ARTICLES

CORPORATE

SPEAK

Byte-O-MI’Byte

&

Much More

Contact Us at:

For Previous Editions Pleases Visit :

www.jmimibytes.webs.com

E-mail: 2006.samik@gmail.com

mohammadfurquan1985@gmail.com namsnamita@gmail.com

Phone: 8285707738, 9716926240

SPECIAL Edition

CONTENTS:

MESSAGE FROM THE CHAIR PROFESSOR….…..…….…... 2

MESSAGE FROM THE DIRECTOR………..………….… 2

FROM THE EDITORS’ DESK…………………….…… 3

MANAGEMENT– THE ASHOKAN WAY….…………….…4

MENTORING IN INDIAN ORGANIZATION.…….….…..….. 6

STRATEGY FOR EXPORT MARKETING……………….…..8

ISLAMIC BANKING……………………………….10

BRICS: EMERGING ALTERNATIVE FOR GLOBAL GOVERNANCE.....12

DOLLAR INCREASE AGAINST RUPEES….…….……….....13

GO GREEN SAVE EARTH – THE MIB WAY.……………….14

INDIA: A GLOBAL BRAND……………………….….16

GREEN BANKING….…………….……………..…18

CORPORATE SPEAK : Interview of Mr. Udit Mittal , Founder &

CEO of Unison International .…..…...20

STUDENTS CORNER:

MY EXPERIENCE AT MIB ...………………..………22

CARRER EXPECTATIONS FOR STUDYING MIB ......................22

MIB & ME...…………..….…..……….…….…23

BYTE-O-MI’BYTE………….……………….……..24

I am pleased to learn that students of MIB, Jamia Millia Islamia are bringing out

a special edition of their business newsletter “MI’Bytes”.

Jamia Millia Islamia is one of the leading Central University of the country and

it has more than 14000 students, 660 full time faculty teachers, 7 faculties, 42

departments and offers more than 200 courses.

The Master of International is a post graduate programme with a global perspec-

tive. It is a versatile program that augments the proficiency of students to meet

the corporate expectations. Throughout the program students are provided with

the opportunity to enhance their conceptual, analytical and communication skills.

I am sure that the business letter will provide a platform to the students to know

more about the business world and enhance their knowledge.

I heartily congratulate the editorial team and students for their effort and wish

them all the very best for their future endeavours.

Best Wishes

Professor U.M Amin Hony. Director, CMS , JMI.

MESSAGE FROM THE DIRECTOR

I wish to convey my heartfelt thanks for all of your hard work and outstanding

contributions as members of the Editing Team. I know how much time and en-

ergy this assignment demanded, and I deeply appreciate all of your efforts to

make it a great success. Your achievements are a source of pride and inspiration

to all of us.

We are all delighted to know that so many others appreciate your outstanding

work as much as we do. It is always a pleasure to see great students like you re-

ceiving the recognition and applause you deserve so well.

Congratulations on this very well-deserved recognition.

Professor Abad Ahmad

Hony. Chair Professor, CMS, JMI.

MESSAGE FROM THE CHAIR PROFESSOR

2

Editor-in-Chief

Ms. Sunayana Kumar

Student Editor

Mohammad Furquan

Student Editor

Ms. Namita Dhamani.

Student Editor & Designer

Mr. Samik Sarkar

FROM THE EDITORS’ DESK

“I am pleased that the students of Master of International Business are releas-

ing their special edition of MI’Bytes and I praise their efforts. The eight years

old MIB program enables the student to imbibe into them the modern concept

and techniques in the field of International Business. There is wealth of oppor-

tunity for students to gain practical knowledge that helps them to instill the im-

portance of personal development and skills to work in the global environment.

MI’Bytes is an initiative taken by the students of MIB to gain knowledge and

to interact with the corporate world.

I extend my cooperation and support towards this effort and heartily congratu-

late the editorial team and all the students of MIB on their success.”

—Ms. Sunayana Kumar

“MI’Bytes is not just an instrument to express views about business world but

a ladder to reach and connect with the corporate and know how the industry

works. Corporate speaks is the heart of MI’BYTES where we get chance to

meet and interact with some of the reputed persons of business world. Thanks

to all the people I met for their interviews and also a big thanks to my seniors

for this precedent of publishing a news letter.”— Md. Furquan

“Welcome to MI’Bytes special edition, one of the most awaited issue by the

complete MIB family. This issue brings together the administration, the faculty

members, the alumni and the students under one cover and thus binds our fam-

ily together and motivates us to take MIB to zenith. This special issue is all

the more special since it is being released on the first Alumni Meet of MIB and

is the witness to our alumni association genesis.

It gives me immense pleasure to say that MI’Bytes was a wonderful initiative

taken by our seniors. It is not only a way to gain knowledge but to interact, ob-

serve and peep into the corporate world, connecting ourselves personally to the

dynamic personalities.

It has been a great experience working for MI’Bytes and trying to do some-

thing new in each edition. It has not just been a newsletter to me; it has been a

learning experience that taught me much more than knowledge. MI’Bytes is

very close to my heart and I wish that very soon it becomes a world renowned

newsletter. The complete team of MI’Bytes has put in their soul and heart to

make this newsletter success and make the MIB family proud.”

— Ms. Namita Dhamani

For me and my team MI’Bytes is passion, fervour and enthusiasm . On behalf

of my team I am thankful to my predecessors for passing on such a powerful

instrument of corporate interaction to us. MI’Bytes is growing with time and

making its mark in the corporate and I hope it will continue.

— Mr. Samik Sarkar

3

Emperor Ashoka is bound to make scores of modern day top-notch

CEOs a run for their money.

Emperor Ashoka (268 BC to 239 BC) – the

name is bound to ring multiple bells in the

minds of many Indians for various reasons.

For some it might be the perfect mystic

enigma that he is, for some it might be the

magnanimity of his achievements in terms of

his empire, military prowess and sheer au-

dacity of his existence as an Emperor. For

some it might be the sheer display of guts to

metamorphose one’s own self from a con-

queror to a champion of non-violence and

peace. His effective and efficient change

management tactics adopted to facilitate his

epic transformation is bound to fascinate one

and all. Apart from all these well- known

facets of Ashoka, there also lies the aspect of

him being one of the most efficient, able

and shrewd manager who transformed the

Mauryan Empire into one of the most effi-

ciently and strategically managed empires of

the world. With robust financial management

systems, vigilance mechanism, supply chain

management, human resource management

and development, Empire Ashoka is bound

to make scores of modern day top-notch

CEOs a run for their money. Lost in the sea

of time, his management techniques lay hid-

den from the world for centuries. Now, it’s

cial planning and reserves, Corporate Gov-

ernance Excellence are all the landmarks of

the Mauryan Empire during the reign of

Emperor Ashoka almost 2200 years ago.

During his reign, the empire used to be run

as a corporation with employee strength of

approximately 40 lakhs. Maintenance of the

huge infrastructures was the responsibility

of the State, which also ran lot of non-profit

organisations and departments to achieve

welfare state status. The extent of Good

Corporate Governance as achieved during

his reign can surely be a point of envy for

modern day corporations and states alike.

Financial Management during Ashokan

reign:

Unlike many others dynasties and empires,

the main emphasis of Ashoka’s empire was

not only to generate and collect revenue but

also to properly manage its finances. The

government was very cautious so that the

time that modern world sit up and take no-

tice of his achievements not only as a ruler

but also that of an efficient manager who

took Mauryan Empire to its glory through

his sheer genius.

