Category: Kharcha paani

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Kharcha paani

Mumbai, Navi Mumbai, Thane on Smart Cities list

Maharashtra Government announces 10 cities from State on the country’s list, allots Rs 100 crore per city for the initiative.
by The Editors | editor@themetrognome.in

On the last day of the Monsoon Session of the State Legislature Friday, July 31, the State Government announced the names of Maharashtra’s 10 Smart Cities to be set up in the next 5 years. Mumbai, Thane and Navi Mumbai are on the list, apart from Pune-Pimpri-Chinchwad, Kalyan-Dombivali, Amravati, Nashik, Solapur, Nagpur and Aurangabad.

The Smart Cities initiative envisages the setting up of, or creating, 100 Smart Cities in India. It aims at upgrading existing infrastructure, using technology to improve processes and quality of life, and ensure progress of each city so that more investment is attracted. The bigger plan is to create satellite cities around each Smart City to absorb rising population and set up new industrial and commercial districts.

The Centre has set aside a corpus of Rs 48,000 crore for this purpose. The plan is to spend Rs 100 crore each year in a phase-wise manner per city. An equal sum of money will be set aside by each State in the country.

‘Special Purpose Vehicles’ are to be set up in each city to monitor the progress of work, as also a Smart Cities Experts Forum to chart out a roadmap for the initiative in each State.

(Picture courtesy computer.financialexpress.com. Image used for representational purpose only)

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Learn

Turtles on silk: Original Jatin Das serigraphs unsold

The noted artist donated his depiction of Olive Ridley turtles as Vishnu’s ‘Kurma’ avatar in 2010, many serigraphs unsold yet.
by The Editors | editor@themetrognome.in

Every year, Olive Ridley turtles turn up at Odisha for mass nesting. This is a sight too wonderful for words, and it always invites artistes and photographers to capture the image for eternity.

In 2010, however, noted artist Jatin Das made a visit to Rushikulya in Odisha during the mass nesting season, and inspired by the sight, made a special serigraph (art on a silk screen) depicting the Olive Ridley turtle as Vishnu in his ‘Kurma’ avatar. The serigraph was given as a donation to the Dakshin Foundation in a series of 500. Numbered and signed serigraphs are normally quite expensive, but this special edition sells at Rs 10,000 each to forward the cause of marine conservation. The unsigned serigraphs are sold at Rs 1,000 each. However, several of the serigraphs are still unsold.

In an email interview with The Metrognome, the Dakshin Foundation’s Dr Karthik Shanker and Murali M explained the concept of the serigraphs and why the artwork is important. Excerpts:

How was this project conceived?

Dakshin Foundation and the International Sea Turtle Society (ISTS) approached Jatin Das with the prospect of making an artwork for the occasion of the 30th annual Sea Turtle Symposium in Goa in 2010. This was in keeping with the tradition of creating a special memento for the Symposium which is held at a different location each year. The 30th Symposium was held in Asia for the first time and was co-hosted by Dakshin Foundation and the ISTS.

How did you get artist Jatin Das on board?

Turtle_Kachua Serigraph by Jatin Das(Unsigned)Jatin Das was contacted with the proposal and invited to Dakshin Foundation’s field station in Odisha to witness the mass nesting of Olive Ridley turtles, a grand phenomenon also known as an arribada (Spanish for ‘arrival’). Of the seven surviving species of sea turtles, only two species of Ridleys (Olive and Kemp’s) nest simultaneously in large numbers on specific beaches. Jatin Das himself was born in Odisha. On witnessing this unique event in 2010, he created the serigraph depicting the Olive Ridley as the ‘Kurma’ avatar of Vishnu.

Are there many artists working with serigraphs today?

As per our information, not many artists work on serigraphs. However, some very prominent artists such as Pablo Picasso, Henri Matisse, Andy Warhol, MF Husain, FN Souza and SH Raza have brought out serigraphs. Serigraphy is a versatile, elaborate and intricate technique. As the Saffronart blog puts it, ‘serigraphs are a great way for art lovers and art investors to start collecting, because they cost a fraction of the price of the paintings or other works of renowned artists’. Also, limited edition and signed serigraphs are a good investment as their value increases over time.

What is the current status of the project?
The project was completed in 2010 itself, albeit a couple of days after the Symposium ended. Hence, the serigraphs were not sold out.

How many serigraphs have been sold yet?
Not many serigraphs have been sold. We are still in possession of 500 signed serigraphs and 60 unsigned ones.

