Iremember my first car with great fondness. It was a Fiat 1100D, and I crashed it barely a month after my wife and I bought it. There was another crash a little later; we were the third owners of the car, but

it held up well. Three years later we sold it for a profit to a buyer in Chandigarh. The Fiat was liberating. Delhi’s roads were wide open and a pleasure to drive down in the early 1980s. One day with the rain pelting down the car skidded on Khel Gaon Marg, spun around and came to rest pointing in the reverse direction. Try doing that today.

You can see I was an adventurous driver. For today’s young people, however, getting their first wheels is as liberating but not as thrilling; they are spoilt for choice in the small-car segment. And why not? Today’s i10 will grow up to be tomorrow’s Land Cruiser, if gas-pump prices haven’t forced the driver to take to the BEST bus or the Delhi Metro. India was all set to be the small-car manufacturing hub of the world, but as with many of our roads, the ride is bumpy. It is fashiona-ble to predict that millions of cars will be swanning down our roads in the decades ahead, and nearly all the world’s car brands have beaten a path to our door. But land, labour, capital, and infrastructure all make it tough; if I commit the heresy of saying we need to get our carmaking policy together, with powerful government backing, I will be subjected to auto-da-fé.

It is both an uplifting and upsetting tale. We would like to be optimistic, and direct you to page 46, where Kushan Mitra and Suveen Sinha weld the pieces together.

“Oh no, not again!” is the refrain from trading rooms, bank offices, and homes across our nation when the Reserve Bank raises interest rates. It has happened too often since last year and has heralded in-creases in the prices of petrol (see auto story), food, clothing and entertainment. But inflation is like a leech. It gorges on your blood once it attaches itself to you and can only be dislodged using rather determined techniques. The one question nobody has been able to answer for me is: once prices go up to a high level and our pain threshold rises, do we even notice if inflation goes down but prices stay up? For answers to many other questions, see our interview with RBI Deputy Governor Subir Gokarn on page 36.

As India’s businesses boom, keeping their books clean and in order is a challenge. All the Big Four accounting firms – KPMG, Deloitte Touche Tohmatsu, Ernst & Young, and PricewaterhouseCoopers – are present in India, but not too long ago they were the Big Five. Arthur Andersen came a cropper after being found guilty of charges relating to the spec-tacular bankruptcy of Enron. Auditing is very important, as a rash of accounting scandals at Chinese firms preparing to list overseas has re-cently shown. PWC, which audited the books of our own flameout Satyam Computer Services, in April was fined $7.5 million by the USSecurities and Exchange Commission, and agreed to pay another $25.5 million to settle a class-action suit. The firm is working hard to re-establish its auditing reputation, and Suman Layak tells that story from page 84.