If Chanakya formed the basis of Indian

Management System, the Ashoka truly took

it to the next level through the application of

Chanakya’s principles of governance and

general management. As compared to mod-

ern times, his achievements are more signifi-

cant owing to lack of technology and scien-

tific development. It is indeed fascinating to

find out that the 2.2 million strong Mauryan

Army was able to achieve and maintain

“Zero-Defect” and “Zero –Failure” Supply

Chain Management. International trade with

18 countries, construction and maintenance

of more than 6000 Km national highway,

achievements in metallurgy (rust – free

Ashokan Pillars are an example), standard-

ized industrial production norms, disaster

management preparedness, adequate finan-

MANAGEMENT -- THE ASHOKAN WAY

4

money collected was not embezzled by its

officials. Asoka had revenue intelligence

and vigilance department to restrict finan-

cial corruption. Land revenue was not fixed

arbitrarily. Rather it was based on individ-

ual farmer’s area of land, type of fertility,

type of crop, regional climate etc. There

were various other sources of income of the

state. The state was engaged in huge live-

stock trading internationally, shepherds and

livestock breeders were taxed on the num-

ber of produce of the animals. The empire

charged toll tax and trade tax on the articles

sold. There were other taxes like forest tax,

tax on intoxicants, mine tax, fish tax, irriga-

tion tax, license tax etc. the state managed

and owned vast estates and forests. Empire

had monopoly of mines and traded on min-

eral products. The empire had its own facto-

ries managed through cooperative manage-

ment of all sorts of articles. Manufacturing

of cotton and silk cloths were high revenue

generating products due to very large export

trade. During Asoka’s reign state was earn-

ing huge revenue and profit from industry

and trade at domestic and international

fronts. State treasury had provisions and

reserves of funds for the purpose of differ-

ent contingencies and emergencies like

natural calamities, disaster and famines.

Cash reserves were maintained for war time

situations and for the purpose of war. A

separate provision of cash reserves were

maintained for any kind of extra ordinary

disasters. Welfare state functions like infra-

structure development, education, public

health and charity to the needy people were

parts of the book of account.

Agriculture and infrastructure manage-

ment:

Being an agrarian society, the state took

responsibility for irrigation projects. It also

constructed and maintained highways for

the agricultural produce to be traded to dif-

ferent parts of the state. Large numbers of

river canal projects within the state ensured

a shift from monsoon dependence to round

the year agricultural activities. Due care was

also taken to ensure financial stability of the

farmers. The government had 26 depart-

mental administrators looking after the

functional activities.

Long highways formed the backbone to

communication within the state. Colleges,

the state and their maintenance also was the

responsibility of the state. Urbanization was

a major thrust area and Mauryan Empire

had lot of big cities with pataliputra as its

capital which in its time was larger than

Rome. Hospitals were built by the state to

take care of humans as well as animals and

birds. A separate department was estab-

lished to keep a record of births and deaths

and also to conduct periodic census.

Industry and Production Control man-

agement:

With strong central control, the state exer-

cised complete control over trade and in-

dustry. Prices of commodities were fixed

and state intervened wherever there was a

glut of any commodity. The superintendent

of weights and measures enforced the stan-

dards of weights and measures. Markets

were safeguarded against the fraudulent

practices of the trading class. Ships were

regulated in the river traffic and ferry

charges were collected by the state. The

state regulated the industry through its su-

perintendents. The state was the biggest

owner of the industry. Both the state ser-

vants and private traders dealt with the

goods produced by the state. The cus-

tomer’s interests against fraudulent pricing

and unauthorized practices were protected

by the state through complete control over

pricing of products. Severe punishment

awaited anyone indulging in fraudulent

practices and adulteration of products. An

adequate minimum wage system was in

place all across the state to ensure that the

workers are paid in a just manner.

Trade and Logistics Management:

Mauryan Empire was well known for its

road connectivity inside the empire. Na-

tional highways and trade highways were

the roads of wealth of the empire. Trade

routes were marked by convenient stages

and served as links up to the most distant

parts of the country with one another. One

trade route was from the Eastern part to the

western part. This ran principally along the

great rivers. A lot of wealth came from

inland trade. The trading connections of

Anathapindika of Saravasti extended to

Rajagriha on the one side and Kashi on the

other. Forest guards were hired by the mer-

chants to protect the wealth from the rob-

bers and forest tribes. Deserts were crossed

at night with the help of land-pilots guiding

the caravans by the stars. Some of the

roads were called royal roads (Rajpath).

There are references to merchants travel-

ling from Banaras to Baveru (Babylon).

The Conquest of Kalinga by Asoka de-

stroyed the only possible rival for the mas-

tery of the Eastern trade. The Mauryan

Empire maintained a special department

for the construction of roads. At every ten

stadia the empire set up a pillar to show the

bye-road & distance. The most famous

road of that time was the Royal Road con-

necting the North – West frontier with

Pataliputra and leading thence to the mouth

of the Ganges. Roman writer Pliny in his

work called “Natural History” discussed

the distance and stages of this road. The

state controlled foreign trade licenses were

given to the merchants of sea trade and

caravan trade. External trade was carried

with Syria, Egypt, Greece, etc. in the west.

Principal articles of export were spices,

pearls, diamonds, sandal wood, ivory, cot-

ton cloth, silk yarn, muslin, etc.

After centuries of ignominy in the hands of

foreign rulers, it’s the time for India’s re-

surgence. The time now is opportune for

ancient Indian management philosophies to

take their well deserved seats in the fore

front. It’s time for the modern day manage-

ment pundits to take a leaf out of Indian

history and reorient themselves as far as

the dynamism and applicability of manage-

ment concepts is concerned. Right from

financial management, logistics and supply

chain management, infrastructure and agri-

cultural management to human resource

management and development, India is

loaded with examples of application of

these management concepts at times when

the entire western world was probably set-

tling down. Amongst all, Emperor Ashoka

indeed leads the pack when it comes to

driving these concepts to a level of excel-

lence in application.

-By Sanjay Bhattacharya,

MA(HRM) Alumni , JMI.

Mentoring is most often defined as a pro-

fessional relationship in which an experi-

enced person (the mentor) assists another

(the mentee) in developing specific skills

and knowledge that will enhance the less-

experienced person’s professional and

personal growth. Mentoring is a process

for the informal transmission of knowl-

edge, social capital, and the psychosocial

support perceived by the recipient as rele-

vant to work, career, or professional devel-

opment; mentoring entails informal com-

munication, usually face-to-face and dur-

ing a sustained period of time, between a

person who is perceived to have greater

relevant knowledge, wisdom, or experi-

ence (the mentor) and a person who is

perceived to have less (the protégé).

A mentoring relationship is mutually

beneficial for both the mentor and the

mentee. From an organizational point of

view, mentoring is beneficial in that it

helps the mentee (typically a new em-

ployee) to get adjusted to the working cul-

MENTORING IN INDIAN

ORGANIZATION

To ensure that formal mentoring programmes are

successful, top management support is very essen-

tial.

“

” -ture of his/her new organization. Not only

this, it gives the mentee a peek into the in-

tricacies of the Organization. Many a time,

a new employee may take significant time

to warm up to his colleagues and supervi-

sors. In such a scenario, a mentor gives the

employee an opportunity to understand the

business, discuss, learn and adapt. Not only

this, a mentor is expected to provide leader-

ship and inspiration at all levels of the or-

ganization. Mentor benefits include in-

creased satisfaction, recognition from oth-

ers, and increased power and network bases

within the organization. Finally, protégé

benefits include career development and

advancement, access to knowledge about

corporate politics, challenging positions and

assignments, assistance, and skill develop-

ment.

If either the mentor or the mentee does not

contribute enough to the relationship, it is

bound to fail. To ensure that formal mentor-

ing programmes are successful, top man-

agement support is very essential.

Not much information is available on the

mentoring situation prevalent in Indian or-

ganizations. It is important to understand

the status of mentoring in Indian organiza-

-tions today, and how they may perceptibly

move ahead in the future, based on what the

employees may be looking for.

In 2006, Ms Poonam Barua was inter-

viewed by Archana Mohan of the Business

standard. Ms Poonam Barua was the then

Regional Director – India at The Confer-

ence Board (New York), representative of

its top-management forum on Human Re-

sources Council - India, and also of its

Council on Corporate Governance & Risk

Management - India.1 The interview was

titled “Few Indian CEOs give priority to

mentoring”. She spoke about how the best

HR heads of the country had relegated the

mentoring function to a lower priority. An

important point that she made was that

India Inc. should focus on mentoring, and

not just training, in order to maintain its

competitive advantage. This interview

shows that there existed a huge divide in

2006 between the ideal and the prevalent.

