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Back in 4th century B.C., a philosopher-statesman <keyword id="120638" type="PERSON" weightage="100" keywordseo="chanakya">Chanakya</keyword> a.k.a. Kautilya wrote the first few principles of <a href="http://www.businessinsider.in/searchresult.cms?query=administrative+management">administrative management</a>. Widely regarded as India’s first <a href="http://www.businessinsider.in/searchresult.cms?query=economist">economist</a>, his <a href="http://www.businessinsider.in/searchresult.cms?query=management+theories">management theories</a> guided royalty from times immemorial. 
 Kautilya documented his life’s labour in the <keyword id="146895" type="UNKNOWN" weightage="100" keywordseo="Arthashastra">Arthashastra</keyword>, a list of principles that would ensure sound governance. The book is known more for its contents on <a href="http://www.businessinsider.in/searchresult.cms?query=economy">economy</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=polity">polity</a>, but also contains advice on <a href="http://www.businessinsider.in/searchresult.cms?query=financial+management">financial management</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=administration">administration</a>. While a lot of his management principles have been subject to extensive study, his <keyword id="34454" type="ORGANIZATION" weightage="100" keywordseo="leadership">leadership</keyword> lessons are also more than relevant in today’s society. 
 
Business Insider India unfurls a bounty of Vedic wisdom from Chanakya for modern day managers and administrators. 
 
Image credit: Google Plus

Top 10 Leadership Lessons from
Chanakya

Mumbai, Feb 22 () India has some distance to go in fully shifting from pro-crony to pro-business policies, Chief Economic Adviser Krishnamurthy Subramanian said on Saturday. It will be the pro-business policies that will enable the "invisible hands of the market" and also take the country to the goal of USD 5 trillion GDP, he added. "Pro-business policies are those that enable fair competition in the country. We have some distance to go in terms of enabling that fully. Pro-crony policies on the other hand just help incumbents and that is something that we have to stay away from in enabling the invisible hands of the market," he said at an alumni conference of his alma mater IIT-Kanpur here. Indian policymaking has been criticised for favouring crony capitalists in the initial decades after Independence, till the country shifted gears by adopting liberalisation in 1991. Subramanian said after the CAG's report on telecom spectrum allocations came out in 2011, investor returns from "connected companies", a euphemism for crony firms, have been very low as compared to the broader indices. The problem with cronyism is that it is not better business models and processes which drive the growth, he said, adding that we should always aim for "creative destruction" where the incumbents are challenged. In a critique of the dominant policy choices in the initial decades after Independence, Subramanian said "the tryst with socialism did not deliver the tryst with destiny", referring to first prime minister Jawaharlal Nehru's famous speech when India attained freedom. He also made a strong case for not depending only on recent work in economics to make policy choices and neglecting age-old texts like the Arthashastra. "Scholarly work isn't something that was written in the last 100 years but dates back millennia," he said. The Arthashastra stresses on ethical ways of creating wealth, he said, adding that we need to focus on creating trust in the markets as well. If governance standards have to be increased in the country, there has to be a greater focus on disclosing related-party transactions, the CEA said. The comments come in the wake of frauds like the one at non-bank lender DHFL. The Union Budget's thrust on 'Assemble in India' should not be seen as substitute to the government's flagship 'Make in India' programme, but as a complementary aspect which will act as a precursor to other goals, he said. On the focus on 'Assemble in India', Subramanian cited the case of Suzuki's entry into the country in 1980s and the developments in the auto sector since then to illustrate that simple assembly of parts to make a car is a precursor to manufacturing and also intellectual property creation. Pointing out to the recently released Economic Survey, he said over four crore well-paying jobs can be created in the country by 2025 by focusing on assembling for the world, and the same can go up to eight crore by 2030. Asked about the Budget's thrust on imposing tariffs on certain sectors and how it has been criticised as being protectionist by some, Subramanian said we need to make a distinction between duties that are imposed on finished products against those on raw materials or intermediate goods which hurt exports. "We need to move towards far more open trade policies on intermediate goods and raw materials to enable exports," he told reporters. To a question on external member of the Monetary Policy Committee Chetan Ghate's pitch for more structural reforms, Subramanian said all measures like rate cuts and reforms work with a lag and we should allow time for their benefits to accrue. AA ABMABM