chaitanya.kalbag@intoday.comwww.businesstoday.in/editor

From the Editor

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Vol. 20, No. 17, for the fortnight August 8-21, 2011. Released on August 8, 2011.● Editorial Office (Delhi) 5th Floor, Videocon Tower, E-1, Jhandewalan Extn., Delhi-110055; Tel.: 011-23684812-15; Fax: 011-23684819; E-mail: btoday@giasdl01.vsnl.net.in ● Advertising Office (Delhi): Ground Floor, Videocon Tower, E-1, Jhandewalan Extn., Delhi-110055; Tel.: 011-43129111; Fax: 011-23593380/81; Trade Centre, 2nd Floor, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai-400013; Tel.: 022-24983355; Fax: 022-24982266; Impact office: Trade Centre 2nd Floor, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai 400013; Tel.: 022-24983355; Fax: 022-24982266. Chennai 2nd Floor, 98-A, Dr Radhakrishnan Salai, Mylapore, Chennai-600004; Tel.: 044-28478526-41; Fax: 28472178; Bangalore 202-204 Richmond Towers, 2nd Floor, 12, Richmond Road, Bangalore-560025; Tel.: 080-22212448, 080-30374106; Fax: 080-22218335; Kolkata, 52, J.L. Road, 4th floor, Kolkata-700071; Tel.: 033-22825398, 033-22827726, 033-22821922; Fax: 033-22827254; Hyderabad 6-3-885/7/B, Raj Bhawan Road, Somajiguda, Hyderabad-500082; Tel.: 040-23401657, 040-23400479; Ahmedabad 2nd Floor, 2C, Surya Rath Building, Behind White House, Panchwati, Off: C.G. Road, Ahmedabad-380006; Tel.: 079-6560393, 079-6560929; Fax: 079-6565293; 39/1045; Kochi Karakkatt Road, Kochi-682 016; Tel.: 0484-2377057, 0484-2377058; Fax: 0484-370962 ● Subscriptions: For assistance contact Customer Care, India Today Group, A-61, Sector-57, Noida (U.P.) - 201301; Tel.: 0120-2479900 from Delhi & Faridabad; 0120-2479900 (Monday-Friday, 10 am-6 pm) from Rest of India; Toll free no.1800 1800 100 (from BSNL/ MTNL lines); Fax: 0120-4078080; E-mail: wecarebg@intoday.com ● Sales: General Manager Sales, Living Media India Ltd, B-45, 3rd Floor, Sector-57, Noida (U.P.) - 201301; Tel.: 0120-4019500; Fax: 0120-4019664 © 1998 Living Media India Ltd. All rights reserved througout the world. Reproduction in any manner is prohibited. Published & Printed by Malcolm D. Mistry on behalf of Living Media India Limited. Printed at Thomson Press India Limited 18-35, Milestone, Delhi-Mathura Road, Faridabad-121007, (Haryana) and at Plot No. 5-5/A, TTC Industrial Area, Thane Belapur Road, Airoli, Navi Mumbai-400 708 (Maharashtra). Published at K-9, Connaught Circus, New Delhi-110 001.

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Editor's Letter-Goenka.indd 2 7/30/2011 1:33:28 PM

6 BUSINESS TODAY August 21 2011

FEATURES36 ❘ INTERVIEW: Subir Gokarn

38 ❘ COLUMN: Frozen in the Headlights

40 ❘ Printing MoneyIf everything is online these days, why are printer sales rising? HP’s Vyomesh Joshi explains

42 ❘ Betting on LowSound as their strategy is in heading overseas, Indian low-cost airlines better have deep pockets to survive and thrive

78 ❘ Shining in His Own LightSanjiv Goenka, unlike his forefathers, prefers to build companies rather than acquire them. He is now taking his legacy to the national stage

MONEY116 ❘ Split VerdictHow do share prices react to stock splits? There is no fixed pattern

CONTENTS AUGUST/21/2011 Volume 20/Number 17

FOCUS16 ❘ Hold-ups on Mauritius RouteUnclear terms in the India-Mauritius tax treaty may stifle the FIIromance with India, says Sudhir Kapadia

18 ❘ Policy

20 ❘ Finance

22 ❘ Tech Review

27 ❘ Advertising

28 ❘ Graphiti: Going to Town

30 ❘ Interview: Klaus Entenmann, Chairman, Daimler Financial Services AG

32 ❘ Etcetera

LBNL120 ❘ Break the ShacklesIndian horse racing badly needs a dose of reform

BOOKEND124 ❘ Banking on PeopleThe autobiography of Bank of Baroda’s ex-chief is riveting

SMART EXECUTIVE 125 ❘ Walking the Ethical Tightrope

JOBS 127 ❘ Loving it in TokyoNatural disasters notwithstanding, Indians are flocking to Japan

LEADERSPEAK138 ❘ Peter Gartenberg,MD, SAP India

CHIAROSCURO14 ❘ Quick takes on major events of the last fortnight

C OV E R B Y K A P I L

84 ❘ Taking a Hard LookWill Chairman Deepak Kapoor be able to protect PwC India’s fiercely independent legacy?