Logic suggests that with recession hitting

after that, and HR budgets plummeting, the

state may not be much better currently.

However, the employees would have cer-

tain expectations from their Organizations

with respect to mentoring, but they may

NEW O RKING

MIB,CMS 6

-ganizations are able to provide by way

of mentoring. It is necessary that the

mentors are incentivized in order to mo-

tivate them, in those organizations where

culture is not sufficiently developed for

motivation of mentors to be automatic.

Mentors see it as eating into their pro-

ductive time, and thereby, not only does

a good performance as a mentor not re-

ward the mentor, it also reduces his pro-

ductivity by eating into his time, thereby

further reducing his productivity!

Thus, moving ahead, the organizations

which begin to take mentoring seriously

are the ones which are focused on ensur-

ing that the ownership of the mentors is

achieved. This is the single biggest

change that would happen in the foresee-

able future. Once this catches on, and a

couple of companies benefit because of

this, as with other so-called “Best Prac-

tices” such policies may become quite

common across industries and organiza-

tions in the future.

By Ruchika Parmar,

MIB 2nd Year , JMI.

The organizations which begin

to take mentoring seriously are

the ones which are focused on

ensuring that the ownership of

the mentors is achieved.

have to rely on informal rather than formal

structures of mentoring. These are the issues

for which this research seeks to get to a

deeper understanding of where are Indian

organizations and HR departments today

with respect to mentoring, what do the em-

ployees think, and thereby, where must

mentoring processes go in the future to

benefit the employees as well as the organi-

zations.

Most of the organizations have no mentor-

ing programme. Major reasons include cost

constraints, a feeling that the informal cul-

ture makes up for the lack of mentoring etc.

The major problems among the organiza-

tions with mentoring programmes are men-

tor motivation, getting the mentor-mentee fit

right, locational constraints etc. The major

concerns for mentees are mentor availabil-

ity, mentor misfit, discomfort with sharing

knowledge, and again, a mixed belief that

informal relationships would suffice.

Like with most of the HR practices, mentor-

ing in India is in a transition phase. With

more and more organizations putting in their

mentoring programs, it is no longer as bad as

the interview in the introduction. However,

as mentioned already, most organizations are

not getting it right. We need to take correc-

tive action, because otherwise, the costs

would become unjustifiable. The realization

needs to seep in that mentoring practices are

not merely giving a mentor to every new

joinee or every employee; it is much more,

and much deeper than that, and a successful

mentoring programme requires a lot more.

The results show the difference between the

expectations of the people and what the or-

“

”

7

Strategy For Export Marketing

By Prof. Attam Prakash*

Strategy formulation is the core of any

business activity. A company strategy is, in

effect, a blueprint for competing on target

export markets. An explicit export strategy

provides a unified sense of purpose to which the staff of the enterprise can relate.

To implement a strategy, an export market-

ing plan is required.

EXPORT MARKETING PLAN:

An export marketing plan is a step-by-step

guide to strategy implementation. It ad-

dresses strategic issues and outlines the

corresponding operational actions to be

taken. It specifies target dates and provides

detailed budget for each step. The plan

should answer all questions on how the

company’s export strategy is to be imple-

mented and direct the enterprise in attain-

ing the strategy objectives. A typical ex-port marketing plan focuses on marketing

objectives, market segmentation and posi-

tioning, market research characteristics of

the product line, export pricing, distribu-

tion channels and promotional strategies.

MARKETING OBJECTIVES:

The first step in developing an export mar-

keting plan is to establish export marketing

objectives. These objectives should be at-

tainable, realistic and clear. Since they will

determine the company’s direction and its

activities, management will have to devote

considerable time and effort in setting

them.

MARKET SEGMENTATION:

An export marketing plan is not complete

until the company has identified its target

segment in the export market. Any large

market has a variety of market segments

that differ substantially. Different con-

sumer groups exist according to income

level, age lifestyle, occupation and educa-

tion. A crucial element of the export mar-

keting plan is to identify the segment that

the company intends to reach.

MARKET RESEARCH:

To succeed in exporting, the company

must identify attractive export markets and estimate the export potential for its

products in them as accurately as possible.

Market research and forecasting are,

therefore of great importance. Factors to

be evaluated include the size of the mar-

ket, the characteristics of demand in it,

consumer requirements, trade channels,

the cultural and social differences that

may affect the contemplating entering

export trade may not be willing or able to

allocate resources to expensive data col-

lection methods. Companies in that situa-tion can use published data to assess the

market. They should, however, first evalu-

ate the data for reliability and accuracy.

PRODUCT CHARACTERISTIC

The company should next consider the

product that it has to offer. And analysis

should be made of any modification re-

quired in the products, packaging changes

needed, labeling requirements, and brand name and after-sale services expected.

Many products may have to undergo sig-

nificant modifications if they have to sat-

isfy customer and market requirements

abroad. Other products may require

changes at the discretion of the producer

only to enhance their appeal on export

markets.

EXPORT PRICING:

In setting an export price, the company

should consider the additional costs that

enter into pricing for the domestic market.

These include such items as international

freight and insurance charges, product

adoption, commission for export agents

and foreign exchange risk coverage. DISTRIBUTION CHANNELS:

A potential exporter should select appro-

priate distribution channel. The choice of

distribution channel will depend on the

company’s export strategy and the export

market if the company intends to export a

product that has a specific feature that

should be a good selling point to a market

segment that is already well supplied. It

may need to create greater awareness of product through an appropriate promo-

tional strategy. In this case, it may be bet-

ter to appoint an agent who does not han-

dle many products and can allocate the

time needed to promote that product.

PROMOTION;

The export of marketing plan should pro-

vide the details on the promotional strategy

including publicity methods, advertising

(who will be responsible for it and how

much the company can allocate it); trade

mission; buyers visit; other promotional

activities and local export assistance.

ITC CASE STUDIES;

The international trade centre (ITC), Ge-

neva, some time back prepared a series of

export marketing case studies of the com-

panies in developing countries. Key les-

sons learnt from the case studies are men-

tioned below for the benefit of exporter in

India.

No enterprise should seek entry into the international market until it is

ready. Any attempt of exporting with-

out experience in domestic marketing

is bound to fail.

Exporting requires technical expertise

in addition to careful planning and

suitable products. Managers some-

times under estimate the complexity of

exporting tasks and the risks involved

and consequently fail.

8

Exporters should know why they

want to export and set their goals

at the outset. Hopefully the export

venture will contribute to both

their profit seeking and market

expansion objectives.

Planning and strategy develop-ment are essential. The long-term

nature of export market develop-

ment efforts together with the risk

assumed necessitates a planned

approach to exporting. Without

such a approach, an enterprise

cannot sustain exporting on a

profitable basis.

Exporters should choose their

markets carefully. The selection

of a market can make the defer-

ence between success and failure in exporting.

Exporters should study their mar-

ket option and identify the once

that offer the best prospects.

Market “niching” may be the

exporter’s best option. Exporters

of manufactured products rarely

occupy a dominant option of

international markets. The ex-

porters should, therefore, aim at

a specific well-defined opening in the market rather than the

mass market.

Exporters should know the key

buyers in the target market. Suc-

cessful exporting often results

from selecting a foreign partner

with access to distribution chan-

nels in the export market. This

intermediary may be an importer,

a broker, a trading company, a

distributor or an agent. Exporters should be creative.

Many of the case studies suggest

the developing country exporters

sometimes have to carry out their

business under conditions of

considerable constraints. For

instance, imported raw materials for

export goods may be difficult to ob-

tain, the flow of these supplies may be

uncertain or the transport infrastruc-

ture may not be fully developed.

