of data to produce insights that traditional methods would take far longer. ChatGPT, for instance, works with complex algorithms to produce information and unlike traditional AI systems, that stick to pre-set rules, it can create something new by examining patterns within existing data sets. A well publicised application of generative AI is in language processing. It can construct original text or dialogue. ChatGPT, has the capacity to generate human-like responses to text prompts and is consequently ideal for chatbots as a customer service tool.

Executive Briefings Business & Management: Consumption

Friday April 28, 2023

Category: Opinion Papers

With reasonable assumptions on economic growth and that we sail a steady ship, without extreme shocks – either economic, social or political – India’s economy should touch USD 6-7 trillion by 2031-2032. That is not too far away and businesses need to get their plans sorted to tap this remarkable opportunity.

Executive Briefings Politics & Economy: Global Update

Sunday April 23, 2023

Category: Opinion Papers

As of now, we do not subscribe to the view that interest rates have peaked in India and a quarter percentage increase will possibly take place. The Fed, too, may announce a 25 bps hike in the coming months. Bond yields in India, on the other hand, are close to their peak and treasury managers should consider locking in their investments for now. CFOs must also keep an eye on liquidity, should external conditions cast a shadow upon the Indian financial market place.

Executive Briefings Business & Management: Artificial Intelligence

Tuesday April 18, 2023

Category: Opinion Papers

Is this the start of something big or is it simply a mirage? Believe or disbelieve, Artificial Intelligence is the new kid in town. Big tech has pumped billions of dollars, in the likes of ChatGPT and other AI generative models, in the hope of scrounging huge returns in the years ahead. App developers, venture capitalists, privately funded laboratories, web-platform businesses are amongst hordes of entities jostling to find a place in what will emerge as the new marvel. The attached opinion paper explains.

IMA's Q1 FY24 BCPI Report - April 2023

Tuesday April 18, 2023

Category: IMA Analysis

After recovering in January, IMA’s quarterly BCPI (Business Confidence and Performance Index) slipped two points, to 60.2, in the latest, end-March iteration of the survey, which drew participation from over 180 companies. Businesses are today more pessimistic than 3 months ago about both - the macroeconomic environment, and their own businesses.

India Brief April 2023

Thursday April 6, 2023

Category: IMA Analysis

With continuous disruptions marring the Budget Session of Parliament, few bills found passage, thout two contentious ones did. The penalty provisions contained in the amended Competition Act will be troublesome, especially for big tech companies. Meanwhile, the amended Finance Bill will remove the tax incentive for investing in debt-oriented mutual funds. In the political sphere, all eyes are on the Karnataka elections, which are a must-win for the Congress party.

Executive Briefings Business & Management: Info Edge

Thursday April 6, 2023

Category: Opinion Papers

The need to innovate constantly is essential for survival. Companies with dominant market shares become complacent and then, as if by stealth, a new competitor comes along with a disruptive idea and changes the business landscape. In this paper, we explain the remarkable story of Info Edge; how it destroyed the most profitable product line of newspapers and what it does to stay ahead in the game.

Executive Briefings Politics & Economy: Infrastructure Progress

Thursday March 30, 2023

Category: Opinion Papers

Over the last few years, infrastructure in India has been developed at an incredible speed. While public attention has been focussed on various political and ideological ‘issues’, departments of the Government have quietly gone about their task literally transforming the country's physical landscape. It is worth reflecting on just how much has been achieved or is shortly about to be, as the attached paper attempts to do.

Executive Briefings Politics & Economy: Bank Failures

Monday March 27, 2023

Category: Opinion Papers

The failure of Silicon Valley Bank, was the result of a hike in US interest rates and the consequent impact on the value of long dated securities. More of this may happen and puts the Federal Reserve in a bind. On the one hand it needs to raise rates to curb inflation. On the other, higher rates destroy the balance sheets of banks as their asset books begin to crumble with falling bond prices. This could trigger a collapse of the banking system and jam financial markets. A contagion could spread across international borders.

Executive Briefings Business & Management: Related Party Transactions

Saturday March 25, 2023

Category: Opinion Papers

Transactions that a business undertakes with ‘related parties’ should be subject to a higher level of scrutiny than others, as there is a natural risk that such transactions may be crafted with majority owners’ or management’s interests in mind, at the expense of minority shareholders. However, SEBI’s recent regulations to regulate related party transactions appear to go overboard. They seem to assume that all such transactions are fraudulent unless proved innocent and places the burden of compliance not only on the executive management that takes such decisions but on independent directors as well. This will result in disproportionate time and resources being spent on compliance nitty gritty as opposed to business strategy.

The Operating Environment Assessment Paper March 2023

Tuesday March 21, 2023

Category: Opinion Papers

As expected, GDP growth slowed in Q3 (Oct-Dec) to 4.4%, from 6.3% in Q2 and 5.2% a year ago. Manufacturing has shown the steepest decline while services and construction are both returning to pre-Covid trends. The farm sector has maintained a steady ~3% rate of growth but, there are early warnings of an El Ninõ effect which can impact production in 2023.

Executive Briefings Politics & Economy: The Fed’s Balance Sheet

Monday March 6, 2023

Category: Opinion Papers

Recent attention has been focussed on the reversing interest rate cycle as central banks across the world have hiked rates. While this has significant implications by itself, there is a secondary instrument that monetary authorities, starting with the US Federal Reserve, have only just begun to deploy: quantitate tightening. This will magnify the impact of rate hikes and create a new worry for businesses. The attached paper explains.

India Brief March 2023

Monday March 6, 2023

Category: Econimics, IMA Analysis,

As expected, GDP growth slowed in Q3 (Oct-Dec) to 4.4%, taking cumulative growth through December down to 7.7%, compared to 11.1% a year ago. Worryingly, both private and government expenditure is losing steam. Full-year growth is likely to be sub-7%, moderating further to ~6.5% next year as global headwinds continue to exert themselves.

Executive Briefings Business & Management: Board Compensation

Sunday March 5, 2023

Category: Opinion Papers

Having tracked top management compensation for almost three decades, IMA’s research indicated that over the last many years, CEO compensation has outpaced inflation by about 1% a year. This is a reasonable trend, suggesting fair remuneration, and should be considered economically sustainable. Our latest report on the subject, based on published data for Board compensation in the financial year 2021-22, shows that top management salaries have recovered after a sharp drop in FY21 but that variability in pay has increased across the Board.

Executive Briefings Business & Management: Angel Investing

Friday February 24, 2023

Category: Opinion Papers

Until recently, start-ups of all shapes and sizes were achieving ridiculously high valuations based on little more than an exciting idea and a young, motivated promoter. Money was practically free, investors had little else to punt on, and there was enough appetite in the market to swallow all sorts of ideas. The turn of the interest rate cycle last year changed all that and, for now, caution has replaced exuberance. There are important lessons to be learnt from this experience so as to not repeat the same mistakes when the cycle turns up again.

Executive Briefings Business & Management: Layoffs

Sunday February 19, 2023

Category: Opinion Papers

Headlines in the last few months have been dominated by layoffs. It started amongst ‘big tech’ companies, which had gone on an uncontrolled hiring binge in previous months, but is now spreading to others, including companies in old economy businesses. The ostensible reason for this is the turn in the business cycle, triggered by relentless rate hikes across major economies. But there are other factors at play too, as the attached paper explains.

Executive Briefings politics & Economy: Oil Markets

Thursday February 16, 2023

Category: Opinion Papers

"Western sanctions have pushed Russian oil exports underground and catalysed the creation of a new and complex oil supply chain. The various links in this chain include tankers for shipment, financiers that cough up the money until payments are received from the end customer and, perhaps most significantly, insurers. The centre of gravity for oil trading has rapidly shifted from Geneva to Dubai, bankrolled to a large extent by the Russian states.

India Brief February 2023

Monday February 6, 2023

Category: IMA Analysis

The current government's last 'full' Budget is conservative, avoiding populism for fiscal consolidation. It is likely to prove growth supportive in some respects: capital spending has been ramped up by a third, personal income-tax rates for the middle classes have been rejigged; and there are a range of measures to make it easier to do business and manufacture in India.

Index funds, the new game on Dalal Street

Wednesday January 18, 2023

Category: Functional, Finance,

Exchange-traded funds (ETFs) are currently in a minority in the Indian context. The glamour and aggressive marketing by actively-managed funds has ensured that most institutions and investors park their savings with them.

Executive Briefings politics & economy: China

Friday January 13, 2023

Category: Opinion Papers

One reason that multilateral institutions like the WTO have seen their effectiveness and credibility wither away in recent years, is their unwieldy size and mandate. There are simply too many interest groups and competing objectives too reconcile. The G20 on the other hand is a rare example of a multi-country grouping that is reasonably large but still manages to get things done.

Executive Briefings Politics & Economy: G20

Friday January 13, 2023

Category: Opinion Papers

One reason that multilateral institutions like the WTO have seen their effectiveness and credibility wither away in recent years, is their unwieldy size and mandate. There are simply too many interest groups and competing objectives too reconcile. The G20 on the other hand is a rare example of a multi-country grouping that is reasonably large but still manages to get things done.

India Brief January 2023

Monday January 9, 2023

Category: IMA Analysis

Parliament's Winter Session saw the passage of just 7 bills, leaving the stack of pending bills just as high as at the start of the session. Over the next few weeks, all attention will be on the 2023-24 Union Budget, this government's last 'full' Budget. From all indications, FM Nirmala Sitharaman will mostly stick to script, favouring continuity over major reforms. For now, economic indicators are buoyant and headline inflation has reduced. However, core inflation remains stubbornly high and several downside risks continue to lurk on the horizon.

The Changing Dynamics of Customer Engagement

Friday December 30, 2022

Category: Opinion Papers, Research & Insight,

Shifting consumer preferences demand that marketers find new mediums to personalise user engagement. The Being able to provide customers with information on call, 24 hours a day, seven days a week, in an easily accessible format, can significantly increase interest and engagement, and eventually shape purchase behaviour. Conversational marketing (CM) enables brands to provide a customised experience that was formerly assumed to be limited to in-person interactions.

India Brief December 2022

Tuesday December 20, 2022

Category: IMA Analysis

GDP growth slowed to 6.3% in Q2 (Jul-Sep), taking cumulative growth in H1 to 9.7%. Agricultural and services growth remains strong but manufacturing has visibly slowed. Exports are also stuttering, inflation remains a challenge and the external environment continues to weaken. Consequently, we expect a continuing slowdown in the second half of the year, capping full-year FY23 growth at ~6.5%.

The Operating Environment

Tuesday December 20, 2022

Category: Opinion Papers

GDP grew by 6.3% in Q2 (Jul-Sep), down from 13.5% the previous quarter and 8.4% a year ago. This took H1 growth to 9.7%, lower than the 13.7% recorded in the same period in FY22. While lead indicators continue to hold strong, there are clear signs of stress, emanating from a slowing world economy, persistent inflation and statistically, an adverse base effect for the second half of the year. Consequently, IMA continues to project full-year growth at ~6.5% for FY23.

Executive Briefings Business & Management: Air India

Monday December 12, 2022

Category: Opinion Papers

The recently-announced merger of Air India and Vistara Airlines will create India’s largest international airline. While the business logic of merging the two is understandable, the integration will not be easy. Operationally and culturally, the two airlines could not be further apart. The only thing they have in common is that both are loss-making businesses. The Tatas clearly have their work cut out for them, as the attached paper argues.

IMA India's Quarterly BCPI Q3FY23

Monday December 5, 2022

Category: IMA Analysis

A few weeks ago, we ran our Q3FY23 (Oct-Dec '22) Business Confidence and Performance Index (BCPI) survey, which attracted over 200 responses from across industry. The headline index slipped by a further ~4 points, to 57, its lowest level in over 2 years, dragged down by a weakening macroeconomic outlook. Capex and business performance, while mildly lower, are still in the net positive territory.

IMA India's Quarterly BCPI Q2FY22

Sunday December 4, 2022

Category: IMA Analysis, Industry and Business, Business Performance,

Earlier this month, we ran the Q2 FY22 round of our quarterly Business Confidence and Performance Index (BCPI) survey. Having dipped from a high of 73 in January to 60.6 in April, the index has now climbed back up to 66.6. Values above 50 imply net optimism/expansion, and those below 50 the opposite.

India Brief November 2022

Tuesday November 15, 2022

Category: IMA Analysis

Executive Briefings Politics & Economy: Currency And Markets

Monday November 30, -0001

Category: Opinion Papers

Cooling an overheated economy to engineer what economists call a ‘soft landing’ is nearly always impossible. If it ever happens, it is more by luck than by design. The variables are far too many and the levers of control far too few and blunt. Over the next few months, the global economy is likely to receive a painful reminder of this phenomenon.

Executive Briefings Politics & Economy: Rishi Sunak

Monday November 30, -0001

Category: Opinion Papers

The ascension of Rishi Sunak as the Prime Minister of the UK has, characteristically, given rise to frenetic debate in the Indian media as to the future of Anglo-Indian relations. However, this is by no means the only, or even the most important, factor at this time. For all his innate strengths, Mr Sunak inherits a weak economy and a divided polity. Before he can think of managing relations with India, he has to manage those with his own colleagues. This will not be easy

Executive Briefings Business & Management : Leadership Attributes

Monday November 30, -0001

Category: Opinion Papers

It is often said that ‘employees join a company but leave a boss’. Poor leadership has a debilitating impact on employee engagement, retention and innovation - and ultimately on business performance. Leaders are not only those occupying corner offices and Board room positions. They are at all levels of an organisation, particularly at middle management levels, where they wield substantial influence on company matters. Such individuals will soon move up to control even more critical variables. They are the ones with the greatest need for leadership training, as the attached paper argues.

India Brief October 2022

Monday November 30, -0001

Category: IMA Analysis

A much-anticipated election for the position of Congress Party chief is likely to prove a damp squib, as the position looks likely to go to Malikarjun Kharge. Mr Kharge is a Gandhi family loyalist who is unlikely to make the radical changes needed to revive the party or to attract young, urban voters. Meanwhile, the government has announced an ambitious new Logistics Policy that aims to make India more globally competitive.

Executive Briefings Politics & Economy: Indian Rupee

Monday November 30, -0001

Category: Opinion Papers

From time to time, the question of what the Reserve Bank of India can do to protect the value of the rupee, comes up. Some speculate about the Government leaning upon the central bank to support the currency while others wonder why the RBI does not simply use its large stockpile of forex reserves.

The Operating Environment Assessment Paper

Monday November 30, -0001

Category: Opinion Papers

India’s Q1 (Apr-Jun 2022) GDP growth came in at 13.5%, below estimates. Given the low base of the last 2 years, this meant that Q1 output was just 3.8% higher than in the corresponding pre-pandemic period (2019). Looking ahead, India faces headwinds over the coming 3-4 quarters. An uneven monsoon, stubborn inflationary pressures and a fragile global environment will together weigh down on economic activity in the second half, pulling full-year growth down to below 7%.

Executive Briefings Politics & Economy: Digital Yuan

Monday November 30, -0001

Category: Opinion Papers

For some years now, China has been making efforts to promote the yuan as a global currency that can substitute for the US dollar. Where it was once willing to play the patient waiting game it may now no longer wish to do so. In the wake of American sanctions on Russia, which have all but cut off that country's access to the global financial system, China now seeks a more urgent solution to ensure its own financial independence in the event of an unfavourable stand-off with the US.

India Brief September 2022

Monday November 30, -0001

Category: IMA Analysis

At 13.5%, India's Q1 (Apr-Jun) GDP growth was lower than expected and total output is still just 3.8% above the comparable, pre-pandemic quarter in 2019. Even as the lead indicators remain positive, global uncertainties and rising interest rates are likely to hit consumer demand as well as investment in the second half of the year. This will bring full-year growth down to below 7%.

IMA India's Quarterly BCPI Q2FY23

Thursday September 15, 2022

Category: IMA Analysis

IMA's quarterly Business Confidence and Performance Index (BCPI) has, for many years, been a strong lead indicator of economic growth. We ran the latest round of the survey a few weeks ago to take stock of how businesses are viewing their own prospects, and that of the broader economy, for Q2 (July-September).

India Brief August 2022

Monday August 22, 2022

Category: IMA Analysis

The monsoon session of Parliament was largely washed out amid disruptions and little legislative progress was made. the much anticipated Personal Data Protection Bill was withdrawn after a parliamentary panel asked for sweeping changes. The Government now plans to table a completely fresh draft a few months down the line.

Executive Briefings Politics & Economy: Global Recession

Monday November 30, -0001

Category: Opinion Papers

Last week, while presenting our assessment of the global economy at IMA’s 7th Annual CEO Strategy Roundtable, I was asked specifically about the likelihood of a global recession. As explained in the attached paper, we believe a recession of some sort is practically assured. Growth is slowing in most major economies and, in the face of stubborn inflation and rising interest rates, is likely to slow further. However, that is not entirely bad news. If well managed, such a recession may yet turn out to be no more than a short-lived phase wherein demand recalibrates itself to supply. Needless to say, this assumes there are no surprises on the security or geo-political front.

Marketing-Led Business Strategy

Wednesday August 3, 2022

Category: Opinion Papers, CMO Forum, Econimics,

Soothe Healthcare, a female hygiene products company, took on the might of two established MNCs in a highly competitive market a few years ago. With careful positioning to target the right customer segment and a concerted strategy to build a distribution network in tier 2 and 3 cities, the company has today established itself as a credible player. At a recent CMO Forum session, its founder, Sahil Dharia, explained his company’s strategy across all aspects of the spectrum - from pricing and positioning to manufacturing and distribution. His experience offers valuable learnings in marketing and product management. The attached paper explains.

The Operating Environment Assessment Paper June 2022

Thursday July 28, 2022

Category: Opinion Papers, CEO Forum, Indian economy & Politics, Policy & Governance, CFO Forum, IMA Analysis, Economy & Politics, Markets,

Economic growth slowed in the Jan-Mar quarter of FY22, pulled down by the Omicron wave, the fallout of the Russia-Ukraine war and last year's base effect. Although most lead indicators are currently healthy and forecasts of a normal monsoon are encouraging, the fact remains, there are clear signs of consumer demand faltering due to inflationary pressures. Interest rates will continue to move up over FY23 further impacting consumption and investment demand and growth is likely to slow to 6.5-7% from 8.7% last year.

Managing People Through Change

Tuesday July 26, 2022

Category: Research & Insight, Human Resources, CEO Forum, CHRO Forum, IMA Analysis, Economy & Politics,

Business transformation comes in many forms and has multiple drivers. The one aspect of internal transformation that matters more than any other is the ability to evolve with and empower one’s workforce. What will ultimately separate the winners from the also-rans is the ability to adapt and respond to a fast-evolving workforce.

India Brief July 2022

Tuesday July 26, 2022

Category: Opinion Papers, CEO Forum, CFO Forum, Indian economy & Politics,

Recent weeks have brought a series of useful political 'wins' for the BJP, including a restructuring of the Maharashtra state government, victories in important by-elections in UP and in all likelihood, success in choice of Presidential candidate. However, Parliament is still likely to see disruptions on account of the new ‘temporary recruitment scheme’ for the armed forces, Agnipath.

Executive Briefings Politics & Economy: Consumption

Tuesday June 21, 2022

Category: Executive Briefings, CEO Forum, CFO Forum, CHRO Forum, CMO Forum, Economy & Politics, Policy & Governance,

The Reserve Bank of India, like many other central banks, underestimated the virulence of the inflationary forces that are now threatening to overwhelm the economy. The two abrupt rate hikes 40 and 50 bps in the last two months are probably just the tip of the iceberg in terms of what is likely to follow. With central banks across the world headed in the same direction, the next 12-18 months are likely to bring a fair degree of economic discomfort and company managements should prepare themselves accordingly.

India Brief - June 2022

Monday June 20, 2022

Category: IMA Analysis, CEO Forum, CFO Forum, Indian economy & Politics, Industry and Business,

India's Q4 and FY22 GDP growth rates came in lower than expected, at 4.1% and 8.7%, respectively. The forward view remains cautious. Covid numbers remain under control and most lead indicators are up, but inflation has become an outsized concern. The RBI hiked rates once more this week but more hikes are likely through the rest of the year.