What are you doing to spread awareness about the project, and about Olive Ridley turtles in general?
We have a dedicated outreach and awareness programme as part of the Sea Turtle project. Direct efforts include publication and distribution of various posters, books and manuals to schoolchildren, forest departments and a network of NGO partners working on sea turtles and coastal conservation (Turtle Action Group).

To buy the special edition Jatin Das serigraphs depicting Olive Ridley turtles, contact Dr Shanker at kshanker@ces.iisc.ernet.in or call Dakshin Foundation at +91 80 42113509.

(Featured image courtesy www.greenpeace.org. Serigraph image courtesy Dakshin Foundation)
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Kharcha paani

Don’t take a loan to repay a loan

The worst mistake you can make is borrowing money to pay off a loan – a recipe for financial disaster.
by Reyna Mathur

Amit Sethi (name changed) was a happily married businessman in Mumbai, with a small but profitable business. He and his homemaker wife wanted to start a family two years after marriage, but he felt that they should have a permanent home before the children arrived. “I bought a 1 BHK that was close to my office. It was an expensive house and I took a home loan, apart from borrowing money from some friends and relatives.”

The couple moved into their new home and things were wonderful for a while. Then Amit lost a big contract that he had hoped to continue, and suddenly money became an issue. “That contract gave me Rs 2,50,000 a month, which took care of my Rs 65,000 monthly EMI and household expenses comfortably. For a while, I made do with smaller sums of money coming from other quarters, but for two whole years, I did not get a single big contract. Repayment of all the borrowed money became a big issue.”

To tide over the crisis, Amit took a fatal step – he borrowed more money from the market to repay the older loans. To this day, Amit is caught in a never-ending circle of loan repayment and has a big financial crisis on his hands. He sold his house and moved back into a rental accommodation. “My wife sold her jewellery, I even borrowed money from her brother. Now I owe more than Rs 30 lakh in loans and business is sporadically trickling in.”

It’s a trap

LoanAccumulating loans is the worst financial mistake you can make, which can drag you and your family into the deepest recesses of failure. Unfortunately, the pressures this mistakes brings prompts the person to make even bigger mistakes.

Some people respond to the crisis by selling off all their assets to raise immediate capital. This makes sense at the time, but in the long run, they are left with no assets to build on in the future. Imagine, if you sold off your house to pay back your loans, you will be faced with having to raise capital for a new house.

Other ways people adopt are to cashed in on their life insurance policies. They take a loan against the policy to pay off urgent business debts, but this step immediately sets two things in motion – a fresh loan is added to the list, and you also have to pay regular interest on the borrowed principal amount.

What can you do?

When borrowing money from private sources, take smaller amounts from a wide circle of friends and relatives. Instead of borrowing Rs 5,00,000 from one source, break down the amount into smaller amounts such as Rs 1,00,000, Rs 50,000, Rs 30,000, Rs 20,000 and Rs 10,000. Make a list of people who will loan you small amounts of Rs 30,000 to Rs 10,000 and approach them first. They will be willing to loan you these amounts instead of larger amounts, and repaying these small sums will be easier for you, too. Then approach trusted friends and relatives who will loan you the larger sums, and commit to repaying them in a certain time frame. Make sure you approach people who will be prepared to wait for the money and not hound you every week.

People in debt also compound their own misery by purchasing multiple credit cards to pay off the outstanding dues on older credit cards. The simplest way is to try and pay off all outstanding dues, then surrender all credit cards. Instead, maintain a debit card which puts a cap on your spending.

Don’t take a huge home or vehicle loan, where the monthly EMI will take away most of your pay packet. The mistake people make is in paying for their homes entirely from bank-borrowed money. Instead, raise enough capital from personal and private sources, and borrow only the remaining amount from the bank. Remember, your private sources will only fight with you over repayment, but the bank will seize your house.

(Pictures courtesy www.engineeryourfinances.com, www.switchme.in. Images are used for representational purpose only)

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10 things to know about Yakub Memon

This chartered accountant will be the first to be executed among those accused for the 1993 serial bombings in Bombay.
by The Editors | editor@themetrognome.in

The country is currently discussing the upcoming execution by hanging of Yakub Memon (52), one of the many accused in the horrific 1993 bomb blasts of Bombay. A Mumbai resident, Yakub is a chartered accountant by qualification, and has been lodged in lodged for the last 21 years.

But who is this man, and why is his execution so significant? Here are 10 pointers on his involvement in the case.

1. Yakub is the younger brother of underworld don Tiger Memon. They grew up with their family in Byculla, Mumbai, in a largely Muslim neighbourhood. Tiger later shifted to Mahim with his family. The Memons were known to be hospitable and generous, often inviting everyone for family celebrations.