Exporters should consider export market development as long term

investment. Learning export tech-

niques requires time as does be-

coming familiar with export mar-

kets. Business relationships

evolved are strengthening over

time. Sustained efforts are, there-

fore, essential in export market-

ing.

*(The author is Presently a

Visiting Professor of Jamia

Millia Islamia.

Previously an International

Business Consultant , Senior

Faculty of IIFT And Joint

Chief TDA & Commonwealth

Trade Advisor in several

countries.)

Shift in India’s top 10 export destinations over the years

Islamic banking refers to a system of banking or

banking activity that is consistent with the princi-

ples of the Shari'ah (Islamic rulings), known as Fiqh

al-Muamalat (Islamic rules on transactions) ,and its

practical application through the development of

Islamic economics. The principles which emphasise

moral and ethical values in all dealings have wide

universal appeal. Shari'ah prohibits the payment or

acceptance of interest charges (riba) for the lending

and accepting of money, as well as carrying out

trade and other activities that provide goods or ser-

vices considered contrary to its principles. The prin-

ciple source of the Shari’ah is The Qur’an followed

by the recorded sayings and actions of Prophet Mu-

hammad (pbuh) – the Hadith. Where solutions to

problems cannot be found in these two sources,

rulings are made based on the consensus of a com-

munity leaned scholars, independent reasoning of an

Islamic scholar and custom, so long as such rulings to not

deviate from the fundamental teachings in The Qur’an.

The origin of the modern Islamic bank can be traced back to

the very birth of Islam when the Prophet himself acted as an

agent for his wife's trading operations. Islamic partnerships

(mudarabah) dominated the business world for centuries and

the concept of interest found very little application in day-to-

day transactions.

Such partnerships performed an important economic func-

tion. They combined the three most important factors of pro-

duction, namely: capital, labour and entrepreneurship, the

latter two functions usually combined in one person. The

capital-owner contributed the money and the partner man-

aged the business, each shared in a pre-determined share of

the profits. If there was a loss, the capital-provider lost his

money and the manager lost his time and labour.

Many of these principles upon which Islamic banking is

based have been commonly accepted all over the world, for

centuries rather than decades. These principles are not new

but arguably, their original state has been altered over the

centuries. It is evident that Islamic finance was practiced

predominantly in the Muslim world throughout the middle

ages, fostering trade and business activities. In Spain and the

Mediterranean and Baltic States, Islamic merchants became

indispensable middlemen for trading activities. It is claimed

that many concepts, techniques, and instruments of Islamic

finance were later adopted by European financiers and busi-

nessmen. While these principles were used as the basis for a

flourishing economy in earlier times, it is only in the late

20th century that a number of Islamic banks were formed to

provide an alternative basis to Muslims although Islamic

banking is not restricted to Muslims.

ISLAMIC BANKING IN INDIA

Globalisation and the convergence of financial services mean

that Indian banks will face an increasingly tough competitive

environment, but there is tremendous scope for banks, par-

ticularly Islamic banks, because India needs major invest-

ment in its infrastructure. Islamic banking, however, has to

be positioned as professional banking and not religion-based

banking, which can have serious political implications and as

a result the Indian regulatory authorities must be approached

patiently and logically. That having been said, India does

offer great promise for the development of Islamic financial

ISLAMIC BANKING

November 2012 10

services, not least because the Indian capital market is

the most liberalised in the world and there is a good

financial infrastructure.

On the downside some experts feel that there is a short-

age of Islamic banking expertise in the country and the

general public are unaware of what Islamic banking has

to offer. In response to the problem of lack of expertise,

in July 2009 the Aligarh Muslim University (AMU)

launched a course in Islamic banking and finance. Ini-

tially the university is offering a diploma course in Is-

lamic banking and finance, but also plans to offer a

masters' degree through the Department of Manage-

ment Studies of AMU.

Opposition to Islamic finance is not only based on reli-

gious reasons and fears that that there is insufficient

local expertise to sustain the industry, but also on a

general level of ignorance about Islamic finance. There

is no barrier to non-Muslims who wish to use Islamic

financial services. Islamic finance is meant for all man-

kind, irrespective of religion and with its moral objec-

tives of promoting fairness and social development, it

may also provide a solution to the problems of unem-

ployment and poverty in the community. In the Indian

town of Maharastra more than 70 farmers committed

suicide in 2008, because they had taken loans from

banks to finance their grape crop, but due to unseasonal

rain their crops were destroyed and they were not in a

position to repay the principal amount with interest.

Had there been a fully-fledged Islamic banking system

in India, this may not have taken place.

-By Namita Dhamani ,

MIB 2nd Year , JMI.

11

BRICS: EMERGING ALTERNATIVE FOR GLOBAL GOVERNANCE

The acronym BRIC, first used by investment banker Gold-

man Sachs, is used for the grouping made up of Brazil, Rus-

sia, India and China. Later on South Africa was added to this

and thus its name has been modified as BRICS. In the chang-

ing global scenario the BRICS consists of the fastest growing

and largest emerging market economies. They account for

almost three billion people or just under half of the world's

population. Goldman Sachs believes that by 2050 these will

be the most important economies, relegating the US to the 5th

place. Apart from being emerging economies this group has

also been raising its voice on several issues to confront EU

and USA. Economic analysts believe that by working to-

gether, the BRICS countries can carve out the future eco-

nomic order among themselves. They believe that China can

dominate in manufactured goods, India in services and Russia

and Brazil in raw materials supplies.

BRICS SUMMIT 2012

In 2012 the BRICS summit was held in New Delhi in March,

2012. The outcome of the summit sent positive signals to the

outside world that international stability, security and prosper-

ity can be achieved if everyone pulls together.

Out of all the issues deliberated the most important ones were:

The leaders have considered the possibility of setting up a

new development bank. The bank will supplement the

existing efforts of multilateral and regional financial insti-

tutions for global growth and development. The benefits

of BRICS bank are likely to go beyond BRICS, to other

developing countries as well. The initiative reflects the

goal of BRICS economies to reduce the dependence on

the dollar and euro.

The leaders at the summit clearly voiced their united sup-

port for a' SYRIAN PEACE PROCESS' promoted by

international envoy Kofi Annan and warn of the

"Disastrous Consequences" of allowing the Iran nuclear

issue to escalate into conflict.

There was an agreement to press ahead with plans to cre-

ate a "South-South" development fund that might one

day rival the World Bank and Asian Development Bank.

BRICS countries renewed their demand for expanded

voting rights for developing countries in the IMF and

World Bank and challenged western policies on Iran,

stressing that military action to curb Tehran's suspect

nuclear activities were unexpectable and suggested that

the group should not be bounded by a looming ban on

Iran's oil exports.

Challenges before BRICS

Despite trying to forge a common front on several issues there are

number of differences on certain issues between the BRICS na-

tions.

First, China is evidently ahead of the pack in terms of its com-

prehensive national power and economic power, but both India

and Russia are eager not to surrender leadership too evidently to

China.

Second, both India and Russia are wary of China in light of a

number of bilateral problems.

Third and the most important, each of the five members of

BRICS has more going on with US than with each other.

Fourth, there are doubts about the coherence of the BRICS

grouping. For instance, South Africa does not meet the essential

criteria of rapidly growing and large economy with a large popu-

lation.

Lastly, there are significant political, economic and cultural

differences between the BRICS nations.

Can BRICS Lead the New Global Order?

Despite these differences it should not be forgotten that BRICS

have the potential to challenge the established world order as de-

fined by the US dominated UN Security Council, the IMF and the

World Bank. However the BRICS countries' ambition to change

the world in their image raises questions of fundamental values as

well as geopolitical influence. The Key members China and Rus-

sia have a tenuous attachment, or none at all, to democratic prin-

ciples such as free elections, free speech and free media. In simi-

lar vein, less powerful non aligned states are wondering whether

the rise of BRICS merely marks the emergence of another selfish

global elite, which will pay no more attention to their interests

than do the western powers. Many smaller and poorer developing

countries especially in Africa are eagerly waiting to see if the five

nations can evolve into true advocates for non-western interests.

