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SPECIAL
Edition
CONTENTS:

MESSAGE FROM THE CHAIR PROFESSOR....... 2
MESSAGE FROM THE DIRECTOR... 2
FROM THE EDITORS DESK. 3

MANAGEMENT THE ASHOKAN WAY..4
MENTORING IN INDIAN ORGANIZATION....... 6
STRATEGY FOR EXPORT MARKETING...8
ISLAMIC BANKING.10
BRICS: EMERGING ALTERNATIVE FOR GLOBAL GOVERNANCE.....12
DOLLAR INCREASE AGAINST RUPEES.......13
GO GREEN SAVE EARTH THE MIB WAY..14
INDIA: A GLOBAL BRAND..16
GREEN BANKING....18

CORPORATE SPEAK : Interview of Mr. Udit Mittal , Founder &
CEO of Unison International ......20

STUDENTS CORNER:
MY EXPERIENCE AT MIB .....22
CARRER EXPECTATIONS FOR STUDYING MIB ......................22
MIB & ME..........23

BYTE-O-MIBYTE....24
I am pleased to learn that students of MIB, Jamia Millia Islamia are bringing out
a special edition of their business newsletter MIBytes.
Jamia Millia Islamia is one of the leading Central University of the country and
it has more than 14000 students, 660 full time faculty teachers, 7 faculties, 42
departments and offers more than 200 courses.
The Master of International is a post graduate programme with a global perspec-
tive. It is a versatile program that augments the proficiency of students to meet
the corporate expectations. Throughout the program students are provided with
the opportunity to enhance their conceptual, analytical and communication skills.
I am sure that the business letter will provide a platform to the students to know
more about the business world and enhance their knowledge.
I heartily congratulate the editorial team and students for their effort and wish
them all the very best for their future endeavours.

Best Wishes

Professor U.M Amin
Hony. Director, CMS , JMI.
MESSAGE FROM THE DIRECTOR

I wish to convey my heartfelt thanks for all of your hard work and outstanding
contributions as members of the Editing Team. I know how much time and en-
ergy this assignment demanded, and I deeply appreciate all of your efforts to
make it a great success. Your achievements are a source of pride and inspiration
to all of us.

We are all delighted to know that so many others appreciate your outstanding
work as much as we do. It is always a pleasure to see great students like you re-
ceiving the recognition and applause you deserve so well.

Congratulations on this very well-deserved recognition.

Professor Abad Ahmad
Hony. Chair Professor, CMS, JMI.
MESSAGE FROM THE CHAIR PROFESSOR
2
Editor-in-Chief
Ms. Sunayana Kumar
Student Editor
Mohammad Furquan
Student Editor
Ms. Namita Dhamani.
Student Editor & Designer
Mr. Samik Sarkar
FROM THE EDITORS DESK


I am pleased that the students of Master of International Business are releas-
ing their special edition of MIBytes and I praise their efforts. The eight years
old MIB program enables the student to imbibe into them the modern concept
and techniques in the field of International Business. There is wealth of oppor-
tunity for students to gain practical knowledge that helps them to instill the im-
portance of personal development and skills to work in the global environment.
MIBytes is an initiative taken by the students of MIB to gain knowledge and
to interact with the corporate world.
I extend my cooperation and support towards this effort and heartily congratu-
late the editorial team and all the students of MIB on their success.
Ms. Sunayana Kumar
MIBytes is not just an instrument to express views about business world but
a ladder to reach and connect with the corporate and know how the industry
works. Corporate speaks is the heart of MIBYTES where we get chance to
meet and interact with some of the reputed persons of business world. Thanks
to all the people I met for their interviews and also a big thanks to my seniors
for this precedent of publishing a news letter. Md. Furquan
Welcome to MIBytes special edition, one of the most awaited issue by the
complete MIB family. This issue brings together the administration, the faculty
members, the alumni and the students under one cover and thus binds our fam-
ily together and motivates us to take MIB to zenith. This special issue is all
the more special since it is being released on the first Alumni Meet of MIB and
is the witness to our alumni association genesis.
It gives me immense pleasure to say that MIBytes was a wonderful initiative
taken by our seniors. It is not only a way to gain knowledge but to interact, ob-
serve and peep into the corporate world, connecting ourselves personally to the
dynamic personalities.
It has been a great experience working for MIBytes and trying to do some-
thing new in each edition. It has not just been a newsletter to me; it has been a
learning experience that taught me much more than knowledge. MIBytes is
very close to my heart and I wish that very soon it becomes a world renowned
newsletter. The complete team of MIBytes has put in their soul and heart to
make this newsletter success and make the MIB family proud.
Ms. Namita Dhamani
For me and my team MIBytes is passion, fervour and enthusiasm . On behalf
of my team I am thankful to my predecessors for passing on such a powerful
instrument of corporate interaction to us. MIBytes is growing with time and
making its mark in the corporate and I hope it will continue.
Mr. Samik Sarkar
3
Emperor Ashoka is bound to make scores of modern day top-notch
CEOs a run for their money.
Emperor Ashoka (268 BC to 239 BC) the
name is bound to ring multiple bells in the
minds of many Indians for various reasons.
For some it might be the perfect mystic
enigma that he is, for some it might be the
magnanimity of his achievements in terms of
his empire, military prowess and sheer au-
dacity of his existence as an Emperor. For
some it might be the sheer display of guts to
metamorphose ones own self from a con-
queror to a champion of non-violence and
peace. His effective and efficient change
management tactics adopted to facilitate his
epic transformation is bound to fascinate one
and all. Apart from all these well- known
facets of Ashoka, there also lies the aspect of
him being one of the most efficient, able
and shrewd manager who transformed the
Mauryan Empire into one of the most effi-
ciently and strategically managed empires of
the world. With robust financial management
systems, vigilance mechanism, supply chain
management, human resource management
and development, Empire Ashoka is bound
to make scores of modern day top-notch
CEOs a run for their money. Lost in the sea
of time, his management techniques lay hid-
den from the world for centuries. Now, its
cial planning and reserves, Corporate Gov-
ernance Excellence are all the landmarks of
the Mauryan Empire during the reign of
Emperor Ashoka almost 2200 years ago.

During his reign, the empire used to be run
as a corporation with employee strength of
approximately 40 lakhs. Maintenance of the
huge infrastructures was the responsibility
of the State, which also ran lot of non-profit
organisations and departments to achieve
welfare state status. The extent of Good
Corporate Governance as achieved during
his reign can surely be a point of envy for
modern day corporations and states alike.
Financial Management during Ashokan
reign:
Unlike many others dynasties and empires,
the main emphasis of Ashokas empire was
not only to generate and collect revenue but
also to properly manage its finances. The
government was very cautious so that the
time that modern world sit up and take no-
tice of his achievements not only as a ruler
but also that of an efficient manager who
took Mauryan Empire to its glory through
his sheer genius.
If Chanakya formed the basis of Indian
Management System, the Ashoka truly took
it to the next level through the application of
Chanakyas principles of governance and
general management. As compared to mod-
ern times, his achievements are more signifi-
cant owing to lack of technology and scien-
tific development. It is indeed fascinating to
find out that the 2.2 million strong Mauryan
Army was able to achieve and maintain
Zero-Defect and Zero Failure Supply
Chain Management. International trade with
18 countries, construction and maintenance
of more than 6000 Km national highway,
achievements in metallurgy (rust free
Ashokan Pillars are an example), standard-
ized industrial production norms, disaster
management preparedness, adequate finan-
MANAGEMENT -- THE ASHOKAN WAY
4