Asia Brief - June 2022

Monday June 20, 2022

Category: IMA Analysis, CEO Forum, World economy, Economy & Politics, Industry and Business,

As the world exits the Omicron wave and moves to ‘living with’ endemic covid, a brief 1-2 quarter rebound in demand has emerged. Still, covid risk remains a factor and suitable mitigation strategies will be essential through this year and the next.

IMA India's Quarterly BCPI Q1FY23

Friday May 27, 2022

Category: IMA Analysis

IMA's quarterly Business Confidence and Performance Index (BCPI) has, for many years, been an early indicator of economic and business growth. We ran the latest round of the survey a few weeks ago, to take stock of how businesses are viewing their own prospects and that of the broader economy, at the start of a new financial year.

Executive Briefings Politics & Economy: China

Wednesday May 25, 2022

Category: Executive Briefings, CEO Forum, CFO Forum, CHRO Forum, CMO Forum, Economy & Politics, World economy, Industry and Business, Geo-politics & National security,

American sanctions against Russia, in response to its aggression in Ukraine, provide some sort of a template as to how that country responds when faced with a hostile nation against which it cannot move militarily. China, many believe, is biding its time for the right opportunity to annex Taiwan. If and when it does so, it would probably prompt a re-enactment of similar sanctions by the US. However, the results of such a strategy are likely to play out very differently when China is involved.

India Brief - April 2022

Tuesday April 12, 2022

Category: IMA Analysis

The BJP's strong performance in recent Assembly elections has given it government some much-needed political capital, which will come in handy in the ongoing session of Parliament. On the external front, India has so far managed to contain the fallout of the Russia-Ukraine war on its relations with the West.

Asia Brief - July 2021

Tuesday March 29, 2022

Category: IMA Analysis, Economy & Politics, World economy,

The outlook for the next six months is dominated by the contest between COVID-19 variants and vaccination levels. The outcome will vary by country. Wealthy countries with capable bureaucracies and good vaccine supplies are better placed.

ESG: A Brave New World

Monday March 28, 2022

Category: IMA Analysis

More than just a profit- or revenue-generating engine, the modern corporation is expected to be a sustainable organisation. Since the pandemic began, ESG investing has scaled new heights and regulators too have sharpened their focus on the issue. But the reasons for adopting ESG compliance go beyond regulatory compliance or simply ‘looking good’. There are tangible financial advantages of being ESG-compliant.

The Operating Environment Assessment Paper – March 2022

Wednesday March 23, 2022

Category: Opinion Papers

With a low base effect starting to wear off, India’s GDP growth slowed to 5.4% in Q3 (Oct-Dec). Given subsequent developments - Omicron and the Russia-Ukraine war - it is likely that Q4 growth will also be suppressed. Consequently, full-year growth in FY22 is likely to be in the 8.0-8.5% range. The immediate economic outlook is cautious, given unfavourable geopolitical developments and high market volatility, but longer term business sentiment is largely intact.

India Brief - March 2022

Monday March 14, 2022

Category: IMA Analysis

India's Q3 (Oct-Dec) GDP growth came in at a lower-than-expected 5.4%, taking YTD growth to 9.9% (compared to -8.4% a year ago). While manufacturing and the financial services industry are above pre-Covid levels, construction and services related to trade, transport, communications and hotels remain in the red on a cumulative (Apr-Dec) basis. The lead indicators of growth, meanwhile, suggest only a limited impact from the Omicron wave.

Update - Ukraine March 2022

Monday March 14, 2022

Category: IMA Analysis

Russia's invasion is based on the notion that Ukraine, once a part of the former Soviet empire will always remain so, and must never be allowed to fall into the NATO fold. Such ideological positions are hard to reason with or compromise over, which makes it unlikely that Mr Putin will dilute his posture. In the Asia Pacific, China's simmering conflict with Taiwan presents a striking parallel. It may be no exaggeration to say that if Mr Putin achieves his agenda in Ukraine, it may well provide the last prompt Mr Xi needs to proceed with his.

India's Space Sector - February 2022

Tuesday March 1, 2022

Category: IMA Analysis

In recent years, the Indian government has set out to open up the high-potential but so far state-dominated Space sector. Official estimates put the current value of the industry at about USD 1.8 billion: ~2% of the global total. India aims to increase this to 10% by 2030. While this is possible to achieve, it will require a full-scale restructuring of the policy regime, which means enabling private sector entry and creating new supervisory agencies to spearhead the effort.

Board Independence - February 2022

Friday February 25, 2022

Category: IMA Analysis

Clause 49 of SEBI’s listing rules requires firms with an Executive Chairman to have at least 50% of their Board comprising of Independent Directors (IDs) while for those with a Non-Executive Chairman, the required ratio is 33%. However, an IMA India analysis, drawn from our recently-published 2021 Executive and Board Remuneration report, finds that many companies still fall short of the regulatory norms on this count.

Pharmaceutical APIs in India - February 2022

Thursday February 24, 2022

Category: IMA Analysis

India’s prominence as generic drug producer is globally acknowledged but, the fact remains, it is heavily dependent on China for the import of Active Pharmaceutical Ingredients (APIs), a critical raw material. This vulnerability was highlighted when the pandemic first hit the world. Supply chain disruptions in China severely impacted drug production in India at a crucial juncture. Clearly, there is a need to build self-sufficiency and in recent months steps have been taken towards this. The attached paper provides a brief review.

Update - Interest Rates Hike February 2022

Tuesday February 22, 2022

Category: IMA Analysis

Last year, we published an opinion arguing that the spike in US inflation was not temporary and that monetary tightening would probably be faster than the world expected. This scenario is now coming to pass. Most analysts expect 4 rate hikes in America this year against 2 earlier. The era of cheap money may well be ending and this will have profound implications for the world economy.

Espresso: Macro and Business Update

Monday February 21, 2022

Category: IMA Analysis

Our February 2022 Espresso Evening provided an update on global growth prospects this year next, and a forward view on the Indian economy.

IMA India's Quarterly BCPI Q4FY22

Friday February 18, 2022

Category: IMA Analysis

We recently ran our quarterly Business Confidence and Performance Index (BCPI) survey for the fourth quarter of FY22. Having touched a 6-year high of 77.4 in October, the headline index has fallen by 11 points in the latest round, to 66.6, which is still reasonably robust. (Values above 50 indicate net optimism/expansion, and those below 50 indicate the opposite.)

India Brief - February 2022

Thursday February 10, 2022

Category: IMA Analysis

FM Nirmala Sitharaman unveiled a Budget that is welcome for its fiscal conservatism and for avoiding excessive populism. The FY23 target is set at a realistic 6.4% of GDP, predicated on 11.1% nominal GDP growth and a 10% rise in tax receipts.

The Rise of InsureTech - January 2022

Friday January 28, 2022

Category: IMA Analysis

With a 1.7% share of the global insurance industry and a penetration rate of only 3.2% of GDP, India represents an under-explored opportunity in insurance. Increased smartphone usage and internet penetration has pushed the sector on a higher growth path. Particularly in the case of InsureTechs, companies that operate at the intersection of insurance and technology, the space offers tremendous potential with ramifications for both conventional insurers and regulators.

Inequality in Compensation - January 2022

Thursday January 27, 2022

Category: IMA Analysis

The ratio of Board-level pay to median (company-wide) pay provides a crude but simple measure of internal inequality in compensation. The Government recently made this a mandatory item of disclosure as part of standard company filings. The attached paper, based on published company disclosures, provides a brief overview of recent trends in pay gaps.

India Brief - January 2022

Monday January 17, 2022

Category: IMA Analysis

A rancour-filled Winter Session of Parliament was cut short by a day, with the Upper House having sat for just 43% of its scheduled time and the Lower House 77%. The contentious farm laws were repealed early on but the trigger for protests this time was the suspension of 12 MPs for ‘unparliamentary’ conduct during the previous session.

Building a Collaborative Ecosystem

Wednesday January 12, 2022

Category: IMA Analysis

IMA India and Google Workspace recently undertook a joint research project to understand changes in the workplace and workforce, and to arrive at a forward view on business prospects and challenges. A common theme to emerge from all our CXOs conversations was the rapid adoption and evolution of technology.

National Monetisation Pipeline - January 2022

Thursday January 6, 2022

Category: IMA Analysis

For the past two decades the government has consistently been trying to improve private participation through disinvestments and public-private partnerships. To take this a step further, the Finance Minister announced the National Monetisation Pipeline, which is expected to raise Rs 6 trillion by leasing out brownfield public-sector assets.

Attrition Trends by Employee Experience

Wednesday January 5, 2022

Category: IMA Analysis

IMA India’s Attrition Benchmarking Study reveals that overall attrition in FY22 is back at pre-pandemic levels. After dipping briefly in the first quarter (Apr-Jun) employee churn is projected to jump over the remainder of FY22.

Finance Transformation

Monday January 3, 2022

Category: IMA Analysis

Finance has typically led the digital agenda at most organisations, often being the first function to apply state-of-the-art technologies to improve productivity and efficiency. The disruption caused by the pandemic has forced it to further accelerate tech adoption.

Digital Finance Use Cases

Wednesday December 29, 2021

Category: IMA Analysis

IMA India recently undertook a collaborative research project with IBM India to examine technology transformation within Finance. For years, Finance has led the digital agenda at organisations, often being the first to leverage state-of-the-art technologies.

Asia Brief - November 2021

Tuesday December 21, 2021

Category: IMA Analysis

The IMF’s World Economic Outlook (WEO) suggests a second year of above-trend growth in 2022, with global demand rising by 4.9% (versus 3.7% for the decade to 2019) and trade volume up 6.7% (versus 4.6%pa for 2010-19).

Operating Environment Assessment Paper - December 2021

Tuesday December 21, 2021

Category: IMA Analysis

The government took a step forward on reforms with the Air India sale in November. However, a few weeks later, it repealed the 3 farm laws which had given rise to a prolonged farmer agitation around Delhi's borders. The move may set the stage, among other things, for a more productive Winter session of Parliament.

India Brief - December 2021

Thursday December 16, 2021

Category: IMA Analysis

The latest Jul-Sep GDP growth at 8.4% indicates a return to pre-pandemic levels of economic activity though there are notable exceptions, including the trade and hotels sector. Private consumption also remains below par but investment seems to be picking up. Meanwhile, the lead indicators of growth - such as GST e-Way bill issuances, trade and auto sales - may indicate some plateauing of the growth momentum.

FY22 Attrition Trends

Wednesday December 1, 2021

Category: IMA Analysis

Last month, IMA conducted an Attrition Benchmarking Study whose findings indicate that average attrition edged down in FY21 and then fell further in the first quarter of FY22. Thereafter, it picked up and for FY22 as a whole it is projected to return to nearly pre-Covid levels. Voluntary attrition is picking up sharply.

Farm Laws - November 2021

Tuesday November 30, 2021

Category: IMA Analysis

The Government’s decision to repeal the farm laws in the face of opposition from a small and vociferous farmer lobby denies Indian agriculture of reforms it has been crying out for since the 1990s.

India Brief - November 2021

Monday November 22, 2021

Category: IMA Analysis

The Indian government completed the sale of Air India last month which is a commendable effort signalling strong and positive intent. It also moved forward on a few other initiatives and made bold promises at the COP-26 talks in Glasgow.

India Brief - October 2021

Sunday November 21, 2021

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

In this interim period between Parliamentary sessions, the government has announced a series of important policy measures, including a PLI scheme for automobiles and auto components, a new digital health-identity programme and relief measures for telecom.

Tracking Inflation

Thursday October 21, 2021

Category: IMA Analysis

India’s two main measures of inflation – the CPI and the WPI – inform policymaking and are tracked by all stakeholders. Historically, consumer prices tended to outpace wholesale ones but they have stabilised in the last few years.

Asia Brief - October 2021

Tuesday October 12, 2021

Category: IMA Analysis, Economy & Politics, World economy,

With the Delta variant proving to be more virulent and transmissible than expected, the economic outlook has become more clouded. Energy prices have surged, consumer sentiment has weakened, and growth in Asia has slowed due to lockdowns and shortages. Despite that, this month’s Asia Brief notes that 2022 will see above trend global growth.

AUKUS

Monday October 11, 2021

Category: Opinion Papers, Economy & Politics, World economy, Geo-politics & National security,

One of the reasons China has been able to build its dominance in South East Asia over the last 10 years is the waning American influence in this region. As that country turned its attention inward Asian nations were left to fend for themselves and few had the courage or capacity to stand up to Chinese bullying.

Dedicated Freight Corridors

Monday October 4, 2021

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

The Dedicated Freight Corridor (DFC) programme aims to establish a high speed, high-capacity infrastructure for rail-freight movement in India. Starting with the Eastern and Western lines, it expects eventually to cover large swathes of the country.

EVs in India

Wednesday September 22, 2021

Category: IMA Analysis, Industry and Business, Sector updates,

With the Intergovernmental Panel on Climate Change (IPCC) recently signalling a code red for humanity, there is a renewed focus on environmental sustainability. India, the world’s third-biggest greenhouse-gas emitter and home to 5 of the 10 most polluted cities, will need to tackle the issue on a war-footing.

Cheetahs in India

Monday September 20, 2021

Category: Opinion Papers, Economy & Politics, Policy & Governance,

Cheetahs became extinct in India in the 1950s, a result of hunting. Decades later, efforts were made to reintroduce this grand feline creature but these have been repeatedly stymied by a section of activists using dubious arguments and time-consuming legal challenges.

WFH and Organisational Culture

Thursday September 16, 2021

Category: Opinion Papers, Industry and Business, Regulation,

A company’s culture is a soft and ambiguous phenomenon. It is about how we engage with each other; how work processes function, whether through hierarchies or collective work groups; or the way responsibility is allocated and reporting lines operate; or indeed whether the environment is relaxed and friendly or serious and regimented.

Operating Environment Assessment Paper - September 2021

Wednesday September 15, 2021

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

GDP grew by 20.1% in Q1 (Apr-Jun) but, coming on the back of a 24.4% contraction a year ago, it still leaves output 9.2% below 2019 levels. Private consumption was at levels last seen in 2017 although on the upside, exports have set new records. The forward view is encouraging.

Asia Brief - August 2021

Thursday September 9, 2021

Category: IMA Analysis, Economy & Politics, World economy,

In evaluating the 2022 outlook, two propositions stand out. The first is that vaccination helps reduce COVID-19 risk, and during Q4’21 some 60% of the global economy (the US, EU, and China) will have 85%+ of their population fully vaccinated.

India Brief - September 2021

Monday September 6, 2021

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, Policy & Governance,

With government-opposition relations touching new levels of acrimony, Parliament’s Monsoon Session ended two days early. Despite the rancour, 20 bills found passage during the session – many of them through a voice-vote, with little or no debate or discussion.

The New E-Commerce Rules: Un-Levelling the Playing Field?

Monday September 6, 2021

Category: IMA Analysis, Industry and Business, Regulation,

In July 2021, the Consumer Affairs Ministry proposed changes to the Consumer Protection Act by bringing in rules that aim to benefit the customer and make e-Commerce companies more liable for their products, services and sales.

India Inc: In Recovery Mode

Monday August 16, 2021

Category: IMA Analysis, Industry and Business, Business Performance,

Every three months, for over two decades, IMA has run its Business Confidence and Performance Index (BCPI) survey amongst senior managers. The headline index – a composite of expectations around the macro-economy, business performance and capex spends – is strongly correlated with the GDP data and therefore acts as a good lead indicator of growth.

Vaccination Progress

Friday August 13, 2021

Category: IMA Analysis, Economy & Politics, Policy & Governance,

As India prepares for a potential third wave, the pace of its vaccination drive is raising concerns. Although massive in absolute terms – the half-billion mark is fast approaching – the percentage-of-population figures are less impressive. But there is also reason for hope.

India Brief - August 2021

Tuesday August 10, 2021

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

Dogged by the Pegasus affair, allegations of pandemic mismanagement and continuing farmer protests, the government faces continued pressure in the ongoing Monsoon Session of Parliament. However, it has pressed ahead with legislation, getting 10 bills passed in both houses and another 5 in at least one house.

Beware the Federal Reserve

Tuesday August 10, 2021

Category: Opinion Papers, Economy & Politics, Markets,

40 years ago, John Connolly, the then US Treasury Secretary stated in a G-10 meeting that “The dollar is our currency, but it is your problem”. Although spoken in a very different context, the comment remains true to this day. With inflation in America rising, the United States Federal Reserve may be compelled to take certain actions sooner than it may have liked in order to protect its currency and indeed its economy.

India Brief - July 2021

Monday August 9, 2021

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

As Covid’s second wave in India recedes, the government has made a much-needed course-correction to its vaccination policy and has announced a series of relief measures, built around credit guarantees, to help the worst-affected sectors.

The Fallen Star - June 2021

Monday June 28, 2021

Category: Opinion Papers, Economy & Politics, Indian economy & Politics,

Calcutta was once a thriving hub of industrial activity and a national epitome of economic advancement. It boasted of some of the finest business organisations in the country, hosted a multi-cultural and global citizenry and was everything a prosperous cosmopolitan city should be.

Operating Environment Assessment Paper - June 2021

Wednesday June 23, 2021

Category: IMA Analysis

India's better-than-expected Q4 (Jan-Mar) GDP growth of 1.6% meant that the economy contracted by 7.3% for the year as a whole, marginally better than official projections of -7.5%.

Indians in China - June 2021

Monday June 21, 2021

Category: Opinion Papers

China’s recent animosity towards India does not, in some ways, seem reasonable. It is, after all, economically and militarily superior and its churlish attempts to intimidate India for small parcels of worthless land at the border hardly seem rational for a nation that clearly has larger ambitions for global domination.

Indians in China - June 2021

Monday June 21, 2021

Category: Opinion Papers

China’s recent animosity towards India does not, in some ways, seem reasonable. It is, after all, economically and militarily superior and its churlish attempts to intimidate India for small parcels of worthless land at the border hardly seem rational for a nation that clearly has larger ambitions for global domination.

Update - Anxiety and Stress June 2021

Friday June 11, 2021

Category: Opinion Papers

In an article titled Mental Ailments published in 2018, I had highlighted the subject of depression at work. Far too many corporate workers suffer from some form of depression or the other and for many reasons these remain undetected and consequently untreated.

Update - Anxiety and Stress June 2021

Friday June 11, 2021

Category: Opinion Papers

In an article titled Mental Ailments published in 2018, I had highlighted the subject of depression at work. Far too many corporate workers suffer from some form of depression or the other and for many reasons these remain undetected and consequently untreated.

Update - Anxiety and Stress June 2021

Friday June 11, 2021

Category: Opinion Papers

In an article titled Mental Ailments published in 2018, I had highlighted the subject of depression at work. Far too many corporate workers suffer from some form of depression or the other and for many reasons these remain undetected and consequently untreated.

Update - Anxiety and Stress June 2021

Friday June 11, 2021

Category: Opinion Papers

In an article titled Mental Ailments published in 2018, I had highlighted the subject of depression at work. Far too many corporate workers suffer from some form of depression or the other and for many reasons these remain undetected and consequently untreated.

Update - Anxiety and Stress June 2021

Friday June 11, 2021

Category: Opinion Papers

In an article titled Mental Ailments published in 2018, I had highlighted the subject of depression at work. Far too many corporate workers suffer from some form of depression or the other and for many reasons these remain undetected and consequently untreated.

India Brief - June 2021

Friday June 11, 2021

Category: IMA Analysis

As Covid's second wave starts to recede, Centre-state and government-opposition relations have plumbed new depths. The discord will inevitably filter through to the policy and legislative front in the months ahead. The Q4 and FY21 GDP numbers came in stronger than expected, at 1.7% and -7.3%, respectively, and the GVA numbers were stronger still.

India Brief - June 2021

Friday June 11, 2021

Category: IMA Analysis

As Covid's second wave starts to recede, Centre-state and government-opposition relations have plumbed new depths. The discord will inevitably filter through to the policy and legislative front in the months ahead. The Q4 and FY21 GDP numbers came in stronger than expected, at 1.7% and -7.3%, respectively, and the GVA numbers were stronger still.