2. Yakub studied chartered accountancy from the Institute of Chartered Accountants of India, Mumbai. He completed his course in 1990. Previously, he studied for M.Com at Burhani College of Commerce and Arts.

Yakub Memon3. He was arrested from New Delhi in 1994, though he has maintained all along that he and his wife surrendered to the police instead of fleeing the country. His confession about the 1993 blasts and the roles of everyone concerned was compiled into a thick dossier that laid out the entire conspiracy with names and timelines. He admitted that the plot was masterminded by his brother Tiger, who has since fled the country and is said to be living in Pakistan and UAE.

4. Handsome and articulate, Yakub was the obvious choice for his role as bookkeeper and back end planner for the 1993 blasts operation. He confessed to keeping a track of expenses, arranging for funds, ensuring money reached the handlers, and also arranged for some of the vehicles used in the bombing.

5. Judge PD Kode, who presided over the 1993 bombings trial at the TADA Court, held Yakub guilty on four charges: Criminal conspiracy, Aiding and abetting and facilitating in a terrorist act, Illegal possession and transportation of arms and ammuntion, Possessing explosives with intent to endanger lives.

6. While in prison, Yakub added to his educational qualifications with two Masters degrees – one for English literature and the other for Political Science – from Indira Gandhi National Open University (IGNOU).

7. Yakub’s lawyers previously argued for leniency in his case, citing schizophrenic tendencies in their client. However, this appeal was later dismissed by the court.

8. In all, Yakub has filed three appeals for clemency in the matter. After the third was rejected by the Supreme Court of India, the Court upheld the Government of Maharashtra’s demand for Yakub’s execution.

9. Jab We Met and Highway director Imtiaz Ali played Yakub Memon in director Anurag Kashyap’s critically acclaimed film Black Friday, which was based on the 1993 serial bombings.

10. Yakub will turn 53 on July 30, 2015, the day of his execution by hanging. He will be hanged at Nagpur Central Jail.

(Pictures courtesy www.talaippu.tk, www.ndtv.com)

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Trends

The mistakes of a start-up owner

Where every second person is the owner of a ‘start up’, business owners would fare better after changing their mindset.
by Reyna Mathur

Are you an entrepreneur with a fresh start up company just waiting (or struggling) to get off its feet? After the first heady rush of getting your ideas into action, securing funding for your venture, even getting a partner or two on board, buying or renting an office premises and hiring a certain number of staff members, it is time to ask – Now what?

Why do so many start-ups fail?

Most start-ups are born for a reason, fuelled by a passionate dream. They even find financial backing from partners who are as invested in that start up’s vision as the founder himself. And yet, once the first few days, then weeks, then months roll by, several start-ups fall by the wayside. Several shut down after the first year of operations, others scale down considerably, while still others cut their losses and sell. Many others continue to struggle, before finally giving up in the face of mounting losses.

1. Allowing the dream to die. “The thing to remember is that whatever happens, closing down is not an option,” says Manali Sengupta (34), who founded an online cooking class a few years ago. She is now based in the US. “What most people do is spend a lot of time gathering their resources for a year, maybe two years. What they don’t spend enough time is on internalising their vision, making it so powerful that even in times of obstacle, their dream should pull them through. A friend of mine also started a similar venture like mine, but she gave it up in a few months because she couldn’t find many interested takers.”

It is said that those who let their dreams die do not dream hard enough. The trick is to pull on and motivate yourself to push ahead, especially on the bad days.

2. Not doing market research. What may seem like a great idea to you might have already been implemented by somebody else. Take the time to study the potential market and the need for your business in it. If there are 10 people already doing the same thing that you are doing, you need to ask yourself if following on their footsteps is the right way to go. You might have to tweak your idea to come up with a better solution than your competition.

Studying your market with an expert and then floating the idea to people you trust will help you get initial feedback which is most crucial for any start up.

3. Not being innovative. Again, this deals with not thinking through your business objective enough, but we’re going to go a step ahead and explore the possibility where a person owns a start up with a great idea but whose mode of operations is about 20 years old. “A student of mine started a small news website two years ago,” says Geetha Sukumar, a media professional from Chennai. “She worked very hard at it, but she ran it like she would run a print publication. Very soon she began to struggle because she was not able to attract ad revenue to it. I advised her to reassess the medium she was dabbling in – digital is an instant medium, so you cannot give delayed updates. She quickly regrouped and now she owns five other web platforms.”