money collected was not embezzled by its
officials. Asoka had revenue intelligence
and vigilance department to restrict finan-
cial corruption. Land revenue was not fixed
arbitrarily. Rather it was based on individ-
ual farmers area of land, type of fertility,
type of crop, regional climate etc. There
were various other sources of income of the
state. The state was engaged in huge live-
stock trading internationally, shepherds and
livestock breeders were taxed on the num-
ber of produce of the animals. The empire
charged toll tax and trade tax on the articles
sold. There were other taxes like forest tax,
tax on intoxicants, mine tax, fish tax, irriga-
tion tax, license tax etc. the state managed
and owned vast estates and forests. Empire
had monopoly of mines and traded on min-
eral products. The empire had its own facto-
ries managed through cooperative manage-
ment of all sorts of articles. Manufacturing
of cotton and silk cloths were high revenue
generating products due to very large export
trade. During Asokas reign state was earn-
ing huge revenue and profit from industry
and trade at domestic and international
fronts. State treasury had provisions and
reserves of funds for the purpose of differ-
ent contingencies and emergencies like
natural calamities, disaster and famines.
Cash reserves were maintained for war time
situations and for the purpose of war. A
separate provision of cash reserves were
maintained for any kind of extra ordinary
disasters. Welfare state functions like infra-
structure development, education, public
health and charity to the needy people were
parts of the book of account.
Agriculture and infrastructure manage-
ment:
Being an agrarian society, the state took
responsibility for irrigation projects. It also
constructed and maintained highways for
the agricultural produce to be traded to dif-
ferent parts of the state. Large numbers of
river canal projects within the state ensured
a shift from monsoon dependence to round
the year agricultural activities. Due care was
also taken to ensure financial stability of the
farmers. The government had 26 depart-
mental administrators looking after the
functional activities.
Long highways formed the backbone to
communication within the state. Colleges,
the state and their maintenance also was the
responsibility of the state. Urbanization was
a major thrust area and Mauryan Empire
had lot of big cities with pataliputra as its
capital which in its time was larger than
Rome. Hospitals were built by the state to
take care of humans as well as animals and
birds. A separate department was estab-
lished to keep a record of births and deaths
and also to conduct periodic census.

Industry and Production Control man-
agement:
With strong central control, the state exer-
cised complete control over trade and in-
dustry. Prices of commodities were fixed
and state intervened wherever there was a
glut of any commodity. The superintendent
of weights and measures enforced the stan-
dards of weights and measures. Markets
were safeguarded against the fraudulent
practices of the trading class. Ships were
regulated in the river traffic and ferry
charges were collected by the state. The
state regulated the industry through its su-
perintendents. The state was the biggest
owner of the industry. Both the state ser-
vants and private traders dealt with the
goods produced by the state. The cus-
tomers interests against fraudulent pricing
and unauthorized practices were protected
by the state through complete control over
pricing of products. Severe punishment
awaited anyone indulging in fraudulent
practices and adulteration of products. An
adequate minimum wage system was in
place all across the state to ensure that the
workers are paid in a just manner.
Trade and Logistics Management:
Mauryan Empire was well known for its
road connectivity inside the empire. Na-
tional highways and trade highways were
the roads of wealth of the empire. Trade
routes were marked by convenient stages
and served as links up to the most distant
parts of the country with one another. One
trade route was from the Eastern part to the
western part. This ran principally along the
great rivers. A lot of wealth came from
inland trade. The trading connections of
Anathapindika of Saravasti extended to
Rajagriha on the one side and Kashi on the
other. Forest guards were hired by the mer-
chants to protect the wealth from the rob-
bers and forest tribes. Deserts were crossed
at night with the help of land-pilots guiding
the caravans by the stars. Some of the
roads were called royal roads (Rajpath).
There are references to merchants travel-
ling from Banaras to Baveru (Babylon).
The Conquest of Kalinga by Asoka de-
stroyed the only possible rival for the mas-
tery of the Eastern trade. The Mauryan
Empire maintained a special department
for the construction of roads. At every ten
stadia the empire set up a pillar to show the
bye-road & distance. The most famous
road of that time was the Royal Road con-
necting the North West frontier with
Pataliputra and leading thence to the mouth
of the Ganges. Roman writer Pliny in his
work called Natural History discussed
the distance and stages of this road. The
state controlled foreign trade licenses were
given to the merchants of sea trade and
caravan trade. External trade was carried
with Syria, Egypt, Greece, etc. in the west.
Principal articles of export were spices,
pearls, diamonds, sandal wood, ivory, cot-
ton cloth, silk yarn, muslin, etc.

After centuries of ignominy in the hands of
foreign rulers, its the time for Indias re-
surgence. The time now is opportune for
ancient Indian management philosophies to
take their well deserved seats in the fore
front. Its time for the modern day manage-
ment pundits to take a leaf out of Indian
history and reorient themselves as far as
the dynamism and applicability of manage-
ment concepts is concerned. Right from
financial management, logistics and supply
chain management, infrastructure and agri-
cultural management to human resource
management and development, India is
loaded with examples of application of
these management concepts at times when
the entire western world was probably set-
tling down. Amongst all, Emperor Ashoka
indeed leads the pack when it comes to
driving these concepts to a level of excel-
lence in application.

-By Sanjay Bhattacharya,
MA(HRM) Alumni , JMI.

Mentoring is most often defined as a pro-
fessional relationship in which an experi-
enced person (the mentor) assists another
(the mentee) in developing specific skills
and knowledge that will enhance the less-
experienced persons professional and
personal growth. Mentoring is a process
for the informal transmission of knowl-
edge, social capital, and the psychosocial
support perceived by the recipient as rele-
vant to work, career, or professional devel-
opment; mentoring entails informal com-
munication, usually face-to-face and dur-
ing a sustained period of time, between a
person who is perceived to have greater
relevant knowledge, wisdom, or experi-
ence (the mentor) and a person who is
perceived to have less (the protg).

A mentoring relationship is mutually
beneficial for both the mentor and the
mentee. From an organizational point of
view, mentoring is beneficial in that it
helps the mentee (typically a new em-
ployee) to get adjusted to the working cul-
MENTORING IN INDIAN
ORGANIZATION
To ensure that formal mentoring programmes are
successful, top management support is very essen-
tial.


-ture of his/her new organization. Not only
this, it gives the mentee a peek into the in-
tricacies of the Organization. Many a time,
a new employee may take significant time
to warm up to his colleagues and supervi-
sors. In such a scenario, a mentor gives the
employee an opportunity to understand the
business, discuss, learn and adapt. Not only
this, a mentor is expected to provide leader-
ship and inspiration at all levels of the or-
ganization. Mentor benefits include in-
creased satisfaction, recognition from oth-
ers, and increased power and network bases
within the organization. Finally, protg
benefits include career development and
advancement, access to knowledge about
corporate politics, challenging positions and
assignments, assistance, and skill develop-
ment.
If either the mentor or the mentee does not
contribute enough to the relationship, it is
bound to fail. To ensure that formal mentor-
ing programmes are successful, top man-
agement support is very essential.
Not much information is available on the
mentoring situation prevalent in Indian or-
ganizations. It is important to understand
the status of mentoring in Indian organiza-
-tions today, and how they may perceptibly
move ahead in the future, based on what the
employees may be looking for.