India Brief - June 2021

Friday June 11, 2021

Category: IMA Analysis

As Covid's second wave starts to recede, Centre-state and government-opposition relations have plumbed new depths. The discord will inevitably filter through to the policy and legislative front in the months ahead. The Q4 and FY21 GDP numbers came in stronger than expected, at 1.7% and -7.3%, respectively, and the GVA numbers were stronger still.

India Brief - June 2021

Friday June 11, 2021

Category: IMA Analysis

As Covid's second wave starts to recede, Centre-state and government-opposition relations have plumbed new depths. The discord will inevitably filter through to the policy and legislative front in the months ahead. The Q4 and FY21 GDP numbers came in stronger than expected, at 1.7% and -7.3%, respectively, and the GVA numbers were stronger still.

India Brief - June 2021

Friday June 11, 2021

Category: IMA Analysis

As Covid's second wave starts to recede, Centre-state and government-opposition relations have plumbed new depths. The discord will inevitably filter through to the policy and legislative front in the months ahead. The Q4 and FY21 GDP numbers came in stronger than expected, at 1.7% and -7.3%, respectively, and the GVA numbers were stronger still.

Developments in FinTech

Wednesday June 2, 2021

Category: IMA Analysis, Industry and Business, Sector updates, Business Performance,

India’s financial technology (FinTech) sector remains on a high growth trajectory despite the pandemic. Its high-velocity growth is likely to continue in the foreseeable future but the next round of growth will be more broad-based, going beyond the ‘payments’ space which has been the dominant category so far.

Developments in FinTech

Wednesday June 2, 2021

Category: IMA Analysis

India’s financial technology (FinTech) sector remains on a high growth trajectory despite the pandemic. Its high-velocity growth is likely to continue in the foreseeable future but the next round of growth will be more broad-based, going beyond the ‘payments’ space which has been the dominant category so far.

The Breath of the Dragon - May 2021

Monday May 24, 2021

Category: Opinion Papers, Economy & Politics, World economy, Geo-politics & National security,

The rise of China comes with geopolitical and security consequences. Its increasingly assertive nature, in the Indo-Pacific region, impacts the economic and defence considerations of several countries. With America's focus shifting away from the Middle East and Afghanistan, many expect it to play a more stabilising force in Asia.

C-SUITE SUCCESSION PLANNING

Thursday May 20, 2021

Category: IMA Analysis, Functional, Human Resources, Leadership,

The complex nature of change today demands that, rather than just identifying a handful of successors for top jobs or specific positions, businesses must build a leadership pipeline. This involves a shift from tactical replacement planning to an organisation-wide succession management (SM) system.

Employer Branding - May 2021

Wednesday May 19, 2021

Category: IMA Analysis, Industry and Business, Business Performance, Functional, Leadership,

Employer branding has always been an important mandate for top companies, all the more so in a post-Covid world. According to a recent LinkedIn survey, 80% of hiring managers bank on a strong employer brand to hire key talent.

Office Layout - May 2021

Monday May 17, 2021

Category: Opinion Papers, Industry and Business, Business Performance, Functional, Human Resources,

Over the years, workplaces and office layouts have undergone several changes to reflect management thinking and social norms. In the old days, offices had a feudal undertone with junior staff working in tightly spaced, open cubicles while senior executives got lavish private cabins.

Consequential Misjudgement

Wednesday May 12, 2021

Category: Opinion Papers, Economy & Politics, Indian economy & Politics,

The second wave of the pandemic caught the nation completely off guard. Within a matter of days, the healthcare infrastructure was overrun and, despite hectic efforts, the country is barely able to cope. Understandably, an angry and frustrated citizenry is demanding answers.

India Brief - May 2021

Friday May 7, 2021

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

An unexpectedly-fierce second wave of Covid-19 has caught the Central and state governments unaware and is now squarely the focus of their attention.

India's Quarterly BCPI Q1FY22

Tuesday May 4, 2021

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

A few weeks ago, we ran the Q1 FY22 round of our quarterly Business Confidence and Performance Index (BCPI) survey. From a multi-year high of 73 in the January quarter, the BCPI headline index has fallen to a still-high 60.6 this quarter.

Update - Covid Curve April 2021

Thursday April 29, 2021

Category: Opinion Papers, Economy & Politics, Indian economy & Politics,

The developments of the past few weeks have been most daunting. Many of us have lost family members, dear friends and colleagues to the virus. Our healthcare infrastructure has collapsed under the weight of infections. Nobody could have predicted the sharp upsurge that occurred since the first week of March 2021.

Research Update - ESG v Non-ESG Board Practices

Thursday April 22, 2021

Category: IMA Analysis, Functional, Finance, Leadership,

Discussions around environmental, social and governance (ESG) priorities are growing in importance within Board rooms. Increasingly, companies are ranked on whether they are behaving as responsible ‘stewards of nature’; on how they manage their relationships with employees, suppliers, customers and the communities where they operate. Boardroom practices, in particular, are coming under the scanner.

Research Update - ESG v Non-ESG Board Practices

Thursday April 22, 2021

Category: IMA Analysis, Functional, Finance, Leadership,

Discussions around environmental, social and governance (ESG) priorities are growing in importance within Board rooms. Increasingly, companies are ranked on whether they are behaving as responsible ‘stewards of nature’; on how they manage their relationships with employees, suppliers, customers and the communities where they operate. Boardroom practices, in particular, are coming under the scanner.

Research Update - ESG v Non-ESG Board Practices

Thursday April 22, 2021

Category: IMA Analysis, Functional, Finance, Leadership,

Discussions around environmental, social and governance (ESG) priorities are growing in importance within Board rooms. Increasingly, companies are ranked on whether they are behaving as responsible ‘stewards of nature’; on how they manage their relationships with employees, suppliers, customers and the communities where they operate. Boardroom practices, in particular, are coming under the scanner.

Compensation Strategy: Trends in Increments

Wednesday April 21, 2021

Category: IMA Analysis, Industry and Business, Business Performance, Functional, Human Resources, Benchmarking / Best Practices,

Improving business conditions are translating into higher increments. IMA’s FY22 Salary Increments Benchmarking study, which examined trends in people costs and salary increments in over 220 organisations across industry sectors and size categories, finds that FY22 increments will higher than in FY21 by 3-4 percentage points for top/senior managers, HiPos and top performers.

Asia Brief - April 2021

Tuesday April 20, 2021

Category: IMA Analysis, Economy & Politics, World economy,

The IMF, in its bi-annual World Economic Outlook 2021, has lifted its forecast for global growth in 2021 to 6% from the 5.5% anticipated in January. The recovery is driven by two countries: the US and China. America is expected to grow by a remarkable 6.4% in 2021 (up from 5.1% forecast earlier) and China by 8.4% (up from 8.1%).

Gender Gaps in Boards - April 2021

Monday April 5, 2021

Category: IMA Analysis, Functional, Leadership,

IMA recently published the 2020 edition of the Executive and Board Remuneration Report. Based on an extensive database of over 16,000 individual Directors of more than 1,800 companies, the report offers an exhaustive analysis of trends in pay and governance practices, with splits by multiple segmentation parameters.

Compensation Strategy: Costs and Structures

Tuesday March 30, 2021

Category: IMA Analysis, Industry and Business, Business Performance, Functional, Benchmarking / Best Practices, Human Resources,

While economic activity appears to be reviving faster than many expected, the jury is still out on the sustainability of growth. This environment of cautious optimism impacts both the quantum and structure of compensation as indicated by IMA’s FY22 Salary Increments Benchmarking study, which examined trends in people costs and salary increments in over 220 organisations across categories.

Compensation Strategy: Costs and Structures

Tuesday March 30, 2021

Category: IMA Analysis, Industry and Business, Business Performance, Functional, Benchmarking / Best Practices, Human Resources,

While economic activity appears to be reviving faster than many expected, the jury is still out on the sustainability of growth. This environment of cautious optimism impacts both the quantum and structure of compensation as indicated by IMA’s FY22 Salary Increments Benchmarking study, which examined trends in people costs and salary increments in over 220 organisations across categories.

Operating Environment Assessment Paper - March 2021

Wednesday March 24, 2021

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

The Indian economy returned to marginal growth in Q3 (October-December), with GDP expanding by 0.4%. Agriculture remains a bright spot while manufacturing, construction and parts of the services sector are quickly improving.

Board Pay vs Performance

Thursday March 18, 2021

Category: IMA Analysis, Functional, Benchmarking / Best Practices,

To what extent are Board members and top executives rewarded for their company’s performance? Conventional wisdom holds that junior and middle manager compensation is based mainly on how well they do individually or as a team. On the other hand, pay in the upper echelons is supposed to be driven more by organisational performance.

Board Independence - March 2021

Wednesday March 17, 2021

Category: IMA Analysis, Industry and Business, Regulation, Functional, Leadership,

Following the enactment of regulations mandating the presence of Independent Directors on company Boards, companies have made considerable efforts to recruit such individuals. While this may have started as an exercise in compliance, it has evolved into a self-motivated effort to improve the quality and authority of Boards.

Asia Brief - February 2021

Thursday March 11, 2021

Category: IMA Analysis, Economy & Politics, World economy,

2021 has started on an encouraging note. Vaccination programmes are generally off to a successful start and economic indicators around the world suggest a strong recovery. These include a surge in prices for containers out of China, a shortage of semiconductors and a jump in metal prices.

Asia Brief - February 2021

Thursday March 11, 2021

Category: IMA Analysis, Economy & Politics, World economy,

2021 has started on an encouraging note. Vaccination programmes are generally off to a successful start and economic indicators around the world suggest a strong recovery. These include a surge in prices for containers out of China, a shortage of semiconductors and a jump in metal prices.

India Brief - March 2021

Wednesday March 10, 2021

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

The Indian economy returned to growth in Q3 (October-December) at 0.4%, with the Central Statistics Office (CSO) projecting full-year growth at -8%. Most lead indicators now point firmly upwards with GST collections, e-Way bill issuances, the PMI indices and auto sales all moving north.

Update - Productivity - March 2021

Tuesday March 9, 2021

Category: Opinion Papers, Economy & Politics, Indian economy & Politics,

Economists have argued that in view of India’s weak state of demand and investment, the Government should spend its way out of trouble. Pump priming would lead to higher incomes for consumers and consequently greater spending, which in turn would boost production and ultimately investment.

Update - GameStop February 2021

Monday February 15, 2021

Category: Opinion Papers, Economy & Politics, World economy, Markets,

The remarkable story that has played out in America’s stock market recently pertaining to the GameStop’s scrip points to the emergence of a new category of players in the capital markets: retail millennial investors. In the last few weeks, these new ‘wolves’ have given the old ‘barbarians at the gate’, i.e. hedge funds, a run for their money.

Asia Brief - January 2021

Wednesday February 10, 2021

Category: IMA Analysis, Economy & Politics, World economy,

The IMF recently released the January update to its World Economic Outlook (WEO), which remains the best resource for global economic forecasting. The global growth outlook has improved since its last October update.

India Brief - February 2021

Monday February 8, 2021

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

The 2021 Budget balances a much-needed fiscal stimulus with a few mildly reformist steps. Overall, it is likely to prove growth-supporting and, importantly, it makes visible spending on a number of previously-below-the-line items, lending credibility to the numbers.

Update - Directors' Compensation February 2021

Monday February 8, 2021

Category: IMA Analysis, Functional, Benchmarking / Best Practices,

Last week, we published the FY20 edition of our Executive and Board Remuneration Report, our annual analysis of Board compensation and governance. The report covered over 16,000 Directors on the Boards of more than 1800 companies.

Budget Update - February 2021

Friday February 5, 2021

Category: IMA Analysis, Economy & Politics, Policy & Governance, Functional, Finance,

Ahead of Budget 2021, Finance Minister Nirmala Sitharaman had raised expectations that she would unveil a bold, reformist statement. However, markets had largely discounted this and investors were, in fact, apprehensive about nasty surprises being pushed through under the garb of ‘Covid-related compulsions’.

India's Quarterly BCPI Q4FY21

Monday February 1, 2021

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, Industry and Business, Business Performance,

A few weeks ago, we ran our quarterly Business Confidence and Performance Index (BCPI) survey for Q4, FY21. For the second quarter in a row, the headline BCPI touched a multi-year high, improving from 68.7 in October to 73.0 now.

Budget Expectations - January 2021

Monday February 1, 2021

Category: IMA Analysis, Economy & Politics, Policy & Governance, Functional, Finance,

Economic activity appears to be reviving faster than many expected. As the most recent edition of IMA’s quarterly Business Confidence and Performance Index (BCPI) survey shows, business expectations for Q4 (Jan-Mar) are robust.

Stock Markets - Defying Gravity

Wednesday January 27, 2021

Category: Opinion Papers, Economy & Politics, World economy, Markets,

The surprising run of the stock market has been a matter of some debate in recent months. Since the Covid-induced crash of March 2020, equity indices have more than made up their lost ground and are currently trading at unprecedented levels.

China Growth - January 2021

Wednesday January 20, 2021

Category: Opinion Papers, Economy & Politics, World economy,

China was amongst the earliest to emerge from pandemic-induced restrictions. By the time other nations managed to lock their economies down in Q2, China had brushed the virus aside and was already firing on all cylinders.

Defence Manufacturing - January 2021

Tuesday January 19, 2021

Category: IMA Analysis, Economy & Politics, Geo-politics & National security, Industry and Business, Sector updates,

The Covid-led crisis has placed extraordinary demands on business leaders to keep their teams cohesive, productive and safe. IMA India recently conducted a detailed survey of 400 CXOs across demographic and industry categories to understand how they are coping with the current environment.

Farmer Agitation - January 2021

Monday January 18, 2021

Category: Opinion Papers, Economy & Politics, Indian economy & Politics, Policy & Governance,

The Supreme Court yesterday ruled that the new recently-enacted farm laws should be kept in abeyance until a Court-appointed committee examines the issue and determines the way forward.

India Brief - January 2021

Tuesday January 12, 2021

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

The continuing agitation over farm reforms has occupied the political centre-stage just as India prepares for a nationwide Covid-vaccine rollout. However, in the immediate future, the focus will be on the 2021 Budget.

CEO Priorities - January 2021

Monday January 11, 2021

Category: IMA Analysis, Functional, Leadership,

The Covid-led crisis has placed extraordinary demands on business leaders to keep their teams cohesive, productive and safe. IMA India recently conducted a detailed survey of 400 CXOs across demographic and industry categories to understand how they are coping with the current environment.

CEO Skill Gaps - December 2020

Wednesday December 30, 2020

Category: IMA Analysis, Functional, Leadership,

Disruptive technologies, business volatility and geopolitical complexities have made the CEO’s job harder then ever. Decision making now takes a lot more than instinct or experience and there are unprecedented demands on the CEOs’ time, energy and skills.

Is Auto in Recovery - December 2020

Thursday December 24, 2020

Category: IMA Analysis, Industry and Business, Sector updates,

The automotive sector remains one of the best bellwethers of consumer demand, attracting interest from business planners and analysts alike. Recent data shows an uptick with many segments entering positive year-on-year growth.

Operating Environment Assessment Paper - December 2020

Tuesday December 22, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

India’s Q2 (Jul-Sep) GDP fell by 7.5%, much less than expected. This, and the promising lead indicators that have come out in recent weeks, has raised hopes of a recovery.

Farm Bills - Chasing the Agri-Dollar Dream - December 2020

Thursday December 10, 2020

Category: Opinion Papers, Industry and Business, Sector updates, Regulation, Economy & Politics, Indian economy & Politics,

On 27th September 2020, the President signed-off on three farm reform bills that mark a significant departure from the existing regulatory framework.

India Brief - December 2020

Wednesday December 9, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

India’s Q2 (Jul-Sep) GDP numbers were better than expected, with the economy contracting only by 7.5%. Manufacturing unexpectedly grew (by a marginal 0.6%) and the farm sector maintained a 3.4% rate of growth while other parts of the economy remained soft.

Asia Brief - December 2020

Tuesday December 8, 2020

Category: IMA Analysis, Economy & Politics,

The availability of one or more Covid vaccines is now on the horizon with some candidates close to imminent deployment. This is boosting stock as also business and consumer expectations.

Joe Biden - December 2020

Tuesday December 1, 2020

Category: Opinion Papers

Joe Biden’s ascension to the office of President of the United States comes at a critical juncture in history. With America’s domestic economy hit seriously by the pandemic, Mr Biden also inherits a challenging global paradigm.

Tech Adoption in Finance

Wednesday November 25, 2020

Category: IMA Analysis

The accelerating pace of technological change is amongst the most disruptive forces in business today. Over the last 20 years, it has usually been the Finance function that has taken a lead in adopting technology. The difference now is that it is no longer a choice.

Assessing the Sustainability of a WFH World

Friday November 20, 2020

Category: IMA Analysis, Functional, Human Resources, Industry and Business, Business Performance, Benchmarking / Best Practices,

Hybrid work, remote work, flexi-working, work from home and work from ‘anywhere’ have now become commonplace terms in the corporate lexicon.

Bihar Elections - November 2020

Friday November 20, 2020

Category: Opinion Papers

The BJP performed better than expected in the Bihar assembly elections, significantly improving upon its own performance and ensuring that its NDA coalition came back to power. Bihar is always a keenly-watched election because it serves as an indicator of voter sway in the Hindi heartlands.

Update - Air Pollution November 2020

Wednesday November 11, 2020

Category: Opinion Papers

WHO research suggests that pollution in India causes 2 million deaths a year, orders of magnitude higher than the mortality rate of Covid-19. The difference in response strategies couldn’t be starker.

Asia Brief - November 2020

Monday November 9, 2020

Category: IMA Analysis, Economy & Politics, World economy,

The IMF released its its bi-annual World Economic Outlook (WEO) in mid October. In brief, it expects a global recession of 4.4% this year followed by a 5.5% lift in 2021. That is a much deeper downturn than the 0.1% drop in 2009.

India Brief - November 2020

Wednesday November 4, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

Recent high-frequency indicators paint an encouraging picture of an economy that is on its way to normalising. Auto sales, the PMI indices, GST receipts, e-Way bill issuances are all up, though it remains to be seen whether these numbers sustain.

IMA India's Quarterly BCPI Q3FY21

Tuesday November 3, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, Industry and Business, Business Performance,

At 68.7, IMA’s quarterly Business Confidence and Performance Index (BCPI) for Q3, FY21 touched a multi-year high, powered by big improvements in both, the macroeconomic outlook and business expectations.

Technology Adoption in HR - October 2020

Tuesday November 3, 2020

Category: IMA Analysis

The pandemic has triggered a huge demand for virtual working and digital solutions. Organisations that were already invested in robust HR systems were able to quickly respond but for many others, Covid-19 was a wake-up call.

Update Libor - November 2020

Monday November 2, 2020

Category: Opinion Papers

Recently, the US Federal Reserve and other financial regulators announced their intention to discontinue the use of Libor as a benchmark for the cost of funds.

Employment Trends - October 2020

Thursday October 15, 2020

Category: IMA Analysis

Since 2018, the EPFO (Employee Provident Fund Organisation) has begun publishing monthly data on enrolments and dropouts from its scheme. This is the first and only source of payroll data in India that is based on ‘hard’ data, not survey-based estimations.

India Brief - October 2020

Monday October 12, 2020

Category: IMA Analysis

Parliament's Monsoon Session was a short, chaotic affair, with government-opposition relations strained by a host of controversies. With many parties boycotting proceedings, the government managed to pass 17 of the 20 bills it had introduced.

Asia Brief - September 2020

Friday October 9, 2020

Category: IMA Analysis

2021 will see wide variations in growth rates as some countries do better than others in four key areas: virus suppression, fiscal and monetary support, strength of private sector balance sheets, and vaccination programmes.

Return to the Office - October 2020

Thursday October 8, 2020

Category: Opinion Papers

Whatever the historical reservations of business managers about employees working from home, the lockdown forced new habits upon them and pleasantly enough all parties appeared to have coped well.

Operating Environment Assessment Paper - September 2020

Tuesday October 6, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

The Indian economy saw an unprecedented, 24% decline in the first quarter (Apr-Jun) of FY21. On current trends, we expect a continued contraction in Q2, and a gradual transition to flat growth in the second half of the year.

