Inside the world of innovation in manufacturingInside the world of innovation in manufacturing

Today, innovation can be seen in every walk of life, especially manufacturing. In my experience, innovations in manufacturing can be classified as: process, product, management and suppliers/supply chain. One of the earliest innovations that I saw in manufacturing was the invention of a new process to produce sponge iron in a rotary kiln. This was later converted to an industrial scale innovation, in the avatar of Ipitata Sponge Iron Limited, now called Tata Sponge Iron Limited.This process, albeit several modifications and upgrades, is still in operation today, having produced several million tonnes of high-grade sponge iron for the country, besides hundreds of crores in profits for the company...Read more

10 key steps ensure that your Business Process Management system will be used 10 key steps ensure that your Business Process Management system will be used

All organisations and teams investing a great deal of time and money in their Business Process Management system want to know that will be used by its intended audience. Over many years of working with hundreds of organisations implementing a BPM system, I have identified the 10 key steps to ensure that your BPM system will be used...Read more

How AI Will Change the Way We Make DecisionsHow AI Will Change the Way We Make Decisions

With the recent explosion in AI, there has been the understandable concern about its potential impact on human work. Plenty of people have tried to predict which industries and jobs will be most affected, and which skills will be most in demand. (Should you learn to code? Or will AI replace coders too?)

Rather than trying to predict specifics, we suggest an alternative approach. Economic theory suggests that AI will substantially raise the value of human judgment. People who display good judgment will become more valuable, not less. But to understand what good judgment entails and why it will become more valuable, we have to be precise about what we mean...Read more

Rise of entrepreneurship as an academic disciplineRise of entrepreneurship as an academic discipline

Whether entrepreneurship can be “taught” or is an inherent skill is an age-old debate. While the jury is perhaps not yet out on the issue, several leading Management Institutes across the world have felt the need to include 'Entrepreneurship' as an academic discipline, either as part of their generic MBA program or as a full fledged course by itself. The past decade has seen feverish activity in the Indian startup space, stirring immense interest in business academicians and researchers. Today, B-schools are deliberating over rise of Entrepreneurship as an academic discipline...Read more

India to overtake US as 2nd largest 4G phone baseIndia to overtake US as 2nd largest 4G phone base

Explosive growth in data usage, driven by attractive offers from operators like Reliance Jio and AirtelBSE -2.40 %, is likely to catapult India as the second largest 4G handset market by next year, a report by Counterpoint today said.

With an estimated installed base of 340 million 4G devices, India will displace the US as the second largest market. With a base of 150 million users, India is currently placed behind China and the US, the report said.

While the US is forecast to see the 4G installed base grow to 245 million from 225 million currently, the Indian market is expected to grow at a faster pace, driven by increasing adoption of mobile Internet...Read more

Improve employee engagement by developing leader managerImprove employee engagement by developing leader manager

"People leave managers, not companies."

This allows us to infer that by developing managers to lead people well would improve employee engagement metrics in organisations.

A Gallup study of 7,272 American working adults unearthed that one in two people had left their job to get away from their manager to improve their overall life at some point in their career.

Gallup's report, 'State of the American Manager: Analytics and Advice for Leaders', provides an in-depth look at what makes great managers and examines the crucial links between talent, engagement and critical business outcomes like profitability and productivity...Read more

India has to find accessible innovative models India has to find accessible innovative models

NEW DELHI: India has to find new innovative models that are accessible in "every nook and corner of the country", Tata Sons Chairman N.Chandrasekaran said on Tuesday.

"Innovation and R&D is not about pure research. We have to find innovative models which are accessible to every nook and corner of the country," Chandrasekaran said at the All India Management Association (AIMA) - JRD Tata Corporate Leadership Award presentation here.