In 2006, Ms Poonam Barua was inter-
viewed by Archana Mohan of the Business
standard. Ms Poonam Barua was the then
Regional Director India at The Confer-
ence Board (New York), representative of
its top-management forum on Human Re-
sources Council - India, and also of its
Council on Corporate Governance & Risk
Management - India.1 The interview was
titled Few Indian CEOs give priority to
mentoring. She spoke about how the best
HR heads of the country had relegated the
mentoring function to a lower priority. An
important point that she made was that
India Inc. should focus on mentoring, and
not just training, in order to maintain its
competitive advantage. This interview
shows that there existed a huge divide in
2006 between the ideal and the prevalent.
Logic suggests that with recession hitting
after that, and HR budgets plummeting, the
state may not be much better currently.
However, the employees would have cer-
tain expectations from their Organizations
with respect to mentoring, but they may
NEWORKI NG
MIB,CMS
6
-ganizations are able to provide by way
of mentoring. It is necessary that the
mentors are incentivized in order to mo-
tivate them, in those organizations where
culture is not sufficiently developed for
motivation of mentors to be automatic.
Mentors see it as eating into their pro-
ductive time, and thereby, not only does
a good performance as a mentor not re-
ward the mentor, it also reduces his pro-
ductivity by eating into his time, thereby
further reducing his productivity!
Thus, moving ahead, the organizations
which begin to take mentoring seriously
are the ones which are focused on ensur-
ing that the ownership of the mentors is
achieved. This is the single biggest
change that would happen in the foresee-
able future. Once this catches on, and a
couple of companies benefit because of
this, as with other so-called Best Prac-
tices such policies may become quite
common across industries and organiza-
tions in the future.
By Ruchika Parmar,
MIB 2nd Year , JMI.
The organizations which begin
to take mentoring seriously are
the ones which are focused on
ensuring that the ownership of
the mentors is achieved.
have to rely on informal rather than formal
structures of mentoring. These are the issues
for which this research seeks to get to a
deeper understanding of where are Indian
organizations and HR departments today
with respect to mentoring, what do the em-
ployees think, and thereby, where must
mentoring processes go in the future to
benefit the employees as well as the organi-
zations.
Most of the organizations have no mentor-
ing programme. Major reasons include cost
constraints, a feeling that the informal cul-
ture makes up for the lack of mentoring etc.
The major problems among the organiza-
tions with mentoring programmes are men-
tor motivation, getting the mentor-mentee fit
right, locational constraints etc. The major
concerns for mentees are mentor availabil-
ity, mentor misfit, discomfort with sharing
knowledge, and again, a mixed belief that
informal relationships would suffice.

Like with most of the HR practices, mentor-
ing in India is in a transition phase. With
more and more organizations putting in their
mentoring programs, it is no longer as bad as
the interview in the introduction. However,
as mentioned already, most organizations are
not getting it right. We need to take correc-
tive action, because otherwise, the costs
would become unjustifiable. The realization
needs to seep in that mentoring practices are
not merely giving a mentor to every new
joinee or every employee; it is much more,
and much deeper than that, and a successful
mentoring programme requires a lot more.
The results show the difference between the
expectations of the people and what the or-


7
Strategy For Export Marketing
By Prof. Attam Prakash*
Strategy formulation is the core of any
business activity. A company strategy is, in
effect, a blueprint for competing on target
export markets. An explicit export strategy
provides a unified sense of purpose to
which the staff of the enterprise can relate.
To implement a strategy, an export market-
ing plan is required.
EXPORT MARKETING PLAN:
An export marketing plan is a step-by-step
guide to strategy implementation. It ad-
dresses strategic issues and outlines the
corresponding operational actions to be
taken. It specifies target dates and provides
detailed budget for each step. The plan
should answer all questions on how the
companys export strategy is to be imple-
mented and direct the enterprise in attain-
ing the strategy objectives. A typical ex-
port marketing plan focuses on marketing
objectives, market segmentation and posi-
tioning, market research characteristics of
the product line, export pricing, distribu-
tion channels and promotional strategies.
MARKETING OBJECTIVES:
The first step in developing an export mar-
keting plan is to establish export marketing
objectives. These objectives should be at-
tainable, realistic and clear. Since they will
determine the companys direction and its
activities, management will have to devote
considerable time and effort in setting
them.
MARKET SEGMENTATION:
An export marketing plan is not complete
until the company has identified its target
segment in the export market. Any large
market has a variety of market segments
that differ substantially. Different con-
sumer groups exist according to income
level, age lifestyle, occupation and educa-
tion. A crucial element of the export mar-
keting plan is to identify the segment that
the company intends to reach.
MARKET RESEARCH:
To succeed in exporting, the company
must identify attractive export markets
and estimate the export potential for its
products in them as accurately as possible.
Market research and forecasting are,
therefore of great importance. Factors to
be evaluated include the size of the mar-
ket, the characteristics of demand in it,
consumer requirements, trade channels,
the cultural and social differences that
may affect the contemplating entering
export trade may not be willing or able to
allocate resources to expensive data col-
lection methods. Companies in that situa-
tion can use published data to assess the
market. They should, however, first evalu-
ate the data for reliability and accuracy.

PRODUCT CHARACTERISTIC
The company should next consider the
product that it has to offer. And analysis
should be made of any modification re-
quired in the products, packaging changes
needed, labeling requirements, and brand
name and after-sale services expected.
Many products may have to undergo sig-
nificant modifications if they have to sat-
isfy customer and market requirements
abroad. Other products may require
changes at the discretion of the producer
only to enhance their appeal on export
markets.

EXPORT PRICING:
In setting an export price, the company
should consider the additional costs that
enter into pricing for the domestic market.
These include such items as international
freight and insurance charges, product
adoption, commission for export agents
and foreign exchange risk coverage.

DISTRIBUTION CHANNELS:
A potential exporter should select appro-
priate distribution channel. The choice of
distribution channel will depend on the
companys export strategy and the export
market if the company intends to export a
product that has a specific feature that
should be a good selling point to a market
segment that is already well supplied. It
may need to create greater awareness of
product through an appropriate promo-
tional strategy. In this case, it may be bet-
ter to appoint an agent who does not han-
dle many products and can allocate the
time needed to promote that product.

PROMOTION;
The export of marketing plan should pro-
vide the details on the promotional strategy
including publicity methods, advertising
(who will be responsible for it and how
much the company can allocate it); trade
mission; buyers visit; other promotional
activities and local export assistance.
ITC CASE STUDIES;
The international trade centre (ITC), Ge-
neva, some time back prepared a series of
export marketing case studies of the com-
panies in developing countries. Key les-
sons learnt from the case studies are men-
tioned below for the benefit of exporter in
India.

No enterprise should seek entry into
the international market until it is
ready. Any attempt of exporting with-
out experience in domestic marketing
is bound to fail.

Exporting requires technical expertise
in addition to careful planning and
suitable products. Managers some-
times under estimate the complexity of
exporting tasks and the risks involved
and consequently fail.
8
Exporters should know why they
want to export and set their goals
at the outset. Hopefully the export
venture will contribute to both
their profit seeking and market
expansion objectives.

Planning and strategy develop-
ment are essential. The long-term
nature of export market develop-
ment efforts together with the risk
assumed necessitates a planned
approach to exporting. Without
such a approach, an enterprise
cannot sustain exporting on a
profitable basis.

Exporters should choose their
markets carefully. The selection
of a market can make the defer-
ence between success and failure
in exporting.

Exporters should study their mar-
ket option and identify the once
that offer the best prospects.
Market niching may be the
exporters best option. Exporters
of manufactured products rarely
occupy a dominant option of
international markets. The ex-
porters should, therefore, aim at
a specific well-defined opening
in the market rather than the
mass market.

Exporters should know the key
buyers in the target market. Suc-
cessful exporting often results
from selecting a foreign partner
with access to distribution chan-
nels in the export market. This
intermediary may be an importer,
a broker, a trading company, a
distributor or an agent.

Exporters should be creative.
Many of the case studies suggest
the developing country exporters
sometimes have to carry out their
business under conditions of
considerable constraints. For
instance, imported raw materials for
export goods may be difficult to ob-
tain, the flow of these supplies may be
uncertain or the transport infrastruc-
ture may not be fully developed.

