E globuzz vol ii issue i

0|e-Globuzz,Vol II Issue I July-Sept‟11

Foreword
Dear Readers,

We are pleased to present to you the 6th issue of e-Globuzz, the quarterly
e-periodical of International Business Society (IBS@SIMSR).

IBS@SIMSR is organizing the first International Business Conference on
Saturday 24th September, 2011. While the detailed program will be
communicated to you separately, please mark this important date in your
calendar and be there at this conference.

The features in this issue include coverage on the business leader Sir Richard Branson – CEO of UK
based Virgin group, country focus on Australia, sector focus on FMCG & alumni speak by Ms. Kirti
Shukla (PGPIB 2002-04) – Manager – API Commercial Global Sourcing, Sandoz Pvt. Ltd. The
articles cover a wide range of International Business topics and current affairs.

During the last 2 months, IBS@SIMSR organized important interactions with two distinguished
experts – Mr. P. R. Dalal, Executive Director, EXIM Bank & Mr. K. C. P. Patnaik, Commissioner-
Income tax, Government of India. Both these interactions were highly rewarding and have been
covered under Events@IBS section of this issue.

Like in the previous issues, articles in this issue have been largely contributed by SIMSR students. It
has been our endeavor to have articles from SIMSR alumni, faculty and corporate executives from
leading companies engaged in International Business to give e-Globuzz a richer and broader
perspective.

We hope you like this issue of e-Globuzz. Look forward to meeting you at The First International
Business Conference on Saturday 24th September‟11.

Prof. C. P. Joshi
Faculty Mentor-IBS@SIMSR
Program Coordinator PGDM-IB

i|e-Globuzz,Vol II Issue I July-Sept‟11

Faculty Mentor
VOL II ISSUE I July – Sept ‘11
Prof. C. P. Joshi

Company In Focus:
1 General Motors

Editors 3 Sector in Focus:
FMCG
Manvinder K Sodhi
Expert Talk:
7
Prerna Makhijani Global Sourcing

Country in Focus:
10 Australia

International Finance:
13 External Commercial
Designers Borrowing v/s Foreign
Institutional Investments
Swetaleena Das
Challenges of
15 Communicating with a
Vishu Kartik
Global Workforce

International Logistics
17 Factors and Trend Setters

Alumni Speak
Circulation 19
Pranshu Soni 21 International News

Gurpreet Kaur
Business Leader
23 Sir Richard Branson

Events @ IBS
25

All the views expressed in this e-periodical reflect the personal opinions and views
of the authors and do not reflect IBS@SIMSR views.

ii | e - G l o b u z z , V o l I I I s s u e I J u l y - S e p t ‟ 1 1

General Motors
|Vaibhav Palaye (PGDM-IB 10-12)

Company Overview Brazil, China, Colombia, South Korea, Spain,
Sweden, Thailand and Vietnam. In addition, it
General Motors is an omnipresent company also has assembly, manufacturing, distribution,
headquartered in Detroit, United States, a offices and warehousing operations in 55 other
company so essential to the overall health of countries.
the U.S economy that it spawned the phrase
“As GM goes, so goes the nation”. Tracing its Company Financials

For the year ending 2010, GM‟s sales were to
the tune of $135, 592 million. On February 24,
2011, General Motors reported its first full-
year profit since 2004. It had an option of
carrying forward previous losses to reduce tax
liability on future earnings. It earned $4.7
billion in 2010. The Wall Street Journal
estimated the tax break, including credits for
costs related to pensions and other expenses
can be worth as much as $45 billion over the
next 20 years.

Brand Variety
roots back to 1908; GM currently employs
209,000 people in every major region of the GM and its strategic partners sell and service
world. Long known for the manufacturing of its vehicles through the following brands
cars, trucks and automobiles, General Motors worldwide: Buick, Cadillac, Chevrolet, GMC,
has also been engaged in finance and Daewoo, Holden, Isuzu, Jiefang, Opel,
insurance. However, most recently the global Vauxhall and Wuling.
recession had a devastating impact on its cash
Bankruptcy Period
flows, financial conditions and operations. To
survive, the company had to accept a GM faced one of its worst crises as a part of
government bailout plan. the global financial meltdown in the year
2008-2010. It was weakened by a substantial
Global Presence
increase in the prices of automotive fuel,
GM does business in more than 120 countries. linked to the 2003-2008 energy crisis which
It produces cars and trucks in 31 countries and discouraged purchases of sport utility vehicles
sells and services these vehicles in various (SUVs) and pickup trucks which have low fuel
other countries. GM‟s largest national market economy. The popularity and relatively high
is China, followed by United States, Brazil, profit margins of these vehicles had
United Kingdom, Germany, Canada and encouraged General Motors to make them
Russia. General Motors truly has an their primary focus. With fewer fuel-efficient
international presence with factories in Poland, models to offer to consumers, sales began to
Russia, South Africa, Ecuador, Egypt, slide. By 2008, the situation had turned critical
Germany, Argentina, Australia, Belgium, as the credit crunch placed pressure on the


prices of raw materials. Facing financial its operations and finances with the
losses, GM reduced its operations in many government bailout. Thanks to the
factories and drastically reduced employment restructuring, GM in 2010 posted net profits
levels. Eventually General Motors filed for and positive cash flows. The company was
Chapter 11 bankruptcy protection as part of listed on major stock exchanges on November
the Obama administration‟s plan to shrink the 18, 2010 with the world's largest IPO. The
automaker to a sustainable size and give a money realized from the IPO was used to
majority ownership stake to the federal payback US government. After the IPO, US
government. government's stake in the car maker has fallen
to about 40 per cent from its prior 61 per cent.
Comeback after Bankruptcy
Future Outlook
After the bankruptcy debacle which dented
GM‟s credibility to a great extent, the General Motors will continue to recover
company started working its way back. As part market share and aggressively promote the
of the company reorganization, the content and launch of its extended-range electric vehicles.
the structure of its brand portfolio was The company will also continue to pay back
reorganized. Some nameplates like Pontiac, the government ahead of schedule. Although
Saturn, Hummer, and service brands like bankruptcy eliminated much of the company's
Goodwrench were discontinued. Others, like debt, it is ignoring the company's massive
Saab, were sold. They streamlined the product pension obligations. The huge pension liability
line to five brands. The U.S. government is a red flag and it may land General Motors in
infused $60 billion to make sure GM had the trouble in future, if proper provision is not
resources to restructure in bankruptcy. With made for the same. Thus, the road ahead is not
financing partially provided by the US easy for GM but its CEO, „Ed Whitacre Jr‟
Government, GM successfully restructured along with his team is confident of putting up
a good show in the future.