Jaswant Singh – the last of a dying tribe

Thursday October 1, 2020

Category: Opinion Papers, Economy & Politics, Indian economy & Politics, Functional, Finance,

Jaswant Singh, a former Finance, Defence and Foreign Minister, passed away on the 27th September, at the age of 82. He was one of India’s most erudite and stately politicians who, in nearly every sphere he touched, left behind a legacy for the rest of us to remember him by.

Agricultural Reforms - September 2020

Thursday September 24, 2020

Category: Opinion Papers, Economy & Politics, Indian economy & Politics, Policy & Governance,

Over the weekend, Parliament passed two important bills pertaining to agriculture - the Farmer’s Produce Trade and Commerce (Promotional and Facilitation) Bill, 2020 and the Farmer’s (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020.

Outsourcing in Accounts Closing - September 2020

Wednesday September 23, 2020

Category: IMA Analysis, Industry and Business, Business Performance, Functional, Marketing,

Despite the common prevalence of outsourcing in the finance function, its use in the accounts closing process is relatively low. CFOs face dilemmas over what to outsource and to what degree for reasons of confidentiality, speed or the need for control.

Automation in Accounts Closing - Sept 2020

Wednesday September 23, 2020

Category: IMA Analysis, Industry and Business, Business Performance, Functional, Marketing,

Finance has pioneered the adoption of technology and automation for streamlining processes. IMA India’s 2020 Accounts Closing Benchmarks Report reveals insights on how companies leading the ‘tech-adoption’ revolution in their closing processes are able to leapfrog ahead of those that still rely on manual efforts and spread-sheets.

Make in India - September 2020

Monday September 21, 2020

Category: Opinion Papers, Economy & Politics, Indian economy & Politics,

India’s economy is today precariously perched. Unemployment has jumped, government revenues have collapsed, banks are saddled with bad loans, thousands of SMEs are on the verge of closure and consumer spending remains weak.

US Elections 2020

Monday September 14, 2020

Category: Opinion Papers, Economy & Politics, World economy,

The US Presidential election is a globally critical event, shaping as it does not only America’s destiny but that of many other nations. Today, its significance is even higher.

The RoI Conundrum of Digital Marketing

Monday September 14, 2020

Category: IMA Analysis, Functional, Marketing,

Digital marketing (DM) has changed beyond recognition in recent years, with new marketing channels opening up and technology enabling a quantum shift in the scale, precision and reach of DM.

The RoI Conundrum of Digital Marketing

Monday September 14, 2020

Category: IMA Analysis, Functional, Marketing,

Digital marketing (DM) has changed beyond recognition in recent years, with new marketing channels opening up and technology enabling a quantum shift in the scale, precision and reach of DM.

India Brief - September 2020

Wednesday September 9, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

India's Q1 (Apr-Jun) GDP contracted by an unprecedented 24%, with some segments dropping by 40% or more and only agriculture providing some relief, expanding by 3.4% on the back of a good winter harvest.

India Brief - August 2020

Friday September 4, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

Recent high-frequency data indicate that India’s economic recovery is continuing, albeit hesitantly. GST collections remain soft but e-way bill issuances are rising, car sales are firming up and tractor sales have surged on expectations of a good monsoon.

IMA India's Quarterly BCPI Q2FY21

Monday August 31, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, Industry and Business, Business Performance,

A summary of the results from IMA's quarterly Business Confidence and Performance Index (BCPI) survey.

A New Abnormal

Monday August 31, 2020

Category: Opinion Papers, Economy & Politics, Indian economy & Politics, World economy, Policy & Governance,

The Covid-19 pandemic has given Governments an excuse to increase their spread and influence in the economy. Administrations are borrowing more to spend on stimulus measures while central banks are wading into unchartered territory by assuming risks their balance sheets were never designed for.

Ratings and Growth

Monday August 31, 2020

Category: Opinion Papers, Economy & Politics, Indian economy & Politics, Policy & Governance,

Ever since Moody’s cut India’s sovereign ratings to the lowest investment-grade in June, there has been speculation over the possibility of another downgrade and questions about what would happen to the economy if such a scenario came to pass

Soft Power Diplomacy

Monday August 31, 2020

Category: Opinion Papers, Economy & Politics, World economy, Policy & Governance,

The foreign policy of nation states employs a combination of ‘soft’ and ‘hard’ power. The former is about cooperation and consensus building. It is a slow and painstaking process involving cultural and civil society exchanges, shared values, mutual support on global issues, etc. The latter is more immediate and uses relatively forceful tools such as economic action, financial dependencies and even military might.

Here to Stay

Monday August 31, 2020

Category: Opinion Papers, Economy & Politics, World economy,

The immediate constraint the world is seeking to address is a vaccine. But when it does arrive the problem will still not have gone away. The goal post will have merely shifted to the next problem, which scientists are already warning us about.

The Barriers to D&I

Monday August 31, 2020

Category: Opinion Papers, Economy & Politics, Markets, Functional, Finance,

IMA’s 2019 Diversity and Inclusion (D&I) Benchmarks Report, which is based on a detailed analysis of almost 300 companies in India, offers insights on what comes in the way of meeting D&I targets.

India Brief - July 2020

Saturday July 25, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

China’s military aggression into Indian territory has abruptly changed the ‘rules of the game’ with respect to Sino-Indian relations.

Asia Brief Tracker - July 2020

Saturday July 25, 2020

Category: IMA Analysis, Economy & Politics, World economy,

The Asia Brief Tracker is a thematic note produced by our sister concern, IMA Asia, based in Singapore. It looks at topical business issues and economic trends within 12 major Asia Pacific economies, including India.

Business Challenges July 2020

Saturday July 25, 2020

Category: IMA Analysis, Industry and Business, Business Performance,

If there are supply constraints then demand tends to overshoot, leading to an over-heating of the economy and a subsequent re-adjustment of output. However, the present situation defies both principles, characterised as it is by both demand suppression and supply constraints.

Stressed Banks July 2020

Saturday July 25, 2020

Category: IMA Analysis, Economy & Politics, Policy & Governance, Industry and Business, Business Performance,

The NPA overhang in banks and NBFCs remains dangerously high and will probably worsen before it improves. More liquidity and cash flow challenges lie ahead and CFOs and business managers must remain alert.

Joe Biden July 2020

Saturday July 25, 2020

Category: Opinion Papers, Economy & Politics, Regulation, World economy,

When Joe Biden was first elected as a Senator from Delaware in 1972, he was one of the youngest in American history to occupy this office. Today, as he runs for President, he is one of the oldest to do so. Between these milestones, he served six terms as Senator and went on to become Vice President under Mr Obama’s Presidency in 2008.

Agriculture yields and output - July 2020

Saturday July 25, 2020

Category: Opinion Papers, Economy & Politics, Indian economy & Politics,

This paper, based on a recent IMA India report, ‘Indian Agriculture: An Analytical Assessment’, provides a perspective. It is based on a comprehensive report that presents changing trends and new opportunities for manufacturing and service businesses. The full report can be separately procured from IMA.

Compensation Report June 2020

Thursday June 25, 2020

Category: Opinion Papers, Functional, Benchmarking / Best Practices,

A few days ago, IMA ran a survey to examine the steps companies are taking in this area, covering bonus payouts, salary increments and cuts, layoffs and hiring.

Debt and Growth June 2020

Thursday June 25, 2020

Category: Opinion Papers, Economy & Politics, Indian economy & Politics, Policy & Governance,

In the current environment, the public debt to GDP ratio is a factor that needs to be closely watched. Beyond certain thresholds, it has the potential to threaten economic growth and, by extension, consumption and market demand.

US Elections June 2020

Thursday June 25, 2020

Category: Opinion Papers, Economy & Politics, World economy,

The popular belief favours a victory for the Democrats at this time. But there are six months still to go and four critical issues will ultimately determine which way the penny will drop.

Quandary of Conflicting Interests

Thursday June 25, 2020

Category: IMA Analysis, Economy & Politics, Geo-politics & National security,

The violent engagement between Indian and Chinese security forces at the Ladakh border has now crossed the levels of what can be passed off as a routine skirmish.

Defence Preparedness

Thursday June 25, 2020

Category: IMA Analysis, Economy & Politics, Geo-politics & National security,

While war is not a pleasing thought, the scales are not as unbalanced as many of us, even in business, seem to believe.

Asia Brief Tracker - June 2020

Thursday June 25, 2020

Category: IMA Analysis, Economy & Politics, World economy,

The Asia Brief Tracker is a thematic note produced by our sister concern, IMA Asia, based in Singapore. It looks at topical business issues and economic trends within 12 major Asia Pacific economies, including India.

Gender Inequality in Boards

Thursday June 25, 2020

Category: Opinion Papers, Functional, Leadership, Benchmarking / Best Practices,

India Inc does not do much better in this regard, though there are some encouraging trends. IMA’s 2019 Executive and Board Remuneration Report, which, aside from tracking compensation trends at the top levels, examines issues around Board size and composition, and offers some insights on the matter of gender diversity.

Perpetual Bonds

Wednesday June 10, 2020

Category: IMA Analysis, Economy & Politics, Policy & Governance,

Perpetual Bonds, carry no tenor and are never repaid. This one feature sets them apart from the others in more ways than may be immediately apparent. At a time like this, they can be a valuable addition to the central bank’s arsenal.

A Balance Sheet Crisis May 2020

Monday June 1, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, World economy, Policy & Governance, Geo-politics & National security,

Any economy comprises of four actors and the strength of their balance sheets ultimately determines aggregate economic performance. However, in India’s case all four were under stress when Covid-19 hit, and the crisis has only exacerbated matters.

Environment May 2020

Monday June 1, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, World economy, Policy & Governance,

The lockdown, while unfortunate from many perspectives, has benefited the environment in ways never seen before. Whilst the current gains may turn out to be short-lived, they do point to the urgent need to rekindle a global political dialogue on sustainability.

Border Tensions May 2020

Monday June 1, 2020

Category: IMA Analysis, Economy & Politics, Geo-politics & National security,

China’s recent move to station thousands of troops close to this border and, in fact, to transgress into Indian territory is therefore a worrisome development. Its aggression, and India’s response to it, will have both geo-security and economic implications

Ratings Downgrade

Monday June 1, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, Policy & Governance,

The muted reaction of the stock market to the recent ratings downgrade announced by Moody’s suggests that the move was largely expected. India’s fiscal and growth indicators have been worsening and with the additional burden of the stimulus package, some reaction from rating agencies was perhaps only to be expected

The Way Forward

Monday June 1, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

With societal and economic anxieties growing, the Government has taken cautious steps to begin dismantling the restrictions. It is fully aware that doing so may cause a spike in infections, particularly on account of return migration, but on balance this is a risk it is perhaps being forced to take.

US China Relations May 2020

Monday June 1, 2020

Category: IMA Analysis, Economy & Politics, World economy, Policy & Governance, Markets,

Geo political equations were delicately poised at the time of the virus outbreak a few months ago. Relations between the world’s two largest economies were particularly terse. As with many other things, Covid-19 has made Sino American relations even worse.

China Supply Chain May 2020

Monday June 1, 2020

Category: IMA Analysis, Economy & Politics, World economy, Industry and Business, Business Performance,

China’s rise as the world’s manufacturing centre came at the expense of hundreds of thousands of local businesses across the world that were unable to compete with the terms of trade established by the Middle Kingdom. More recently, Governments have begun efforts to decouple their economies from China.

Chinese firms in America May 2020

Monday June 1, 2020

Category: IMA Analysis, Economy & Politics, World economy, Markets,

US Senator John Kennedy introduced a bill to prevent companies owned or controlled by the Chinese Government from listing on American stock exchanges. Regardless of whether the bill ultimately gets signed into law, it is becoming increasingly clear that further conflict lies ahead between the world’s two largest economies. Collateral damage is inevitable.

A Global Yuan May 2020

Monday June 1, 2020

Category: IMA Analysis, Economy & Politics, World economy, Markets,

Economists often debate the prospects of the Chinese yuan growing into a global reserve currency to rival, if not replace, the US dollar. Although the yuan is still some distance from assuming this status, the fact is, China has made significant progress towards achieving this ultimate goal.

India Brief - May 2020

Monday June 1, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

As India’s lockdown approaches its end, state Governments have begun taking divergent paths in their responses. Politically, the divergence may spur fresh Centre-state tensions, making it harder for the government to push forward economic reforms.

Asia Brief - July 2020

Monday June 1, 2020

Category: IMA Analysis, Economy & Politics, World economy,

The IMF has updated its global growth forecasts three times this year, and going by the latest (June) revision, the 2020 hole has become deeper and the 2021 recovery smaller.

India Brief - June 2020

Thursday May 28, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

India’s GDP growth slipped to 4.2% in 2019-20, its lowest in over a decade. With most of Q1 of 2020-21 lost to the lockdown, growth will fall further and on a full-year basis, GDP is likely to contract by 5%, assuming agriculture does well.

The Life After

Saturday May 2, 2020

Category: IMA Analysis, Indian economy & Politics, World economy, Policy & Governance, Geo-politics & National security, Markets, Sector updates, Business Performance, Marketing, Human Resources, Finance, Leadership,

As the nation grapples with an extended lockdown, some aspects of the future business reality are becoming clearer. Certain changes in behaviour, operations, and indeed societal perceptions are here to stay.

The Q1 FY21 Business Confidence and Performance Index (BCPI) Repor

Saturday May 2, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, Industry and Business, Business Performance,

A summary of the results from IMA's quarterly Business Confidence and Performance Index (BCPI) survey

Coping with Covid-19

Saturday May 2, 2020

Category: IMA Analysis

Our members, who operate in both the services and the manufacturing space, shared insights on what they are doing to cope with this very difficult situation

Start Ups Funding

Saturday May 2, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, Industry and Business, Business Performance,

The new economic reality is forcing VCs to abruptly abandon notions that market share and growth, howsoever acquired, will eventually result in cash flows and profit, and re-examine their entire strategy towards investment and fund management.

Survival is Key

Saturday May 2, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, World economy, Policy & Governance, Geo-politics & National security, Markets, Business Performance, Sector updates, Industry and Business, Regulation, Functional, Marketing, Finance, Human Resources, Leadership, Benchmarking / Best Practices,

In these trying times, where social costs could involve destitution for millions, the choices for policy makers are hard. This article by Adit axplains how.

A Less Liberal World

Saturday May 2, 2020

Category: IMA Analysis, Economy & Politics, World economy,

The Covid-19 pandemic has hastened nationalism with many countries hunkering down to protect their own, promptly discarding their own ideals of a borderless world based on economic and social cohesion.

Unclean Rivers

Saturday May 2, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

The current lockdown has brought about a remarkable improvement and in a matter of a few weeks, accomplished what the executive, legislature and judiciary could not in 25 years.

Work Customs- April 2020

Saturday May 2, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, World economy, Policy & Governance,

The current lockdown has abruptly ended this practice and replaced it with a virtual one. Human nature is already adapting.

Crude Oil Prices

Saturday May 2, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, World economy, Policy & Governance,

The impact of the deal brokered amongst Opec cartel, Russia and Mexico to curtail oil production in the wake of collapsing prices.

Badly Shaken May 2020

Saturday May 2, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, World economy, Policy & Governance,

The Indian economy has been badly shaken and is precariously perched on a precipice. If suitable action is not taken quickly, it may well fall over and find it hard to recover.

Changing Focus

Friday April 10, 2020

Category: IMA Analysis, Industry and Business, Business Performance, Functional, Leadership,

In normal times, the focus of a CEO is about issues such as longer term planning, which may include new product launches, acquisitions, new markets, etc. However, in times of crisis, when survival and consolidation become critical, the approach changes quite radically.

The Flip Side

Friday April 10, 2020

Category: IMA Analysis, Indian economy & Politics, Industry and Business, Business Performance,

Rarely do we speak about the here and now, where lives of other animals are affected by the superior human race. All it took was a virus - something that exists in a border between a chemical and life - to change our thinking.

Post Virus Recovery

Friday April 10, 2020

Category: IMA Analysis, Indian economy & Politics, World economy,

Adit talks about what the path to recovery post virus is likely to be. Even when the worst of the virus impact is behind us, consumers will remain cautious. Businesses should therefore expect a slow recovery.

Laws of Society

Friday April 10, 2020

Category: IMA Analysis, Industry and Business, Business Performance,

Our societal customs are forced to change in the wake of compelling circumstances. If adopted for long enough, they become a habit and a part of our guidelines of engagement. Laws and legislation often follows. Perhaps a longer term impact of these trying times will translate into a new way of doing things.

Working Capital Buffers

Friday April 10, 2020

Category: IMA Analysis, Functional, Finance, Industry and Business, Business Performance, Leadership,

Adit's perspective on what could be the possible measures CFOs could take to maintain Working Capital buffer

Covid 19 - Update on Global Economic Impact

Friday April 10, 2020

Category: IMA Analysis, World economy,

Adit's viewpoint on how the global economy is likely to perform owing to the widespread of Covid-19, and a link to a CNBC interview by Richard Martin

India Brief - April 2020

Thursday April 9, 2020

Category: IMA Analysis, Indian economy & Politics,

With India in the midst of a 3-week lockdown due to the Covid-19 outbreak, economic activity slowed sharply in the second half of March. It is likely to remain subdued for several more months.

India's Growth March 2020

Wednesday April 1, 2020

Category: IMA Analysis, Indian economy & Politics,

The development experience of the advanced economies quite clearly demonstrates that sustainable growth stems from productivity improvement. Stimulus measures and government splurges provide no more than a temporary boost while imposing costs, in the form of deficits and inflation, which are often permanent or semi-permanent in nature. Ultimately, the sustenance of growth requires structural reforms and this in turn demands that Government and industry work together.

Operating Environment Assessment Paper

Monday March 30, 2020

Category: IMA Analysis, Indian economy & Politics,

The Q3 GDP numbers and lead indicators suggest that an economic recovery is still some time away. The Covid-19 phenomenon will, in the best case, delay the recovery by a few months. In the worst case, it may tip an already-precarious world economy into a full blown recession. The short term outlook is therefore cautious. One positive is that oil and commodity prices are falling, which will provide a bit of a breather in terms of fiscal, inflationary and exchange-rate pressures.

Covid 19 Impact

Monday March 30, 2020

Category: IMA Analysis, Indian economy & Politics,

The sentiment around the Coronavirus has transformed from anxiety to worry and, in some place, outright panic. Whilst some of this understandably stems from fears of a primal nature the fact remains that serious economic and financial consequences may yet be around the corner if the virus is not tamed. For businesses, this is a time to focus on a few basic principles which can help ensure survival but, equally, preparedness for the period that will follow.

Asia Brief - February 2020

Thursday February 27, 2020

Category: IMA Analysis, Economy & Politics, World economy,

Last month, the IMF reduced its global growth outlook from 3.4% to 3.3% for 2020 citing India’s weaker growth prospects as one of the primary reasons.

Director Pay Vs Performance

Thursday February 27, 2020

Category: IMA Analysis, Benchmarking / Best Practices, Business Performance,

In recent years, a significant percentage of the remuneration of senior management, specifically the Board of Directors, has become variable. The ratio varies from 10-34% across individual levels in listed companies.

The Sweet Spot for D&I

Thursday February 27, 2020

Category: IMA Analysis, Benchmarking / Best Practices, Business Performance,

The focus on diversity and inclusion in a corporate workplace environment is a phenomenon that probably originated in advanced countries like the US and Europe. Therefore, one might believe that it would be better practiced amongst multinational corporations belonging to those countries.

Board Independence

Thursday February 27, 2020

Category: IMA Analysis, Industry and Business, Regulation,

Following the enactment of regulations mandating the presence of Independent Directors on company Boards, companies listed in India have made considerable efforts to recruit such individuals. While this may have started as an exercise in compliance, it has, over the years, evolved into a self-motivated effort to improve the quality and authority of Boards. However, IMA’s analysis, drawn from its recently published 2019 Executive and Board Remuneration report, finds that companies are still falling short of regulatory norms on this count.

Creation of Wealth February

Thursday February 27, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

The socialist mindset India has grown up with remains an insidious force that has influenced policy making since the time of independence. Even after the 1991 reforms and the consequent liberalisation of the economy, the legacy continues to endure.

Decoupling China

Thursday February 27, 2020

Category: IMA Analysis, Economy & Politics, Policy & Governance,

New forms of viruses and their mutations have originated out of China for many centuries, possibly on account of its socio-cultural practices but also the relative lack of immunisation over the decades. In the past, such outbreaks remained localised but in an integrated world this is no longer true. The China virus risk is now a subject of Boardroom discussion and the reasons for this go beyond the immediate disruption of business and travel.