Exporters should consider export
market development as long term
investment. Learning export tech-
niques requires time as does be-
coming familiar with export mar-
kets. Business relationships
evolved are strengthening over
time. Sustained efforts are, there-
fore, essential in export market-
ing.
*(The author is Presently a
Visiting Professor of Jamia
Millia Islamia.
Previously an International
Business Consultant , Senior
Faculty of IIFT And Joint
Chief TDA & Commonwealth
Trade Advisor in several
countries.)
Shift in Indias top 10 export destinations over the years
Islamic banking refers to a system of banking or
banking activity that is consistent with the princi-
ples of the Shari'ah (Islamic rulings), known as Fiqh
al-Muamalat (Islamic rules on transactions) ,and its
practical application through the development of
Islamic economics. The principles which emphasise
moral and ethical values in all dealings have wide
universal appeal. Shari'ah prohibits the payment or
acceptance of interest charges (riba) for the lending
and accepting of money, as well as carrying out
trade and other activities that provide goods or ser-
vices considered contrary to its principles. The prin-
ciple source of the Shariah is The Quran followed
by the recorded sayings and actions of Prophet Mu-
hammad (pbuh) the Hadith. Where solutions to
problems cannot be found in these two sources,
rulings are made based on the consensus of a com-
munity leaned scholars, independent reasoning of an
Islamic scholar and custom, so long as such rulings to not
deviate from the fundamental teachings in The Quran.

The origin of the modern Islamic bank can be traced back to
the very birth of Islam when the Prophet himself acted as an
agent for his wife's trading operations. Islamic partnerships
(mudarabah) dominated the business world for centuries and
the concept of interest found very little application in day-to-
day transactions.

Such partnerships performed an important economic func-
tion. They combined the three most important factors of pro-
duction, namely: capital, labour and entrepreneurship, the
latter two functions usually combined in one person. The
capital-owner contributed the money and the partner man-
aged the business, each shared in a pre-determined share of
the profits. If there was a loss, the capital-provider lost his
money and the manager lost his time and labour.

Many of these principles upon which Islamic banking is
based have been commonly accepted all over the world, for
centuries rather than decades. These principles are not new
but arguably, their original state has been altered over the
centuries. It is evident that Islamic finance was practiced
predominantly in the Muslim world throughout the middle
ages, fostering trade and business activities. In Spain and the
Mediterranean and Baltic States, Islamic merchants became
indispensable middlemen for trading activities. It is claimed
that many concepts, techniques, and instruments of Islamic
finance were later adopted by European financiers and busi-
nessmen. While these principles were used as the basis for a
flourishing economy in earlier times, it is only in the late
20th century that a number of Islamic banks were formed to
provide an alternative basis to Muslims although Islamic
banking is not restricted to Muslims.

ISLAMIC BANKING IN INDIA

Globalisation and the convergence of financial services mean
that Indian banks will face an increasingly tough competitive
environment, but there is tremendous scope for banks, par-
ticularly Islamic banks, because India needs major invest-
ment in its infrastructure. Islamic banking, however, has to
be positioned as professional banking and not religion-based
banking, which can have serious political implications and as
a result the Indian regulatory authorities must be approached
patiently and logically. That having been said, India does
offer great promise for the development of Islamic financial
ISLAMIC BANKING
November 2012
10
services, not least because the Indian capital market is
the most liberalised in the world and there is a good
financial infrastructure.
On the downside some experts feel that there is a short-
age of Islamic banking expertise in the country and the
general public are unaware of what Islamic banking has
to offer. In response to the problem of lack of expertise,
in July 2009 the Aligarh Muslim University (AMU)
launched a course in Islamic banking and finance. Ini-
tially the university is offering a diploma course in Is-
lamic banking and finance, but also plans to offer a
masters' degree through the Department of Manage-
ment Studies of AMU.
Opposition to Islamic finance is not only based on reli-
gious reasons and fears that that there is insufficient
local expertise to sustain the industry, but also on a
general level of ignorance about Islamic finance. There
is no barrier to non-Muslims who wish to use Islamic
financial services. Islamic finance is meant for all man-
kind, irrespective of religion and with its moral objec-
tives of promoting fairness and social development, it
may also provide a solution to the problems of unem-
ployment and poverty in the community. In the Indian
town of Maharastra more than 70 farmers committed
suicide in 2008, because they had taken loans from
banks to finance their grape crop, but due to unseasonal
rain their crops were destroyed and they were not in a
position to repay the principal amount with interest.
Had there been a fully-fledged Islamic banking system
in India, this may not have taken place.
-By Namita Dhamani ,
MIB 2nd Year , JMI.
11
BRICS: EMERGING ALTERNATIVE FOR GLOBAL GOVERNANCE
The acronym BRIC, first used by investment banker Gold-
man Sachs, is used for the grouping made up of Brazil, Rus-
sia, India and China. Later on South Africa was added to this
and thus its name has been modified as BRICS. In the chang-
ing global scenario the BRICS consists of the fastest growing
and largest emerging market economies. They account for
almost three billion people or just under half of the world's
population. Goldman Sachs believes that by 2050 these will
be the most important economies, relegating the US to the 5th
place. Apart from being emerging economies this group has
also been raising its voice on several issues to confront EU
and USA. Economic analysts believe that by working to-
gether, the BRICS countries can carve out the future eco-
nomic order among themselves. They believe that China can
dominate in manufactured goods, India in services and Russia
and Brazil in raw materials supplies.

BRICS SUMMIT 2012
In 2012 the BRICS summit was held in New Delhi in March,
2012. The outcome of the summit sent positive signals to the
outside world that international stability, security and prosper-
ity can be achieved if everyone pulls together.
Out of all the issues deliberated the most important ones were:
The leaders have considered the possibility of setting up a
new development bank. The bank will supplement the
existing efforts of multilateral and regional financial insti-
tutions for global growth and development. The benefits
of BRICS bank are likely to go beyond BRICS, to other
developing countries as well. The initiative reflects the
goal of BRICS economies to reduce the dependence on
the dollar and euro.
The leaders at the summit clearly voiced their united sup-
port for a' SYRIAN PEACE PROCESS' promoted by
international envoy Kofi Annan and warn of the
"Disastrous Consequences" of allowing the Iran nuclear
issue to escalate into conflict.
There was an agreement to press ahead with plans to cre-
ate a "South-South" development fund that might one
day rival the World Bank and Asian Development Bank.
BRICS countries renewed their demand for expanded
voting rights for developing countries in the IMF and
World Bank and challenged western policies on Iran,
stressing that military action to curb Tehran's suspect
nuclear activities were unexpectable and suggested that
the group should not be bounded by a looming ban on
Iran's oil exports.
Challenges before BRICS
Despite trying to forge a common front on several issues there are
number of differences on certain issues between the BRICS na-
tions.
First, China is evidently ahead of the pack in terms of its com-
prehensive national power and economic power, but both India
and Russia are eager not to surrender leadership too evidently to
China.
Second, both India and Russia are wary of China in light of a
number of bilateral problems.
Third and the most important, each of the five members of
BRICS has more going on with US than with each other.
Fourth, there are doubts about the coherence of the BRICS
grouping. For instance, South Africa does not meet the essential
criteria of rapidly growing and large economy with a large popu-
lation.
Lastly, there are significant political, economic and cultural
differences between the BRICS nations.

Can BRICS Lead the New Global Order?

Despite these differences it should not be forgotten that BRICS
have the potential to challenge the established world order as de-
fined by the US dominated UN Security Council, the IMF and the
World Bank. However the BRICS countries' ambition to change
the world in their image raises questions of fundamental values as
well as geopolitical influence. The Key members China and Rus-
sia have a tenuous attachment, or none at all, to democratic prin-
ciples such as free elections, free speech and free media. In simi-
lar vein, less powerful non aligned states are wondering whether
the rise of BRICS merely marks the emergence of another selfish
global elite, which will pay no more attention to their interests
than do the western powers. Many smaller and poorer developing
countries especially in Africa are eagerly waiting to see if the five
nations can evolve into true advocates for non-western interests.
Developing countries wants a multi polar world rather than one
dominated by the United States. It is good to see the group show-
ing solidarity on issues of global significance. By speaking with
one voice they can better defend their own interests and those of
the developing world at large and thereby promote global govern-
ance. However, challenges ahead in the achievement of goals are
really going to weigh the potential and credibility of BRICS na-
tions.
By Kavendra Sagar,
2nd Year MIB , Jamia Millia Islamia.
12
Over the last few months Indias growth has slowed down.
The Indian gross domestic product report for the April-June
quarter showed that the economy was doing only marginally
better than in the previous quarter. Growth was up 5.5 percent
during the quarter from a year earlier, compared with 5.3 per-
cent in the period ended in March, which was the weakest
growth in nine years.