Did you know?
Andean Community
It is a South American forum of economic cooperation among Bolivia, Colombia,
Ecuador and Venezuela. It was established in 1969 and it

works to bring Andean sub regional integration, promote external projection, and
reinforce the actions connected with the process.


FMCG Sector in Emerging Economies
| Mahesh Kulkarni (PGDM-IB 10-12)

Business landscape of FMCG sector is not spending in Japan grew at a compounded
only expanding but also becoming more annual growth rate of 1.4% over 2005-2010
competitive across the world over the last and it is forecasted to remain at the same rate
decade. The sector is a part of the broad over the period 20010-14. FMCG sector in
classification called consumer goods in Middle East and African region has the future
international context, which includes potential for MNEs with a downside political
consumer durables, semi durables and risk.
consumer packaged goods. In Indian scenario,
consumer packaged goods is popularly known
as fast moving consumer goods which majorly
includes Household care, Personal care, Foods
and Beverages.

There is a global economic imbalance between
western and eastern world. Traditionally
export dominated countries (like China, Japan,
and South Korea) have to focus on domestic
market instead of export market. Similarly
western countries should concentrate on export
led growth instead of focusing on depleting
domestic demand. Interest rates are becoming
relatively lower in developed economies (US, Source: AC Nielson
UK) compared to emerging economies. This is
leading to increased outflow of capital to According to Nielsen, the growth in Europe is
developing economies, where there is a also not encouraging; it ranged from 0.9 % in
surging demand especially in consumer goods Finland to 12.4 % in Turkey. Among the big
sector. On the other hand, this is leading to five economies, France topped the group with
inflationary pressure. Central banks are trying 2.7 % nominal growth, followed by Spain
to contain inflation rates by raising the interest (+2.4%) and the UK (+2.3%). Italy recoded
rates. 0% growth, while Germany declined 4%. The
Czech Republic and Slovakia continued to
USA, which is considered to be the major recover after several challenging quarters.
market of FMCG sector, had a negative Ireland, however, which had shown new signs
growth during the year 2009 due to recession of life at the end of 2010, posted nominal
and in the last fiscal it has just reached a growth of just 1.2 % primarily due to rising
positive figure of around 1%. The scenario in value growth. Irish consumers continue to be
other developed economies like Japan is also quite pessimistic about the economy, the state
not optimistic. Recent tsunami has caused a of their personal finances and job prospects.
short term jerk in Japan‟s economy. Total


“FMCG sector in India would
touch a market size between
Rs.4,000 to Rs.6,200 billion”

Low penetration rates

Many of the FMCG product‟s penetration
rates are very low in emerging countries like
China, India, Indonesia, Malaysia and
Source: Nielson Retail Index Thailand, which acts as a significant driving
factor for attractiveness of FMCG sector. As
APAC region which consist of emerging
per data, India has the lowest penetration level
economies like Philippines, Vietnam and
for products like Skincare, Shampoo and
Indonesia have showed a double digit growth.
Toothpaste, which makes it the most attractive
The whole spectrum is led by China and India
consumer good segment amongst all Asian
where the volumes are large. Major global
countries.
FMCG companies have already realized the

potential and are investing heavily in these respectively over the next five years (CLSA-
markets. Rising middle class and low Mr- Mrs-Asia-2010).
penetration rates of the FMCG products act as
the major driving factors for attractiveness of Per Capita Consumption in US $
FMCG sector and are discussed below. Per Capita Consumption in US $
Category/Country Skin Care Shampoo Toothpaste
Large populations and rising income levels China 3.2 1 0.5
Indonesia 0.8 1.1 1
Emerging market countries especially China, India 0.3 0.3 0.4
India and Indonesia have the largest Malaysia 7.4 2.7 2.9
populations in Asia and their disposable Thailand 7.7 2.4 2
incomes will grow at the fastest rates in the Source:MOSL

region. Middle class in these countries is
Source: Motilal Oswal Securities Ltd.
expected to grow at 11%, 19% and 15%


Indian Scenario Higher Penetration of the Rural
Population: For nearly half of the largest
Indian FMCG sector is pegged at around $30 FMCG categories, rural India now
billion (in FY10). It is the fourth largest sector contributes more to their growth than
in the economy and it constitutes 2.2 % of urban. According to a McKinsey Global
India„s GDP. This sector has reported a steady Institute (MGI) study “The Rise of India‟s
sale CAGR of 11.2% over FY00-10 and an Consumer Market”, the total consumption
annual volume growth of 8.5% (AC Nielson). in India is likely to quadruple making
As per a recent study conducted by Booz & India the fifth largest consumer market by
Company, FMCG sector is expected to grow 2025. Urban India will account for nearly
in the range of 12% to 17% up to 2020 and 68 per cent of consumption growth while
would touch a market size of Rs.4,000 to rural consumption will grow by 32 per
Rs.6,200 billion. cent by 2025.
Government Policies for developing
favorable business environment for FMCG
sector: India has enacted policies aimed at
attaining international competitiveness
through lifting of the quantitative
restrictions, reduced excise duties,
automatic foreign investment and food
laws resulting in an environment that
fosters growth. 100 per cent export
oriented units can be set up by government
Source: AC Nielson, News articles
approval and use of foreign brand names
India’s Country Attractiveness is now freely permitted.
FDI Policy: Automatic investment
Increasing Young Population: India has a approval (including foreign technology
population with a median age of 25 years agreements within specified norms), up to
as compared to 43 in Japan and 36 in the 100 per cent foreign equity or 100 per cent
US. Along with a large population and for NRI and Overseas Corporate Bodies
rapidly changing consumer preferences, (OCBs) investment, is allowed for most of
India has translated into a large market the food processing sector except malted
opportunity for FMCG players. The youth food, alcoholic beverages and those
segment (10–24 years age group) reserved for small scale industries (SSI).
constitutes nearly 25 per cent of the 24 per cent foreign equity is permitted in
population and is of significant interest to the small-scale sector. Temporary
all FMCG companies (IBEF, Advantage approvals for imports for test marketing
India FMCG, 2011). can also be obtained from the Director
Rise in Disposable Income: From the General of Foreign Trade.
current census it is found that India's per
capita income has either just about or will
soon cross the $1,000-mark (Times of Intensifying Competition in FMCG
India). The precise timing matters less Industry
than the implication of the achievement.
P&G launched Tide Naturals (mid/low
Currently, the average Indian spends about
priced detergent), cut shampoo and
48%, also the majority, of his total income
feminine hygiene prices by 15-20%,
on groceries (40%) and personal care
reduced Mach3 prices by 40% and
products (8%).