"In this way we'll suddenly create several hundreds of millions of people, who have, not just financial inclusion, but inclusion in every sense," he said...Read more

How Corporations Can Plan for Innovation…and SurviveHow Corporations Can Plan for Innovation…and Survive

Many books by Peter F. Drucker stressed that the first step in developing a vision for any organization is "getting rid of yesterday." Drucker, who is considered the father of modern management thinking, says this also holds true for innovation.

Too many companies, Drucker observed, continue to devote organizational resources (i.e., money and people) to "preserving the past" when they should be allocated to "creating tomorrow."
...Read more

How Retail Can Thrive in a World Without StoresHow Retail Can Thrive in a World Without Stores

Historically, shopping has been a sensory experience. Store associates served as personal shoppers, helping customers pick out items. Shoppers gauged quality by the look and feel of a product. They asked for sales associates’ opinions when they tried on clothes. It was as much an emotional experience as it was a physical, tactile one.

That traditional “personal touch” shopping experience is hard to replicate online. As more companies struggle to find their niche with the modern consumer, they’re turning to new technologies to recreate this sensory experience...Read more

Competition Commission of India clears Vodafone-Idea mergerCompetition Commission of India clears Vodafone-Idea merger

The Competition Commission of India (CCI) on Monday approved the proposed merger between Vodafone India and Kumar Mangalam Birla-owned Idea Cellular, which is seen as a key step in clearing the way for creating India’s biggest phone company by subscribers.

UK-based Vodafone Group Plc’s India unit and Idea, currently ranked at two and three, respectively, will have a combined base of nearly 400 million customers and 41% revenue market share. The merged entity, with its scale, size and synergies, will be a stronger rival to Reliance Jio Infocomm, which has disrupted the telecom market with back-to-back free voice and data offers between September last year and March 2017, and forced the two to combine...Read more

Slow Deciders Make Better StrategistsSlow Deciders Make Better Strategists

There are many ways to split people into two groups. Young and old. Rich and poor. Us and them. The 98% who can do arithmetic and the 3% who cannot. Those who split people into two groups and those who don’t.

Then there’s the people who make good competitive-strategy decisions, and those who don’t.

It’s not easy to split people into the good/bad strategy decision-makers. Track records are useful but they’re not unambiguous, and those getting started have no track records at all...Read more

ET Startup Awards 2017ET Startup Awards 2017

India’s food-tech industry has been going downhill largely because of weak business models and shoddy execution in catering to hungry customers. One company, though, has been able to swim against the tide with foresight, grit and tremendous business smarts.

Swiggy, in a mere three years, has been able to master the online food delivery experience. The startup delivers food from at least 12,000 local restaurants, processing about 4 million orders a month across eight cities. To the delight of investors, it has been able to trim delivery costs by 35% by charging a minimum fee and additional charges during inclement weather. Swiggy is now experimenting with cloud kitchens to take food from popular restaurants to multiple locations beyond their immedia ...Read more

How to Become a More Well-Rounded LeaderHow to Become a More Well-Rounded Leader

For years, when I spoke with CEOs or senior leaders, it was because they were interested in how my consulting firm could help their employees become more engaged, or innovative, or sustainably high-performing. During the past year – and especially the past six months – I’ve been hearing a different and much more personal initial question: “Can you help me better manage my own life?”

Consider the challenges that modern corporate leaders — and especially CEOs — now face, in addition to running their companies every day...Read more

Systematic Problem Solving Strategies:Improving Customer Satisfaction and Efficiency Systematic Problem Solving Strategies: Improving Customer Satisfaction and Efficiency

Problem solving strategies are common place in business and it is essential that the right tool is used for the specific problem in hand.

Process improvement and effective problem solving strategies are two weaknesses of many companies. Every company has problems. Every single one. The difference between the outstanding, world class performers and the average companies is how well they react to issues when they arise. More importantly, how well they put to bed issues that have risen, so they do not come back...Read more

Embracing Digital Change Requires a Clear Strategic FocusEmbracing Digital Change Requires a Clear Strategic Focus

At a time when many established companies are struggling to remain competitive, it’s clear that fundamental change is in order. Some established companies have found a path that works — they are surviving, thriving, and going head-to-head with an onslaught of fast-moving startups that seem to multiply overnight. What lessons have these companies learned that others need to embrace?