Developing countries wants a multi polar world rather than one

dominated by the United States. It is good to see the group show-

ing solidarity on issues of global significance. By speaking with

one voice they can better defend their own interests and those of

the developing world at large and thereby promote global govern-

ance. However, challenges ahead in the achievement of goals are

really going to weigh the potential and credibility of BRICS na-

tions.

By– Kavendra Sagar,

2nd Year MIB , Jamia Millia Islamia.

12

Over the last few months India’s growth has slowed down.

The Indian gross domestic product report for the April-June

quarter showed that the economy was doing only marginally

better than in the previous quarter. Growth was up 5.5 percent

during the quarter from a year earlier, compared with 5.3 per-

cent in the period ended in March, which was the weakest

growth in nine years.

One of the clearest indicators of this is the falling value of the

Indian rupee. High inflation, wide trade and current account

deficits, bloated subsidies and a

gaping fiscal deficit have all

taken a toll on the real economy.

Foreign Direct Investment (FDI)

in the country has fallen steeply

due to the financial crises in

Europe. This has resulted in the

augmented trade deficit of India.

The value of goods being im-

ported into the country is as

high as ever, Indian exporters

are finding it difficult to sell

their goods in the weakened

International market. As a result

while few people are expending dollars to buy rupees, many

of them are opting to sell rupees to get dollars in return. It led

to the fall in the value of Rupee in international market.

Besides this, the demand of oil companies to be paid in dol-

lars, forced the Indian government to shell out a higher price

(in terms of rupees) to buy crude oil leading to the petrol price

hike in the country and the widespread resentment against the

Indian Government. With the rise in petrol price the transport-

-ation cost associated with this, has increased. Indian manufactur-

ers are facing rise in operational costs which in-turn impact the

export market. This is also a major cause of the widespread Eco-

nomic Inflation in the country. At the same time, BPO’s, NRI’s

and others who are paid in dollars are enjoying a greater income

and thus profiting from this scenario.

All eyes are now on the Reserve Bank of India, the central bank,

to review monetary policy. There are expectations that a low

growth rate would cause the R.B.I. to cut interest rates. The cen-

tral bank states that lower interest

rates alone are not enough to

jump-start the investment cycle.

Ms. Narasimhan, Senior Principal

Economist at IHS Global Insight

said “We expect only a shallow

recovery in manufacturing and

investment, and only a mild up-

turn is expected by year-end”.

The RBI is struggling hard to

detain this fall by selling dollars

and buying rupees. It has also

increased the maximum limit on

foreign direct investment recently

to try and reduce the trade deficit. Though the RBI has been

pretty laid back till now, experts are hoping they will implement

some major policy changes in the near future which might help

strengthen the rupee.

Hopefully the government will be successful in its attempts to

conquer this fall and the Indian growth story will continue un-

abated.

By-Bushra Anees,

2nd Year MIB , Jamia Millia Islamia.

DOLLAR INCREASE AGAINST RUPEES

US Dollar Vs Indian Rupee Chart - Last 30 Days

13

‘Go GREEN Save EARTH’ - The MIB Way’

By-S.Veeramani*

The global village faces serious environmental threats from

ever growing industrialization which includes information and

communication technology (ICT) and the damages caused on

the earth by industrial wastes to e- wastes. Its impact such as

climate change, global warming, acid rain, ozone breaking, un

expected adverse effects on the earth are the tools to measure

the impact of business houses on the earth. The disasters are

generally classified into manmade disaster, natural disaster

and act of god ( vis-majoure) in which environmental disaster

and degradation is done mostly by the human beings, indus-

tries or polluters. Since the Bhopal gas tragedy to the recent

protest against koodankulam nuclear plants, it is man’s protest

against manmade disaster. The alternative energy resources

are not given importance in the fast moving competitive

world, where profit over people and environment is rampant.

This is heavy time to remember Isaac Newton’s (1643-1727)

third law of motion; yes! Every industrial act has equal

amount of reaction of pollution which is what exactly the

world is struggling with. The tussle between developing na-

tions and developed nations during the environmental and

earth summits are dusted with severe debates as ‘The devel-

oped nations have produced sufficient and are now shifting

the production base to our nations’- are being voiced by those

who have the so- called comparative advantages such as la-

bour, raw material and specialized skilled work etc.

The water, air, soil pollution and consequent OECD polluter

pays principle, EUs’ EIA- Environmental Impact Assessment

and Environmental Audit, carbon rating, emission and pun-

ishment, UNEP’s effort, three tier system of pollution control

board such as in India, and also the concern of global village

over ‘ go green’ is now talk of the world. What happens to the

production bases at third world nations? The alarm here is

inevitability to go back to tribal life, indigenous way of living,

go with nature and effective biodiversity. But are we ready to

go green? If yes! How?

The world woke up and called for environmental activism,

people like the candidate for the election of president of

America Albert Arnold "Al" Gore, Jr. served as the 45th Vice

President of the United States, under President Bill Clinton

has been moving across the world and screening his documen-

tary film An Inconvenient Truth in order to sensitize the

world community to save earth. The UN programs, member

nations ratification of environmental and earth treaties, inter-

national guidelines to adopt environment protection measure

etc has to be analyzed for its effect in practice.

The recent ‘Rio+20’ the future we want’ in June 2012 and also

the past environmental and earth summits have come up with a

crucial concept of ‘saving earth’. But the basic question comes

here ‘saving earth’ from whom? During the Copenhagen summit,

the BASIC (Brazil, South Africa, India and China) made strong

resistance against the western allies and protested against making

the developing countries sign up a treaty for legally binding emis-

sions targets. The carbon rating of countries which have hardly

any industrial plants is sold for western masters and also their

subsidiary nation in the east. Sustainable organization and sus-

tainable development: the economic growth is not antithesis of

environment, but a certain condition connected with it, the

Brundtland report says that poverty is the largest polluter and

economic growth may solve the problem! Just make a note on

the link between trade and environment, economic growth and

environment, production and environment; do we have any con-

sensus to solve the effects of formers on later?

The UN conference on Human environment, Stockholm in the

year 1972 – formed international cooperation on environmental

issues, Montreal protocol in 1987, The Vienna convention to pre-

vent depletion of ozone layer, UN conference on Environment

and development[ UNCED] in 1992 at Rio de janeiro , conven-

tions on climate change such as Kyoto protocol 1997, categena

protocol on bio safety in 2000, UN commission on sustainable

development[ UNCSD] ,world summit on sustainable develop-

ment in 2002 and various assessment and strategies concerning

environment at international stage; these principles act as guiding

force to the member nations to ratify the same for the better envi-

ronment.

Indian constitution in its fundamental rights such as Art.21-

Right to life and personal liberty, Art.14 –Right to equality,

Art.19(1) (g) - Freedom to trade across India, there are some inci-

dents where the conflicts of laws takes place. It’s equally impor-

tant to know that protection of environment remains fundamental

duty of every citizen. We can understand the Indian situation with

the help of decided cases/ judgments/ digests. In India we have

legislations such as Water Act, 1974, Air Act, 1981, Environment

Protection Act, 1986 and so on.

1] In Indian Council for Enviro-Legal action Vs Union of India:

The supreme court has implemented right to environment as right

to life (Art.21), The litigation with the help of Art.32 on behalf of

the villagers in Rajasthan who got affected by the hazardous

(Oleum)/ H-Acid /from chemical plant and the untreated sledges

mix with the river and kill earth.

14

2. MC.Mehta Vs Union of India: Mathura refineries case.

3. MC.Mehta Vs Kamal Nath: A motel constructed by the

relatives of the union minister at the bank of byas at Himachal

which had affected the flow of the river causing damage to

villages/ tribals.

4. Narmada Bachao Andolan Vs Union of India.

5. CNG litigation

6. Bhopal gas tragedy litigation case also the role model case

where the Union Carbide unable to meet the compensation as

the cost of living and the death toll, injuries, the effect of the

disaster on the new generations are irreparable.