launched Gillette Guard at Rs15. Olay employment, the FMCG sector has a lot to
White (skin care) comes in a Rs15 sachet. gain from Union Budget 2010-11.
GSK launched instant noodles (Foodles),
an energy drink (Lucozade), a health Focus on rural lending and increase in
snack (Nutribar) and biscuits. capital of rural banks will help farmers‟
PepsiCo, Danone and Kellogg entered new access to cheap loans. Further, extension
of repayment of loan and concession for
categories, often nurturing them from
timely repayment helps reduce the burden
scratch.
on farmers.
Kraft's entry could be a major
Various schemes for rural development
development as its portfolio will compete
will help improve the living standards in
with Britannia, Nestle and Amul.
the rural area and help provide better
Domestic players like Marico (functional
access to the rural heartlands.
foods, hair oil), Dabur (skin care, CHD)
Readjustment of tax slabs will help
and Emami (hair color, personal care) are
increase the disposable income in the
entering new categories in search of
hands of consumers.
growth drivers.
Concessional duties and exemption of
service tax will help boost setting up of
Budget Impact on FMCG Sector cold storages, cold units and refrigeration
units.
With higher disposable income in urban Reduction of excise duty on sanitary
households and a significant portion of the napkins and diapers will help reduce
union budget allocation towards the prices on these items.
development of the rural sector and rural

Did you know?
Nordic Council

A regional alliance was established in 1952 among Norway, Sweden,
Finland, Denmark, and Iceland that is dedicated to cooperation among the
Nordic countries. This has led to a common labour market, social security, and
free movement of citizens across borders


Global Sourcing- Changing face of
Globalization
|Corporate Article by Kirti Shukla,
Manager – API Commercial Global Sourcing,
Sandoz Pvt. Ltd.

I drive a Mercedes Benz wearing a Versace me service/ develop technology overcoming
jeans and Nike T-shirt, carrying an Apple my limitations or just help me concentrate on
iPod, fiddling with my Blackberry, typing my other factors thus helping me expand and be
Facebook status profitable at business? It does not matter if the
when signal turns supplier is in my country or in any other part
red. My Louis of the world. I source from you and sell to you
Vuitton bag lies in and yet make money, funny but true.
the back seat and I
head towards Hard This gives us a kind of abutment to the basis
Rock Cafe looking of Sourcing concept although this is not the
at my Rolex watch only factor. If we look back and see, the
just to check if I am not late, I guess I have process of globalization started with
enough reason‟s to be called globalized in all developing countries exporting cheaper
respects. products to developed nations where cost of
production had gone abnormally high due to
Well here „I‟ is not literally me various factors. But over a period of time this
(unfortunately!) but a high end consumer in process has evolved into a much bigger
India, China, USA or anywhere on this globe phenomenon called “Global Sourcing”. With
and is connected to the world. The brands vary time and changing trends, world over
based on purchasing power and preference, but procurement or buying has become one of
nonetheless massive consumerism is the new those key elements that decide future
mantra today. strategies and vision of all large cap and small
cap companies.
Physical distances are no longer important
even for a seller, considering companies have In simple terms, Global sourcing is no more
access to markets of countries far and wide. As just an import / export business for companies
a company in business, I want to penetrate into comprising of a small chunk of their business
every market, deliver a high quality product initially; but has now actually evolved into a
from which I derive maximum profit and much important sourcing tool that decides the
customer loyalty. If my location is hindering overall strategy for any organization that
my business model because of high overheads, wants to operate globally by either being
labor cost, inability to produce volumes etc. present in other countries or by simply
and also as it‟s impossible for me to be sourcing few products or services from best
completely vertically integrated and make available sources in different countries. As a
everything which is used in my product; what strategy it is helping companies in all
am I supposed to do? Search for suppliers who significant sectors to operate with lesser costs
can make my product/ part of the product/ give and get best quality products /services.


“With each new change there come some challenges,
which are to be dealt with same finesse as change itself.”
The company outsources those manufacturing since long been the key outsourced human
resources and capabilities or resource for USA.
services where the suppliers
have a competitive Majority of the
advantage, e.g. greater companies in all sectors
scale, fundamentally lower currently talk about the
cost structure or stronger concept of Low cost
performance incentives. It country sourcing and
uses outsourcing India and China remain to
proactively through a be the biggest hub for
stronger focus on the core sourcing. Be it
business areas as a way to pharmaceuticals, textile,
improve manufacturing performance, generate IT, automobiles,
employee commitment and consequently consumer goods, toys, technologies, services,
increase competitiveness and profitability. R&D etc., everyone has geared up to
manufacture and supply to bigger business
giants. Contract manufacturing is a concept
If we look at developing countries, they are mostly used by companies who wish to focus
becoming more flexible in terms of their on their branding and product portfolio.
export policies and benefits offered to Therefore they transfer technologies or ask the
manufacturers to be a part of the global smaller player to manufacture the product
market. Export oriented units, FTZs, DEPB itself for them. Another approach to this is
scheme, EPCG, deemed exports are all joining hands with local players who are
incentives given to Indian manufactures by strategic suppliers. As the gates open for 51%
government of India to help in exports. FDI in Indian retail sector we will for sure see
lots of mergers and joint ventures taking place.
Let‟s take a similar example, today if we shop
for souvenirs in USA or a similar tourist place Countries like China, India, South Korea and
in Europe we can buy merchandise which Vietnam might be ranked higher on FDI
flaunt the name of country in which it was investments but countries like Hong Kong,
purchased but as we read the small tags and Singapore and Ireland are ranked much higher
bar codes one can find out, „Made in India or for being more competitive in terms of ease of
China‟ most of the time. The trend somehow doing business with these countries. These
picked up in a big way from IT companies countries have more relaxed policies for
which started sourcing software development foreign exchange regulation, taxation and
from low cost countries. Then the concept of other government policies which facilitate
BPOs and KPOs was invented and is still companies from other countries to carry out
thriving. Today there is no limit as to what all their operations hassle-free. Competitiveness
can be outsourced. Right from R&D on these grounds has helped countries like
technologies to people and services, Hong Kong to become a commercial hub and
everything today can be procured. In fact, a global destination for many companies.
engineers from reputed institutes of India have
But with each new change there comes some
challenges, which are to be dealt with the same


