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The <keyword id="19901179" type="General" weightage="20" keywordseo="international-cricket-council" source="keywords">International Cricket Council</keyword> (<keyword id="19901177" type="General" weightage="20" keywordseo="ICC" source="keywords">ICC</keyword>) is mulling a dedicated fund of at least USD 15 million for <keyword id="19935483" type="General" weightage="100" keywordseo="Test-cricket" source="keywords">Test cricket</keyword> that will help increase the players' match fee and address the migration of talent to lucrative <keyword id="22888428" type="General" weightage="20" keywordseo="T20-franchise-leagues" source="keywords">T20 franchise leagues</keyword>. The initiative, which was was proposed by <keyword id="19897940" type="General" weightage="20" keywordseo="Cricket-Australia" source="keywords">Cricket Australia</keyword> (CA), has the support of <keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="261" meta.entityid="BCCI">BCCI</keyword> Secretary <keyword id="19930802" type="General" weightage="20" keywordseo="jay-shah" source="keywords">Jay Shah</keyword>, who is the front-runner to become the next ICC Chairman, and the <keyword id="20312896" type="General" weightage="20" keywordseo="England-and-Wales-Cricket-Board" source="keywords">England and Wales Cricket Board</keyword> (ECB), a report in 'The Sydney Morning Herald' stated. The fund would increase the minimum match payment for Test players and cover the cost of sending teams on overseas tours. It would support national boards like the West Indies that currently struggle to compete with the wages offered in global T20 competitions. "The fund would ensure a minimum Test payment for all players, thought to be USD 10,000, and pay the costs of overseas tours for struggling countries," the report stated. "It's fantastic to see some momentum behind the Test match fund," CA chairman <keyword id="21076759" type="General" weightage="20" keywordseo="mike-baird" source="keywords">Mike Baird</keyword>, who floated the concept in January, said. "We need to take away the barriers and encourage Test cricket to be the best of the best. To retain that history and that legacy, which goes alongside the newer forms of white ball cricket," he added. The fund is unlikely to benefit the three wealthiest cricket nations — India, Australia, and England — since they already offer substantial salaries to their players. However, how much money is available for Test cricket from the ICC is also likely to depend on a dispute with broadcaster Star, the report added. The Star network wants to renegotiate a 2022 broadcast deal with the ICC and reduce its value to half of the original cost of over USD three billion. The BCCI had introduced an incentive scheme for India's men's Test cricketers earlier this year to encourage players to prioritise Test cricket and reward consistent performances in the longest format of the game. Under the new scheme, a player who plays at least 75 per cent of India's Test matches in its annual cycle, from October to September, will earn a whopping Rs 45 lakh per match in addition to the Test match fees of Rs 15 lakh. The players who feature in the 50-75 per cent games bracket will earn a bonus of Rs 30 lakh per match. The non-playing members — if selected in the squad — will be paid half the amount.