4. Trying to reinvent the wheel. In a world where zany ideas are being pitched by the second, it is next to impossible to create a concept or product which may be an actual new invention. It is sometimes enough to just give a new spin on a contemporary idea – instead of reinventing the wheel, it is sometimes sufficient to let the wheel assume a new avatar which others have not thought of before. Take the case of two Mumbai-based sisters who came up with a blanket that protects the wearer from mosquitoes. Instead of spending months in researching and trying to come up with skin creams or products to kill mosquitoes at their breeding sites, they simply understood that humans are at their most vulnerable when they are asleep – and hence created a protective layer against dengue and malaria-causing mosquitoes. Today, their patented blanket is being sold in large numbers and they have orders from all over the country.

5. Trying to make money from Day 1. Any good businessperson will tell you that a new venture takes a minimum of two years to make good money, and a further three years to stabilise. Sure, you may start making money in the first few months, but remember that each period of monetary gain is followed by a plateauing of creativity and funds. Only perseverance and more hard work can help you tide over these bad phases.

(Picture courtesy www.theocmx.com. Image is used for representational purpose only)

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Kharcha paani

6 ways to make a sale

Making a sale is not difficult if you follow certain rules and have good people skills. Follow these 6 steps.
by The Editors | editor@themetrognome.in

The first time you are called upon to sell a product or a service is surely the most daunting one. It is often said that marketing and sales requires a certain kind of work ethic and mindset – either you have them or you don’t. It is a difficult niche to crack in any business, and it requires perseverance and a never-say-die attitude.

However, though most of us are not natural salespeople, there may be a point in our professional lives when we may have to try and sell an idea, a product or a service. It is wise to hire a professional to do this task for you if you are not up to it, however, in the absence of outside help, you may have to do it yourself. Though initially difficult, you can soon get the hang of the process if you follow a few ground rules:

1. Do your research. Find out all you can about the person or business you are approaching with your sales pitch. You must know how big their company is, what are the goods and services they deal with, and the projects they normally associate with. Then step back and analyse what you are trying to offer that company or individual. Ask yourself: if I was in their place, would I be interested in associating with this idea? After doing this, find out the details of the person you will be meeting at that company, and make sure to get his or her name right.

Making a sale2. Prepare a good presentation. This is a tricky one, and your final product will depend largely on how the company prefers to get information. Find out if the company only looks at PowerPoint presentations, or if they are open to reading information from a compiled document as you speak. Some offices ask for audio-visual presentations, so you can make a short creative film to get your point across. The essential thing is to gather and put together all the relevant data in one file or dossier so that the company has all the information it needs in one place. Then you can think of presenting it cleanly and in a way that gets their interest.

3. Be on time for meetings. A sales job requires you to travel to several offices, so you will have to master the knack of winding up earlier meetings and reaching the next one right on time. It is tacky to reach a meeting late, especially if you have requested it. Unless there are extenuating circumstances, like an accident or a terror attack or a transport strike, you have no good excuse to be late for a meeting. When you walk in, make sure you are not sweaty and your face is fresh. Keep a sanitiser in your bag because you will need to shake hands before the meeting starts, and nobody wants to shake an unclean hand.

4. Be polite, firm and confident. Your manner while speaking to a potential client goes a long way in cementing the deal. When making your presentation, be polite, put your point across with as little speech as possible, invite the client to ask as many questions as they want to, and field each query with confidence. Do not ever use the phrase “I am not sure of this” or “I have not thought of the point you are raising” because it just tells the client that your concept and pitch is half-baked. Take some time to rehearse your pitch at home, or hold a mock presentation for your boss or staff and invite suggestions. The better you perfect this step, the more effective your presentation will be.

5. Be consistent, not persistent. You should have enough acumen to gauge in the first meeting if the client is interested in pursuing the idea further or not. You have to set the bar on how much room for negotiation you will allow, and stick to it. When you sense that the company is open to discussing further, set a date for the next meeting at once. Ideally, ask for a meeting not later than three days after the last one, so that the client does not lose interest in the project. When you ask for follow up meetings or make a telephone call to find out what the company is deliberating, don’t grovel or plead to be considered. Also, don’t hound them with emails and calls every single day. Allow them time to revert to you.

6. Be prepared for a long slog. Making a sale is not easy for one primary reason: you are asking an individual or corporation to part with money. Any monetary decision, big or small, takes time to reach a successful conclusion. Be patient and prepared to have a series of meetings to try and convince them that they will gain from associating with you. If it is your first project, be prepared to slash your prices drastically. You might even face a situation where the deal is struck off at the last minute. Don’t take it personally; they are not rejecting you, they simply don’t see the merit of your idea or probably don’t have the wherewithal to come on board. You can approach them with another pitch in the future.

(Pictures courtesy mashable.com, www.thepersonaldevelopmentcompany.com. Images are used for representational purpose only)

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