finesse as change itself. With each leap of floods effect the economy of a country,
globalization and open economies, comes the making sourcing a tough activity.
challenge of integrating these economies
seamlessly. Business carried out between two All these factors need to be seriously
companies situated in two different countries considered while drafting a sourcing strategy
has direct impact on their respective for a broader timeframe. As sourcing is now
economies. Since the quantum of business becoming the backbone of entire business
carried out between most of the major models there are various sourcing tools which
companies are of much larger size, it can have are designed and utilized by souring
a direct impact on the commercial setup of the professionals in order to make the business
country in which that company operates. So in plan. I'm sure with more companies and
this scenario where economies are open to countries open to source globally, it would
foreign players and huge transactions take ensure that customers in each country
place across these countries, economies need are benefitted and better served by the
to be very well administered so as to avoid any strategies devised.
external influence affecting their overall well- Of course everything has its own boons and
being. In recent past there have been many banes, Global sourcing too has lots of benefits
countries which have been at the receiving end but a miscalculated step in this arena can lead
of bad administration at home due to which to huge business losses. Still, the concept has
they had to face difficult situations. Hence
already taken off in full swing and will sure be
now companies are not only evaluating their increasing.
vendors‟ economic well-being but are also
evaluating the commercial, political and social
environment in which that company operates.
From fluctuating currencies, to changing
policies, natural calamities, political unrest and
even climatic conditions like bad monsoons or


Australia
|Kapil Jain (PGDM-IB 10-12)

Australia, officially known as Commonwealth Weather
of Australia is an independent nation within
the Commonwealth. It is a country located in Much of Australia has a continental climate.
the Southern Hemisphere which comprise the The temperatures get hot during the day, and
mainland of the Australian continent, the then drop considerably at night. Australia is
island of Tasmania and numerous smaller also very arid and gets very little rain.
islands in the Indian and Pacific Ocean. The
capital of Australia is Canberra, which is in the Political System
Australian Capital
Territory (ACT). Australia is an
independent nation within
History the Commonwealth
The first inhabitants of having Federal
Australia were the Parliamentary Democracy.
Aborigines, who Queen Elizabeth II of the
migrated there at least United Kingdom, the head
40,000 years ago from of the Commonwealth and
Southeast Asia. There the hereditary monarch, is
may have been between the head of state and is
half a million to one represented in Australia
million Aborigines at by a governor-general.
the time of European settlement; today about The governor-general is appointed by the
350,000 live in Australia. Australia is still part monarch on the recommendation of the prime
of the British Commonwealth. minister and head of government. The
governor-general represents the monarch's
Society and Culture interests in Australia.

Even today, Australia is heavily influenced by Currency
its British and European origins. Although
Australia has no official language, English is Australia has had a freely floating currency
so entrenched that it has become the de facto since 1983. The Reserve Bank of Australia
national language. Australia has no state (RBA) restricts its intervention in the currency
religion. Freedom of religion is protected market to smoothing out short-term
under Australian constitution with 19% of disturbances, in the form of currency buying
population following no religion and the rest and selling operations, rather than attempting
follow mostly Christianity. All children to fix the value of the Australian dollar or
receive 11 years of compulsory education offset underlying market trends.
from the age of 6 to 16 (class 1 to 10),
contributing to an adult literacy rate that is Economy
assumed to be 99%. Culture has been strongly
influenced by the Anglo-Celtic western Australia is the 13th largest economy in the
culture. world according to nominal GDP (current

10 | e - G l o b u z z , V o l I I I s s u e I J u l y - S e p t ‟ 1 1

prices) and the 17th largest according to GDP Business Opportunity
(PPP). In the past two decades, Australia has
enjoyed a period of uninterrupted economic Australia was ranked third in the 2011
growth – an average of 3.3% in real GDP Economic Freedom Index behind Hong
growth annually. In 2010, Australia‟s GDP Kong and Singapore and continues to provide
was distributed as follows – agriculture an ideal environment for business.
(3.8%), industry (24.9%), services (71.3%). Australian interest in India and Indian business
As with most advanced economies, Australia has phenomenally grown in the past few years.
has a dynamic service sector. This includes Apart from the cost advantage, Australia's
industries such as banking, insurance and extensive skill shortage has been the major
finance; the media and entertainment driver for many Australian companies seeking
industries; consulting, tourism and retail; products and services from India. In the past
services provided by government, such as two years, over fifty Indian companies have
education, health and welfare; and other also set up offices in Australia and are doing
personal and business services. While the business successfully.
service industry remains the backbone of The agriculture sector in India can capitalize
Australia‟s economy, Australia‟s mining on the Australian post-harvest technology and
industry has been the catalyst for economic highly sophisticated farm management system
growth in the past decade. Large quantities of to bring down the
minerals and resources can be found in
Australia. Australia has the world‟s largest
resources of recoverable brown coal, lead,
zircon, nickel, tantalum, uranium and zinc, and
ranks second in the world for bauxite, copper,
gold and silver. Today, Australia is ranked
19th in the world for both imports and exports.

Foreign Relations

Along with their relationship with China,
Australia holds multiple free trade agreements
with numerous other countries such as the US,
Singapore, Chile and Thailand. However, losses, which were 30% to 40 % and can
Australia‟s most notable trade partner is New achieve self-sufficiency in the sector.
Zealand. The Australia New Zealand Closer Huge potential for Indo-Australian
Economic Relations Trade Agreement cooperation exists in infrastructure
(ANZCERTA) has greatly integrated both development including roads, ports, airports
economies and there are now plans to create a and railways; power sector; mining; oil and
single Australasian economic market by 2015. natural gas including LNG; biotechnology;
Australia is also member of numerous drugs and pharmaceuticals; information
organizations such as APEC, the G20, WTO technology; water management, soil
and OECD. conservation and waste disposal; food
processing and agribusiness; film and
Time Zone Difference television; processing of gems and jewelry;
tourism; and education.
Australia is 4.5 hours ahead of India.