Coronavirus February 2020

Thursday February 27, 2020

Category: IMA Analysis, Economy & Politics, World economy,

The Coronavirus infection is now approaching worrisome proportions globally. While China was the initial epicentre of the virus, its influence has spread quite dramatically and three other countries have declared an official health emergency. Not surprisingly, markets are in the grip of a panic attack and economists are hurriedly revising growth forecasts. Most businesses will be affected, directly or indirectly, and a formal exercise to gauge the business impact of this epidemic may well be warranted at this time.

India Brief

Monday February 24, 2020

Category: IMA Analysis, Indian economy & Politics, Policy & Governance,

Finance Minister Nirmala Sitharaman had a tough balancing act to manage between fiscal prudence and economic reforms. As expected, the FY20 fiscal deficit will over-shoot its target of 3.3% of GDP and rise to 3.8%, while the target for next year is 3.5%.

Coronavirus January 2020

Friday February 14, 2020

Category: IMA Analysis, Economy & Politics, World economy, Geo-politics & National security,

A number of us probably have friends or colleagues, or know of others, whose lives and work has been affected by the recent impositions of travel curbs in China, following the spread of the Coronavirus. Whilst inconvenient, this does in many ways indicate a more proactive approach by China, the source of the infection, to counter the outbreak. This is quite unlike the slow and muted response it exhibited at the time of the SARS epidemic, which went on to acquire serious global proportions. It is too early to say whether the Coronavirus will turn out to be as deadly but caution and alertness are clearly warranted.

Business Confidence and Performance Index - Q4, FY20

Wednesday January 29, 2020

Category: IMA Analysis, Industry and Business, Business Performance, Economy & Politics, Indian economy & Politics, Sector updates,

After touching a 5-year low of 45.7 last quarter, IMA India’s quarterly Business Confidence and Performance Index (BCPI) has seen a recovery to a just-positive level of 50.4, in the January quarter. Services firms, after dipping briefly into the red, are now net-positive; manufacturing businesses are also more optimistic than they were three months ago, but not enough to pull themselves past the baseline 50 mark. Companies are anticipating an improvement in macro-economic conditions by the April quarter but are cautious on CapEx, soft spending and hiring.

Ethical Guidelines January 2020

Wednesday January 29, 2020

Category: IMA Analysis, Functional, Human Resources,

Gifts are an important aspect of India’s ancient custom prevalent across all her communities. Whether on a religious occasion or a social one, material contributions are routinely proffered as a token of thanks or a mark of respect. However, in the domain of business and professional life, such actions often take on a different meaning and can become a means to grant favours or indeed expect them in return. Responsible companies have evolved guidelines on what sort of gifts and freebies their employees can or cannot accept from vendors, partners and service providers.

Data Protection Bill

Wednesday January 15, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, Policy & Governance, Industry and Business, Regulation,

The Personal Data Protection Bill should be tabled in Parliament shortly and once approved, will radically change some basic business processes within companies.

India Brief- Jan 2020

Wednesday January 15, 2020

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, Policy & Governance,

Parliament’s Winter session saw the passage of 14 bills, including the now-controversial Citizenship Amendment Bill. A number of others were referred to Standing Committees and may see passage in the coming months.

The Operating Environment Assessment Paper - December 2019

Monday December 30, 2019

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, Industry and Business, Sector updates,

A bi-monthly update on politics and the Indian economy.

Diversity at the Workplace : The Current State

Thursday December 19, 2019

Category: IMA Analysis, Functional, Benchmarking / Best Practices, Human Resources,

Progressive companies know that creating a diverse environment contributes to business results. In any event, millennial employees have strong views about working for companies that are inclusive.

India Brief - December 2019

Monday December 16, 2019

Category: IMA Analysis, Economy & Politics, Indian economy & Politics, Policy & Governance,

Following the collapse of a short-lived BJP government, Maharashtra got a new coalition headed by the Shiv Sena in a turn of events that left no one looking good.

Swells like the Solway but Ebbs like its Tide

Monday December 16, 2019

Category: IMA Analysis, Functional, Finance, Economy & Politics, Markets,

The remarkable rise of the Bombay Stock Exchange’s Sensitive Share Index from 36,000 only a few weeks ago to a record level of 41,000 has foxed analysts and economists.

RCEP - November 2019

Friday November 29, 2019

Category: IMA Analysis, Economy & Politics, World economy, Markets,

India’s decision to withdraw from the Regional Comprehensive Economic Partnership (RCEP) seems preordained in some ways as she had always been a reluctant participant.

India Brief - November 2019

Monday November 11, 2019

Category: IMA Analysis, Economy & Politics, Policy & Governance,

The BJP suffered setbacks in recent Assembly elections in Haryana and Maharashtra. In the former, it managed to cobble together a coalition but in the latter, government-formation remains elusive.

Time for a Tax Rethink

Monday November 11, 2019

Category: IMA Analysis, Economy & Politics, Policy & Governance,

India’s tax to GDP ratio stands at about 11%, considerably lower than other South East Asian countries. Without an adequate revenue stream the Indian Government can neither afford to sustain nor invest.

Time to let go

Tuesday October 22, 2019

Category: IMA Analysis, Human Resources, Leadership,

Letting go of a high performer is a hard call to take and more so by the board of a company for its chief executive or for a top performer in a senior leadership role.

C-Suite Composition, Hiring and Attrition

Friday October 18, 2019

Category: IMA Analysis, Human Resources,

As might be expected, our analysis finds a strong relationship between the size of the C-suite and an organisation’s size and complexity. Age profiles tend to change not only with the seniority of the position but also with company size and ownership.

The Operating Environment Assessment Paper

Friday October 18, 2019

Category: IMA Analysis, Indian economy & Politics, Economy & Politics,

A bi-monthly update on politics and the Indian economy

Setting The Standard For Excellence: Automation in Finance

Friday October 18, 2019

Category: IMA Analysis, Finance,

For decades, offshoring, outsourcing and centralisation have driven the Finance function’s productivity agenda. Today, tech-savvy CFOs are considering automation to drive next level efficiency improvements.

Consumer Behaviour

Wednesday October 9, 2019

Category: Opinion Papers, Economy & Politics, Indian economy & Politics,

In the world of business and marketing, adverse reactions on social media platforms tend to attract more attention and prompt many more people to behave in a certain way, than positive ones.

Deficit Risks

Friday October 4, 2019

Category: IMA Analysis, Policy & Governance,

Most economic indicators are measured as a percentage of GDP, which makes it possible to properly compare them across countries and over time.

India Brief - October 2019

Friday October 4, 2019

Category: IMA Analysis, Indian economy & Politics, Economy & Politics,

In an attempt to revive the economy, Finance Minister Nirmala Sitharaman in late September announced steep cuts in the corporation tax rate.

C-Suite Compensation Trends

Tuesday September 24, 2019

Category: IMA Analysis, Human Resources,

IMA India’s 2018-19 CXO Compensation Survey reveals interesting insights on compensation trends within the C-Suite.

Economy and Markets

Tuesday September 24, 2019

Category: IMA Analysis, Markets,

When the markets went into a tizzy following the presentation of the budget earlier in the year, Finance Minister Nirmala Sitharaman put up a brave face. She shrugged off the hullabaloo, gracefully clarifying that market movements do not disturb her calm.

India Brief - September 2019

Wednesday September 18, 2019

Category: IMA Analysis, Indian economy & Politics, Economy & Politics,

Economic growth is slowing, falling to a 5-year low of 5% in the first quarter (April-June). A worried administration has made a series of policy announcements designed to lift the mood and stimulate growth.

Currency And Interest Rate Outlook

Tuesday September 3, 2019

Category: The Chairman’s Desk, Markets,

Volatility has returned to the forex markets. This is attributable to two significant but unrelated events - firstly, an escalation of the US-China economic dispute and secondly, political tensions at home.

Enduring Organisations: Leadership Lessons

Tuesday September 3, 2019

Category: The Chairman’s Desk, Markets, Leadership,

Enduring organisations have the ability to survive and prosper under a variety of conditions, reinventing themselves to deliver ongoing value to shareholders, employees and customers.

Let The Sun Shine Down

Saturday August 31, 2019

Category: IMA Analysis, Sector updates,

The evolution of the solar sector in India has been remarkable. From just 161 megawatts (MW) in 2010, the country’s installed solar capacity now exceeds 29 gigawatts (GW), or 5% of the total.

The Operating Environment Assessment Paper

Tuesday August 20, 2019

Category: IMA Analysis, Sector updates, Indian economy & Politics, Economy & Politics,

A bi-monthly update on politics and the Indian economy

India Brief - August 2019

Thursday August 8, 2019

Category: IMA Analysis, Sector updates, Indian economy & Politics, Economy & Politics,

The new government’s first Budget was more a work-in-progress than a statement of intent on policy making for the next 5 years. Like most budgets, it had its share of hits and misses

Update - Fed Rate Cuts

Thursday August 8, 2019

Category: IMA Analysis, World economy,

The cut of 25 basis points effected by the United States Federal Reserve last week has generated some debate as to whether it was warranted and whether it signals the start of a rate loosening cycle.

The Q2 FY20 Business Confidence and Performance Index (BCPI) Report

Thursday August 8, 2019

Category: IMA Analysis, Indian economy & Politics, Business Performance, Economy & Politics,

A summary of the results from IMA's quarterly Business Confidence and Performance Index (BCPI) survey

Make In India

Thursday August 8, 2019

Category: IMA Analysis, Economy & Politics, Policy & Governance,

In the aftermath of the US-China trade war, global corporations have no choice but to readjust their supply chains and relocate at least a part of their manufacturing. This presents an opportunity for India.

Update - Directors' Compensation July 2019

Wednesday July 24, 2019

Category: IMA Analysis, Human Resources,

IMA India’s research on compensation trends pertaining to Directors on the Boards of listed companies in India reveals a few interesting findings.

Finance Function Budget July 2019

Wednesday July 24, 2019

Category: IMA Analysis, Finance,

Finance can bolster organisational performance by strengthening monitoring and forecasting, risk management and ensuring transparency and control.

The Credit Dilemma

Wednesday July 24, 2019

Category: IMA Analysis, Indian economy & Politics, Economy & Politics,

With their books now under close scrutiny, following the IL&FS default last year, NBFCs are unable to source funds and consequently to lend.

Organisation Culture

Monday July 15, 2019

Category: IMA Analysis, Human Resources,

Management gurus agree that an organisation’s culture is the key essential to drive business growth, productivity and innovation. It is the ultimate retention tool that attracts talent.

Finance Budget 2019

Monday July 15, 2019

Category: IMA Analysis, Finance,

The Finance Budget 2019 contained some bold initiatives and a few that some might consider regressive.

The Operating Environment Assessment Paper

Thursday June 20, 2019

Category: IMA Analysis, Economy & Politics,

A bi-monthly update on politics and the Indian economy

Update - Global Outlook June 2019

Friday June 7, 2019

Category: IMA Analysis, World economy, Policy & Governance,

The impact of America’s hardening stance on trade and immigration is now being felt in greater measure as nations realise that President Donald Trump is quite serious and prepared to dig his heels in.

India Brief - June 2019

Thursday June 6, 2019

Category: IMA Analysis, Economy & Politics,

IMA India’s June 2019 update on domestic market trends, and political and policies issues to watch

Elections June 2019

Tuesday June 4, 2019

Category: IMA Analysis, Economy & Politics,

It is for the first time since 1971 that an incumbent majority Government has been re-elected with higher scores.

India Brief - May 2019

Monday May 13, 2019

Category: IMA Analysis, Economy & Politics,

India is now approaching the final rounds of its 7-phase election, marked by unusually charged sentiments and faltering Opposition unity.

Update - Oil Price Surge

Monday May 13, 2019

Category: IMA Analysis, Economy & Politics,

Crude oil prices have been rising since the start of 2019 from USD 50 a barrel in December 2018 to USD 74 as of last week.

The Operating Environment Assessment Paper

Wednesday May 1, 2019

Category: IMA Analysis, Economy & Politics,

A bi-monthly update on politics and the Indian economy

Update: Jet Airways

Wednesday May 1, 2019

Category: IMA Analysis, Sector updates,

Last week, the management of Jet Airways announced that operations at the once-iconic airline would finally be shutting down. Efforts to secure emergency funding had failed and no buyer was on the horizon.

The Q1 FY20 Business Confidence and Performance Index (BCPI) Report

Sunday April 28, 2019

Category: IMA Analysis, Economy & Politics, Business Performance,

A summary of the results from IMA's quarterly Business Confidence and Performance Index (BCPI) survey

New Rules for e-Commerce: Levelling the Playing Field?

Sunday April 28, 2019

Category: IMA Analysis, Regulation,

Online commerce in India has tripled in the last five years, to USD 35 billion, and by 2026, the government expects it to top USD 200 billion.

Direct Taxes: Taking Off But A Long Way To Go

Sunday April 28, 2019

Category: IMA Analysis, Policy & Governance,

Recently, the Income Tax Department released an updated 18-year time-series of data on direct tax collections. We analysed the numbers and found a compelling picture of an economy in transition.

India Brief - April 2019

Wednesday April 10, 2019

Category: IMA Analysis, Economy & Politics,

IMA India’s November 2018 update on domestic market trends, and political and policies issues to watch

A Hard Act to Follow

Wednesday April 10, 2019

Category: IMA Analysis, Policy & Governance,

Voting sentiment in India often crystallises a couple of weeks before polling. But as things stand now, the BJP is unlikely to repeat its stellar performance of 2014.

Workgroups and Retention

Monday April 1, 2019

Category: IMA Analysis, Human Resources,

Work Groups and Retention March 2019

India Brief - March 2019

Monday March 25, 2019

Category: IMA Analysis, Economy & Politics,

IMA India’s November 2018 update on domestic market trends, and political and policies issues to watch

Ayushman Bharat

Monday March 25, 2019

Category: IMA Analysis, Policy & Governance,

The NDA’s Ayushman Bharat scheme, popularly known as ‘Modicare’, is the world’s most ambitious health-insurance programme, covering over 500 million people. Since its launch in September 2018...

Swift Response – The New Paradigm

Monday March 11, 2019

Category: IMA Analysis

The swift reprisal inflicted by India in the aftermath of the terrorist attack last month suggests a profound shift in the country’s security doctrine.

The 2018 Executive & Board Remuneration Report

Monday March 4, 2019

Category: Benchmarking, Benchmarking / Best Practices,

Covering a 5-year period from FY13 to FY18, IMA India’s 2018 Executive & Board Remuneration Report presents a summary and analysis of compensation trends in 248 publicly-listed companies in India.

India Brief - February 2019

Thursday February 14, 2019

Category: IMA Analysis, Economy & Politics,

IMA India’s November 2018 update on domestic market trends, and political and policies issues to watch

Half Steam Ahead

Thursday February 14, 2019

Category: IMA Analysis, World economy,

In October 2018, we argued in a paper entitled Changing Tides that growth in the US economy was wobbling and that it may slip into a recession by 2020. It now appears as if this may become a worldwide phenomenon with a number of other economies exhibiting structural weaknesses.

India's Startup Ecosystem: Some Strides, Long Way to Go

Thursday February 14, 2019

Category: IMA Analysis, Business Performance,

The Indian start-up ecosystem is the world’s third largest, after United States and China, in terms of number of enterprises. In recent years, both the number and the value of start-ups in India has grown strongly and consistently. Many unicorns have emerged

Oil and Gas Upstream

Monday February 4, 2019

Category: IMA Analysis, Economy & Politics,

India’s oil and gas exploration sector has lost nearly a decade tackling litigation, policy paralysis and clearance-related delays. As a result, production has declined, import dependence has increased and foreign investors have begun losing interest.

The Business Confidence and Performance Survey: Q4FY19

Monday February 4, 2019

Category: Surveys, Economy & Politics, Business Performance,

A summary of the results from IMA's January 2019 quarterly Business Confidence and Performance Index (BCPI) survey

Hitting the Brakes

Monday February 4, 2019

Category: IMA Analysis, World economy,

Over the last few months, global financial markets have signalled their displeasure with the state of the global economy through a widening of credit spreads and a flattening of the yield curve.

Elections and Outcomes

Monday February 4, 2019

Category: IMA Analysis, Economy & Politics,

The outcome of the 2019 election is uppermost in the minds of Indian industry and its business community. Some believe the BJP may return to power albeit with a reduced majority.

Ashish Chopra: Secrets In Viral Video Marketing

Monday February 4, 2019

Category: IMA Analysis, Marketing,

By 2020, India’s 400-million strong internet user base is set to grow to 730 million and the smartphone user base to 702 million.

The Real Asset

Monday January 21, 2019

Category: IMA Analysis, Finance,

Building brands is a long and painstaking process. Whilst advertising and media communications are important, there are a host of other considerations companies have to keep in mind to protect and grow their brands.

Artificial Intelligence in Brand Strategy

Monday January 21, 2019

Category: IMA Analysis, Marketing,

The tools of artificial intelligence (AI) are evolving rapidly and, in several aspects, have begun to surpass humans.

Let’s Get it Right

Monday January 21, 2019

Category: IMA Analysis

For many companies the Jan-March quarter is about budgeting and planning for the next financial year. Frequently, they adopt a standard template for next year’s budget which is based on incrementing or reducing last year’s figures by a certain percentage. The figure may vary according to immediate circumstances and constraints but the fundamental approach of using last year as the base, endures.

India Brief - January 2019

Monday January 21, 2019

Category: IMA Analysis, Economy & Politics,

IMA India’s January 2019 update on domestic market trends, and political and policies issues to watch

Tourism in India: Significant Growth Potential

Friday January 4, 2019

Category: IMA Analysis, Sector updates,

The Indian tourism industry has been growing at a steady rate in recent times. The sector contributes significantly to economic development including job creation and forex earnings but also offers spillover benefits to related sectors. In the years ahead, it has the potential to grow significantly in view of rising incomes and growing tourist traffic, both domestic and foreign. However, infrastructural issues and policy constraints could emerge as hurdles. The note provides an analysis of India’s tourism industry together with an assessment of its growth prospects.

Indian FMCG: Poised for Growth and Change

Friday December 21, 2018

Category: IMA Analysis, Sector updates,

The Indian FMCG sector has enjoyed years of robust top-line growth, powered by favourable demographics, rising incomes, changing lifestyles, and strong catch-up growth driven by low penetration rates. At the same time, the industry, though still largely informal, is moving unmistakably towards the branded end of the spectrum. In the decade ahead, these factors will allow FMCG players to sustain, even improve upon their double-digit growth rates. Just as critically, the business landscape will continue to evolve, with new sales and marketing channels (modern format retail, e-Commerce) taking root, and with consumers increasingly seeking premium, ‘healthy’ and ‘ethnic’ product offerings. On the other hand, there will be significant challenges to contend with, including thin margins, a shifting regulatory climate, and talent shortages.

And the Crowds are Getting Thin

Friday December 21, 2018

Category: IMA Analysis, Economy & Politics,

The results of the recently concluded state assembly elections appear to have opened up the political field ahead of the national competition next summer. The BJP would argue that, despite losing in all five states, its vote share trailed that of the Congress by just a few basis points, while the opposition will rejoice that it has finally found a way to break its losing streak and put up a serious fight against the BJP. Be that as it may, state dynamics rarely have a linear relationship with federal politics and there is much that can happen between now and April 2019. Both camps have plenty to think about as the paper explains.

Reliance Jio: The Game Changer?

Friday December 21, 2018

Category: IMA Analysis, Sector updates,

Reliance Jio’s entry into India’s telecom sector has changed industry dynamics in a manner not seen before. Its experience offers lessons on timing the market, creating entry barriers, targeting the right segment, building a data-focused brand and ultimately changing the rules of the game. In two years since 2016, RJio has built a ground-up 4G network with over 250 million subscribers consuming over 2.5 billion GB of data a month, making India the largest consumer of mobile data in the world.