Go GREEN and Save EARTH: The ideas such as green

marketing, green logistics, green trade, green business and

even an academic program such as green management gives

hopes to the environmental activism and sustainable develop-

ment. If there is a common world constitution, we must make

environmental concern as fundamental duty, where the citizen of

the global village has to obey the rules of nature. The energy re-

sources left by our ancestors are now for our use, what are we

going to preserve for our future generation is the million dollar

question to address. The new economic geography at the prov-

inces of developing nations leaves no space for ‘go green’ but it’s

too late to understand that the e- wastes are filled with our envi-

ronment, our water is sold out far away for profit, the dams con-

structed have caused earth quakes, the mining in tribal areas lead

to deforestation, dyeing/ tannery mixed colors with our rivers,

ocean levels have increased, ice is melting, there is change in the

climate which affects all human beings at same rate be rich or

poor. The soil, water, air, tree, earth treats you as child why not

you go GREEN and save The MOTHER EARTH!

* (The Author is an Asst.Professor & Placement

Coordinator of MIB , JAMIA MILLIA ISLAMIA)

10 GOING GREEN TIPS.

Walk or bike a greener life – Walking and biking is not just good for your health and wallet, but also to

the environment. There is less pollution so that means a cleaner air, something that we desperately needed

now.

Carpool – This is the best thing to do if you cannot avoid using your car to go to work or school. Plus,

your friends can chip in for the gas and that can reduce your gas expense and don’t forget it is also more fun,

than driving alone in traffic.

Maintained the Car – A car that has been conditioned is less likely to use more fuel, but if your car is

poorly maintained then you will spend more on gas.

Turn off and unplugged all electrical equipment – A TV or radio that is not used but on a standby

mode can still provide you with 10% of electricity consumption. So it is better to unplugged all when not in

use, and especially when retiring at night.

Paperless bills – The internet is a great tool to save and protect the environment. Enrolling your monthly

bills will create a paperless bill, and therefore save lots of trees

.

Recycle – Making recycling part of your life is a great way keep the earth buried in plastics and other

hazardous materials.

Support going green products – This is probably one of the best going green tips that have also the

largest impacts on our environment. Cleaning products, pesticides made from chemicals are not just danger-

ous to the health of the user, but to the environment as well.

Check your water connection regularly – Busted pipes are a waste of good water and money.

15

India an oldest civilization and a 65 year old democ-

racy has its own identity in the world. It is the

world’s favorable trading destination and one of the

fastest growing economies. Then why did our econ-

omy stumble after a steady and smooth ride? Why

India needs so much of introvert attention, if it al-

ready has a specific identity?

CHANGE is the answer to all the questions related

to development. The change and makeover that a

country goes through over the period of time, is

what one refers to while talking about the develop-

ment of the country. If the change is positive, the

country is developing and is sure to grow in future.

Growth of any country depends on the state poli-

cies, resources and execution.

When we talk about India, we largely see good

prospects and potential, but what changes this coun-

try needs to become a GLOBAL BRAND is a prime

concern of present time.

Governance is the prime concern for any country. A

good policy and effective execution are followed by

good governance. India being a 65 year old democ-

racy requires this as the precondition of effective

and high quality human capital. A lot of our effort,

time and money spent on electing a government, so

the governance & administration of India MUST be

improved. It set off a positive chain reaction, which

should propel our economy to a growth rate of 10 to

12% per year, compared to the present, 5 to 6 %. A

transparent authority and corruption free INDIA is the need

of present scenario. If we want to change image then we

have to work over it. Employment generation is only possi-

ble if the basic fundamentals of the economy are in place.

The same goes for infrastructure development and invest-

ments in India. The "acid test" is to catch the NRI funds.

They invest in Europe, USA, South East Asia, Middle East,

Thailand, Singapore, Indonesia, Malaysia, etc. but practically

NOTHING in India. We should study the manner in which

up to 70% of infrastructure projects in the cities and prov-

inces of China are being promoted by local municipal bonds,

via the Non-resident Chinese. In turn they get a quid pro for

Industry and business development in China. So why not

make some policies that would attract the NRI to invest in

INDIA and make it lucrative enough to attract others along

with them.

India has 17% of the world population, 2.2% of the land

mass, 1.4% of the world's GDP but only 0.6% of the world's

trade. In the last 54 years our foreign trade has had a nega-

tive growth from 3% to 0.6% of world trade, or minus 500%.

It is obvious that 98.6% of the world's buying power [based

on GDP], is outside India and 99.4% of the world's trade is

also outside India. We MUST export more. India must be-

come a base for manufacturing & services for the world mar-

kets. This will enhance our buying power.

We should concentrate on the German system of Vocational

Training, where children after the 10th standard, have a

choice of 2500 vocations, they work for 2 to 4 years part

time in various establishments. During this period, they study

part time in their area of Vocation. It's a win-win situation,

since the establishment gets low cost human capital at mini-

mum wages and also the person is fully developed. So we

need full education system that will provide vocational stud-

ies for the student to work & learn, and in future they con-

tribute in making in economy.

We must also concentrate on exports, how Indian companies

will sell their products to such a small and shallow market, in

India, since the GDP is only 1.4% of the World GDP. How

will India pay the Import bill for Petroleum crude at US$17

billion per year when our exports are only US$42 billion per

year, including software exports? India's oil imports alone

will surge by three times by 2007. Exports will boost India's

Buying power. Obviously India needs to export much more.

Exports will improve governance, administration, efficiency

in manufacturing and services, cost competitiveness, FDI

inflow, inflow of latest and best technology into the country,

generation of more jobs, improvement in infrastructure and

thus upgrade the standard of living of the people.

INDIA: A GLOBAL BRAND MIB,CMS 16

The present definition of small scale industry is a farce

and will eventually harm this country. It has outlived

its usefulness. We must see what is happening in other

parts of the world. SME's in all other countries include

companies up to 500 employees. In India it should be

the same. If we change our employee laws, and other

operating parameters, India could take on any competi-

tion on this planet. Give Indians a level "Playing

Field". USA, Europe, Japan, Korea & Taiwan, account

for nearly 75% of the world's GDP, SME's account for

nearly 50-75% of the GDP & exports in activities such

as manufacturing, trading & services. FDI in retail can

also give a chance to SME's to improve the quality and

get a global reorganization. Nearly 99.3% of all organi-

sations are SME's & they provide about 70-75% of all

employment. We should redefine the meaning of

SME's in India and give a level playing field, in terms

of cost of finance, adequate & good infrastructure, and

freedom in choice of human and other resources. India

is endowed with enormous natural resources and skills.

These need to be better planned to improve yields.

Cold chains, marketing and exports of packaged and

fresh products can be a remedy for it. The land hold-

ings are shrinking. Co-operative farming is equipped

with big land holdings and modern methods of farming.

We should work on exporting and commercialize the

fruits and vegetable. A concentration on fruits and

vegetable will give extra advantage to the farmers to

earn more. We should get the big NRI's and Interna-

tional companies to look at our fruits and vegetables.

India is the largest producer of fruits and vegetables in

the world. About 55 million tons of fruits and 75 mil-

lion tons of vegetables per year are produced and

around 40% are wasted. What are we doing about it?

Should we let it rot? Or should we let others pick it up

and export or market in India. The answer is obvious.

Can we allow our waste lands to be leased to Interna-

tional firms & NRI's for agriculture?Yes we can and we

can also work on the FDI in food processing. Concen-

trating on tourism can also give an extra hand and ad-

vantage to over foreign reserve as it is the world’s larg-

est trade and we also have diverse geography, a 10,000

years old history with nearly 21 different cultures and

languages.Tourism is about US$3700 billion business

per year. The employment generation is very high.

Nearly 2 to 4 jobs per tourist are generated. But here

again we have to put our "House in Order", otherwise

put it out of your mind. It is a shame how our heritage

and tourist spots are being damaged and defaced. We

should also work on hotels and airlines as it is neces-

sary to attract the tourist. We just need to find the good

opportunity and work on that.