Digital transformation requires a new approach to strategy.
A key tenet of digital transformation is the understanding that digital strategy no longer plays a supporting role for business strategy. It is given first consideration, which determines other elements of the broader business plan...Read more

3 Signs You Are A Counterfeit Bold Leader And How To Improve3 Signs You Are A Counterfeit Bold Leader And How To Improve

After writing several articles about the benefits and positive impact of bold leaders, I received pushback from a number of people who had observed bold leaders that did not create the same positive impression. These leaders were perceived as being bold but created dissatisfaction and frustration within their organizations.

While on the surface these leaders may appear to be bold, I identified three characteristics commonly found among bold leader counterfeits:

1. Aggressive leaders are hyper focused on their own needs and successes. They take extraordinary steps to make themselves look good, often at the expense of others. They will look for ways to blame others and are unwilling to accept responsibility for errors...Read more

India expected to achieve growth rate of 7.4% in 2017India expected to achieve growth rate of 7.4% in 2017

India is expected to achieve the projected growth rate of 7.4% in 2017 and further up 7.6% next year on strong consumption demand, with South Asia leading the growth chart in Asia and the Pacific, an ADB supplement report said on Thursday.

“India, the sub-region’s largest economy, is expected to achieve previous growth projections of 7.4% in 2017 and 7.6% in 2018, primarily from strong consumption,” the supplement of Asian Development Bank (ADB) Outlook 2017 said...Read more

GST myths bustedGST myths busted

Are you tired of the jokes going around on the new tax regime? Have they influenced your understanding of the 'one nation, one tax'? A novel change in the system does add to the confusion, giving rise to myths around the Goods and Services Tax. Here, revenue secretary Hasmukh Adhia clarifies the doubts aroun...Read more

India’s economy set to reclaim top spot for growth this year

India will reclaim its position as the fastest growing major global economy this year, partly propelled by benefits from a new tax system and bolstered by an expected central bank interest rate cut, a Reuters poll showed...Read more

4 top tips for improving operational efficiency

Yarra Trams operates the fastest growing passenger mode in Melbourne. The next 10 years sees an unprecedented investment in public transport infrastructure in Melbourne. Around 75 per cent of our network is shared roadway – so while this construction work is underway, this will have significant impacts on our network operations...Read more

3 Ways to Tell if a Company Values Innovation3 Ways to Tell if a Company Values Innovation

At first glance, measuring innovation might seem as inexact as a Supreme Court Justice’s description of pornography: “I know it when I see it.”

One of the cornerstones of my Anticipatory Organization Model is the critical need to craft an environment that fosters innovation. That’s important, but it still begs the questions: How much innovation is “enough”? Further, how can you tell when your efforts to encourage innovation are producing the results you desire?

Fortunately, there are reliable benchmarks that can move the answers beyond an educated guess...Read more

Process variations: the dirty little secret of process management
Process variations: the dirty little secret of process management

With globalization, rapid technological innovations and more educated, empowered consumers, the challenges of operating and growing a business are becoming increasingly complex. Even relatively small companies now often sell in to different countries, operate in multiple regulatory environments and personalize their customer experience delivery based on attributes like client profile, size, location or behavior.

This level of business complexity is a huge challenge for organizations when it comes to successfully managing and standardizing business processes...Read more

The Financial Industry Needs to Start Planning for the Next 50 Years, Not the Next Five The Financial Industry Needs to Start Planning for the Next 50 Years, Not the Next Five

Despite rapid innovations in data processing and machine learning, many businesses have yet to make the leap from the Industrial Age to the information age, and the gap between technological and organizational progress is widening. Closing this gap requires much more than short-term fixes, like adopting new technologies. Businesses need to organize around long-term strategies for growth and partnership in a sustainable way. The consequences for not doing so can be dire... Read more

GSTN portal to be ready for invoice uploading from July 24 GSTN portal to be ready for invoice uploading from July 24

Businesses can start uploading their sale and purchase invoices generated post July 1 on the GSTN portal from July 24, a top company official said today.