India – Australia Relations Australia mainly exports mined and
agricultural goods to India, while India's chief
Both countries are members of the exports are pearls, precious and semi-precious
Commonwealth, founder members of the stones, textiles and clothing. Over 97,000
United Nations and members of the Indian Indian students enrolled in Australia in 2008,
Ocean Rim – Association for Regional representing an education export of a$2
Cooperation (IOR-ARC), ASEAN Regional billion. But, in 2009-10 attacks on Indian
Forum (ARF) and dialogue partners with students strained the relations between the two
ASEAN. nations. The full potential of Indo-Australian
They both have a free press and an trade and economic relations has not been
independent judicial system; the English realized and there are considerable
language is an important link. Cricket is a opportunities towards their consolidation.
significant element in awareness at the popular
level. Road ahead
Australia is India's ninth largest source of
imports. Over the past five years, India has The opportunities in Australia are diverse
been the fastest growing market for Australian across multiple industry sectors including long
exports. Investments have been growing established resource and commodity sectors,
rapidly with Australia represented through an as well as relatively recent interest and activity
increasing Australian company presence on within the services sectors.
the ground in India, and with increasing Australia and India have been working to
investment by Indian companies in Australia, develop a bilateral free trade agreement
in particular in the resources, IT, focusing on areas of complementarities and
infrastructure, manufacturing, financial working to find balance in areas to be further
services, biotechnology, clean energy, tourism developed. A feasibility study has been
and hospitality sectors. completed for the Free Trade Agreement.
Some of the Australian companies operating in Going forward Australia is well positioned to
India are Cartridge World, INCITE Group, complement India‟s strong economic growth.
MyFactroy India , Pitcher Partners while some
of Indian companies in Australia are Aditya
Birla Group, Lanco Infratech Ltd, A.V.
Thomas & Co. Ltd, Adani group, Infosys, Tata
consulting, Satyam.


External Commercial Borrowing v/s Foreign
Institutional Investment
|Ajit Kumar (PGDM-IB 10-12)

External Commercial Borrowings (ECB) of USD 250 million can be raised for a
refers to commercial loans in the form of bank minimum of ten years maturity.
loans, buyers‟ credit, suppliers‟ credit,
securitized instruments (e.g. floating rate notes Although, ECB is a wildly popular means for
and fixed rate bonds) availed from non- raising funds by the Indian corporate at an
resident lenders with minimum average inexpensive rate, the problem with ECB is that
maturity of three years. Foreign Currency the borrower either carries a high currency risk
Convertible Bonds (FCCBs) is an ECB or bears the cost of the hedging.
instrument in which a bond issued by an The other alternative for raising funds by
Indian company is expressed in foreign Indian corporate from foreign investors is to
currency, and the principal and interest in
allow foreign investors to subscribe to the
respect of which is payable in foreign bonds issued by Indian corporate in rupee
currency. denomination. The investor will subscribe to
The recent defaults by a number of Indian Indian corporate and government bond and
companies (especially in the mid-cap segment, can earn a higher rate of return, but at the same
where fewer refinancing avenues are time, the foreign investors rather than the
available), raise the question whether ECB is a Indian borrowers will be exposed to the
prudent source of financing for the Indian currency risk.
corporate. Through the ECB route, Indian Keeping the above point in mind, the FII limit
corporates can raise foreign currency at a for investment in corporate bonds has been
much lower rate but are exposed to unlimited raised to USD 40 billion from USD 20 billion,
currency risk if they keep their position as suggested by finance ministry in the 2011
vulnerable. However, a fully hedged position annual budget.
will cease to have advantage of the interest
rate differential. To attract FIIs to invest in Indian bonds, it‟s
imperative to develop an efficient secondary
Currently, an eligible borrower can access bond market in India which is currently
ECB under two routes, Automatic route and lacking. The twelfth Five-Year Plan (2012-
Approval route. The maximum amount of 2017) estimates an infrastructure spending of
ECB that can be raised by an eligible borrower USD 1 trillion. The planning commission
under the Automatic Route during one estimates that there is a gap of $100 billion
financial year is USD 500 million and the that needs to be bridged from foreign sources.
minimum maturity period should be three
years. Under the Approval route, an additional Hence development of a competitive bond

“Development to a competitive bond market is
essential for infrastructure development in India”

market is essential for infrastructure Currently, the total outstanding corporate
development in India, which in turn is bonds is just about INR 8 lac crore (or ~15%
essential for sustaining a high GDP growth for of GDP) vis-à-vis INR 22.5 lac crore (or ~40%
a longer period of time. of GDP) of government securities. Compare
this data with other countries, where the
Although the investments in the infrastructure outstanding corporate bonds accounts for 61%
bonds will have a lock-in period of 5 years, of GDP in Korea and 37.5% of GDP in
but raising the FII limits in corporate bond Malaysia. India's corporate bond market, about
market is a welcoming step towards market 30% the size of China's, is failing to expand at
development. the rate analysts say is needed for the
The recent introduction of Credit Default government to meet its target of building
Swaps or CDS products to cover the credit risk infrastructure.
for corporate bonds is yet another positive To conclude, it could be said that much more
move in this direction. CDS would further has to be done. Financial reforms like raising
increase investor‟s interest in corporate bonds the Foreign Institutional Investment caps and
and would be beneficial for the development introducing CDS are just a few initiatives in
of the corporate bond market in India. that direction.

__________________________________________________________

__________________________________


Challenges of Communicating with a Global
Workforce
|Sushma C S (PGDM–HR 10-12)

Globalization and its effects on the corporate this challenge only by adopting new
business have changed the relationship approaches for communicating with the global
between employer and employee. workforce. Creating an alignment of corporate
goals and values become tougher when it has
to be done across cultures and borders. It will
have to be kept in mind that failure of
communication strategy will have a
catastrophic effect on the business outcome.

With the bar of proficiency rising, the
employees need to be trained adequately to
take on the challenges of working in a
The traditional relationship has ended due to distributed environment. English might prove
changes in management practices which are to be helpful while dealing with clients and
driven by changes in the environment of the customers in the USA and other English-
business. Any kind of organizational change- speaking nations. The same skill fails to
from introduction of new workforce program impress when it comes to European nations.
to a change in business strategy like a merger Training in other languages becomes a
or acquisition requires effective challenge to aid the employee and facilitate
communication and trickling down of him to handle meetings or unexpected matters
information from the top level to the lower with confidence. Recruitment for a global
rungs of employees. With the advent of workforce also entails a similar challenge
technology one can see the changes in every where segmenting the targets into clusters and
sector of management. Although tailoring the communication for each specific
communication has penetrated several levels group needs to be taken care of.
due to the use of internet and people
perpetually being online, it is still a topic of The HR department comes into focus for the
concern not just for the Human Resources development of a framework or strategy to
Department, but also for the senior ensure communication in a global scenario.
management. Reinforcing the business strategies, policies
and procedures is required in order to drive the
With the rise of global economy and spread of message to a global workforce. But it should
businesses around the world, teams and be made sure that these are in sync with the
managers need to communicate around the culture of the workplace and does not hurt any
world and not just around the corner. Around religious or traditional sentiments. Bringing all
70% of the global workforces are knowledge the departments and support staff on the same
workers and they need to be sustained to have page becomes necessary in order to achieve
a competitive edge. The organizations face the goals. The local business heads and the HR
challenges in terms of linguistic, cultural, teams should be actively involved so that they
religious, social and time-zone differences can completely understand the business
among the global workforce. They can surpass