RCEP: Looking Back and Looking Ahead

Friday December 21, 2018

Category: IMA Analysis, World economy,

At a summit in Singapore a few weeks ago, 16 Asian nations, including India, were to sign on the dotted line, making the Regional Comprehensive Economic Partnership (RCEP) a reality. However, thanks mainly to India’s intransigence, the talks fell through, and have been deferred to 2019.

The Changing Political Dynamics of 2019

Friday December 21, 2018

Category: IMA Analysis, Economy & Politics,

The BJP’s unexpected 3-0 rout in assembly elections in the Hindi heartland appears to have shifted the political narrative around 2019. It has worried the BJP and put wind beneath the Congress’ wings. However, there is more ‘noise’ than ‘signal’ in the political environment today, and it will be another month or two before analysts can begin to gauge how the public mood is crystallising. 2019 will be decided on issues around jobs and economic performance, agrarian distress and whether the government’s social-sector initiatives can somehow counter-balance these. Most of all, perhaps, it will rest on whether Prime Minister Narendra Modi can convince voters that a stable government under him is better than a hodge-podge coalition of opportunists. On balance, the likeliest outcome is still one where Mr Modi returns to power, though with a much-reduced seat count.

Corporate Governance: The Role of The CFO

Friday December 21, 2018

Category: IMA Analysis, Finance,

The CFO serves as the ‘champion’ of any organisation. While his/her role is identified with the important function of overseeing the implementation of laws and policies, good governance goes beyond this. Risk management and dealing with compliances are two essential functions linked to good governance. Monish Chatrath, Managing Partner at MGC & KNAV, shared an insightful perspective on the governance functions and challenges of modern-day CFOs at a CFO Forum session. He provided an analysis of common pitfalls and equally best practices across the spectrum.

Of Land, Labour and Capital

Friday December 21, 2018

Category: IMA Analysis, Economy & Politics,

The economic history of the world shows that countries that have succeeded in lifting their populations out of poverty have done so not through subsidies and handouts but through higher economic growth. Consistently high levels of investment, which creates opportunities for income generation and consequently consumption, is essential for this.

Taking Control of The Brand Narrative

Friday December 21, 2018

Category: IMA Analysis, Marketing,

Creating brands and sustaining their relevance for consumers has always been a CMO remit that that calls for the highest calibre of input. Creativity, intellect and customer insight must all come together to create brands, and their vehicles of outreach to end consumers.

The Evolving Tax Landscape.

Monday December 17, 2018

Category: IMA Analysis, Policy & Governance,

The current phase of globalisation is seeing almost every country reviewing its bilateral engagements with an eye on maximising individual gain in terms of share of tax revenues. Some recent developments such as the drastic overhaul of the US tax code, renegotiations of tax treaties, the introduction of the new base erosion and anti-abuse tax (BEAT) and greater enforcement will further complicate an already-uncertain tax environment, and push organisations to revisit their business models. IMA India invited Sudhir Kapadia, EY India’s Partner and National Tax Leader, to get a macro view on changing tax and policy landscapes across various jurisdictions, evolving trends, impact on business and the lessons learned.

Regional Trade Disagreement

Friday November 30, 2018

Category: IMA Analysis, World economy,

The Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement between ten ASEAN nations and six other Asia-Pacific countries, including India.

A Downward Swing

Friday November 30, 2018

Category: IMA Analysis, World economy,

In an update titled Cheap Oil Is Here To Stay, published in September 2017, we argued that oil prices would not rise substantially over then-prevailing levels of USD 50-55 a barrel but if they did, there would be a number of forces which would drag them down.

No Winners Here

Friday November 16, 2018

Category: IMA Analysis, Geo-politics & National security,

The Republican Party lost its majority in the House of Representatives (the lower chamber) in America’s recent mid term election but retained its dominance in the Senate (the upper chamber)

Renewable Energy: Time to Reset Expectations?

Friday November 16, 2018

Category: IMA Analysis, Sector updates,

Renewable energy has made rapid progress in India in recent times, especially in the case of wind and solar power.

The Business Confidence and Performance Survey: Q3FY19

Thursday November 15, 2018

Category: IMA Analysis, Economy & Politics, Business Performance,

A summary of the results from IMA's November 2018 quarterly Business Confidence and Performance Index (BCPI) survey

India Brief - November 2018

Wednesday November 14, 2018

Category: IMA Analysis, Economy & Politics,

IMA India’s November 2018 update on domestic market trends, and political and policies issues to watch

The 16th Annual Business Performance Survey 2018-19

Wednesday November 14, 2018

Category: IMA Analysis, Economy & Politics,

A summary of the results from IMA's annual Business Performance Index (BPS) survey

A Mixed Picture

Monday November 5, 2018

Category: IMA Analysis, Economy & Politics,

For now, world growth is strong, led by a resurgent America. However, the upward cycle may begin to turn with a host of risks starting to play out.

Taking Stock: Indian Politics in the Run-Up To 2019

Monday November 5, 2018

Category: IMA Analysis, Economy & Politics,

Since 2014, the BJP has enjoyed unprecedented success securing an absolute majority in Parliament and victories in many subsequent state elections.

The Government’s Economic Priorities

Monday November 5, 2018

Category: IMA Analysis

he paper is based on a discussion with Sanjeev Sanyal, Principal Economic Advisor to the Ministry of Finance. He provided insight into the government’s approach to economic...

The Operating Environment Assessment Paper October 2018

Monday November 5, 2018

Category: IMA Analysis, Economy & Politics,

IMA India’s bi-monthly update on politics and the Indian economy

The Employment Conundrum.

Wednesday October 24, 2018

Category: IMA Analysis, Economy & Politics,

In recent months, there has been considerable debate over the issues of 'jobless growth’ and ‘rising unemployment' which seem to originate

Changing Tides

Wednesday October 24, 2018

Category: IMA Analysis, Economy & Politics,

Our recent paper, entitled Market Mayhem, alluded to the fact that many economists believe that US economy may be headed for a recession in 2020.

Real Estate: Transforming for the Better

Wednesday October 24, 2018

Category: IMA Analysis, Sector updates,

India's real estate sector witnessed remarkable growth in the early 2000s which ended abruptly following a GFC-induced credit squeeze. Many years later, there is now evidence that the sector is perhaps emerging from the doldrums.

Depression at Work

Wednesday October 24, 2018

Category: IMA Analysis, Human Resources,

Physical and emotional stress within the corporate workplace has become increasingly common. Although recognition of the phenomenon is growing the fact remains that employees often hesitate to report such symptoms for fear of attracting a negative stigma.

Market Mayhem

Thursday October 18, 2018

Category: IMA Analysis, Markets,

Markets often exhibit extreme reactions when there is uncertainty and it is possible that the current bloodbath will correct itself over time. However, many analysts are coming around to the view that by 2020 the US economy will enter a recession. This will have consequential implications for other countries. The paper offers a perspective.

UDAN: A shot in the arm for the Indian aviation sector

Thursday October 18, 2018

Category: IMA Analysis, Sector updates,

India ranks as one of the fastest growing civil aviation markets in the world. However, many parts of the country still suffer from poor connectivity. In order to address this, the Government launched UDAN, a scheme that seeks to link under-served cities and towns through subsidised airfares, route exclusivity for airline operators and tax sops.

India Brief - October 2018

Thursday October 18, 2018

Category: IMA Analysis, Economy & Politics,

IMA India's October 2018 update on domestic market trends, and political and policies issues to watch

The Aadhar Ruling

Friday October 5, 2018

Category: IMA Analysis, Policy & Governance,

On September 26, 2018, the Supreme Court delivered its long-awaited judgement on the constitutional validity of Aadhar. The case originated on account of objections filed by privacy activists seeking to curtail the use of Aadhar on the grounds that its widespread usage can violate individual privacy and that the underlying

Strategic Disentanglement

Friday October 5, 2018

Category: IMA Analysis, Geo-politics & National security,

Despite reasonably good macroeconomic conditions, India’s currency has declined by over 10% since the start of 2018. The reasons for this, as we have argued in recent briefings, stem largely from global considerations including the tightening of US monetary policy and the Trump administration’s tax reforms.

Oh, to be happy

Friday October 5, 2018

Category: IMA Analysis, Human Resources,

A happy workplace is a more productive one and HR leaders know better than anyone else that the importance of this principle cannot be over-stated. There is considerable research to suggest a direct and positive correlation between company performance and the happiness quotient of its workers.

Trust and Confidence

Friday October 5, 2018

Category: IMA Analysis, Leadership,

When valuable employees leave, they rarely do so on grounds of salary alone. Somewhere, poor leadership behaviour by superiors is part of the equation. This is why successful companies are often those that seek

Currency Turmoil

Friday August 31, 2018

Category: IMA Analysis, Markets,

Despite reasonably good macroeconomic conditions, India’s currency has declined by over 10% since the start of 2018. The reasons for this, as we have argued in recent briefings, stem largely from global considerations

Skilling India: Belling the Cat

Thursday August 2, 2018

Category: IMA Analysis, Human Resources,

The paper provides insights into India's skilling industry and highlights the challenges that prevent it from taking off.

India Brief - July 2018

Friday July 20, 2018

Category: IMA Analysis, Economy & Politics,

IMA India's July 2018 update on domestic market trends, and political and policies issues to watch

Outward Bound

Monday June 25, 2018

Category: IMA Analysis

Since 2015, when the RBI relaxed foreign currency spending entitlements for Indian citizens, there has been a 12-fold surge in outbound dollar remittances from about a billion dollars a year to USD 11.3 billion in 2017. While some of this undoubtedly is on account of higher spends on foreign tourism, education, retail purchases etc, one additional driver could well be the systematic relocation of personal wealth to other jurisdictions.

India Brief - June 2018

Friday June 8, 2018

Category: IMA Analysis, Economy & Politics,

IMA India's Juen 2018 update on domestic market trends, and political and policies issues to watch

Two Cheers

Friday June 1, 2018

Category: IMA Analysis

Karnataka Elections

Trade Wars

Friday June 1, 2018

Category: IMA Analysis

China runs a trade surplus of USD 380 billion and accounts for three fifths of America's trade deficit. America now seeks to impose import tariffs across a wide range of industries and sanctions on certain Chinese companies. China may retaliate with counter measures leading to the possibility of a trade war. If things went out of hand, they would seriously damage the global economy and rock financial markets.

Defence Spending: Ready for Liftoff?

Friday May 11, 2018

Category: IMA Analysis, Sector updates,

As the world's fifth highest spender on defence and the world's largest importer, India still has a relatively under-developed domestic manufacturing. In recent years, there are signs of a turnaround. The policy environment has been further liberalised and, more importantly, implementation seems to be picking up.

Clouds on the Horizon

Friday May 4, 2018

Category: IMA Analysis

Global Developments

The National Financial Reporting Authority

Friday May 4, 2018

Category: IMA Analysis

The creation of National Financial Reporting Authority (NFRA), an overarching body created to oversee the accounting and auditing professions, is in line with the global trend of replacing self-regulation of these professions with external independent regulators but could create problems due to regulatory overlaps with existing authorities, obscurity of jurisdictional boundaries and potential disruptions to ongoing investigations.

Transforming Talent: Emerging Paradigms

Friday April 27, 2018

Category: IMA Analysis, Human Resources,

Human Resources

The Indian Insurance Sector: Shining Again?

Friday April 27, 2018

Category: IMA Analysis

Considered as one of India's sunrise industries in the early 2000s, insurance fell on hard times after the GFC. Today, though, revival beckons, driven by demographics and rising incomes and sound regulation and public policy thrust. Going forward, growth is expected to be higher as the industry leverages technology in innovative ways and the Government contributes by way of favourable policy and regulatory interventions.

An Improving Paradigm

Wednesday April 18, 2018

Category: IMA Analysis

Taxation

The Operating Environment Assessment Paper April 2018

Tuesday April 17, 2018

Category: IMA Analysis, Economy & Politics,

IMA India's Q1 2018-19 update on politics and the Indian economy

Mutual Funds: The Opportunity, and Incumbent Risks

Friday April 13, 2018

Category: IMA Analysis

The opportunity - and incumbent risks

India Demand Watch - April 2018

Monday April 2, 2018

Category: IMA Analysis, Markets, Business Performance,

A monthly update on demand and stress conditions within the domestic economy

Digital: When the Answer Lies In Business Models

Monday March 26, 2018

Category: IMA Analysis, Human Resources,

Keytakeways from the India CHRO forum session held in Mumbai, Bangalore and in Pune with Jaspreet Bindra, Senior Vice President Digital Transformation, Mahindra Group, Founder, Askme.com

India's Tariff Hikes

Friday March 23, 2018

Category: IMA Analysis

Weighing costs against benefits

The Employment Conundrum

Friday March 23, 2018

Category: IMA Analysis

Employment levels in India

The Employment Conundrum

Friday March 23, 2018

Category: IMA Analysis, Economy & Politics,

Employment levels in India

International Taxation and Us Tax Reform

Tuesday March 13, 2018

Category: IMA Analysis

The paper provides summary of CFO Forum sessions in Delhi and Mumbai where Suchi Lee, Global Leader for International Tax for PwC, shared his outlook for international taxation, drilling deep into the nuances of US tax reform and its implications, both practical and strategic.

India Brief - March 2018

Monday March 12, 2018

Category: IMA Analysis, Economy & Politics,

IMA India's March 2018 update on domestic market trends, and political and policies issues to watch

All that Glitters

Tuesday March 6, 2018

Category: IMA Analysis

Gold Monetisation

Manufactured Exports: A Small but Powerful Tailwind

Tuesday March 6, 2018

Category: IMA Analysis, Economy & Politics,

Manufactured exports are one of India's growth tailwinds. Some of India's more established medium to large enterprises are expanding capacities, and so are much smaller firms that are going up the 'quality' curve in response to global customer expectations. This is first on account of an expanding global economy. Sectors like specialty chemicals on one hand and glass on the other for example, are likely to be key sectors of quantum growth in the coming 12-18 months.

Digital: When the Answer Lies In Business Models

Monday March 5, 2018

Category: IMA Analysis, Human Resources,

Keytakeways from the India CMO forum session held in Mumbai with Jaspreet Bindra, Senior Vice President Digital Transformation, Mahindra Group, Founder, Askme.com

India Demand Watch - March 2018

Thursday March 1, 2018

Category: IMA Analysis, Markets, Business Performance,

A monthly update on demand and stress conditions within the domestic economy

For Whom the Bell Tolls

Tuesday February 27, 2018

Category: IMA Analysis

There has been a recovery in growth in advanced economies. While this may continue in the foreseeable future, the contribution of emerging markets to new global demand will continue to increase and eventually outpace that of Western economies.

Emerging Markets: The Time has Come?

Tuesday February 27, 2018

Category: IMA Analysis, Functional, Marketing,

James Kynge, Emerging Markets Editor of the Financial Times, demonstrates how emerging market companies and technologies are on their way to overtake their advanced economy counterparts.

Success in an Era of Transformative Growth

Monday February 26, 2018

Category: IMA Analysis

V Ramakrishnan, CFO of TCS provided a perspective on how his organisation was coping with the challenges that technology has brought about to business models and competitive landscapes over the years with pay-as-you-use and lifecycle management services that are replacing traditional product-based transactions.

India Brief - February 2018

Friday February 16, 2018

Category: IMA Analysis, Economy & Politics,

IMA India's February 2018 update on domestic market trends, and political and policies issues to watch

Structural Initiatives

Tuesday February 13, 2018

Category: IMA Analysis, Economy & Politics,

Different Strokes

India's Middle Class

Thursday February 8, 2018

Category: IMA Analysis, Economy & Politics,

Hard to Miss the Middle Class

Skilling India: Belling the Cat

Friday February 2, 2018

Category: IMA Analysis, Human Resources,

The paper provides insights into India's skilling industry and highlights the challenges that prevent it from taking off.

India Demand Watch - February 2018

Thursday February 1, 2018

Category: IMA Analysis, Markets, Business Performance,

A monthly update on demand and stress conditions within the domestic economy

The Operating Environment Assessment Paper - January 2018

Thursday January 25, 2018

Category: IMA Analysis, Economy & Politics,

A quarterly update on politics and the Indian economy

India Brief - January 2018

Monday January 22, 2018

Category: IMA Analysis, Economy & Politics,

IMA India's January 2018 update on domestic market trends, and political and policies issues to watch

In Conversation With Amarjit Batra: The OLX Story

Wednesday January 10, 2018

Category: IMA Analysis, Marketing,

The Art of Seeing what is Invisible to others

The Year in 2017 - 2018

Tuesday January 2, 2018

Category: IMA Analysis

The article reviews key developments in 2017 in politics and macro and mega trends, and what the future holds in 2018, and the ask for marketing.

The Year in 2017 - 2018

Tuesday January 2, 2018

Category: IMA Analysis, Human Resources,

The article reviews key developments in 2017 in politics and macro and mega trends, and what the future holds in 2018, and the ask for HR.

Federal India: A Competitive Assessment of India’s States

Monday January 1, 2018

Category: IMA Analysis

The IMA study of state-level trends in income, consumption, investment, and employment reveals significant - and business-relevant - variations across India’s regions

India Demand Watch - January 2018

Monday January 1, 2018

Category: IMA Analysis, Markets, Business Performance,

A monthly update on demand and stress conditions within the domestic economy

Uday: A Federalist Success Story

Tuesday December 19, 2017

Category: IMA Analysis, Sector updates,

Power distribution has been shoddily managed over the last 30 years in almost every state of the Indian Union and being a state subject there is little the central Government can do directly...

The Strategic CFO : Creating Value in a Dynamic Business Environment

Thursday December 7, 2017

Category: Case Studies, Finance,

Jatin Khanna - CFO, Max India

India Demand Watch - December 2017

Friday December 1, 2017

Category: IMA Analysis, Markets, Business Performance,

A monthly update on demand and stress conditions within the domestic economy

Ratings Upgrade

Thursday November 23, 2017

Category: IMA Analysis, Policy & Governance,

A Fair Acknowledgment

When the promise is not kept

Friday November 17, 2017

Category: IMA Analysis, Marketing,

The article reviews the recent incident of passenger mishandling by IndiGo's staff to understand the impact on the brand and key learnings for human resource management and for customer centricity.

India Brief - November 2017

Thursday November 9, 2017

Category: IMA Analysis, Economy & Politics,

IMA India's November ]2017 update on domestic market trends, and political and policies issues to watch

Customer Centricity And Innovation: Enabling Profitable Growth

Wednesday November 8, 2017

Category: Case Studies, Marketing,

In a business environment where frequent and large market fluctuations are the new norm, CFOs – given their unique, enterprise-wide vantage point – can be the CEO’s strongest ally against volatility.

National Security and Geopolitics: Transforming Paradigms

Friday November 3, 2017

Category: IMA Analysis, Geo-politics & National security,

India's foreign policy must be crafted along four prongs. In its relations with China and Pakistan, India is faced with growing belligerence and military assertiveness. In the US' case, it is coping with a new leadership style and policy making paradigm. The third pillar includes India's relations with Israel and Japan, with whom it has strong defense ties. Lastly, regional groupings like the EU, which are partners in trade and investment, but also, to a lesser extent, in security.

National Security and Geopolitics: Transforming Paradigms

Friday November 3, 2017

Category: IMA Analysis, Geo-politics & National security,

India's foreign policy must be crafted along four prongs. In its relations with China and Pakistan, India is faced with growing belligerence and military assertiveness. In the US' case, it is coping with a new leadership style and policy making paradigm. The third pillar includes India's relations with Israel and Japan, with whom it has strong defense ties. Lastly, regional groupings like the EU, which are partners in trade and investment, but also, to a lesser extent, in security.