Making INDIAN a global brand is the not the prime

concern, main concern is to make INDIA a better coun-

try so that we will rank top in HDI (Human develop-

ment index) and also make it a developed country

where people give example of us and learn from our

experience.

By– Md. Furquan,

2nd Year MIB , JMI.

17

GREEN BANKING

Banking sector is generally considered as environmental

friendly in terms of emissions and pollutions. Internal environ-

mental impact of the banking sector such as use of energy, pa-

per and water are relatively low and clean. Environmental im-

pact of banks is not physically related to their banking activi-

ties but it is related the customer’s activities. Therefore envi-

ronmental impact of bank’s external activity is huge though

difficult to estimate. Moreover, environment management in

the banking business is like risk management. It increases the

enterprise value and lowers loss ratio as higher quality loan

portfolio results in higher earnings. Thus, encouraging environ-

mentally responsible investments are prudent lending should be

one of the responsibilities of the banking sector. Further, those

industries which have already become green and those which

are making serious attempts to grow green, should be accorded

priority to lending by the banks. This method of finance is

called ‘Green Banking’, an effort by the banks to make the

industries go for green and grow green and in the process re-

store the natural environment. This concept of Green Banking

will be mutually beneficial to the banks, industries and econ-

omy. Not only will Green Banking will ensure the greening of

the industries but will also facilitate in improving the asset

quality of the banks in future. Internationally, there is a grow-

ing concern about the role of the banking and institutional in-

vestors for environmentally/socially responsible investment

projects. Banking and other financial institutions are more ef-

fective towards achieving this goal for the kind of intermediary

role they play in any economy and for their potential reach to

the number of investors. Environment is no longer the only

exclusive concern of the government and the direct polluters,

but also the other partners and stake holders in the business

which can play a very vital role in fostering linkage between

economic development and environmental protection. As far as

Green Banking in India is concerned, the banking and financial

institutions are running behind the schedules compared to

global trends. None of our banks or financial institutions has

adopted equator principle even for the sake of records. Except

“Yes Bank Ltd” none of the banks are signatory of UNEP FI.

The British business newspaper and Financial Times, which

together nominated following banks for Sustainable Banking

Award 2006 for leadership and innovation in integrating social,

environmental and corporate governance objectives into their

operations, did not find a single Indian nationalised bank or

major private bank in the list except Yes Bank in ‘Emerging

Markets Sustainable Bank of the Year’ category. It seems that

GREEN BANKING FACTS

From banking online to

cheques made from recycled

paper.

These banks mostly include

supporting Human Rights& not

investing in the unsustainable

harvesting.

Green banks promote forest

preservation, water production,

responsible farming practices,

recycling, eco-tourism, loans to

displaced timber workers to

help them start environmen-

tally friendly businesses, help

for low-wage earners to pur-

chase homes, community edu-

cation and mentoring program.

November 2012 18

GREEN BANKING

there was no systematic attempt to integrate the environmental

concerns into the business operation here, by our nationalised

banks. In a rapidly changing market economy where globalisa-

tion of markets has intensified the competition, the industries

and firms are vulnerable toto stringent public policies, severe

law suits and consumer boycotts. This would affect the banks

and financial institutions to recover their return from investment.

Thus, the banks should play a pro- active role to take environ-

mental and ecological aspects as part of their lending principle

which would force industries to go for mandated investments for

environmental management, use of appropriate technologies and

management systems. Green Banking if implemented efficiently

will act as an effective ex ante deterrent for the polluting indus-

tries that give a pass by to the other institutional regulatory

mechanisms. There has been much initiative in this regard by

the banks and other financial institutions in India though they

play an active role in India’s emerging economy. The banking

and financial sector should be made to work for sustainable de-

velopment. As far as India is concerned it is high- time to take

some major steps to gradually adhere to the equator principle-

guidelines that use environment- sensitive parameters apart from

finance to fund projects.

- By Ibrahim Badar,

2nd Year MIB,JMI.

Green Banks of India

Indus Ind Bank ICCI SBI IDBI YES Bank ABN Amro

19

CORPORATE SPEAK

1. How has your journey as an entrepreneur been right from the start of your career after Delhi School of Economics?

Were you never afraid of the risk and challenges as a fresher?

Ans. I joined Delhi school of Economics to study Human Resource and it so happened that I had not really filled in applica-

tions for many places. There was no seat left in International Business and only one seat was there in HR so it came as a

default, though HR was never my field. Infact I realized it when I joined college. The teachers taught the course in very

traditional manner and there was no case study or practical scenarios gained. I belong to a business family so I knew that

in the real world what was being taught did not work. By this time I had realized about my entrepreneurial skills. When I

started to manage my father’s farm, I did pretty well which gave me the strength to believe in myself. When campus

placements were going on I infact wanted to set up a management institute in Dehradun but it could not work out. After

college I wanted to do something different, with my Dad’s support I decided to set up a factory to make wrinkle free trou-

sers. I did all the research work and when the factory was about to start I realized I would not want to sit in a factory all

my life. I am a creative person so that’s how Unison International happened. I use to go to Technopak’s office during this

time and realized there was gap in textile, export sector; gap in terms of manpower supplied and people who were supply-

ing it. Since I was MBA in HR I thought of doing something in this particular field.

2. What has it taken to convert start up from office in Panchsheel to DLF cyber city, 5lakh seed capital to a 10crore plus

turnover organization and 2 employees to almost 50 plus employees?

Ans. The office I started in Panchsheel was with my dad’s help and it was a rented property. Back then I had the passion to do

something of my own. When I started working, I usually reached office pretty late so my peon started complaining to in-

crease his salary. He used to say that half of my work was done by him so he deserves a better compensation. Mom and

Dad thought that I would blow up their money and come back to the family business which did not happen. Recruitment

was an opportunity area. We started with retail as Wills had just come up and were recruiting on a large scale for store

managers and related function. So as they started growing, we grew with them. The company survived with Wills coming

in the picture.

3. How challenging it was to get Wills lifestyle, UCB and Levis as your clients right in the first year of Unison Interna-

tional?

Ans. Getting clients were not really a challenge. It could have been luck or something clicked which is why which ever candi-

date we referred got consumed in the respective companies. The HR personnel in Wills was very supportive, the way she

explained the positions made things easier for me. She really gave the confidence to take it further. The other building

which we occupied was in Hauz Khas but due to the some issues, we had to vacate it. At that time Technopak was taking

the place in Cyber city and did not want to use some space so they gave it to us and that how the office got shifted to Cy-

ber city. We kept hiring people around these times. Someone came in and told me one that ours was the among the top 3

firms in retail recruiting so it made me think why not strive for being 1st. So we hired more people to take on the charge.

A friend’s hatred for my office acted as a catalyst towards my hard work. This place worked out because it gave me more

motivation to work because at the end of the day one has to pay for the rent, the salaries.

Mr. Udit Mittal

Founder & CEO

Unison International

20

4. Sir, what changes have you seen in the industry over the last decade?

Ans. When we started to work then career in Ascent was a popular source of advertising openings and even Naukri.com post-

ings were famous. Today it is about social media, someone who is looking for a job and is not on social media is sup-

posed to be a useless candidate. I do my hiring through Facebook, I do hiring through LinkedIn and other media.

5. How are the services of Unison international different from that of naukri.com or Monster?

Ans. Unison is different from naukri.com and monster because it is more towards the consulting side unlike naukri or monster

which are basically job portals where job posting, resume posting

happens.

6. How do you ensure safe handling of data at your organization after the theft of database by an ex-employee to start a

new venture?

Ans. We do not work on the safety and security of the data. We do not worry about the data anymore because it is easily avail-

able nowadays. I can easily look up a candidate on google, if there is a blank call, I can go to truecaller. So we have

blocked the amount of data that can go out. One cannot really control a lot of data going out. In today’s time everyone has

access to data so how you maintain is what matters and is important.

7. Sir, in an interview to Economic Times in 2011, you mentioned about 2 start ups before Unison International- could

you please tell us the reason behind their failure?