messages and effectively relay it to their local role when it comes to communication across
colleagues. They can also help in maintaining boundaries. Although technology has helped
the consistency of the messages that leave the to reduce the impact of time-zone differences,
head office and reach the regional offices. it greatly depends on the infrastructure
available at the various offices. Efficient
One of the issues that keep re-surfacing in infrastructure needs to be built in order to
every business is that of engaging the make the maximum use of technology for
employees for better productivity. Employee communication. The future-looking managers
engagement in a global workforce attains usually take full advantage of today‟s
greater importance because it becomes technologies in order to conquer the language
necessary to work in sync with employees and culture barrier. Innovations in technology
spread across the world. An engaging have facilitated the ability to offshore many
workforce not only increases the bottom-line, back-offices and call center services. Though
but it also helps in better retention of high- this resulted in reduction of operating
performing employees. Hence, effective expenses, it has given rise to the necessity to
communication gets to make or train employees in various culture-
break the situation. Aligning the related soft skills to cater a varied
communication strategy with the customer base.
objectives of the organization
becomes a priority task for the In an international business
management. Communication is scenario, virtual teams have
one of the drivers of employee become a norm and communicating
engagement and if done with them is a challenging aspect
effectively, it can work wonders of the business. A standard format
for the organization. With better for communication helps to negate
leadership interaction, which includes CEO the absence of physical contact. Effective
visits to various business units across the implementation of all these approaches
globe, the organization can hope to have an depends on training, acceptance of protocols
engaging workforce which is committed to the and the personal initiative taken by employees
organization. But engaging a global workforce to make it a success. The global workforce is
entails many challenges. Employee expanding and re-shaping every moment, thus
engagement programs that work for one set of emphasizing the importance and participation
employees in a country might prove to be of management in effective communication.
useless with employees of another country. It Consistent transfer of knowledge, expertise
requires thorough research into the cultural and critical capabilities is the most important
and geographical details of each region to factor for the success of an MNC. HR
know the employees. Things that motivate becomes the key resource for transferring
employees in India who are collectivistic in these capabilities across the business units.
nature will be different to those in the USA Sourcing of right people to fill overseas
who are individualistic in nature. The positions, effective reporting systems for
dependency of employee engagement on international assignments and preservation of
culture needs has to be driven home by the both explicit and tacit knowledge will make
management in order to succeed in retaining the task easier.
employees. Communication across the
business units and departments makes the Ultimately, the most successful companies in
situation much more complex for the the world of business will be the one who can
management. Technology plays an inevitable recognize the primary importance of effective
communication in a workforce.


INTERNATIONAL LOGISTICS – FACTORS
AND TREND SETTERS
| M Iqbal (PGDM–IB 10-12)

Introduction top are C.H. Robinson Worldwide, Con-way,
Alexander and Baldwin, Hub Group etc.
Globalization paved way for a myriad of Among the Indian top feature TNT Express,
companies opening up in their foreign outlook. AFL, Gati, Safexpress, Ashok Leyland etc.
The aftermath of the culmination of the
Industrial Revolution witnessed large-scale Theory
production of commodities and services. Many
developed nations produced surplus quantities When we talk about logistics or supply chains,
thereby creating friction in demand. However we ought to know the two basic types of
advancement in technology (particularly supply chain models- Responsive and Efficient
transportation) and communication enabled supply chains. Responsive type generally
what is called Globalization, a breakthrough caters to the innovative products like jewelry,
phenomenon that broadened the horizons of computer hardware, laptops, sanitary ware etc.
hundreds of thousands of firms. Initially that have strict delivery timelines. In this case,
Foreign Trade was seen as a potential cost, optimization of resources like labour and
competitive edge for companies, which later transport overheads and route-economics are
transpired to be just another feather in the hat
of companies, which now is just an order-
qualifying feature of companies. Every other
company nowadays is interested in the
overseas.

Subsequently, logistics and logistics firms are trade-offs. Efficient supply chain type on the
in the limelight, focus on them is gradually other hand has opposite features. Delivery
increasing when considering the best timelines are relaxed but efficiency in the
practicable business options. Another supply chain in terms of cost, labor and other
significant merit of the logistics industry (or in resources is vital. Examples are fundamental
that case any service industry) is that the commodities like food items having long
inventory like trucks, carriers, containers etc. shelf-life, almost all FMCG products,
(if owned) is a major asset that depreciates electronics (not on order) etc. Most of the top
insignificantly over time, revenues are end logistics companies have tactically come
consistent, and demand fluctuations are up with an integration of both types and have
relatively less. In the long run at least, this area done wonders. Such companies manage to
promises decent enough prosperity, if provide solutions to any and every logistics
established well. European Union, U.S and issue in the country. They are better explained
China have the highest money in foreign trade, in terms of another type of supply chain- a
with $320 billion, $240 billion and $220 flexible one.
billion respectively. There are 17 logistics
companies in the Fortune 500, a tremendous In a nutshell, deciding the best in the logistics
increase from 7 a decade earlier. Some at the industry is however an exacting pursuit. It