88 ❘ In Search of a NicheMid-sized IT companies scramble to remain relevant as cost arbitraging falters

92 ❘ Thought for FoodThat is what MNCshave on their minds as they devour the oppor-tunities in India’s food contract and support services sector

96 ❘ Hamied’s Tough OptionsAt 75, Cipla is in fine fettle but its chairman faces challenges that are very different from those of the past

104 ❘ Cinema’s Born-Again AvatarHollywood has rediscovered the 3Dformat. India is following suit. But there are challenges ahead

108 ❘ A Stronger Caffeine KickBranded chains are reworking their models as competition in the coffee retailing sector increases

COVER STORY46 ❘ Rough Ride As India’s ambition to become a global auto hub is curbed, manufacturers focus on the domestic market. But that is where the turmoil is

SPECIAL60 ❘ Growth Engines Some of the companies that Indian taxpayers own have done very well over two decades of reforms

62 ❘ IOC

64 ❘ SAIL

66 ❘ Coal India

67 ❘ SBI

68 ❘ ONGC

70 ❘ NTPC

72 ❘ LIC

74 ❘ Hindustan Copper

76 ❘ COLUMN: A Poor Policy for the Poor

78

Contents.indd 2 7/30/2011 2:50:53 PM

8 BUSINESS TODAY August 21 2011

Time to Act, Fast The Indian economy is well and truly past the slowdown and is poised to reach an even higher growth trajec-tory. However, an impending energy crisis could play spoilsport. Your cover story (The Shock Around the Corner,August 7) shed light on the various causes of the crisis and suggested pos-sible ways of overcoming it. It is quite distressing to note that we face this crisis despite the existence of adequate sources of energy. The inherent policy deficiencies need to be plugged on a war footing before it is too late. B. Rajasekaran, Bangalore

Energy Lag Your cover package (The Shock Around the Corner, August 7) has nicely high-lighted one of the major hurdles India is facing in realising its development goals. Energy is fundamental to growth and in India there is serious shortage of it. But sadly, the Centre is not doing enough to tap the renewable sources available. Rising energy costs and shortage of fossil fuel feedstock will certainly destroy India’s dream of becoming an ideal manufacturing hub in the future. Ratul Dey, Noida

Land and LawLand acquisition (No Man’s Land,August 7) has become a contentious issue with conflicts arising frequently in different parts of the country. The loopholes in land-related laws are

WRITE TO: The Editor, Business Today, Videocon Tower, 5th Floor, E-1, Jhandewalan Extension, New Delhi—110055. E-mail: letters.bt@intoday.com Website: www.businesstoday.inUnsolicited articles will not be returned or acknowledged.Business Today reserves the right to edit letters for brevity and clarity before publication.

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Re: Letters To The Editor

www.businesstoday.in@coverstory: The Shock Around the Corner (July 24) is a look at India’s energy scenario and the future ahead

www.businesstoday.in@coverstory: The Money Meisters (July 24) is Business Today and YES Bank’s second listing of India’s top CFOs

detrimental to the economy. The land owners are inadequately compensated in some cases, while the soaring price of acquired land after a change of land use hurts the end-users who purchase real estate. The solution lies in bringing greater transparency to the market. Clear and transparent rules for acquiring land, proper compensation to land owners and rules around approvals and governance around delivery of end products to consumers is urgently required.Bithi Dutta, Puducherry

Correction The caption of the photograph accompanying the story ‘Strong Constitution’ (BT, August 7) is incorrect. It should read “G.M. Rao (left) with elder son G.B.S. Raju”. We regret the error.

Energy is fundamen-tal to growth and in India there is serious shortage of it. But sadly, the Centre is not doing enough to tap the renewable sources available

Letters-Aug 21.indd 2 7/29/2011 12:06:27 AM

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10 BUSINESS TODAY August 21 2011

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An unprecedented number of land acquisition projects are underway as developers and governments embrace infrastructure and industrial growth. But land acquisition is proving to be one of India Inc’s greatest challenges. It is no easy deal for the farmers who sell their fertile lands either, finds Puja Mehra.■ See photos and hear audio clips from farmers affected by in the contentious Yamuna Expressway project.

businesstoday.in/land Start-up TodayEasy ways to market-test your start-up idea, from Taslima Khan.