India needs pro-business, not pro-crony policies, says CEA

New Delhi, Jan 31 () The Economic Survey 2019-20 has sourced certain data from Wikipedia, which is not considered as reliable source of information.
 Besides Wikipedia, the Survey has also relied on data from other private sources such as Bloomberg, ICRA, CMIE, Indian Institute of Management (Bengaluru), Forbes and the BSE.
 Wikipedia is a free online encyclopedia, created and edited by volunteers around the world and hosted by the Wikimedia Foundation.
 Other sources from which data have been used include heritage.org, fraserinstitute.org and Ambit Capital.
 Data have also been sourced from International Monetary Fund, World Bank, Reserve Bank of India, Ministry of Corporate Affairs, Insolvency and Bankruptcy Board of India, CIBIL, National Sample Survey Office, Department of Consumer Affairs, United Nations, SIDBI.
 The Survey is also marked by quotes from Shrimad Bhagavad Gita, Rig Veda, Adam Smith's 'An Inquiry into the Nature and Causes of the Wealth of Nations', Kautilya's Arthashastra, and Tamil saint and philosopher Thiruvalluvar's treatise The Thirukural.
 The Economic Survey advocates 10 new ideas that benefit markets as well as the economy. BKS CS HRS

Economic Survey sources data from Wikipedia, other private entities

New Delhi, Nov 18 () Better statistical information and innovative tools will help minimise the damage of climate change on the farm sector, billionaire philanthropist and Microsoft co-founder Bill Gates on Monday said.
 As the effects of climate change on smallholder farmers will increase in future, there is an opportunity for engaging with the private sector in the field of agriculture and play an important role in boosting the crop yields, he said.
 "At a time when we have to increase productivity, climate change is making it far difficult. Understanding how the changing weather is affecting our crops and productivity and how we can adapt to that -- requires best work in agriculture statistics including use of new tools," Gates said in his keynote address at the 8th global conference on agri-statistics here.
 Referring to India's soil health card, he said the soil quality data helps farmers determine what fertilisers to use. However, there are opportunities to add additional data to the existing one and make a detailed soil mapping.
 "Better soil, better information and better statistics will help minimise the damage of climate change," he added.
 Gates, who is also co-chair in the Bill &amp; Melinda Gates Foundation, further said since the issue of climate change is "complicated", different interventions are required to be taken including developing new variety of seeds and their distribution to farmers.
 There is an opportunity to engage with the private sector in agriculture, as there is a need to make available the innovative models and products to the farmers for tackling the challenge of climate change, he added.
 Noting that smallholder farmers are most affected by the climate change across the world, Gates said these farmers are very poor and their children suffer from malnutrition, especially stunting issues.
 "One drought and one flood is enough to wipe out any savings of their family. The intensity and frequency of both drought and flood is going to change. The effects of climate change will increase," he said adding that this is also an issue in India.
 Inaugurating the event, Agriculture Minister Narendra Singh Tomar said, "India is an agriculture-based economy. The government depends on data for policy making."
 He also said the subject of statistics and probabilistic ideas in India seem to be of ancient origin in India.
 The treatise Arthashastra by Kautilya during the Mauryan period had a detailed description of the system of data collection related to agricultural, population and economic censuses in villages and towns during the period, he said.
 A four-day global conference is being organised by the agriculture ministry in partnership with the United Nation's FAO, the US Department of Agriculture, the World Bank, the Bill &amp; Melinda Gates Foundation and other agencies. LUX HRS