The Goods and Services Tax has kicked in from July 1 and so far, the GST Network, the company handling the IT backbone for new tax regime, has been facilitating registration of businesses.

“We plan to launch the invoice upload utility on the portal on July 24 so that businesses can come forward and start uploading the invoices on a daily or weekly basis to avoid month-end rush,” GSTN Chairman Navin Kumar told PTI...Read more

A way forward for women in leadershipA way forward for women in leadership

Women in leadership roles has been a topic of discussion for several years now. While the industry has seen a large number of women leaders-such as Chanda Kochhar, Shikha Sharma, Indra Nooyi, Vinita Bali-who have taken corporations, governments, academic institutions and myriad organizations to greater heights, they represent too small a percentage of leaders in the holistic sense.

What experiences propelled these leaders to the forefront of their profession? How do we empower more women to follow in their footsteps, or better yet, create foot prints in the sand of their own? The answers to these questions could be critical to empowering all women—as well as businesses...Read more

How to Think Strategically

Are great strategic thinkers born or made? The answer turns out to be “yes.” Yes, individuals sit somewhere on a spectrum of innate talent and yes, you can develop that talent.

The implication for organizations is that they must find ways to identify and cultivate future leaders with the capacity to think strategically. The implication for the individual leader is that it is pointless to worry about nature versus nurture...Read more

Coming Our Way — Creative, Disruptive Innovation

I talk about the need for businesses to change all the time; to almost anyone who will listen. From Rochester, New York to Houston, Texas, I spoke about this very subject several times last week. The companies, big or small, who do not look to disrupt will be disrupted. Move in or move over...Read more

The Challenge Of Being A Theory Y ManagerThe Challenge Of Being A Theory Y Manager

Managers generally have one of two perspectives regarding their employees. Many years ago a professor named Douglas McGregor dubbed these perspectives Theory X and Theory Y.

Theory X assumes that people dislike work and will avoid doing anything they don’t have to do. So they must be controlled and coerced to get the job done. The theory made some sense when “work” often consisted of shoveling coal into a furnace or tightening the same six bolts in the same six holes hundreds of times a day... Read more

 Writing a Business Plan Makes Your Startup More Likely to Succeed Writing a Business Plan Makes Your Startup More Likely to Succeed

When asked about an opponent’s plan for their impending fight, former world heavyweight champion Mike Tyson once said: “Everyone has a plan until they get punched in the mouth.”

It is a school of thought now fashionable in entrepreneurship circles. Advocates of “learning by doing” approaches such as the lean startup say it is better to act, improvise, and pivot than to waste time and resources on a 20-page plan that won’t survive first contact with the customer..Read more

Eight-step process to discover your personal leadership vision Eight-step process to discover your personal leadership vision

Leadership is the ability to inspire or influence others towards the leader's, team’s or organisation’s vision. Leadership can be developed at every level, mainly because it starts with being able to lead yourself first. Having a clear and continuous vision is a vital requirement in developing as a leader.

Once upon a time a man on a horse suddenly came galloping down the road. It seemed as though he had somewhere important to go. Another man, who was standing alongside the road, shouted, "Where are you going?" and the man on the horse replied, "I don't know! Ask the horse!... Read more

Tata Tech opens 20-million pound innovation centre in Warwick

Tata group's global engineering services arm Tata Technologies today opened a new 20-million pound European innovation and development centre at Warwick in England which will serve as the headquarters for the continent.

The new facility will create 200 new engineering jobs and will serve England and Europe and is following growth in its business across the region, the company said in a statement issued from Warwick.