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Book Bazaar Who’ll dominate the bestseller list – Ghosh or Adiga, wonders Debashish Mukerji.

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Word Mentality Resident “word nerd”Uma Asher campaigns against cliched language.g g

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BlogsNo Man’s Land

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RBI in a Tight SpotAs the US debt crisis continues, RBI may fi nd itself in a tight spot, says Rajiv Bhuva.

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Irony in KarnatakaK.R. Balasubramanyam examines the checkered past of former Karnataka Chief Minister B.S. Yeddyurappa.

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Shot Down Photo editor Vivan Mehra gets the top CFOs to strike a pose.p

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Occasionally ProductiveThe makers of BlackBerry face tough competition, says Kushan Mitra.

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Surround SoundSKS Microfinance raises funds just one year after its IPO, finds E. Kumar Sharma.

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Umbrella BlogThe Disney deal is business as usual for Ronnie Screwvala of UTV, says Anusha Subramanian.

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August 21 2011 BUSINESS TODAY 15

Should Hindustan Unilever be opening the bubbly? India’s biggest FMCG major saw its net profit rise17.62 per cent to `627.18 crore for the June quar-ter. HUL Chairman Harish Manwani credited “innovations, market development and a relen-tless focus on execution” for the achievement. In a BT cover story (June 12), Manwani had said Unilever Plc, HUL’s parent, wants revenues from emerging mar-kets, currently at 53 per cent now to rise to 70 per cent. India and Brazil are the main ones in focus. See http://bit.ly/HULisback

India is close to allowing FDI in retail. The committee of secre-taries has okayed 51 per cent foreign ownership in multi-brand retail. The next port of call for the regulatory change will be the Cabinet Committee on Economic Affairs. Wal-Mart, Carrefour, Tesco and Metro are among those waiting to enter.

Make the PM, Cabinet co-accused in the 2G scam,said former Telecom Minister A. Raja, now in jail. He later re-tracted the demand to drag Manmohan Singh into the case but former Finance Minister P Chidambaram, and Attorney General G.E. Vahanvati were not spared. Raja wanted them, as also the entire Cabinet, made co-conspirators for approving his spectrum decisions. Former Tele-com Secretary Siddharth Behura wanted D. Subba Rao, former Finance Secretary and now RBI

Governor, named as co-accused.

No longer willing to live with the world’s lowest charges, India’stelecom firms have raised tariffs. Bharti Airtel has hiked them by 20 to 50 per cent for prepaid subscribers on some calling plans; Tata DoCoMo, Vodafone Essar and Idea Cellular have followed suit. Buying 3G li-cences and equipment at a time when revenues were sliding left the companies with little option.

Corporate

� This may mean the end of James Mur-

doch’s dreams. Media reports say News Corp is sounding out its big-gest shareholders on Chairman Rupert Murdoch’s succession plan and his family’s con-trol. They have also been asked about the inde-pendence of News Corp’s board, its dual class structure and corporate governance. Meanwhile, the FBI is probing if charges can be brought against the company over claims that it hacked into a rival’s website for access to phone records of victims of the 9/11 attacks.

� More professions in the services sector

are likely to fall in the tax net, according to V.K. Garg, Joint Sec-retary, ministry of fi-nance. A negative list of taxation, listing items that will not attr-act tax, is also on the anvil. Meantime, the appointment of Bihar’s Deputy Chief Minister and BJP leader Sushil Modi as the head of panel is expected to speed up the rollout of Goods & Services Tax.

� An independent National Environ-

ment Appraisal and Monitoring Authority will completely change the process of granting environmental clear-ances to industrial projects. The regulator will help protect ecol-ogy without the hated licence permit raj of the pre-1991 period, said Prime Minister Manmohan Singh.