India Demand Watch - November 2017

Wednesday November 1, 2017

Category: IMA Analysis, Markets, Business Performance,

A monthly update on demand and stress conditions within the domestic economy

Irrational Exuberance

Tuesday October 31, 2017

Category: IMA Analysis, Markets,

Asset Prices

The Operating Environment Assessment Paper October 2017

Wednesday October 25, 2017

Category: IMA Analysis, Economy & Politics,

A quarterly update on pol i t ics and the Indian economy

India Brief - October 2017

Wednesday October 11, 2017

Category: IMA Analysis, Economy & Politics,

IMA India's October 2017 update on domestic market trends, and political and policies issues to watch

Rise of the Dragon

Monday October 2, 2017

Category: IMA Analysis, Geo-politics & National security,

China

Financial Flutters

Sunday September 24, 2017

Category: IMA Analysis, Markets,

Financial Markets

Farm Loan Waivers

Friday September 15, 2017

Category: IMA Analysis

Farming damage

India Brief - September 2017

Thursday September 7, 2017

Category: IMA Analysis, Economy & Politics,

IMA India's September 2017 update on domestic market trends, and political and policies issues to watch

India Demand Watch - September 2017

Friday September 1, 2017

Category: IMA Analysis, Markets, Business Performance,

A monthly update on demand and stress conditions within the domestic economy

Monetary Policy

Thursday August 31, 2017

Category: IMA Analysis, Policy & Governance,

Over the last 16 months, the RBI has cut the repo rate by only 50 bps. Its hesitation in cutting rates too fast is prudent as US dollar interest rates were rising and inflationary risks had not fully subsided. There is a third and more structural reason, which is the inefficiency of the domestic monetary transmission system.

The Sino-India Relationship: National Security Paradigms

Sunday August 20, 2017

Category: IMA Analysis, Geo-politics & National security,

In recent years, China has expanded its territorial claims, testing international tolerance. The Doklam standoff is the first instance of a country standing up to China. Jayadeva Ranade, President, Centre for China Policy Analysis and Strategy, provided insights into what led to the situation and how it may unfold.

India Brief - August 2017

Monday August 14, 2017

Category: IMA Analysis, Economy & Politics,

IMA India's August 2017 update on domestic market trends, and political and policies issues to watch

Pointless Assertiveness

Wednesday August 2, 2017

Category: IMA Analysis

China

Pointless Assertiveness

Wednesday August 2, 2017

Category: Trending on IMA, Geo-politics & National security,

China

Pointless Assertiveness

Wednesday August 2, 2017

Category: IMA Analysis, Geo-politics & National security,

China

Taxation

Sunday July 30, 2017

Category: IMA Analysis, Policy & Governance,

Remove the veil

Taxation

Sunday July 30, 2017

Category: IMA Analysis, Policy & Governance,

Remove the veil

Taxation

Sunday July 30, 2017

Category: Trending on IMA, Policy & Governance,

Remove the veil

The Global Economy: All is right with the world, and yet not

Wednesday July 26, 2017

Category: IMA Analysis

This paper provides a perspective on the state of the global economy and how things are likely to play out in the world's three largest economic regions - the US, Europe and China. It also highlights the implications for other countries and the risks to watch out for in the coming months.

The Operating Environment Assessment Paper July 2017

Monday July 24, 2017

Category: IMA Analysis, Economy & Politics,

IMA India's Q2 2017-18 update on politics and the Indian economy

The Way Forward on GST

Sunday July 23, 2017

Category: IMA Analysis

Goods and services tax

The Reform Agenda: On Track?

Sunday July 23, 2017

Category: IMA Analysis

Reforms

The Reform Agenda: On Track?

Sunday July 23, 2017

Category: IMA Analysis, Policy & Governance,

Reforms

The Reform Agenda: On Track?

Sunday July 23, 2017

Category: Trending on IMA, Policy & Governance,

Reforms

India Brief - July 2017

Wednesday July 12, 2017

Category: IMA Analysis, Economy & Politics,

IMA India's July 2017 update on domestic market trends, and political and policies issues to watch

Post Retirement

Tuesday July 11, 2017

Category: IMA Analysis, Leadership,

For those that have worked in the corporate world, retirement can come with challenges. Many look to remain involved in a professional capacity, while others engage in travel or photography. But perhaps the nicest thing to do is to give back to the society as this provides a unique sense of fulfilment. The remarkable story of Devendra Raj Mehta illustrates this like no other.

Post Retirement

Tuesday July 11, 2017

Category: IMA Analysis, Leadership,

For those that have worked in the corporate world, retirement can come with challenges. Many look to remain involved in a professional capacity, while others engage in travel or photography. But perhaps the nicest thing to do is to give back to the society as this provides a unique sense of fulfilment. The remarkable story of Devendra Raj Mehta illustrates this like no other.

Post Retirement

Tuesday July 11, 2017

Category: Trending on IMA, Leadership,

For those that have worked in the corporate world, retirement can come with challenges. Many look to remain involved in a professional capacity, while others engage in travel or photography. But perhaps the nicest thing to do is to give back to the society as this provides a unique sense of fulfilment. The remarkable story of Devendra Raj Mehta illustrates this like no other.

The Road Ahead with GST

Thursday July 6, 2017

Category: IMA Analysis, Policy & Governance, Regulation,

The switchover to the GST on July 1 will be a crucial test for the administration. The new tax is expected to bring in substantial revenue benefits to the government, lower prices for consumers through the elimination of cascading taxes and provide a single market environment for industry.

GST Impact and Readiness

Tuesday July 4, 2017

Category: Benchmarking, Policy & Governance, Regulation,

IMA Forum poll : Over a 130 of our CFOs shared concerns and common focus areas

Credit and Growth

Saturday June 24, 2017

Category: IMA Analysis, Policy & Governance, Finance,

Credit positive

India Brief - June 2017

Monday June 19, 2017

Category: IMA Analysis, Economy & Politics,

IMA India's June 2017 update on domestic market trends, and political and policies issues to watch

Global Monetary Policy

Tuesday June 13, 2017

Category: IMA Analysis, World economy,

Keeping it slack

State Finances

Wednesday June 7, 2017

Category: IMA Analysis, Economy & Politics,

A need for restraint

Chaos under the Heavens

Sunday May 28, 2017

Category: IMA Analysis

China's belt and road

The Banking Regulation Ordinance

Thursday May 25, 2017

Category: IMA Analysis, Sector updates, Policy & Governance,

A difficult journey...will finally start

India Brief - May 2017

Wednesday May 10, 2017

Category: IMA Analysis, Economy & Politics,

IMA India's May 2017 update on domestic market trends, and political and policies issues to watch

USD Interest Rates

Tuesday May 9, 2017

Category: IMA Analysis, World economy,

Foot off the pedal

Affordable Housing: Taking Off

Friday May 5, 2017

Category: IMA Analysis, Sector updates,

The government's 'Housing For All' programme aims to provide low-cost housing in 300 cities by 2022, and its policy and implementation efforts are making good progress. It has the potential to create jobs, provide a fillip to industry, control migration, and provide assets for the poor. However, much remains to be done.

Currency Movements

Friday May 5, 2017

Category: IMA Analysis, Markets,

Currency gains

Beyond The Boardroom Battle

Thursday May 4, 2017

Category: Case Studies, Policy & Governance, Finance,

Durgesh Singh and Abhishek Sarkar dwells on the impact of the Tata Sons and Cyrus Mistry dispute on India’s corporate governance norms

Transforming Compliance into Global Competitive Advantage

Tuesday May 2, 2017

Category: Case Studies, Economy & Politics,

CFO capability to set standards of governance and ensure adherence to compliance is today demanded not just by regulators, but also by shareholders. Regulations, laws, and norms are necessary for governance...

The Growth Dilemma

Sunday April 23, 2017

Category: IMA Analysis, Economy & Politics,

The employment and growth dilemma

Authentic Leadership: The Greatest Ask

Thursday April 20, 2017

Category: IMA Analysis, Leadership,

EQ is the truest indicator of authentic leadership which, unlike IQ, can be developed over time. This paper explains what it takes to become an authentic leader.

CFO Forum Executive Briefings

Tuesday April 18, 2017

Category: IMA Analysis, Functional, Finance,

The Operating Environment Assessment Paper April 2017

Monday April 17, 2017

Category: IMA Analysis

IMA India's Q1 2017-18 update on politics and the Indian economy

India Brief - April 2017

Thursday April 13, 2017

Category: IMA Analysis, Economy & Politics,

IMA India's April 2017 update on domestic market trends, and political and policies issues to watch

Board Effectiveness

Monday April 3, 2017

Category: IMA Analysis, Leadership,

Guardians of the Angel

Guardians of the Angel

Monday April 3, 2017

Category: Trending on IMA, Leadership,

Board Effectiveness

Board Effectiveness

Monday April 3, 2017

Category: IMA Analysis, Leadership,

Guardians of the Angel

State Assembly Elections

Friday March 17, 2017

Category: IMA Analysis, Economy & Politics,

A new choice

State Assembly Elections

Friday March 17, 2017

Category: IMA Analysis, Economy & Politics,

A new choice

A New Choice

Friday March 17, 2017

Category: Trending on IMA, Economy & Politics,

Politics : State Assembly Elections

India Brief - March 2017

Friday March 17, 2017

Category: IMA Analysis, Economy & Politics,

IMA India's March 2017 update on domestic market trends, and political and policies issues to watch

China: A Changing Behemoth

Sunday March 12, 2017

Category: IMA Analysis, Geo-politics & National security,

After decades of rapid growth, China is slowing and will have to negotiate carefully to avoid a hard landing. Besides a volatile global environment, its administration has many domestic worries, including high debt and banking NPAs, non-performing SOEs, and a shadow banking system. Added to this is a high level of political flux, with a Party Plenum due in end 2017. This paper outlines possible scenarios for China's future, and how its actions and choices will impact other countries.

Taxation

Monday February 20, 2017

Category: IMA Analysis, Policy & Governance,

Taxing times

Interest Rates

Tuesday February 14, 2017

Category: IMA Analysis, Economy & Politics,

In its February review, the RBI held interest rates constant, and changed its stance from "accommodative" to "neutral", thereby opening up the possibility of a rate hike. While this may have disappointed the markets, the decision is prudent from a broader perspective. Globally, interest rates are northward bound as are commodity prices and the US dollar.

India Brief - February 2017

Sunday February 12, 2017

Category: IMA Analysis, Economy & Politics,

IMA India's February 2017 update on domestic market trends, and political and policies issues to watch

Trump Card

Thursday February 2, 2017

Category: Trending on IMA, World economy,

Executive Briefings | Politics & Economy : Donald Trump

Trump Card

Thursday February 2, 2017

Category: IMA Analysis, World economy,

Donald Trump

A Review of the Indian Economy

Monday January 30, 2017

Category: IMA Analysis, Economy & Politics,

The Indian economy grew at 7.2% in the first half of 2016-17, and was expected to do better in H2 due to accelerating consumption, government pay-outs, and infrastructure-related capex. However, demonetisation interrupted the momentum with a negative impact on demand.

India's Political Map

Thursday January 26, 2017

Category: Trending on IMA, Economy & Politics,

This paper provides a perspective on the Indian political landscape, including the changes that have taken place in recent years as well as specific near-term issues ...

India's Political Map

Thursday January 26, 2017

Category: IMA Analysis, Economy & Politics,

This paper provides a perspective on the Indian political landscape, including the changes that have taken place in recent years as well as specific near-term issues ...

Operationalising GST

Tuesday January 24, 2017

Category: Trending on IMA, Policy & Governance, Regulation,

The GST will affect businesses profoundly. Manufacturing companies will need to redesign their distribution and supply chains while services companies will have to deal with multiple state-based registrations. Internal readiness in terms of IT infrastructure and familiarisation with business processes will be fundamental to success as will a number of other factors. This paper highlights potential challenges, and measures that companies can take to prepare for the GST.

Operationalising GST

Tuesday January 24, 2017

Category: IMA Analysis, Policy & Governance, Regulation,

The GST will affect businesses profoundly. Manufacturing companies will need to redesign their distribution and supply chains while services companies will have to deal with multiple state-based registrations. Internal readiness in terms of IT infrastructure and familiarisation with business processes will be fundamental to success as will a number of other factors. This paper highlights potential challenges, and measures that companies can take to prepare for the GST.

Operationalising GST with SG Murali

Tuesday January 24, 2017

Category: IMA Analysis, Policy & Governance, Regulation,

The GST will affect businesses profoundly. Manufacturing companies will need to redesign their distribution and supply chains while services companies will have to deal with multiple state-based registrations. Internal readiness in terms of IT infrastructure and familiarisation with business processes will be fundamental to success as will a number of other factors. This paper highlights potential challenges, and measures that companies can take to prepare for the GST.

The Operating Environment Assessment Paper January 2017

Tuesday January 24, 2017

Category: IMA Analysis

IMA India's Q4 2016-17 update on politics and the Indian economy

India Brief - January 2017

Sunday January 15, 2017

Category: IMA Analysis, Economy & Politics,

IMA India's January 2017 update on domestic market trends, and political and policies issues to watch

Cost Management: Unlocking Competitive Advantage

Friday January 6, 2017

Category: Case Studies, Finance,

Prashant Tripathy, Senior Director and CFO of Max Life

Performance Evaluation: New Rules of the Game

Tuesday December 27, 2016

Category: Benchmarking, Human Resources,

The bell curve, whilst noted for its ability to link business outcomes and rewards, has been questioned in recent times, with leading organisations doing away with it altogether. This paper is based on discussions with CHRO Forum members about the performance evaluation methodologies applied in their companies and their effectiveness, with a view to arriving at what might be the best option-a change over to a new methodology, or a resuscitation of the existing model.

India Brief - December 2016

Wednesday December 14, 2016

Category: IMA Analysis, Economy & Politics,

IMA India's December 2016 update on domestic market trends, and political and policies issues to watch

India's Power Sector: On the Cusp?

Tuesday December 6, 2016

Category: IMA Analysis

In recent times, one bottleneck in India's power sector that has been partially addressed is generation. Capacity has more than doubled in a decade, and this year the demand-supply deficit is likely to turn into a small surplus. However, this measures the difference between supply and expressed demand, i.e. what the discoms are capable of supplying. While more remains to be done, including in transmission and distribution, there is encouraging progress in each of these areas.

The Business Confidence and Performance Survey: Q2 2016-17

Monday November 28, 2016

Category: IMA Analysis, Economy & Politics, Business Performance,

A summary of the results from IMA's November 2016 quarterly Business Confidence and Performance Index (BCPI) survey

Demonetisation

Thursday November 24, 2016

Category: IMA Analysis, Policy & Governance,

Now you see me, now you don't

Capital: Fundamental Tailwind

Tuesday November 15, 2016

Category: Trending on IMA, Economy & Politics, Finance,

Economic slowdown and adverse developments in India's financial sector

Capital: Fundamental Tailwind with Sanjay Jain

Tuesday November 15, 2016

Category: IMA Analysis, Finance,

Economic slowdown and adverse developments in India's financial sector

India Brief - November 2016

Thursday November 10, 2016

Category: IMA Analysis, Economy & Politics,

IMA India's November 2016 update on domestic market trends, and political and policies issues to watch

India's Security Paradigm 2016

Monday November 7, 2016

Category: IMA Analysis, Geo-politics & National security,

Recently, several developments have taken place in India's neighbourhood that will have geo-political implications.This paper provides a perspective on the emerging geo-political paradigm within South Asia and its implications for India's national security.

India's Security Paradigm

Monday November 7, 2016

Category: Trending on IMA, Geo-politics & National security,

Recently, several developments have taken place in India's neighbourhood that will have geo-political implications.This paper provides a perspective on the emerging geo-political paradigm within South Asia and its implications for India's national security.

India's Security Paradigm with Jayadeva Ranade

Monday November 7, 2016

Category: IMA Analysis, Geo-politics & National security,

Recently, several developments have taken place in India's neighbourhood that will have geo-political implications.This paper provides a perspective on the emerging geo-political paradigm within South Asia and its implications for India's national security.

US Elections

Tuesday November 1, 2016

Category: IMA Analysis, World economy,

The owlets whoop to the wolf below

Economic Recovery

Tuesday November 1, 2016

Category: IMA Analysis, Economy & Politics,

A recovery? It depends on who's asking

A Recovery? It Depends On Who's Asking

Tuesday November 1, 2016

Category: Trending on IMA, Economy & Politics,

Executive Briefings | Politics & Economy : Economic Recovery

A Recovery? It Depends On Who's Asking

Tuesday November 1, 2016

Category: IMA Analysis, Economy & Politics,

Economic Recovery

Cheap Oil: Here To Stay?

Wednesday October 26, 2016

Category: IMA Analysis, World economy,

Oil Prices

Excellence in Finance: Learning from Dr Reddy's

Thursday October 6, 2016

Category: Case Studies, Benchmarking / Best Practices,

Traditional costing theory dictates that to achieve an optimal product mix, organisations must allocate resources in line with each product's 'contribution'. However, under certain circumstances, this approach does not maximise profit and the 'Theory of Constraints' (TOC) works better instead. This paper provides insights on how Dr Reddy's uses the TOC methodology in various functions and geographies to allocate resources and capital, and also on its approach to risk management.

India Brief - October 2016

Saturday October 1, 2016

Category: Trending on IMA, Economy & Politics,

IMA India's October 2016 update on domestic market trends, and political and policies issues to watch

India Brief - October 2016

Saturday October 1, 2016

Category: IMA Analysis, Economy & Politics,

IMA India's October 2016 update on domestic market trends, and political and policies issues to watch

India Brief - October 2016

Saturday October 1, 2016

Category: IMA Analysis, Economy & Politics,

IMA India's October 2016 update on domestic market trends, and political and policies issues to watch

The DMIC: A One-off Affair, or the First of Many?

Saturday October 1, 2016

Category: IMA Analysis, Economy & Politics, Sector updates,

The Delhi Mumbai Industrial Corridor (DMIC) is a 1,500-kilometer long, USD 90 billion project that spans six states and runs 150 kilometers along either side of the Western Dedicated Freight Corridor (DFC).

DMIC : A One-off Affair, or the First of Many?

Saturday October 1, 2016

Category: Trending on IMA, Economy & Politics, Sector updates,

The Delhi Mumbai Industrial Corridor (DMIC) is a 1,500-kilometer long, USD 90 billion project that spans six states and runs 150 kilometers along either side of the Western Dedicated Freight Corridor (DFC).

The Operating Environment Assessment Paper

Saturday October 1, 2016

Category: IMA Analysis, Economy & Politics,

A quarterly update on politics and the Indian economy

The Operating Environment Assessment Paper - October 2016

Saturday October 1, 2016

Category: Trending on IMA, Economy & Politics,

A quarterly update on politics and the Indian economy

October 2016 | The Operating Environment Assessment Paper

Saturday October 1, 2016

Category: IMA Analysis, Economy & Politics,

A quarterly update on politics and the Indian economy

Cheap Money

Saturday October 1, 2016

Category: IMA Analysis, Economy & Politics,

A double-edged sword

A double-edged sword

Saturday October 1, 2016

Category: IMA Analysis, Economy & Politics,

Cheap Money

Crisis Management

Saturday October 1, 2016

Category: IMA Analysis, Leadership,

When the mirror cracks from side to side

When the mirror cracks from side to side

Saturday October 1, 2016

Category: IMA Analysis, Economy & Politics,

Crisis Management

Executive Briefing | Business & Management : Digital Payments

Wednesday September 28, 2016

Category: IMA Analysis, Finance,

The Silent Revolution

The Silent Revolution

Wednesday September 28, 2016

Category: Trending on IMA, Finance,

Executive Briefing | Business & Management : Digital Payments

Executive Briefing | The Silent Revolution

Wednesday September 28, 2016

Category: IMA Analysis, Finance, Sector updates,

Business & Management : Digital Payments

Employee Engagement and Trade Unionism: Risk and Opportunity

Tuesday September 27, 2016

Category: IMA Analysis, Human Resources,

Human Resources

Social Media Marketing

Friday September 9, 2016

Category: IMA Analysis, Marketing,

Rise of the Digital Matrix

India Brief - September 2016

Friday September 2, 2016

Category: IMA Analysis, Economy & Politics,

IMA India’s September 2016 update on domestic market trends, and political and policies issues to watch

Global Terrorism: The Rise of the 'Lone Wolf'

Thursday September 1, 2016

Category: IMA Analysis, Geo-politics & National security,

In recent months, terrorist incidents have increased in frequency, intensity and geography. A vast majority are 'lone wolf' attacks carried out by 1-2 persons often with no affiliation to mainstream terrorist groups. Their motivations may stem from political or ideological fanaticism or even mental instability. Worryingly, such incidents are sometimes harder to prevent than full blown terrorist attacks. Coping with this will require a reorientation in security and response mechanisms by Governments and corporations across the world.