depends on the products to be transported. Trend Setter 2: Con-way, Inc
There are several parameters on which
companies can be evaluated on, like
infrastructure of the company, providing end-
to-end solution, type of supply chain
(responsive or efficient), niche, prominence
The International Freight and Logistics giant
and growth etc. However, as argued by
Con-way Inc. is again an inspiration, with
Malcolm Gladwell in his book „Blink‟, a „thin-
400,000 customers and about 30,000
slicing‟ approach by narrowing down the
employees, specialized in LTL (less-than-
parameters to a suitable and optimum filter
truckload) to full truckload and truck
based on the concerned interests would rather
brokerage. The strength of Con-way reflects in
make decision-making easier.
the dominant share of freight and
Trend Setter 1: Ashok-Leyland transportation services on the U.S-Mexico
route. They also provide a wide range of order
winning innovative solutions to business
strategies, accelerated order cycle times, tight
supply-chain-control, reduced costs, improved
inventory fulfillment etc. They have employed
Ashok Leyland pulled in an 89% increase in the global 3PL solutions that address the most
the net profits and 72% increase in the complex supply chain challenges. This is their
revenues. Ashok Leyland is related to logistics competency and they justify it by excelling in
as being a major player in the transportation of executing their strengths. Lean logistics with
army equipment and military artillery for the emphasis on mistake proofing and reducing
Indian Army. Serving as a co-chairman for and route-overlap has been their key area of
years for Ashok Leyland, Mr. Hinduja had put proficiency. Con-way is an example of
in tireless efforts in founding a long-term consistent change-adapting firm, precisely the
relationship with the Indian Army, which bore flexible approach that we discussed earlier in
fruit finally. A couple of years ago, Ashok this passage.
Leyland went into a common venture with
Japanese auto giant Nissan Motors which will Final word
share a common manufacturing facility in Supply Chain management has taken a totally
Chennai. With this, Ashok Leyland novel stance in the recent years with the
metamorphosed into a powerhouse of vehicle advent of technological procedures of tracking
production with more than 75,000 vehicles and GPS. Internationally, if one is looking at
produced yearly. This enabled it to flourish in making a mark, latest practices need to be
the logistics industry. The Comet 1611 truck deployed on the logistics front. Optimization is
largely serves the logistics requirements. a result of a real-time visibility into the supply
Ashok Leyland is an example of an Indian and delivery chain. The „one-size-fits-all‟
company setting world-class standards and approach is getting more and more obsolete
leveraging itself to justify its status quo. and uneconomical. International companies
are seeking a keenly tailor-made process for
every business situation, simultaneously
leveraging a legacy of supply chain experience
and a deep bench of technology innovators.


Alumni Speak!!!
|Editor: Atul Sinha (PGDM-IB 10-12)

a long road ahead where I aspire to walk & run
but never stop and for me the wheels which
are and shall take me ahead are my basics &
concepts learnt at SIMSR.

Over the last seven years how have you
leveraged your learning pertaining to IB?

For two years we learnt concepts in
international markets, cultures, business
Ms. Kirti Shukla, alumnus of PGPIB (2002- requirements, policies, documentation,
04), is currently Manager-API Commercial strategies and much more. I was lucky to get a
Global Sourcing at Sandoz Pvt. Ltd. She has campus placement & started with International
also worked with Torrent Pharmaceuticals as marketing in pharmaceutical industry. So,
Assistant Manager (2004-2006). Post- what all I learnt, I got a chance to relate from
graduation in International Business led her to day one of my job.
start her career in international marketing
involving global markets. Of course in the beginning you need time to fit
in the system and actually contribute but the
Following is the excerpt from an interview background is what helps to excel. Switching
with her. from Torrent Pharmaceuticals to Sandoz Pvt.
Ltd was convenient because the profile of
What were your expectations when you
global sourcing here required a person who
joined PGPIB at SIMSR in 2002?
knew International Business and had worked
The maximum percentage of students pursuing in international markets. I had both, thanks to
MBA aspires to be well placed, I was no PGPIB & SIMSR.
different. Yes, a course in IB somehow gave
Today in global sourcing, I am responsible for
wings to my dreams of getting a job which
strategic sourcing and my understanding of the
takes me across the world. PGPIB was a very
export policies, export terms and shipping
young course when I joined and we were just
procedures gives me added advantage in
the 3rd batch. Being a fresher, just out of
negotiating with vendors & making relevant
college, I was naïve to the corporate world and
source plans for the business. The case studies
for me SIMSR was an institute which I hoped
& projects we did during the course on
would help me learn basic concepts and pre-
cultural attributes, international markets &
requisites of business & for sure get me a job.
global issues helped me picking up the global
Today I can proudly & happily say that being business faster and today when I travel across
in IB was one of the best things that happened the globe & interact with stakeholders of my
to me. Even though the course was new, the project, who sit in various countries of the
faculty was excellent & they guided us to the world, I feel it‟s easier because of my IB
direction of forming a plinth strong enough to background.
build our futures in the competitive corporate
I think what helped the most in moving my
world. I am still new to the industry & there is
career was recognition which I carry being a


student of SIMSR and the IB course that was a confident that my learning and my attitude will
step to catch up the escalator of international help me achieve my objectives.
business. I still have lots to learn but I feel
What do feel you should be the capabilities make your own groups and discuss them.
and skills PGDM (IB) students should When applying for jobs try and focus on
develop while at SIMSR? profiles being offered. Developing something
what you have is easier rather than starting
Education at a management college is all about from scratch, hence don‟t rush or panic if you
concepts & application. Read! That‟s the buzz find difficult changing your sector or your
word for everyone - journals, business package is not great, see what comes your way
magazines, articles on international markets, and how best you can shape out of it.
countries, current issues, biographies of
entrepreneurs are a great source of learning. I believe, getting a job is easier but sustaining
it & growing in it is what needs efforts. So the
Also, stay positive and try to get less first job you get is not the end but the
distracted. Don‟t just stick to the college beginning and from there how you mould your
assignments, try and solve case studies career is all up to you.
available on various websites and magazines,


International News
|James Ganesh (PGDM-IB 10-12)

Many important events took place in Africa in counterparts. Notably Chinese and Indian
the last one year from unrest in Egypt to firms are operating in African continent with
Libya`s demand for a separate nation, South different business strategies.
Sudan which was recently formed from Sudan.
A report by the Norwegian People's Aid shows
foreign and domestic companies have acquired
large amount of rural land through leases with
communities and government institutions, at
least a tenth of Southern Sudan. Security
analysts and humanitarian organizations
warned that even as reconstruction gains a
footing, this is exposing the country to
possible food problems and conflicts in the
coming years. Over the past four years, foreign
South Sudan got independence on July 9, 2011 interests sought or acquired 2.64 million
following nearly 50 years of war with Sudan hectares (26,400 sq. km) in the agriculture,
and millions of deaths. Independence for forestry and bio fuel sectors alone; an area that
South Sudan was declared six years after it is larger than the whole of Rwanda. As per
signed a peace agreement in 2005 to end a World Bank`s report, Africa‟s population is
decade-long war with Sudan. Abyei is very expected to reach 1.4 billion by 2025 and most
rich in oil resources and thus is the of the arable land in Africa is already leased to
controversial region between Sudan and South multibillionaires all over the world.
Sudan; it is still not decided to which country
the Abyei region belongs. It is already
reiterated by Omer Al-Bashir of Sudan that
any attempt by the new state in South Sudan to
impose a unilateral reality in the hotly-
contested region Abyei could potentially lead
to a war with the South.