One of the clearest indicators of this is the falling value of the
Indian rupee. High inflation, wide trade and current account
deficits, bloated subsidies and a
gaping fiscal deficit have all
taken a toll on the real economy.
Foreign Direct Investment (FDI)
in the country has fallen steeply
due to the financial crises in
Europe. This has resulted in the
augmented trade deficit of India.
The value of goods being im-
ported into the country is as
high as ever, Indian exporters
are finding it difficult to sell
their goods in the weakened
International market. As a result
while few people are expending dollars to buy rupees, many
of them are opting to sell rupees to get dollars in return. It led
to the fall in the value of Rupee in international market.

Besides this, the demand of oil companies to be paid in dol-
lars, forced the Indian government to shell out a higher price
(in terms of rupees) to buy crude oil leading to the petrol price
hike in the country and the widespread resentment against the
Indian Government. With the rise in petrol price the transport-
-ation cost associated with this, has increased. Indian manufactur-
ers are facing rise in operational costs which in-turn impact the
export market. This is also a major cause of the widespread Eco-
nomic Inflation in the country. At the same time, BPOs, NRIs
and others who are paid in dollars are enjoying a greater income
and thus profiting from this scenario.

All eyes are now on the Reserve Bank of India, the central bank,
to review monetary policy. There are expectations that a low
growth rate would cause the R.B.I. to cut interest rates. The cen-
tral bank states that lower interest
rates alone are not enough to
jump-start the investment cycle.
Ms. Narasimhan, Senior Principal
Economist at IHS Global Insight
said We expect only a shallow
recovery in manufacturing and
investment, and only a mild up-
turn is expected by year-end.
The RBI is struggling hard to
detain this fall by selling dollars
and buying rupees. It has also
increased the maximum limit on
foreign direct investment recently
to try and reduce the trade deficit. Though the RBI has been
pretty laid back till now, experts are hoping they will implement
some major policy changes in the near future which might help
strengthen the rupee.

Hopefully the government will be successful in its attempts to
conquer this fall and the Indian growth story will continue un-
abated.
By-Bushra Anees,
2nd Year MIB , Jamia Millia Islamia.
DOLLAR INCREASE AGAINST RUPEES
US Dollar Vs Indian Rupee Chart - Last 30 Days
13
Go GREEN Save EARTH - The MIB Way
By-S.Veeramani*
The global village faces serious environmental threats from
ever growing industrialization which includes information and
communication technology (ICT) and the damages caused on
the earth by industrial wastes to e- wastes. Its impact such as
climate change, global warming, acid rain, ozone breaking, un
expected adverse effects on the earth are the tools to measure
the impact of business houses on the earth. The disasters are
generally classified into manmade disaster, natural disaster
and act of god ( vis-majoure) in which environmental disaster
and degradation is done mostly by the human beings, indus-
tries or polluters. Since the Bhopal gas tragedy to the recent
protest against koodankulam nuclear plants, it is mans protest
against manmade disaster. The alternative energy resources
are not given importance in the fast moving competitive
world, where profit over people and environment is rampant.

This is heavy time to remember Isaac Newtons (1643-1727)
third law of motion; yes! Every industrial act has equal
amount of reaction of pollution which is what exactly the
world is struggling with. The tussle between developing na-
tions and developed nations during the environmental and
earth summits are dusted with severe debates as The devel-
oped nations have produced sufficient and are now shifting
the production base to our nations- are being voiced by those
who have the so- called comparative advantages such as la-
bour, raw material and specialized skilled work etc.
The water, air, soil pollution and consequent OECD polluter
pays principle, EUs EIA- Environmental Impact Assessment
and Environmental Audit, carbon rating, emission and pun-
ishment, UNEPs effort, three tier system of pollution control
board such as in India, and also the concern of global village
over go green is now talk of the world. What happens to the
production bases at third world nations? The alarm here is
inevitability to go back to tribal life, indigenous way of living,
go with nature and effective biodiversity. But are we ready to
go green? If yes! How?

The world woke up and called for environmental activism,
people like the candidate for the election of president of
America Albert Arnold "Al" Gore, Jr. served as the 45th Vice
President of the United States, under President Bill Clinton
has been moving across the world and screening his documen-
tary film An Inconvenient Truth in order to sensitize the
world community to save earth. The UN programs, member
nations ratification of environmental and earth treaties, inter-
national guidelines to adopt environment protection measure
etc has to be analyzed for its effect in practice.
The recent Rio+20 the future we want in June 2012 and also
the past environmental and earth summits have come up with a
crucial concept of saving earth. But the basic question comes
here saving earth from whom? During the Copenhagen summit,
the BASIC (Brazil, South Africa, India and China) made strong
resistance against the western allies and protested against making
the developing countries sign up a treaty for legally binding emis-
sions targets. The carbon rating of countries which have hardly
any industrial plants is sold for western masters and also their
subsidiary nation in the east. Sustainable organization and sus-
tainable development: the economic growth is not antithesis of
environment, but a certain condition connected with it, the
Brundtland report says that poverty is the largest polluter and
economic growth may solve the problem! Just make a note on
the link between trade and environment, economic growth and
environment, production and environment; do we have any con-
sensus to solve the effects of formers on later?

The UN conference on Human environment, Stockholm in the
year 1972 formed international cooperation on environmental
issues, Montreal protocol in 1987, The Vienna convention to pre-
vent depletion of ozone layer, UN conference on Environment
and development[ UNCED] in 1992 at Rio de janeiro , conven-
tions on climate change such as Kyoto protocol 1997, categena
protocol on bio safety in 2000, UN commission on sustainable
development[ UNCSD] ,world summit on sustainable develop-
ment in 2002 and various assessment and strategies concerning
environment at international stage; these principles act as guiding
force to the member nations to ratify the same for the better envi-
ronment.

Indian constitution in its fundamental rights such as Art.21-
Right to life and personal liberty, Art.14 Right to equality,
Art.19(1) (g) - Freedom to trade across India, there are some inci-
dents where the conflicts of laws takes place. Its equally impor-
tant to know that protection of environment remains fundamental
duty of every citizen. We can understand the Indian situation with
the help of decided cases/ judgments/ digests. In India we have
legislations such as Water Act, 1974, Air Act, 1981, Environment
Protection Act, 1986 and so on.

1] In Indian Council for Enviro-Legal action Vs Union of India:
The supreme court has implemented right to environment as right
to life (Art.21), The litigation with the help of Art.32 on behalf of
the villagers in Rajasthan who got affected by the hazardous
(Oleum)/ H-Acid /from chemical plant and the untreated sledges
mix with the river and kill earth.

14
2. MC.Mehta Vs Union of India: Mathura refineries case.

3. MC.Mehta Vs Kamal Nath: A motel constructed by the
relatives of the union minister at the bank of byas at Himachal
which had affected the flow of the river causing damage to
villages/ tribals.

4. Narmada Bachao Andolan Vs Union of India.

5. CNG litigation

6. Bhopal gas tragedy litigation case also the role model case
where the Union Carbide unable to meet the compensation as
the cost of living and the death toll, injuries, the effect of the
disaster on the new generations are irreparable.