� Reliance Industries is hogging headlines

again. After the contro-versy over its D-6 oil fields in the KG Basin in Andhra Pradesh, which came under the Comptroller and Auditor General’s scanner, it has some news for cheer. The Cabinet Committee on Economic Affairs has agreed to the company’s proposal to offload 30 per cent stake, for $7.2 billion, in its hydrocarbon blocks to British Petroleum Plc. Separately, RIL’s net profit in the April-June quarter rose 16.7 per cent to ̀ 5,661 crore, with refining operations off-setting a lower gas out-put and petrochemicals margins. It remains to be seen where and how it will deploy its huge pile of cash and securities of `45,775 crore. BP, mean-while, is getting over its hangover of the Gulf of Mexico oil spill. Its net in-come was at $5.6 billion for the June quarter, up from a record loss of $17 billion a year ago.

There is no reform fatigue and Indian economy is in fine fet-tle, says Finance Minister Pranab Mukherjee. Speaking to reporters, he stuck to the Economic Survey’s growth projection of nine per cent (plus or minus 0.25 per cent). Bills on land acquisition, mining and mineral development, food security and the Lokpal are slated for the Parliament monsoon ses-sion that began August 1.

Brace for expensive personaland corporate loans. The Reserve Bank of India has hiked the repo rate, at which it lends to banks, to eight per cent and the short-term borrowing (reverse repo) rate to seven per cent. This is the 11th time since March, 2010, that RBI has raised the interest rate to check inflation, now ruling at over nine per cent. Signalling that the worst is not over, RBI revised its infla-tion projection for March 2012 to 7 per cent from the earlier six per cent. Industry groups are worried that RBI

move will hurt growth. See Page 36

The Securities and Exchange Board of India has proposed new takeover norms. For acquirers, it has raised the mandatory public offer thresh-old trigger to 25 per cent from the earlier 15 per cent. The buyer will have to make a public offer for an-other 26 per cent, if the proposed norms become law. In doing so, SEBI

rejected a proposal from its panel that would have required acquirers to buy all the shares of the target.

Markets Coming Up

14 BUSINESS TODAY August 21 2011

7.33%Food Inflation for the week ended July 16, its lowest level since Febr-uary 2009, as pulses became cheaper. It stood at 7.58 per cent the week before. Still on-ions are at least 20 per cent more costly than they were a year ago; overall vegetable prices stay about 8 per cent higher than they were a year back.

1̀90 Cr Amount collected by SEBI through consent orders, a move for speedy disposal of cases, till March 31.

$2.09 bn Morgan Stanley’s second quarter revenue from fixed income trad-ing, pipping Goldman Sach’s $1.6 billion for the first time. In investment banking, too, the former generated $1.47 billion, compared to $1.45 billion by the latter.

Economy

CHIAROSCURO

With 70 per cent of the globalpopulation expected to live in urban areas by 2050, sharing of water resources will be the next big geopolitical flashpoint. Not just Africa, even large parts of Asia have high levels of water withdrawal relative to available resources.

Air India is really in a squeeze.The national carrier has not paid salaries for two months,and is unlikely to do so for July, say media reports. There are loss-making PSUs and then there are some gems. Turn to page 60.

� US President Barack Obama is fighting the

debt monster with his back to the wall. Faced with strong Republican opposition to a proposed debt ceiling, Obama appeared on television asking his countrymen to pressure Congress-men to avoid a default on international obliga-tions. If all else fails, this will be America’s first-ever default, and down-grading of its AAA credit rating. This would also mean the government not having enough to pay monthly social security checks, veter-ans' benefits and bills relating to contracts with thousands of busi-nesses. Interest rates

would skyrocket on credit cards, mortgages and car loans – in effect, a huge tax hike.

Realty Check: A decision by the Allahabad High Court that land acquired in the Greater Noida region should be returned to farmers has left home buyers there in the lurch. The court has permitted an out-of-court settlement for the home buyers by August 12.

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Water WorryWithdrawal as a percentage of water resources

Source: Citi research

Chiaroscuro -- NEW.indd 2-3 7/29/2011 11:18:31 PM