Ans. The first venture was of the Management institute as mentioned earlier and it could not work out because the bank re-

quired to keep 50-60 lakhs as reserve which was not feasible at that point of time. The second venture was to set up a

factory to manufacture wrinkle free trousers. After doing the market research, data gathering and registration, I realized I

did not really wanted to spend my entire life in a factory set up and hence it did not start.

8. The operations have expanded to Dubai and China, what are the plans for future? Where do you see Unison Interna-

tional after 10 years?

Ans.The operations of Unison have not started in China, we want to get into China but we have not got the gateway for it yet.

The operations are in Dubai and doing pretty well.

Unison can be at a very different level after 10 years, the quality of people working for organizations are not very good.

We are not MNC neither can we pay to hire people from top B-schools so it gets difficult. I am very passionate and I

work for 18-19 hours a day.

9. What would be your advice to the fresh graduates coming out after doing MBA(IB) and how has the scenario changed

according to you since you passed out as a fresh graduate in 1997?

Ans. For anyone passing out, the first thing is employment. People should take up employment anywhere and everywhere it

comes in because around the time everyone passes out, other graduates pass out from different colleges as well so there is

lot of supply of candidates at that particular time period in the market. The expectations of parents are such that they ex-

pect their children to get good packages and start working without really realizing that a job does not comes very easy. It

is about getting the right job and how one has to be there. There is no perfect company or there is no perfect employer. It

is a marriage of compromise. Today knowledge can be learnt, before that one is judged on the way they carry themselves,

the way they speak. Everything is about confidence.

10. I ask you this last question as we today represent 60 students of MBA(IB) who would be passing out next year and

ready to prove their mettle. Sir, what kind of opportunities should young graduates like us seek at your prestigious

organization?

Ans. We do not have a norm to really hire freshers though we would like to help them out in getting jobs in any way possible

since we are into consulting. We do have lot of requirements coming in for store managers in retail stores, the salaries are

good so we could look forward to that.

Interviewed By– Ms. Ruchika Parmar

21

For more than 40 years, the flow of students seeking quality-orientated international education

programs offered by Indian Universities has been increasing rapidly. The quality of education

offered by Jamia Millia Islamia is a significant factor for my coming to study in India.

An interesting cultural and social environment, reduced costs through lower tuition fees and eco-

nomical living and good quality academic programs, all contribute to an attractive setting to pur-

sue my post graduate degree.India is a fascinating mix of ancient cultures and traditions, intrigu-

ing religions, over 200 languages and dialects, combined with 21st-century technology and a

growing international economy. Second only to China in population size, it is poised to become

an ever larger player on the world stage, thus one of the bigger and important focus market for

study.

I believe that a strong understanding of finance, marketing, operations, technology, and strategy,

at international level will give me a head start in my career. Master of International Business

(MIB) will help me to acquire practical business knowledge with a focus on international and

cross-cultural understanding of the marketplace in India and world at large.

I also think that the course is appropriate for people who have some work experience but seek to move into the international business

realm. As Planning and Investment Officer and future business analyst, I will apply the skills to recommend right Financial and Busi-

ness strategies and action plans. Working with the Pension Fund in Tanzania, challenges are there to ensure that our members/

survivors receive good pension package upon their retirement, death of relatives, etc. To achieve this, the contributions received need

to be invested in the less risk field in order to earn maximum returns. Thus management of Funds is very crucial in this case.

Finally, the MIB curriculum delivers an understanding of today\'s global market place. The knowledge in international finance, mar-

keting, operations, and strategy, will help me acquire the analytical, problem-solving, and critical thinking skills needed to make deci-

sions in a rapidly evolving, cross-cultural world. Through discussions with my fellow MIB students I will acquire presentation and

communication skills necessary to work and excel in multinational settings and companies.

By– Peter Kifungiomali , MIB 1st Year , JMI.

Career Expectations for studying MIB

India is a country of many religions, cultures and traditions. It is one of the fastest growing economy

and well known for its high quality education. Jamia Millia Islamia is a well renowned university

and its program in International Business is recognised throughout the world. This is what motivated

me to join this post graduation program in Jamia Millia Islamia.

I have found that MIB is a very important course for students who want to involve into International

Business. MIB is just like a strong bridge which builds students' confidence and helps them apply

their knowledge into outside world to fulfil the needs of the workplace. MIB is a key which makes

students understand about International Trade and how to do business across countries. As we all

can see, world economic is growing step by step, so more human resource is needed to work in this

condition and MIB plays a very important role in this case.

I would like to thank all my professors who have taught me many things. I would also like to thank

all my MIB classmates who have helped me a lot in my study and have made my stay comfortable

here. Even though I find some subjects difficult, my experience in MIB has been great on a whole.

By– Chuch Sokla , MIB 2nd Year , JMI.

My Experience at MIB

MIB,CMS STUDENTS’ CORNER 22

The most mesmerizing period of life no doubt

are the days that we all spend in our college,

writing the essay is a bit more easier as you do

not need a heavy subject of some research ma-

terial to include in it. The time when you begin writing the essay you will fall in deep thoughts

that you won’t get the exact idea from where

you should start with?

The thought that I am a P.G student now

seemed to be the scariest thing that I could

think of. Whenever I thought about it my stom-

ach would immediately begin to spin in circles.

Although I was ready to go off and be by my-

self and meet new people I was scared to death

at the same time. I didn’t know much about the

‘college experience’ and what I thought of,

scared me. I pictured hard classes that I would-n’t be able to keep up with; people that would-

n’t like me, long hikes to get to my classes.

Finally “The Day” came it was 28th of July

when we had our orientation at the CMS, the

whole experience was new for me. Suddenly

got the feeling of being in a professional course

and my decision of opting MIB was best for

me. The session started by introduction of

CMS, faculty members and our seniors, headed

by further sessions with our seniors who had

planned a full packed session of activity for us. I still remember the fun we had & I was excited

to see such tenacious seniors. They had planned

so much for us; the effort they gave to welcome

us was commendable.

Soon we had regular classes with the concern

faculty members, the professional looking envi-

ronment was just so different, at the initial

stage it seemed difficult to cope up with the

style and technique of teaching , as we all were

habitual of blackboard and books which were now

replaced by projectors and power point slides. The

sudden change in the surrounding took a bit time to

adjust, though not too long.

It’s been just couple of months and I have learnt so much not only academically but also in terms of

extracurricular activities. The very first activity was

Iftar party, followed by Bizz Quiz, debate (India an

Economic Slave), teachers day celebration and

lately the fresher’s. All this seems just fun activities

but these small events taught the entire 1st year stu-

dent to work in team, to put forward their views &

much more that would be helpful in future. Extra-

curricular activities are activities performed by stu-

dents that fall outside the realm of the normal cur-

riculum of school or university education. Extracur-

ricular activities exist at all levels of education and play a very vital role in shaping the life for best.

These activities have helped to provide opportuni-

ties to interact with other students and grow to-

gether as a professional body. We faced many chal-

lenges during these events, however these chal-

lenges can often be seen as opportunities of turning

the tide and creating innovative strategies for struc-

turing new business practices.

We are encouraged to participate in industrial visits,

debates, seminars, alumni meet, business quizzes,

producing newsletter, wall magazine. These activi-ties have engaged us in order to enhance our exper-

tise in international business.

I still have a lot more to learn from my seniors and

teachers. At the end I would like to quote , “There

are those who look at things the way they are and

ask why? Yet here I am who dream of things which

never were and ask why not?”

By-Hina Saifi,

MIB 1st Year , JMI.

MIB & ME.

“There are those who look

at things the way they

are and ask why? Yet

here I am who dream of

things which never were

and ask why not?”

MIB,CMS 23

24

25

"What you get by achieving your goals

is not as important as what you become

by achieving your goals."

Please Visit Our Website: jmi.mibytes.webs.com Jamia Nagar, Maulana Mohammad Ali Jauhar Marg New Delhi, DL 110025