Go GREEN and Save EARTH: The ideas such as green
marketing, green logistics, green trade, green business and
even an academic program such as green management gives
hopes to the environmental activism and sustainable develop-
ment. If there is a common world constitution, we must make
environmental concern as fundamental duty, where the citizen of
the global village has to obey the rules of nature. The energy re-
sources left by our ancestors are now for our use, what are we
going to preserve for our future generation is the million dollar
question to address. The new economic geography at the prov-
inces of developing nations leaves no space for go green but its
too late to understand that the e- wastes are filled with our envi-
ronment, our water is sold out far away for profit, the dams con-
structed have caused earth quakes, the mining in tribal areas lead
to deforestation, dyeing/ tannery mixed colors with our rivers,
ocean levels have increased, ice is melting, there is change in the
climate which affects all human beings at same rate be rich or
poor. The soil, water, air, tree, earth treats you as child why not
you go GREEN and save The MOTHER EARTH!
* (The Author is an Asst.Professor & Placement
Coordinator of MIB , JAMIA MILLIA ISLAMIA)

10 GOING GREEN TIPS.
Walk or bike a greener life Walking and biking is not just good for your health and wallet, but also to
the environment. There is less pollution so that means a cleaner air, something that we desperately needed
now.

Carpool This is the best thing to do if you cannot avoid using your car to go to work or school. Plus,
your friends can chip in for the gas and that can reduce your gas expense and dont forget it is also more fun,
than driving alone in traffic.

Maintained the Car A car that has been conditioned is less likely to use more fuel, but if your car is
poorly maintained then you will spend more on gas.

Turn off and unplugged all electrical equipment A TV or radio that is not used but on a standby
mode can still provide you with 10% of electricity consumption. So it is better to unplugged all when not in
use, and especially when retiring at night.

Paperless bills The internet is a great tool to save and protect the environment. Enrolling your monthly
bills will create a paperless bill, and therefore save lots of trees
.
Recycle Making recycling part of your life is a great way keep the earth buried in plastics and other
hazardous materials.

Support going green products This is probably one of the best going green tips that have also the
largest impacts on our environment. Cleaning products, pesticides made from chemicals are not just danger-
ous to the health of the user, but to the environment as well.

Check your water connection regularly Busted pipes are a waste of good water and money.
15
India an oldest civilization and a 65 year old democ-
racy has its own identity in the world. It is the
worlds favorable trading destination and one of the
fastest growing economies. Then why did our econ-
omy stumble after a steady and smooth ride? Why
India needs so much of introvert attention, if it al-
ready has a specific identity?
CHANGE is the answer to all the questions related
to development. The change and makeover that a
country goes through over the period of time, is
what one refers to while talking about the develop-
ment of the country. If the change is positive, the
country is developing and is sure to grow in future.
Growth of any country depends on the state poli-
cies, resources and execution.
When we talk about India, we largely see good
prospects and potential, but what changes this coun-
try needs to become a GLOBAL BRAND is a prime
concern of present time.
Governance is the prime concern for any country. A
good policy and effective execution are followed by
good governance. India being a 65 year old democ-
racy requires this as the precondition of effective
and high quality human capital. A lot of our effort,
time and money spent on electing a government, so
the governance & administration of India MUST be
improved. It set off a positive chain reaction, which
should propel our economy to a growth rate of 10 to
12% per year, compared to the present, 5 to 6 %. A
transparent authority and corruption free INDIA is the need
of present scenario. If we want to change image then we
have to work over it. Employment generation is only possi-
ble if the basic fundamentals of the economy are in place.
The same goes for infrastructure development and invest-
ments in India. The "acid test" is to catch the NRI funds.
They invest in Europe, USA, South East Asia, Middle East,
Thailand, Singapore, Indonesia, Malaysia, etc. but practically
NOTHING in India. We should study the manner in which
up to 70% of infrastructure projects in the cities and prov-
inces of China are being promoted by local municipal bonds,
via the Non-resident Chinese. In turn they get a quid pro for
Industry and business development in China. So why not
make some policies that would attract the NRI to invest in
INDIA and make it lucrative enough to attract others along
with them.
India has 17% of the world population, 2.2% of the land
mass, 1.4% of the world's GDP but only 0.6% of the world's
trade. In the last 54 years our foreign trade has had a nega-
tive growth from 3% to 0.6% of world trade, or minus 500%.
It is obvious that 98.6% of the world's buying power [based
on GDP], is outside India and 99.4% of the world's trade is
also outside India. We MUST export more. India must be-
come a base for manufacturing & services for the world mar-
kets. This will enhance our buying power.
We should concentrate on the German system of Vocational
Training, where children after the 10th standard, have a
choice of 2500 vocations, they work for 2 to 4 years part
time in various establishments. During this period, they study
part time in their area of Vocation. It's a win-win situation,
since the establishment gets low cost human capital at mini-
mum wages and also the person is fully developed. So we
need full education system that will provide vocational stud-
ies for the student to work & learn, and in future they con-
tribute in making in economy.
We must also concentrate on exports, how Indian companies
will sell their products to such a small and shallow market, in
India, since the GDP is only 1.4% of the World GDP. How
will India pay the Import bill for Petroleum crude at US$17
billion per year when our exports are only US$42 billion per
year, including software exports? India's oil imports alone
will surge by three times by 2007. Exports will boost India's
Buying power. Obviously India needs to export much more.
Exports will improve governance, administration, efficiency
in manufacturing and services, cost competitiveness, FDI
inflow, inflow of latest and best technology into the country,
generation of more jobs, improvement in infrastructure and
thus upgrade the standard of living of the people.
INDIA: A GLOBAL BRAND
MIB,CMS
16
The present definition of small scale industry is a farce
and will eventually harm this country. It has outlived
its usefulness. We must see what is happening in other
parts of the world. SME's in all other countries include
companies up to 500 employees. In India it should be
the same. If we change our employee laws, and other
operating parameters, India could take on any competi-
tion on this planet. Give Indians a level "Playing
Field". USA, Europe, Japan, Korea & Taiwan, account
for nearly 75% of the world's GDP, SME's account for
nearly 50-75% of the GDP & exports in activities such
as manufacturing, trading & services. FDI in retail can
also give a chance to SME's to improve the quality and
get a global reorganization. Nearly 99.3% of all organi-
sations are SME's & they provide about 70-75% of all
employment. We should redefine the meaning of
SME's in India and give a level playing field, in terms
of cost of finance, adequate & good infrastructure, and
freedom in choice of human and other resources. India
is endowed with enormous natural resources and skills.
These need to be better planned to improve yields.
Cold chains, marketing and exports of packaged and
fresh products can be a remedy for it. The land hold-
ings are shrinking. Co-operative farming is equipped
with big land holdings and modern methods of farming.
We should work on exporting and commercialize the
fruits and vegetable. A concentration on fruits and
vegetable will give extra advantage to the farmers to
earn more. We should get the big NRI's and Interna-
tional companies to look at our fruits and vegetables.
India is the largest producer of fruits and vegetables in
the world. About 55 million tons of fruits and 75 mil-
lion tons of vegetables per year are produced and
around 40% are wasted. What are we doing about it?
Should we let it rot? Or should we let others pick it up
and export or market in India. The answer is obvious.
Can we allow our waste lands to be leased to Interna-
tional firms & NRI's for agriculture?Yes we can and we
can also work on the FDI in food processing. Concen-
trating on tourism can also give an extra hand and ad-
vantage to over foreign reserve as it is the worlds larg-
est trade and we also have diverse geography, a 10,000
years old history with nearly 21 different cultures and
languages.Tourism is about US$3700 billion business
per year. The employment generation is very high.
Nearly 2 to 4 jobs per tourist are generated. But here
again we have to put our "House in Order", otherwise
put it out of your mind. It is a shame how our heritage
and tourist spots are being damaged and defaced. We
should also work on hotels and airlines as it is neces-
sary to attract the tourist. We just need to find the good
opportunity and work on that.
Making INDIAN a global brand is the not the prime
concern, main concern is to make INDIA a better coun-
try so that we will rank top in HDI (Human develop-
ment index) and also make it a developed country
where people give example of us and learn from our
experience.
By Md. Furquan,
2nd Year MIB , JMI.
17
GREEN BANKING