The new facility will house the company's engineering support services, two advanced engineering labs, as well as a modern R&D centre that will further develop the company's capabilities and growth opportunities in key sectors, including automotive, aerospace and industrial machinery, said its chief executive Warren Harris...Read more

How to Set More-Realistic Growth TargetsHow to Set More-Realistic Growth Targets

Many executives are fond of promising to deliver growth, but far fewer realize those ambitions. This is because many fundamentally mismanage the growth gap, which is the difference between their growth goals and what their base businesses can deliver. Filling the gap requires either innovative new offerings or acquisitions. That’s where the trouble starts — it is easy to be fooled by rosy assumptions that, when analyzed in a disciplined way, turn out not to be practical.

Let’s take the example of one large company we worked with, which posited that it needed $250 million in new revenue from innovative new products in five years. Spreadsheets were developed, resources were marshaled, budgets were approved, and the work began...Read more

Service Design: A key enabler of transforming businesses of futureService Design: A key enabler of transforming businesses of future

A swipe on your smartphone is all it takes to make the flight experience hassle-free and pleasant. The airline’s app doubles up as your personal trip concierge across various stages of your journey – from the time you start planning the trip to your experience at the airports – checking in, queue time, lounge, boarding the flight and at the destination- and even after the trip. A bouquet of tech-driven services from the airline allows you to search or book flights, pay using Mobile Wallet, check in via mobile, store boarding passes, and check information around your flight. It notifies you about boarding, terminal, gate, seat number – well in time. The digital baggage tag service tracks your belongings in real time making sure you have a smooth journey out of the terminal.

This is not a farfetched dream but the reality that embraces us today. This is a carefully designed Service Design at work for you...Read more

E-way bill system in GST to come from October E-way bill system in GST to come from October

The GST provision, requiring any good more than Rs 50,000 in value to be pre-registered online before it can be moved, is likely to kick in from October after a centralised software platform is ready, a top official said.

The provision, called the e-way bill, would be implemented after infrastructure for smooth generation of registration and its verification through hand-held devices with tax officials is ready.

The information technology platform for the e-way bill system is being developed by the National Informatics Centre (NIC) along with GST-Network -- the company which has developed the IT backbone for the new indirect tax regime... Read more

Can innovation save us from ourselves? Can innovation save us from ourselves?

Every year about this time McKinsey Quarterly publishes a list of books being read by select CEOs. If a book comes up frequently on the list, it may serve as the subject of this column—last year, Joshua Cooper Ramo’s book The Seventh Sense was the centerpiece of the August column. While we can’t assume that CEOs endorse what they read, it’s nevertheless interesting to know what they are thinking about...Read more

Power projects may get their very own ‘Aadhaar’ identity 
Power projects may get their very own ‘Aadhaar’ identity

The government is considering an Aadhaar-like unique identification for all the power projects in the country to know the right amount of electricity generation and consumption, electricity requirement, demand-supply patterns, and transmission system requirements.

An online registry is proposed for the power producers, which include operators of all thermal, hydro, renewable and captive plants. The government is weighing taking stringent actions against non-compliance by power plant developers to ensure complete registration of power projects, a government official said. The registry will also help new power plants secure regulatory clearances, he said...Read more

Creativity Not ProductivityCreativity Not Productivity

We had this age of efficiency and continuous improvement for a long time. When the Japanese were destroying us in the auto industry with better quality cars we buckled down and hyper-focused on quality. It worked. ISO standards, Deming Cycles and Six Sigma drove quality to new standards, and we produced a generation of managers that ensured statistical quality for the masses...Read more

What Problems Can be Solved with Open InnovationWhat Problems Can be Solved with Open Innovation

The Harvard Business Review discussed the different types of innovation within a company’s portfolio in their article “Managing Your Innovation Portfolio.” What they found was that “Companies that allocated about 70% of their innovation activity to core initiatives, 20% to adjacent ones, and 10% to transformational ones outperformed their peers, typically realizing a P/E premium of 10% to 20%.” They also noted that the return on that investment was inverse (the 10% of time spent on transformational change yielded a 70% return when successful, and so on)... Read more

Reliance Infrastructure gets go-ahead for $1-billion aerospace park

Reliance Infrastructure of Anil Ambani-led Reliance Group has received government approvals for its planned $1-billion greenfield aerospace park near Nagpur.