Better agri data to help tackle climate change challenges: Bill Gates

<ul><li>The Economic Survey 2018-19 highlights how technology has helped the Indian government plug leaks in the country's '<keyword id="7286241" type="UNKNOWN" weightage="20" keywordseo="food-for-work">food for work</keyword>' programme -- the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).</li><li>It attributes the programs success to the JAM trinity of Jan Dhan, <keyword id="144117" type="ORGANIZATION" weightage="20" keywordseo="AADHAAR">Aadhaar</keyword>, and mobile payments.</li><li>The National Electronic Fund Management System (NeFMS) also also helped the government keep a more accurate account of which workers are on the payroll and if they're actually showing up for work.</li></ul>The origins of ‘food for work’ programs trace back to Kautilya’s Arthashastra — a Indian documents on statecraft, economic policy and military strategy. John Keynes, who popularised the theory, was still a century behind Nawab Asaf-ud-Daula who already had a ‘food for work’ program working in Lucknow when famine struck in 1784. In today’s day and age, India’s Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is using technology to streamline the national ‘food for work’ scheme to bring financial and economic inclusion. The JAM trinity — Jan Dhan, Aadhaar, and mobile payments — has eased the validation of beneficiaries and the process for releasing funds, according to Economic Survey 2018-19. Wages directly to the people Since it’s induction in 2005, the programme was riddled with issues. But, applying Direct Benefit Transfer (DBT) and Aadhaar-linked Payments (ALP), the Indian government has been striving to reduce delays in the payment of wages, curb corruption and political interference, and plug up any leakages in the system. As a workforce programme, MGNREGA’s mandate is to alleviate distress and ensure payments happen in a timely manner. Before DBT, wages were transferred into panchayat bank accounts and most of the workers had to collect their wages from the gram panchayat office. And, in order for DBT to work — the workers needed bank accounts. That’s when the Pradhan Mantri Jan Dhan Yojana (PMJDY) was implemented to bring about universal access to banking facilities. The Economic Survey 2018-19 highlights that before the implementation of ALP and DBT, there used to be an average lag of 90 days before wage payments for recieved. After their implementation, that lag has been cut down one-third from 35% to less than 10%. Culling out the ‘ghosts’ in the system Bringing in <keyword id="7829443" type="UNKNOWN" weightage="20" keywordseo="aadhaar-linked-payments">Aadhaar linked payments</keyword> ensured that the government would not be funding any ‘ghost’ beneficiaries. The National Electronic Fund Management System (NeFMS), implemented in 2016 and currently functional in 24 states, bolsters that effort by providing a real time database of wages being credited into bank or post office accounts by the central government. NREGAsoft, a local language workflow based e-governance system, looks at registration and muster rolls, a form of attendance register signed by workers to check false reporting of numbers. The service isn’t available to the public but does make it easier for the government to keep track of who is employed under the scheme and whether they are actually showing up for work. The government’s also held accountable of its actions with the use of mobile apps like Gram Samvaad Mobile App and JanMnRega were rural workers have direct access to information and can give their own feedback on how the system is working. The supply demand gap Since the government now access to data, the Economic Survey 2018-19 asserts that it will be able to implement MGNREGA more effectively by pushing government officials to provide more jobs in distressed areas. This should help bridge the demand supply gap between jobs available and the enlisted worker by using data provide jobs where there is more demand for them and vice versa. The survey also highlights how the vulnerable sections of the society — women, scheduled class, and scheduled tribes — have increased their participation in the program during times of distress. Going forward, the government wants to expand the number of jobs available to workers under the scheme, upskill the workers it has enlisted, expand the use of JAM, and use digital infrastructure to expand MGNERA beyond wages to also offer micro-insurance, micro-pensions and micro-credit to the underserved sections of society.

Technology plugged the leaks in India’s ₹60,000 crore rural employment guarantee scheme

In a bid to reduce the demand for gold in the country, <a href="http://www.businessinsider.in/Narendra-Modi-just-launched-a-Rs-1000cr-fund-thatslike-a-dream-come-true-for-all-engineers-and-innovators/articleshow/49669244.cms">Prime Minister Narendra Modi</a> has launched three new schemes--- Gold Monetisation Scheme(GMS), Sovereign Gold Bond Scheme and Gold Coin and Bullion Scheme. 
	 While under GMS depositors will get 2.5% interest, under the Sovereign Gold Bond Scheme, people will earn 2.75% interest on depositing their gold. Besides these schemes, <keyword id="2238662" type="UNKNOWN" weightage="20" keywordseo="PM-Modi">PM Modi</keyword> also launched gold coin and bullion which bears the national emblem Ashok Chakra and Mahatma Gandhi on either sides of the coin. The coins will be available in denominations of 5 and 10 grams. 
	 
	Encouraging people to deposit their gold under these schemes, PM Modi said, “People should take advantage of the golden opportunity to help India march to a golden period.” 
	 
	While announcing these schemes, PM Modi noted that <a href="http://www.businessinsider.in/50-new-airports-coming-up-in-India-in-thenext-10-yrs/articleshow/49673619.cms">India</a> has been the largest buyer of gold followed by China and has also purchased 562 tonnes of the metal as against China's 548 tonnes. 
	 
	Taking a pun at <a href="http://www.businessinsider.in/Heres-how-RBIs-Raghuram-Rajan-managed-to-save-the-economy-with-his-50-basis-point-cut/articleshow/49152582.cms">RBI governor Raghuram Rajan</a>, PM Modi noted that India’s tradition can boast of savings and empowering women with gold. He added that even the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> governor Rajan will have to understand the difference between arthashastra (economics) and grahshastra (home economics). 
	 
	It should be noted that at present India imports around 1,000 tonnes of gold every year, thus putting immense pressure on the country’s forex reserves. PM Modi explained that these schemes could bring down the country’s dependence on the international market for gold, thus reducing the import bill substantially.

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Top 10 Leadership Lessons from Chanakya

Saikat Pyne

India needs pro-business, not pro-crony policies, says CEA

PTI

Economic Survey sources data from Wikipedia, other private entities

PTI

Better agri data to help tackle climate change challenges: Bill Gates

PTI

Technology plugged the leaks in India’s ₹60,000 crore rural employment guarantee scheme

Prabhjote Gill

Narendra Modi’s ‘Golden’ gift to India on Diwali

BI India Bureau

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