Banking sector is generally considered as environmental
friendly in terms of emissions and pollutions. Internal environ-
mental impact of the banking sector such as use of energy, pa-
per and water are relatively low and clean. Environmental im-
pact of banks is not physically related to their banking activi-
ties but it is related the customers activities. Therefore envi-
ronmental impact of banks external activity is huge though
difficult to estimate. Moreover, environment management in
the banking business is like risk management. It increases the
enterprise value and lowers loss ratio as higher quality loan
portfolio results in higher earnings. Thus, encouraging environ-
mentally responsible investments are prudent lending should be
one of the responsibilities of the banking sector. Further, those
industries which have already become green and those which
are making serious attempts to grow green, should be accorded
priority to lending by the banks. This method of finance is
called Green Banking, an effort by the banks to make the
industries go for green and grow green and in the process re-
store the natural environment. This concept of Green Banking
will be mutually beneficial to the banks, industries and econ-
omy. Not only will Green Banking will ensure the greening of
the industries but will also facilitate in improving the asset
quality of the banks in future. Internationally, there is a grow-
ing concern about the role of the banking and institutional in-
vestors for environmentally/socially responsible investment
projects. Banking and other financial institutions are more ef-
fective towards achieving this goal for the kind of intermediary
role they play in any economy and for their potential reach to
the number of investors. Environment is no longer the only
exclusive concern of the government and the direct polluters,
but also the other partners and stake holders in the business
which can play a very vital role in fostering linkage between
economic development and environmental protection. As far as
Green Banking in India is concerned, the banking and financial
institutions are running behind the schedules compared to
global trends. None of our banks or financial institutions has
adopted equator principle even for the sake of records. Except
Yes Bank Ltd none of the banks are signatory of UNEP FI.
The British business newspaper and Financial Times, which
together nominated following banks for Sustainable Banking
Award 2006 for leadership and innovation in integrating social,
environmental and corporate governance objectives into their
operations, did not find a single Indian nationalised bank or
major private bank in the list except Yes Bank in Emerging
Markets Sustainable Bank of the Year category. It seems that
GREEN BANKI NG FACTS
From banking online to
cheques made from recycled
paper.

These banks mostly include
supporting Human Rights& not
investing in the unsustainable
harvesting.

Green banks promote forest
preservation, water production,
responsible farming practices,
recycling, eco-tourism, loans to
displaced timber workers to
help them start environmen-
tally friendly businesses, help
for low-wage earners to pur-
chase homes, community edu-
cation and mentoring program.
November 2012
18
GREEN BANKING
there was no systematic attempt to integrate the environmental
concerns into the business operation here, by our nationalised
banks. In a rapidly changing market economy where globalisa-
tion of markets has intensified the competition, the industries
and firms are vulnerable toto stringent public policies, severe
law suits and consumer boycotts. This would affect the banks
and financial institutions to recover their return from investment.
Thus, the banks should play a pro- active role to take environ-
mental and ecological aspects as part of their lending principle
which would force industries to go for mandated investments for
environmental management, use of appropriate technologies and
management systems. Green Banking if implemented efficiently
will act as an effective ex ante deterrent for the polluting indus-
tries that give a pass by to the other institutional regulatory
mechanisms. There has been much initiative in this regard by
the banks and other financial institutions in India though they
play an active role in Indias emerging economy. The banking
and financial sector should be made to work for sustainable de-
velopment. As far as India is concerned it is high- time to take
some major steps to gradually adhere to the equator principle-
guidelines that use environment- sensitive parameters apart from
finance to fund projects.
- By Ibrahim Badar,
2nd Year MIB,JMI.
Green Banks of India

Indus Ind Bank
ICCI
SBI
IDBI
YES Bank
ABN Amro
19
CORPORATE SPEAK
1. How has your journey as an entrepreneur been right from the start of your career after Delhi School of Economics?
Were you never afraid of the risk and challenges as a fresher?

Ans. I joined Delhi school of Economics to study Human Resource and it so happened that I had not really filled in applica-
tions for many places. There was no seat left in International Business and only one seat was there in HR so it came as a
default, though HR was never my field. Infact I realized it when I joined college. The teachers taught the course in very
traditional manner and there was no case study or practical scenarios gained. I belong to a business family so I knew that
in the real world what was being taught did not work. By this time I had realized about my entrepreneurial skills. When I
started to manage my fathers farm, I did pretty well which gave me the strength to believe in myself. When campus
placements were going on I infact wanted to set up a management institute in Dehradun but it could not work out. After
college I wanted to do something different, with my Dads support I decided to set up a factory to make wrinkle free trou-
sers. I did all the research work and when the factory was about to start I realized I would not want to sit in a factory all
my life. I am a creative person so thats how Unison International happened. I use to go to Technopaks office during this
time and realized there was gap in textile, export sector; gap in terms of manpower supplied and people who were supply-
ing it. Since I was MBA in HR I thought of doing something in this particular field.

2. What has it taken to convert start up from office in Panchsheel to DLF cyber city, 5lakh seed capital to a 10crore plus
turnover organization and 2 employees to almost 50 plus employees?

Ans. The office I started in Panchsheel was with my dads help and it was a rented property. Back then I had the passion to do
something of my own. When I started working, I usually reached office pretty late so my peon started complaining to in-
crease his salary. He used to say that half of my work was done by him so he deserves a better compensation. Mom and
Dad thought that I would blow up their money and come back to the family business which did not happen. Recruitment
was an opportunity area. We started with retail as Wills had just come up and were recruiting on a large scale for store
managers and related function. So as they started growing, we grew with them. The company survived with Wills coming
in the picture.


3. How challenging it was to get Wills lifestyle, UCB and Levis as your clients right in the first year of Unison Interna-
tional?
Ans. Getting clients were not really a challenge. It could have been luck or something clicked which is why which ever candi-
date we referred got consumed in the respective companies. The HR personnel in Wills was very supportive, the way she
explained the positions made things easier for me. She really gave the confidence to take it further. The other building
which we occupied was in Hauz Khas but due to the some issues, we had to vacate it. At that time Technopak was taking
the place in Cyber city and did not want to use some space so they gave it to us and that how the office got shifted to Cy-
ber city. We kept hiring people around these times. Someone came in and told me one that ours was the among the top 3
firms in retail recruiting so it made me think why not strive for being 1
st
. So we hired more people to take on the charge.
A friends hatred for my office acted as a catalyst towards my hard work. This place worked out because it gave me more
motivation to work because at the end of the day one has to pay for the rent, the salaries.
Mr. Udit Mittal
Founder & CEO
Unison International
20
4. Sir, what changes have you seen in the industry over the last decade?

Ans. When we started to work then career in Ascent was a popular source of advertising openings and even Naukri.com post-
ings were famous. Today it is about social media, someone who is looking for a job and is not on social media is sup-
posed to be a useless candidate. I do my hiring through Facebook, I do hiring through LinkedIn and other media.


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

Ans. Unison is different from naukri.com and monster because it is more towards the consulting side unlike naukri or monster
which are basically job portals where job posting, resume posting
happens.

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

Ans. We do not work on the safety and security of the data. We do not worry about the data anymore because it is easily avail-
able nowadays. I can easily look up a candidate on google, if there is a blank call, I can go to truecaller. So we have
blocked the amount of data that can go out. One cannot really control a lot of data going out. In todays time everyone has
access to data so how you maintain is what matters and is important.

7. Sir, in an interview to Economic Times in 2011, you mentioned about 2 start ups before Unison International- could
you please tell us the reason behind their failure?