“We can now start working on the first unit by August and hope to complete it by first quarter of 2018,” said Rajesh Dhingra, chief executive officer at Reliance Defence, an arm of Reliance Infra

“All our aerospace-related units will be based in this one location. We will invest around $1 billion (about Rs 6,500 crore) on developing the entire part,” he told ET...Read more

Focus on small steps first, then shift to the larger goalFocus on small steps first, then shift to the larger goal

We all know the strategy of working toward an ambitious goal by breaking the process into a series of small goals. But is this strategy always helpful?

New research by Szu-chi Huang, assistant professor of marketing at Stanford Graduate School of Business, finds that while people benefit from concentrating on small “sub-goals” in the early stages of a pursuit, they should focus instead on the larger objective in the late stages. That notion could be important to any business that entices consumers and employees to set goals, whether as part of an incentive program or service offered... Read more

Family managed businesses and the dilemma of stepping down in favour of professionalsFamily managed businesses and the dilemma of stepping down in favour of professionals

Jalaj Dani, a third generation family member, resigned from Asian Paints on 18th April, 2017, after spending 18 years at the company. He is now planning to set up his own business. He was President - Human Resources, Supply Chain and Chemicals, and was one of the members of the founding families. Dani was the public face of the company, having contributed to its success.

There are reports that his position could have been the end of the line for him, since the Asian Paints families have an agreement to appoint a non-family professional for the top position of managing director...Read more

You Can’t Be a Great Manager If You’re Not a Good CoachYou Can’t Be a Great Manager If You’re Not a Good Coach

If you have room in your head for only one nugget of leadership wisdom, make it this one: the most powerfully motivating condition people experience at work is making progress at something that is personally meaningful. If your job involves leading others, the implications are clear: the most important thing you can do each day is to help your team members experience progress at meaningful work...Read more

Creating competitive advantage for yourselfCreating competitive advantage for yourself

Michael E. Porter is a university professor at Harvard, based at Harvard Business School in Boston. He is a co-author, with Robert S. Kaplan, of How to Solve the Cost Crisis in Health Care. In this recent interview with HBR Ascend, Michael Porter spoke about his work on sustainable competitive advantage and how individuals can apply this concept to their careers. He also discussed why it is essential for young managers to understand strategy and its basic concepts. Edited excerpts:

Can any of your work on sustainable competitive advantage for nations and companies be usefully applied to individuals’ career?...Read more

Wind, solar to be cheapest form of power generation by 2030: StudyWind, solar to be cheapest form of power generation by 2030: Study

Wind energy and solar power will be the cheapest form of power generation in every G20 country, including India, by the year 2030, a study today said.

With the G20 summit underway in Hamburg today, the study carried out by Greenpeace Germany said in about half of the G20 countries, renewable energy has been cheaper or equal in price to electricity generated from dirty coal or hazardous nuclear power plants since 2015.

"Wind energy and solar power will be the cheapest form of power generation in every G20 country by the year 2030 at the latest," the study said...Read more

The More Senior Your Job Title, the More You Need to Keep a Journal

For leaders assuming the CEO title for the first time, taking time to learn and think translates into early successes. But the problem is there’s little time to do either. Information comes at them more quickly, more people than ever before demand their time, and they’re told that the myriad decisions piled in front of them are all important...Read more

Finding the Platform in Your ProductFinding the Platform in Your Product

Five of the 10 most valuable companies in the world today—Apple, Alphabet, Amazon, Facebook, and Microsoft—derive much of their worth from their multisided platforms (MSPs), which facilitate interactions or transactions between parties. Many MSPs are more valuable than companies in the same industries that provide only products or services: For instance, Airbnb is now worth more than Marriott, the world’s largest hotel chain.