Taxation

Thursday August 25, 2016

Category: IMA Analysis, Policy & Governance,

The GST Constitutional Bill was recently approved in the Upper House of Parliament. This paper examines the GST on the count of several factors such as ease of administration, the rate of tax, flexibility conditions, and exemptions and exclusions. While the passage of the Bill is a big milestone in itself, there are important issues that need further consideration, and hopefully, this will happen in the months ahead.

India Brief - August 2016

Tuesday August 9, 2016

Category: IMA Analysis, Economy & Politics,

IMA India's August 2016 update on domestic market trends, and political and policies issues to watch

Balancing ROIC And Growth To Build Value

Saturday August 6, 2016

Category: Case Studies, Benchmarking / Best Practices,

Farid Kazani, MD and CFO of Majesco, and winner of the ‘Excellence in Mergers and Acquisitions’ category in IMA’s Tenth India CFO Awards, architected the most innovative M&A deal which led to four times increase in company’ market cap. Sanjay Jain, Group CFO, Future Group, and winner of the Award for Capital Restructuring

Returning to Profitable Growth

Thursday August 4, 2016

Category: Case Studies, Economy & Politics,

Hit by a weak economy and an infrastructure slowdown, the Indian truck market had collapsed from 345,000 units in 2011-12 to 200,000 in 2012-13. For the quarter ending June 2013, Ashok Leyland reported a quarterly loss for the first time in its history. The company launched a multi-pronged revival plan under the stewardship of its leadership team, including its CFO Gopal Mahadevan, and over the next 2-3 years, achieved a remarkable turnaround.

Credit and Investment

Saturday July 30, 2016

Category: IMA Analysis, Economy & Politics,

A credit quandary, but much more

India Brief - July 2016

Friday July 8, 2016

Category: IMA Analysis, Economy & Politics,

IMA India's July 2016 update on domestic market trends, and political and policies issues to watch

Britain

Monday July 4, 2016

Category: IMA Analysis, World economy,

An island nation again

A Lifetime of Excellence

Friday July 1, 2016

Category: Case Studies, Benchmarking / Best Practices,

In a conversation with CFO Connect, Homi Rustam Khusrokhan reflects upon his life, and much more

UDAY: Third Time Lucky?

Friday June 10, 2016

Category: IMA Analysis, Sector updates,

In November 2015, the Government launched a new revival plan for India's bankrupt electricity distribution companies (discoms). The Ujwal Discom Assurance Yojana (UDAY) is a credible mix of carrot and stick and has a good chance of success. It puts the onus of turning around the discoms on the state Governments but at the same time offers attractive incentives to encourage them to do so voluntarily. The scheme could be a game changer if it works.

India Brief - June 2016

Thursday June 2, 2016

Category: IMA Analysis, Economy & Politics,

IMA India's June 2016 update on domestic market trends, and political and policies issues to watch

Rural India: As Always, the Final Frontier

Tuesday May 24, 2016

Category: , Economy & Politics,

Many myths surround the rural Indian market: that India is urbanising rapidly, that rural India remains dependent on agriculture, and that urban-rural inequalities are rising. Contrary to most people's perception, however, India's urbanisation is actually slowing down, driven by growing opportunities in the countryside. Neither is rural India any longer a primarily monsoon-dependent agrarian economy, and nor is urban-rural inequality increasing. Disposable incomes tend to be higher in rural areas than in urban India, and this will drive the countryside's emergence as a USD 1 trillion economy by 2020. Greater social and infrastructural investments are the primary drivers of these trends, and, for firms, understanding this massive opportunity will require a 'de-bunking' of the conventional wisdom. This paper elaborates.

India Brief - May 2016

Monday May 2, 2016

Category: IMA Analysis, Economy & Politics,

IMA India's May 2016 update on domestic market trends, and political and policies issues to watch

Skills, Structure and Success

Thursday April 14, 2016

Category: IMA Analysis, Human Resources,

Performance Management

India Brief - April 2016

Saturday April 2, 2016

Category: IMA Analysis, Economy & Politics,

IMA India's April 2016 update on domestic market trends, and political and policies issues to watch

India Brief - February 2016

Thursday March 31, 2016

Category: Proprietary Research, Economy & Politics,

Political & Policy Issues to Watch

Boards: Strengthening Impact

Wednesday March 30, 2016

Category: , Benchmarking / Best Practices,

At a CEO Forum session, Harsh Mariwala, the Chairman of Marico, spoke on Board effectiveness, specifically the process followed within Marico. He mentioned several interesting practices including the scoring of each Board meeting on different parameters, a formal policy to ensure Board accountability, balanced compensation for Directors, and a sensible approach towards recruiting and rotating Board members. His experience underscores the principle that excellence is really about doing the simple things right.

The Union Budget 2016-17

Thursday March 10, 2016

Category: IMA Analysis

In IMA's view, the 2016-17 Union Finance Budget is a sturdy and fiscally prudent effort. While it could have done more on some counts, the fact remains that this is a challenging year and the constraints the Finance Minister needed to work within were tight. He avoided over-stepping what can realistically be achieved and at the same time, set the stage for a year of supplementary action, possibly through the executive route.

Boards: Strengthening Impact

Sunday March 6, 2016

Category: Case Studies, Benchmarking / Best Practices,

At a CEO Forum session, Harsh Mariwala, the Chairman of Marico, spoke on Board effectiveness, specifically the process followed within Marico. He mentioned several interesting practices including the scoring of each Board meeting on different parameters, a formal policy to ensure Board accountability, balanced compensation for Directors, and a sensible approach towards recruiting and rotating Board members. His experience underscores the principle that excellence is really about doing the simple things right.

India Brief - March 2016

Wednesday March 2, 2016

Category: IMA Analysis, Economy & Politics,

IMA India's March 2016 update on domestic market trends, and political and policies issues to watch

The Growth Outlook

Monday January 25, 2016

Category: IMA Analysis, Economy & Politics,

The growth dilemma

New Entrants: Prioritise Investments Carefully

Tuesday January 19, 2016

Category: IMA Analysis, Economy & Politics,

The recent decision of the RBI to grant new banking licenses has drawn a queue of applicants. However, banking is a difficult business - its greatest challenge is the high cost of building branch networks, which if not managed properly, is enough to sink a business. It is therefore critical to understand how the banking market varies across India and to align investments accordingly. This paper provides a glimpse into some of these variances and their implications for branch location choices.

No Peaking of Steel Industry in India

Tuesday January 19, 2016

Category: IMA Analysis, Sector updates,

Metal and mining companies use steel 'intensity' steel consumption per capita as a measure of a nation's investment attractiveness. Economies in their early or late stages of development tend to have low or falling levels of steel intensity, while emerging markets have rapidly ascending curves which eventually 'peak'. However, according to IMA's analysis, India's steel intensity will not exhibit such peaking even over a 40-year period, and companies therefore need to look at India differently when evaluating investment options.

Down To A Crawl

Tuesday January 19, 2016

Category: IMA Analysis, Sector updates,

More than a decade after the National Highway Development Programme NHDP commenced, progress is running far behind schedule. The adverse macroeconomic environment may have played a role in recent months but it is not the primary culprit, nor is politics or India's 'fractured' legislature. In a two-part series, this report examines the performance of the roads sector, focusing on the highways programme part I, and suggests possible solutions to address some of its problems part II.

Taxation 2016

Friday January 15, 2016

Category: IMA Analysis, Policy & Governance,

Place of Effective Management

Curious Clearances

Thursday January 14, 2016

Category: IMA Analysis, Policy & Governance,

Industry often complains about delays in receiving environment and forest approvals, which the Government dismisses as an exaggerated claim. According to in-depth analysis carried out by IMA on 14 years of data, there are clear indications of complacency in the approval process. The analysis also identifies steps that can be taken to make it more transparent and efficient - such as instituting formal timelines, establishing an independent environmental regulator, and adopting a differentiated approach for 'linear' versus 'non-linear' projects.

Agriculture Lending: Not Impossible

Thursday January 14, 2016

Category: IMA Analysis, Sector updates,

With the RBI having tightened norms for priority sector lending PSL, banks will need to revisit their reliance on indirect lending routes. Within PSL, direct agriculture lending is the hardest - it involves dealing with large volumes of individual farmers with small transaction sizes. However, 'cherry picking' districts on the basis of market size and customer density can identify clusters of contiguous districts, which can yield a large market and also be logistically feasible for banks that do not have deep rural penetration.

A Deluge Of Investments... Just Waiting And Waiting

Thursday January 14, 2016

Category: IMA Analysis, Policy & Governance,

This paper examines India's industrial investment pipeline. The analysis reveals that the sheer scale of India's investment appetite is staggering. Equally, the scope to achieve disproportionate gains through targeted interventions in some sectors and states is encouraging. Further, since investment leads growth and ultimately consumer spending, a regional analysis of investments across the country provides a preview of future market corridors that businesses could examine.

Assessing Priorities: In Conversation with Dr KP Krishnan

Thursday January 14, 2016

Category: , Policy & Governance,

At an IMA Forum session in July, Dr KP Krishnan, Additional Secretary in the Department of Economic Affairs, Ministry of Finance, provided a perspective on the Government's economic thinking, and on the strategic considerations behind the Budget 2014. The RBI's core mandate will shift towards formal inflation targeting, and the financial sector will eventually operate under a unified legislative regime. Other priorities of the Government include creating a national market for food, reforming subsidy programmes, and ensuring that the GST and DTC become realities in the near future.

India Brief - October 2014

Friday January 8, 2016

Category: IMA Analysis, Economy & Politics,

IMA India's October 2014 update on domestic market trends, and political and policies issues to watch

The Operating Environment Assessment Paper Oct 2014

Thursday January 7, 2016

Category: IMA Analysis, Economy & Politics,

IMA India's Q3 2014-15 update on politics and the Indian economy

Diesel Price Deregulation - Timing is Everything

Thursday January 7, 2016

Category: IMA Analysis, Policy & Governance,

Recently, the Government officially ended the regulation of local diesel prices. The decision was well-timed as the subsidy had already been eliminated through 17 small price hikes over the previous months, and as international oil prices are low. For many analysts, the decision brings back memories of 2002, when the Government first abolished price controls - only for them to return in an uglier form over subsequent years. They may be sceptical that the same may happen again. However, as this paper explains, things may be different this time.

India Brief - November 2014

Thursday January 7, 2016

Category: IMA Analysis, Economy & Politics,

IMA India's November 2014 update on domestic market trends, and political and policies issues to watch

India Brief - January 2016

Thursday January 7, 2016

Category: IMA Analysis, Economy & Politics,

IMA India's January 2016 update on domestic market trends, and political and policies issues to watch

Bad Loans

Friday January 1, 2016

Category: IMA Analysis, Policy & Governance,

Oh, this mountain of debt

India Brief - December 2015

Monday December 14, 2015

Category: IMA Analysis, Economy & Politics,

IMA India's December 2015 update on domestic market trends, and political and policies issues to watch

Expectations have been recalibrated, but remain positive

Tuesday December 8, 2015

Category: IMA Analysis, Economy & Politics,

Politics & Economy

Expectations have been recalibrated, but remain positive

Tuesday December 8, 2015

Category: IMA Analysis, Economy & Politics,

Politics & Economy

In The Driver's Seat

Sunday December 6, 2015

Category: Case Studies, Benchmarking / Best Practices,

Pinky Mehta, CFO of Aditya Birla Nuvo (ABNL)

Business Confidence and Performance Index: Q2, 2015-16

Friday November 27, 2015

Category: IMA Analysis

A summary of the results from IMA's August 2015 quarterly Business Confidence and Performance Index (BCPI) survey

Payments Banks: A Brave New World?

Thursday November 19, 2015

Category: IMA Analysis, Sector updates, Finance,

Earlier this year, the RBI gave out 11 licenses for the establishment of payments banks. In addition to deepening financial inclusion, payment banks can help reduce the high prevalence of cash transactions in India, a major contributor to corruption and tax evasion. Currently, non-cash payments make up only 5% of transactions in India, against levels of 30-50% in more advanced economies. This paper explains the concept of payment banks and the benefits they can offer.

India Brief - November 2015

Sunday November 15, 2015

Category: IMA Analysis, Economy & Politics,

IMA India's November 2015 update on domestic market trends, and political and policies issues to watch

Brand Management : Responding To Rising Risk

Thursday October 22, 2015

Category: IMA Analysis, Marketing,

The recent onslaught faced by Nestle is a classic example. Coupled with rising consumer activism, this is among the most serious challenges that organisations – and in particular, their marketers face

Sustainable Cost Management

Tuesday October 20, 2015

Category: Case Studies, Human Resources,

Cost Management: Towards a New Paradigm

Governance and HR: Rising Inter-linkages

Tuesday October 20, 2015

Category: IMA Analysis, Human Resources,

At a recent Forum session in Delhi, Ashutosh Telang, CHRO of Marico Industries, provided his perspective on Marico’s approach to ensuring both the highest standards of governance and indeed, enabling talent become a core strategic aim for the Board itself.

Global Economic Risk

Friday October 16, 2015

Category: IMA Analysis, Geo-politics & National security,

Some clouds on the distant horizon

India Brief - October 2015

Wednesday October 14, 2015

Category: IMA Analysis, Economy & Politics,

IMA India's October 2015 update on domestic market trends, and political and policies issues to watch

Crafted To Succeed

Friday October 2, 2015

Category: Case Studies, Benchmarking / Best Practices,

Anoop Dhanda, Executive Director-Finance - Orient Craft

Accelerating India's Legal System: A Long Road Ahead

Friday October 2, 2015

Category: Trending on IMA, Sector updates,

With over 26 million cases pending and 20 million new ones being filed every year, it will take the Indian judiciary 320 years to clear the backlog. As this paper explains, this is due to a serious shortage of judges: almost one-fifth of sanctioned posts in the lower levels of the judiciary, and 44% in High Courts, are lying vacant. Further, there are procedural bottlenecks arising from the fact that the process is litigant-driven rather than court-managed.

A Long Road Ahead : Accelerating India's Legal System

Friday October 2, 2015

Category: IMA Analysis, Policy & Governance,

With over 26 million cases pending and 20 million new ones being filed every year, it will take the Indian judiciary 320 years to clear the backlog. As this paper explains, this is due to a serious shortage of judges: almost one-fifth of sanctioned posts in the lower levels of the judiciary, and 44% in High Courts, are lying vacant. Further, there are procedural bottlenecks arising from the fact that the process is litigant-driven rather than court-managed.

India Brief - September 2015

Saturday September 12, 2015

Category: IMA Analysis, Economy & Politics,

IMA India's September 2015 update on domestic market trends, and political and policies issues to watch

Make in India - Mission Possible

Tuesday September 8, 2015

Category: IMA Analysis, Economy & Politics, Policy & Governance,

The Government's 'Make in India' push is based on the recognition that a vibrant manufacturing sector is the only solution to absorb India's growing workforce and leverage its

Partnering Farmers in Progress

Tuesday September 1, 2015

Category: Case Studies, Economy & Politics,

S. Chandramohan, President and Group Chief Finance Officer, Tractors and Farm Equipment Limited (TAFE)

China Devaluation

Friday August 21, 2015

Category: IMA Analysis, Geo-politics & National security,

Trouble in the Middle Kingdom

India Brief - August 2015

Wednesday August 12, 2015

Category: IMA Analysis, Economy & Politics,

IMA India's August 2015 update on domestic market trends, and political and policies issues to watch

Local Government

Friday August 7, 2015

Category: IMA Analysis, Economy & Politics,

A recovery, against odds

The New Middle Kingdom

Wednesday July 22, 2015

Category: IMA Analysis, Geo-politics & National security,

Michael Enright's, views on China’s ambition to reclaim its position as the Middle Kingdom

India Brief - July 2015

Sunday July 5, 2015

Category: IMA Analysis, Economy & Politics,

IMA India's July 2015 update on domestic market trends, and political and policies issues to watch

High-Impact Succession Management

Saturday July 4, 2015

Category: Case Studies, Benchmarking / Best Practices,

Succession Management: Current State: A Trifle Worrisome

In Pursuit of Happiness At Work

Tuesday June 23, 2015

Category: IMA Analysis, Human Resources,

In conversation with NS Rajan, Member of the Group Executive Council and Group CHRO, Tata Sons, June 2015 at The India CHRO Forum in Mumbai

India Brief - June 2015

Friday June 12, 2015

Category: IMA Analysis, Economy & Politics,

IMA India's June 2015 update on domestic market trends, and political and policies issues to watch

Who's to Judge the Judges?

Tuesday May 19, 2015

Category: IMA Analysis, Policy & Governance,

The National Judicial Appointments Commission (NJAC) Bill changes the way judges to the Supreme Court and High Courts are appointed. Instead of a collegium of senior judges appointing their own replacements, a six-member Commission would do so. It would have three judicial representatives and three political appointees. Ostensibly, this will bring in greater transparency; at the same time it is open to political interference. With the Supreme Court currently hearing an appeal challenging the NJAC Act's legitimacy, it is worth understanding the nuances involved.

Tax revenues

Wednesday May 13, 2015

Category: IMA Content, Policy & Governance,

Donec vitae eros in augue pharetra ultrices et ac urna. Vivamus vehicula erat scelerisque, laoreet est gravida, congue eros.

The Reform Agenda

Wednesday May 6, 2015

Category: IMA Analysis, Policy & Governance,

Pessimism not warranted, yet

India Brief - May 2015

Wednesday May 6, 2015

Category: IMA Analysis, Economy & Politics,

IMA India's May 2015 update on domestic market trends, and political and policies issues to watch

The Operating Environment Assessment Paper April 2015

Wednesday April 15, 2015

Category: IMA Analysis, Indian economy & Politics, Economy & Politics,

IMA India's Q1 2015-16 update on politics and the Indian economy

Net Neutrality

Wednesday April 15, 2015

Category: IMA Analysis, Policy & Governance,

For consumers or investment, a hard choice

India Brief - April 2015

Monday April 13, 2015

Category: IMA Analysis, Indian economy & Politics, Economy & Politics,

IMA India's April 2015 update on domestic market trends, and political and policies issues to watch

The Business Confidence and Performance Survey: Q4 2015-16

Monday March 30, 2015

Category: IMA Analysis, Economy & Politics, Business Performance,

A summary of the results from IMA's January 2016 quarterly Business Confidence and Performance Index (BCPI) survey

India Brief - March 2015

Friday March 13, 2015

Category: IMA Analysis, Economy & Politics,

IMA India's March 2015 update on domestic market trends, and political and policies issues to watch

The Strategic CMO In A VUCA World

Tuesday March 10, 2015

Category: IMA Analysis, Marketing,

A transformational shift towards Asia as the fulcrum of global growth

Finance Budget 2015

Wednesday March 4, 2015

Category: IMA Analysis, Economy & Politics,

It's a virtuous start

Let's Measure It Right

Sunday February 22, 2015

Category: IMA Analysis, Policy & Governance,

The CSO recently released a new series of GDP data. It changed the base year and the reporting nomenclature, and made several refinements in the data collection methodology. One outcome is that real GDP growth in 2012-13 and 2013-14 now computes to higher figures, throwing into question industry's understanding of recent economic performance. However, a deeper analysis suggests that the concern may not necessarily be warranted, although a definite answer will have to wait until a more exhaustive historical data series is available.

Executive Briefing | Politics & Economy : Greece

Tuesday February 17, 2015

Category: IMA Analysis, World economy,

It's not a Trojan horse, Mr Tsipras

The Digital Employee, HR and the Marketing World

Tuesday February 17, 2015

Category: IMA Analysis, Human Resources,

Building a user value chain

The CHRO Team: Skills, Incentives and Business Partnership

Tuesday February 17, 2015

Category: IMA Analysis, Human Resources,

Human Resources

Delhi Elections

Monday February 16, 2015

Category: IMA Analysis, Economy & Politics,

So, a new age is dawning?

India Brief - February 2015

Friday February 13, 2015

Category: IMA Analysis, Economy & Politics,

IMA India's February 2015 update on domestic market trends, and political and policies issues to watch

Finance Department Performance Benchmarks

Friday February 6, 2015

Category: Benchmarking, Benchmarking / Best Practices,

IMA India’s Finance Department Performance Benchmarks are designed to help organisationsidentify cost-saving opportunities and re-allocate resources more appropriately. More than 250 finance heads responded to a detailed questionnaire