Ans. The first venture was of the Management institute as mentioned earlier and it could not work out because the bank re-
quired to keep 50-60 lakhs as reserve which was not feasible at that point of time. The second venture was to set up a
factory to manufacture wrinkle free trousers. After doing the market research, data gathering and registration, I realized I
did not really wanted to spend my entire life in a factory set up and hence it did not start.

8. The operations have expanded to Dubai and China, what are the plans for future? Where do you see Unison Interna-
tional after 10 years?

Ans.The operations of Unison have not started in China, we want to get into China but we have not got the gateway for it yet.
The operations are in Dubai and doing pretty well.
Unison can be at a very different level after 10 years, the quality of people working for organizations are not very good.
We are not MNC neither can we pay to hire people from top B-schools so it gets difficult. I am very passionate and I
work for 18-19 hours a day.


9. What would be your advice to the fresh graduates coming out after doing MBA(IB) and how has the scenario changed
according to you since you passed out as a fresh graduate in 1997?

Ans. For anyone passing out, the first thing is employment. People should take up employment anywhere and everywhere it
comes in because around the time everyone passes out, other graduates pass out from different colleges as well so there is
lot of supply of candidates at that particular time period in the market. The expectations of parents are such that they ex-
pect their children to get good packages and start working without really realizing that a job does not comes very easy. It
is about getting the right job and how one has to be there. There is no perfect company or there is no perfect employer. It
is a marriage of compromise. Today knowledge can be learnt, before that one is judged on the way they carry themselves,
the way they speak. Everything is about confidence.

10. I ask you this last question as we today represent 60 students of MBA(IB) who would be passing out next year and
ready to prove their mettle. Sir, what kind of opportunities should young graduates like us seek at your prestigious
organization?

Ans. We do not have a norm to really hire freshers though we would like to help them out in getting jobs in any way possible
since we are into consulting. We do have lot of requirements coming in for store managers in retail stores, the salaries are
good so we could look forward to that.
Interviewed By Ms. Ruchika Parmar
21
For more than 40 years, the flow of students seeking quality-orientated international education
programs offered by Indian Universities has been increasing rapidly. The quality of education
offered by Jamia Millia Islamia is a significant factor for my coming to study in India.
An interesting cultural and social environment, reduced costs through lower tuition fees and eco-
nomical living and good quality academic programs, all contribute to an attractive setting to pur-
sue my post graduate degree.India is a fascinating mix of ancient cultures and traditions, intrigu-
ing religions, over 200 languages and dialects, combined with 21st-century technology and a
growing international economy. Second only to China in population size, it is poised to become
an ever larger player on the world stage, thus one of the bigger and important focus market for
study.
I believe that a strong understanding of finance, marketing, operations, technology, and strategy,
at international level will give me a head start in my career. Master of International Business
(MIB) will help me to acquire practical business knowledge with a focus on international and
cross-cultural understanding of the marketplace in India and world at large.
I also think that the course is appropriate for people who have some work experience but seek to move into the international business
realm. As Planning and Investment Officer and future business analyst, I will apply the skills to recommend right Financial and Busi-
ness strategies and action plans. Working with the Pension Fund in Tanzania, challenges are there to ensure that our members/
survivors receive good pension package upon their retirement, death of relatives, etc. To achieve this, the contributions received need
to be invested in the less risk field in order to earn maximum returns. Thus management of Funds is very crucial in this case.
Finally, the MIB curriculum delivers an understanding of today\'s global market place. The knowledge in international finance, mar-
keting, operations, and strategy, will help me acquire the analytical, problem-solving, and critical thinking skills needed to make deci-
sions in a rapidly evolving, cross-cultural world. Through discussions with my fellow MIB students I will acquire presentation and
communication skills necessary to work and excel in multinational settings and companies.
By Peter Kifungiomali , MIB 1st Year , JMI.
Career Expectations for studying MIB
India is a country of many religions, cultures and traditions. It is one of the fastest growing economy
and well known for its high quality education. Jamia Millia Islamia is a well renowned university
and its program in International Business is recognised throughout the world. This is what motivated
me to join this post graduation program in Jamia Millia Islamia.

I have found that MIB is a very important course for students who want to involve into International
Business. MIB is just like a strong bridge which builds students' confidence and helps them apply
their knowledge into outside world to fulfil the needs of the workplace. MIB is a key which makes
students understand about International Trade and how to do business across countries. As we all
can see, world economic is growing step by step, so more human resource is needed to work in this
condition and MIB plays a very important role in this case.
I would like to thank all my professors who have taught me many things. I would also like to thank
all my MIB classmates who have helped me a lot in my study and have made my stay comfortable
here. Even though I find some subjects difficult, my experience in MIB has been great on a whole.
By Chuch Sokla , MIB 2nd Year , JMI.
My Experience at MIB
MIB,CMS STUDENTS CORNER
22
The most mesmerizing period of life no doubt
are the days that we all spend in our college,
writing the essay is a bit more easier as you do
not need a heavy subject of some research ma-
terial to include in it. The time when you begin
writing the essay you will fall in deep thoughts
that you wont get the exact idea from where
you should start with?
The thought that I am a P.G student now
seemed to be the scariest thing that I could
think of. Whenever I thought about it my stom-
ach would immediately begin to spin in circles.
Although I was ready to go off and be by my-
self and meet new people I was scared to death
at the same time. I didnt know much about the
college experience and what I thought of,
scared me. I pictured hard classes that I would-
nt be able to keep up with; people that would-
nt like me, long hikes to get to my classes.
Finally The Day came it was 28
th
of July
when we had our orientation at the CMS, the
whole experience was new for me. Suddenly
got the feeling of being in a professional course
and my decision of opting MIB was best for
me. The session started by introduction of
CMS, faculty members and our seniors, headed
by further sessions with our seniors who had
planned a full packed session of activity for us.
I still remember the fun we had & I was excited
to see such tenacious seniors. They had planned
so much for us; the effort they gave to welcome
us was commendable.
Soon we had regular classes with the concern
faculty members, the professional looking envi-
ronment was just so different, at the initial
stage it seemed difficult to cope up with the
style and technique of teaching , as we all were
habitual of blackboard and books which were now
replaced by projectors and power point slides. The
sudden change in the surrounding took a bit time to
adjust, though not too long.
Its been just couple of months and I have learnt so
much not only academically but also in terms of
extracurricular activities. The very first activity was
Iftar party, followed by Bizz Quiz, debate (India an
Economic Slave), teachers day celebration and
lately the freshers. All this seems just fun activities
but these small events taught the entire 1
st
year stu-
dent to work in team, to put forward their views &
much more that would be helpful in future. Extra-
curricular activities are activities performed by stu-
dents that fall outside the realm of the normal cur-
riculum of school or university education. Extracur-
ricular activities exist at all levels of education and
play a very vital role in shaping the life for best.
These activities have helped to provide opportuni-
ties to interact with other students and grow to-
gether as a professional body. We faced many chal-
lenges during these events, however these chal-
lenges can often be seen as opportunities of turning
the tide and creating innovative strategies for struc-
turing new business practices.
We are encouraged to participate in industrial visits,
debates, seminars, alumni meet, business quizzes,
producing newsletter, wall magazine. These activi-
ties have engaged us in order to enhance our exper-
tise in international business.
I still have a lot more to learn from my seniors and
teachers. At the end I would like to quote , There
are those who look at things the way they are and
ask why? Yet here I am who dream of things which
never were and ask why not?
By-Hina Saifi,
MIB 1st Year , JMI.

MIB & ME.
There are those who look
at things the way they
are and ask why? Yet
here I am who dream of
things which never were
and ask why not?
MIB,CMS
23
24
25
"What you get by achieving your goals
is not as important as what you become
by achieving your goals."
Please Visit Our Website: jmi.mibytes.webs.com
Jamia Nagar, Maulana Mohammad Ali Jauhar Marg New Delhi, DL 110025