However, companies that weren’t born as platform businesses rarely realize that they can—at least partially—turn their products and services into an MSP. And even if they do realize it, they often wander in the dark searching for a strategy to achieve this transformation...Read more

Upstart start-ups and agile disruptors - and what to do about themUpstart start-ups and agile disruptors - and what to do about them

Now is the age of market disruptors: of Uber, Deezer, Alipay, Rakuten and many others. These innovative start-ups and nimble brands are crashing into markets traditionally dominated by multinational corporations, grabbing more market share, simplifying consumer habits and making life difficult for the big players. But large organizations can learn from disruptors’ brilliance and agility, and use their own size and strength to fight back.

First, though, what is it about these disruptors that makes them so effective? My research shows that, typically, disruptors do five things better than the leading companies...Read more

India will be base to the economic pole of global growth over the coming decadeIndia will be base to the economic pole of global growth over the coming decade

India will be the base to the economic pole of global growth over the coming decade, remaining ahead of China, according to a Harvard University research.

The study also warns of a continued slowdown in global growth over the coming decade. India and Uganda top the list of the fastest growing economies to 2025, at 7.7% annually.

“The economic pole of global growth has moved over the past few years from China to neighbouring India, where it is likely to stay over the coming decade,” new growth projections presented by researchers at Center for International Development at Harvard University (CID) said...Read more

India has overtaken China to top Global Retail Development IndexIndia has overtaken China to top Global Retail Development Index

India has overtaken China to top AT Kearney's Global Retail Development Index (GRDI), a study which ranks the top 30 developing markets for retail investment, riding on the back of favorable foreign investment environment, strong economic growth and a consumption boom that are expected to double organized retail and expand online retail by 30 percent a year to reach $48 billion by 2020.

India managed to score 71.7 points leaving China in the process which got 70.4 points. Malaysia, Turkey and UAE constiute the top 5 countries in the GRDI.

Mobile shopping grew last year by 121 percent in India, 192 percent in China, 151 percent in Vietnam and 87 percent in Nigeria, said the study...Read more

GST to widen tax net, make Indian industries more competitive: CIIGST to widen tax net, make Indian industries more competitive: CII

The GST rollout will impart major competitiveness to Indian industry, incentivise exports and help expand the tax net, CII said.

The implementation of the crucial tax reform gives tremendous confidence to the industry that the government will continue to facilitate investments and simplify the business environment, the industry body said.

“We have emerged...into a new era of economic reform with the introduction of the game-changing GST. This will stand as an exemplar of collaborative reform for the world on an unprecedented scale,” CII President Shobana Kamineni said...Read more

CEOs Can Find Success with the Power of PassionCEOs Can Find Success with the Power of Passion

To reach the level of CEO, a certain level of passion is required. Beyond work ethic, expertise, communication skills and leadership abilities, having a strong desire to excel is essential.

A passionate CEO can lead to a passionate company. In a story for Harvard Business Review, Jim Whitehurst explores how powerful that desire can be: “What sets companies apart, the companies where people love to work, is passion. People want to be passionate about what they do, and they want to be surrounded by people who are also passionate about what they do.”