Official language of the country is English as
it is one of the largest spoken international
Now the point is that how the African
language and official language in many
countries‟ government will put some polices to
countries including India.
develop the people of the country rather than
Sudan has planned to join the East Africa feeding world population at the expense of its
league and India is also planning to have an own people. MNEs need a close watch on the
agreement with East African countries. South policies especially distributive risk in the
Sudan is very rich in oil resources and African countries. But chances of a
agriculture. Indians and Chinese firms have catastrophic political risk are less as African
already invested a lot in African markets. countries started giving importance to
However, the Indian companies are spending a international relations and trade.
lot on training local people than their Chinese


MNEs operating in Africa must have a holistic
approach in conducting business and must
include local people in the operation of the
business and should concentrate more on
training and developing the local community
to have long term presence in African
countries.

“South Sudan gained independence from Sudan as an outcome of a peace
deal that ended Africa's longest-running civil war”
_________________________________________________________________________________

Did you know?

Bretton Woods Agreement
An agreement among IMF countries to promote exchange-rate stability and to
facilitate the international flow of currencies

Calvo Doctrine
A foreign policy doctrine that states that the country in which an investment is
located has jurisdiction over that investment disputes if any arising with foreign
currency are required to be resolved in national courts under national government.


Sir Richard Branson

|Swati Moolchandani, Swetaleena Das (PGDM–IB 11-13)

rules and regulations, and seeing the energy of
student activism in the late 60's, he decided to
start his own student newspaper and it was an
overnight success. This was the stepping stone
in his entrepreneurial journey.

Richard Branson has created one of the most
recognizable brands in the world. In Britain
where he focuses much of his attention,
Branson has managed to "Virginize" a very
wide range of products and services. The
variety of business includes Virgin Atlantic,
Virgin Megastores, Virgin Books, Virgin
Credit Card, Virgin Holidays, Virgin
Trains, V2 Music, Virgin Active and Virgin
A billionaire businessman, Sir Richard Galactic.
Branson is the founder and CEO of the mega-
corporation known as the Virgin Group. There are plenty more businesses that wear the
Branson is a harbinger of the Virgin publicity Virgin name throughout the world and there
machine and has made himself one of the best- will probably be more to come as Branson is
known businessmen around the world. always looking for an interesting business to
start. One important element in Branson's
success is his belief in delegation. His Virgin
Richard Branson was born on July 18, 1950, in record company, now divested, was a perfect
Blackheath, London. Branson was educated at example of how he organizes his many
Scaitcliffe School (now Bishopsgate School) ventures.
until the age of thirteen. He then attended
Stowe School until the age of sixteen. Branson is also inclined towards philanthropy
Although he had suffered from dyslexia since and various initiatives taken by him are a
an early age but that did not come in his way testimony to it. He's pledged the next ten years
to showcase his ability to connect with people. of profits from his transportation empire (an

“Virgin Group is an organization driven on informality
and information, one that is bottom heavy rather than
strangled by top level management.”
While in school, he scored terribly in IQ tests amount expected to reach $3 billion) to the
and memorizing words were a nightmare for development of renewable alternatives to
him. Frustrated with the rigidity of school carbon fuels. Another initiative of his is called


the Virgin Earth Challenge, where a cash “Losing My Virginity: How I've Survived,
award of $25 million prize goes to the Had Fun” and “Made a Fortune Doing
individual who comes up with an Business My Way” to name a few.
economically viable solution to the greenhouse During his career his efforts have been
gas problem. recognized and awarded. He has been
felicitated with esteemed awards like an
Branson is also known for his unique character honorary degree of Doctor of Technology
and leadership styles, one who is not afraid to from Loughborough University in 1993.
take risks, and believes that people are the Branson was awarded with the Knighthood in
foundation to company's success. He is truly 1999 for his contribution to entrepreneurship.
of the people, by the people, for the people-
In January 2011 Branson was also awarded the
showing traits of a democratic leader. He German Media Prize (organized by "Media
carries a notebook in his pocket all the time Control Charts"), previously handed to former
just in case he hears something interesting U.S. president Bill Clinton and the Dalai
from people that he interacts with on any level Lama.
be it an employee, friend, business partner or a
Branson is full of passion and believes in
complete stranger. He feels that good ideas living life to the fullest. Since 1985 he has
can come from anywhere and anytime. He has been getting his adrenaline rushes through
said before, however, in spite of the above world record breaking attempts by boat and
facts, he always maintained the authority to hot air balloon. Several distance and speed
take top decisions which involved high risk records have been attempted and achieved, but
and long term impact. He also stresses on the his attempt to be the first person to
importance of being a regular guy and making circumnavigate the world in a hot air balloon
your employees feel important. He feels that was never achieved. Branson makes each
record attempt a media event with his Virgin
praise goes much farther than criticism and he
logo prominently displayed during every
likes to make sure his people that work with
launch, which has been an excellent source of
him are taken care of. One example of this was free advertising and brand placement for
when he won a lawsuit against British Airlines Virgin.
and was awarded $500,000 he divided the
compensation amongst his staff. "Sometimes I do wake up in the mornings
and feel like I've just had the most incredible
Richard Branson has also pen down his dream. I've just dreamt my life."- Richard
thoughts and life experiences in books. Some Branson
of his best books include “The Adventure of
Business”, “Branson on Branson”,
-----------------------------------------------------------------------------------------
---------------------------------------------------


Events at International Business Society
@SIMSR

On 7th July 2011, we had the privilege of
attending an interactive session with Mr.
Prabhakar Dalal, Executive Director at EXIM
bank. Mr. Dalal with his varied experience and
expertise on Indian Banking Sector enriched
our learning to a very large extent. He also
shared with us anecdotes which were not only
relevant but also served as food for thought,
for students who would be future managers.
He also took up questions pertaining to the
topics covered and attended them in great
detail from a government institution‟s
standpoint. Mr. Prabhakar Dalal with Prof. C. P. Joshi

We had with us at SIMSR, Mr. KCP Patnaik;
Commissioner of Income Tax Department, to
talk on International Transfer Pricing and
International Taxation on 23rd July 2011. His
vast knowledge of the subject augmented our
classroom learning, and as students of
International Business we could relate even
better with the topics he touched upon. The
students also enthusiastically interacted with
him, getting better insights into International
Transfer Pricing. Prof. CP Joshi, Program
Coordinator, PGDM (IB) and Dr. R. K.
Pattnaik, Faculty SIMSR participated in this
interaction.
Mr.K.C.P.Patnaik


E globuzz vol ii issue i

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