Here are several ways passion can play a role in a CEO’s success, and a few tips for how to make the most of it...Read more

India Inc needs to up R&D investmentIndia Inc needs to up R&D investment

Switzerland has topped the Global Innovation Index (GII) rankings for the seventh consecutive year while India has moved up six places to 60th position on this year’s list. In an interview to Forbes India, Francis Gurry, director general of the United Nations World Intellectual Property Organization, one of the sponsors of the GII, speaks about the results:

On bridging the innovation gap:
For several decades, innovation was dominated by North America and Europe. Now, China is an example of a middle-income economy creating change, having moved from 25 to 22. We also see significant movement from others; for example, India from 81 to 60 in three years. Innovation is a long-term game. You shouldn’t expect change overnight...Read more

GST likely to pump fuel into auto sectorGST likely to pump fuel into auto sector

India’s car industry has already emerged as the GST’s standard-bearer, and is likely to log record primary sales of 3 lakh units in July after the introduction of the single producer levy. Carmakers are set to eclipse the March 2012 Indian record of 2.95 lakh units, paced by replenishment demand from empty dealerships and significant price reductions brought about by the GST. Most dealers had sold out their inventory in the run-up to the introduction of the levy.

June dispatches are estimated to have seen a decline of about 15 per cent ahead of the introduction of the biggest tax reform since Independence. July would witness a strong rebound, helping recover the lost sales. According to industry estimates, July may see dispatches of 2.9-3 lakh units: In July 2016, primary sales were 2.59 lakh units. Market leader...Read more

A Front-Row Seat to the Third Industrial Revolution with Wharton FellowsA Front-Row Seat to the Third Industrial Revolution with Wharton Fellows

In 2013, Wharton marketing professor Jerry Wind started introducing senior executives from around the globe to The Next Big Thing. He convened three-day Wharton Fellows Master Classes in the boardrooms and workspaces of some of the world’s most innovative companies, exchanging ideas with tech developers, artists, restaurateurs, retailers, and Broadway producers who are redefining their industries. Each dynamic experience ended with participants sharing their action plans for implementing groundbreaking new lessons. Later word has revealed some startling applications and collaborations, in areas as diverse as energy, finance, manufacturing, and medicine.

Now, Wind is taking the Fellows on an even more ambitious ride. Partnering with economic theorist Jeremy Rifkin, he is providing an insiders’ view of the Third Industrial Revolution (TIR) — an economic model encompassing seismic shifts...Read more

Enhancing productivity: The challenge of the modern workforceEnhancing productivity: The challenge of the modern workforce

Over the last few years, organisations have attempted to address the dual challenge of achieving growth and controlling costs. They have pursued several avenues to trim their headcount, realign and often eliminate jobs in the hope of enhancing productivity and reducing costs. While trimming of headcount reduces costs, it still does not address the productivity issue – which is the core problem.

While it is much easier to measure productivity in jobs where the outputs are tangible, such as the number of sales calls made or number of vouchers processed, it becomes increasingly difficult to measure productivity as one moves up the organisational hierarchy. This is especially true when dealing with managerial work...Read more

How GST Works

Here is what you need to know about the Goods & Service Tax (GST), the taxes it will replace and the benefits that will ensue...Read more

India, say hello to GST! Biggest-ever tax reform comes into effect

With the press of a button at midnight in Parliament’s Central Hall, India switched to GST, the single biggest tax reform undertaken by the country in 70 years of independence.

Launching GST, President Pranab Mukherjee said it is a momentous event for the nation. "This historic moment is the culmination of 14-year-long journey that began in December, 2002," he said... Read more

Startup India on track, graduallyStartup India on track, gradually

The startup India Programme was launched amid much fanfare in January 2016 with major investors like SoftBank’s Masayoshi Son and entrepreneurs like ex-Uber CEO Travis Kalanick rubbing shoulders with Ola’s Bhavish Aggarwal and Snapdeal’s Kunal Bahl. The final session of the event was presided over by PM Narendra Modi, who has been at the forefront of his government’s push for startups. This June, the NDA government launched the Startup India Hub, a portal that would enable startups gain access to knowledge, mentors, resources and other services.

“We are here to help you… we are now running at pace with all of you and you can expedite us further,” said Minister of State (MoS) for Commerce and Industry Nirmala Sitharaman, adding that the government also plans to organise a startup summit for Saarc countries to facilitate exchanges between nations...Read more