ICC planning multi-million dollar fund to save Test cricket: Report

The <keyword id="19994390" type="General" weightage="20" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Saturday decided to tweak <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> on items, including accommodation services for students and solar cookers, and took a host of taxpayer-friendly measures including waiver of interest and penalty for demand notices issued in the first three years of <keyword id="6354679" type="General" weightage="100" keywordseo="GST" source="Orion">GST</keyword> rollout. Briefing reporters after the 53rd <keyword id="3680839" type="General" weightage="20" keywordseo="GST-Council-meeting" source="Orion">GST Council meeting</keyword>, Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="Orion">Nirmala Sitharaman</keyword> said the Council has recommended to roll-out the biometric-based <keyword id="20433416" type="General" weightage="20" keywordseo="Aadhaar-authentication" source="keywords">Aadhaar authentication</keyword> of registration applicants on pan-India basis in a phased manner. This will help check fraudulent registration done to avail input tax credit and evade taxes. To reduce litigation, the Council decided to fix a monetary limit for tax officers to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively. It also recommended reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under Goods and Services Tax (GST). The maximum amount of pre-deposit for filing appeal with the appellate authority has been reduced from Rs 25 crore CGST and SGST each to Rs 20 crores CGST and SGST each. This will help ease cash flow and working capital blockage for the taxpayers. "The 53rd GST Council meeting has taken a number of decisions on trade facilitation, easing compliance burden and giving relief to taxpayers in terms of easing compliance," Sitharaman said. The Minister said the next meeting of the GST Council will be held in August in which the Group of Ministers (GoM) on GST rate rationalisation under Bihar Deputy Chief Minister Sumant Chaudhary, will give a presentation on the status of the work and aspects covered by the panel and work pending before the panel. "What was decided in the Council is, when we meet in the next GST Council meeting we will start a discussion on rate rationalisation... There will be a presentation by the GoM irrespective of whether the report is draft... and then Council will start the discussion on rate rationalisation in the next meeting in August," Sitharaman said. The GST Council on Saturday recommended to exempt Accommodation Services of up to Rs 20,000 per person per month from GST. This is subject to the condition that these services are supplied for a minimum continuous period of 90 days. "It's primarily meant for students," Sitharaman said. In a taxpayer friendly move, the Council has decided to waive interest and penalties for demand notices issued under Section 73 of the CGST Act (for cases not involving fraud, suppression or wilful misstatement) for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid by March 31, 2025. GST, which subsumed 17 local taxes and cesses, was rolled out on July 1, 2017. With its introduction, prices of various products and services used by masses have moderated. As per the CBIC data, mobile phones and many household items including TV, refrigerator, washing machine and AC have become cheaper post GST. It has reduced burden on household income and improved affordability. The Council also decided to refer the standing committee's recommendation to exempt GST on fertiliser and cut rates on raw materials to the GoM on rate rationalisation. Currently, GST is levied at 5 per cent on fertilisers, while its raw materials like sulphuric acid and ammonia face 18 per cent tax. Also the Tax Collected at Source (TCS) rate for e-commerce suppliers has been cut from present 1 per cent to 0.5 per cent, which will ease the financial burden on the suppliers making supplies through E-commerce platform. Besides, services provided by Indian Railways to the general public, namely, sale of platform tickets, facility of retiring rooms/waiting rooms, cloak room services and battery-operated car services as well as intra-railway transactions would be exempt from GST. GST Council has prescribed a uniform rate of 12 per cent on all milk cans meaning steel, iron, aluminum which are irrespective of the use. The Council also recommended a uniform GST rate of 12 per cent on all carton boxes and cases of both corrugated and non-corrugated paper or paper board, which in particular, help the apple growers of Himachal Pradesh and Jammu &amp; Kashmir. All types of Sprinklers, including fire water sprinklers, will attract 12 per cent GST. Solar Cookers, whether it has a single or dual energy source, too will attract a 12 per cent tax. The Council also decided that GST anti-profiteering provisions will have a sunset date of April 1, 2025. Current cases and investigations with regard to profiteering complaints will be handled by the Principal bench of GST Appellate Tribunal (GSTAT), instead of the Competition Commission of India (CCI). Also, the time limit to avail input tax credit w.r.t. any invoice or debit note through any GSTR 3B return filed up to November 30, 2021 for FY 2017-18, 2018-19, 2019-20 and 2020-21, has been fixed at November 30, 2021. Sitharaman said less than two per cent of the total 58.62 lakh taxpayers under Central GST administration has been sent tax notices and the intention of the government is to make GST assessees life easier by reducing compliance requirements. "I want to reassure the assessees that our intent is to make GST assessees life easier, we are working towards less and less compliance. On behalf of the CGST, notices are not being sent left, right and centre. Only 1.96 per cent of all active tax assessees have been sent notices from Central GST," Sitharaman said.

GST Council tweaks tax rates; Waives interest, penalty on tax dues for first 3 years of rollout

India <keyword id="20147279" type="General" weightage="20" keywordseo="head-coach" source="keywords">head coach</keyword> <keyword id="19923639" type="General" weightage="20" keywordseo="Rahul-Dravid" source="keywords">Rahul Dravid</keyword> will have to reapply if he wishes to continue in the job after his tenure ends with next month's <keyword id="19921630" type="General" weightage="20" keywordseo="T20-World-Cup" source="keywords">T20 World Cup</keyword>, <keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="261" meta.entityid="BCCI">BCCI</keyword> Secretary <keyword id="19930802" type="General" weightage="20" keywordseo="Jay-Shah" source="keywords">Jay Shah</keyword> has said while making it clear that the new appointment will be for a three-year term. Dravid, who had a two-year contract originally, was given an extension along with his support staff after the conclusion of the 50-overs World Cup in November last year. "We will call for applications in the next few days. Rahul Dravid's tenure is coming to an end. He has to reapply if he has to continue. We are looking for a long-term coach, for three years," Shah told select media during an interaction at the BCCI office here on Thursday. The BCCI secretary said there has been no precedent of having different coaches for different formats but ultimately the decision rests with the Cricket Advisory Committee. The CAC comprises Jatin Paranjape, Ashok Malhotra and Sulakshana Naik. "There is no precedent of different coaches for different format in Indian cricket. Besides, we have a number of players who are all-format players. There are many common players across formats such as Rishabh Pant, Virat Kohli and Rohit Sharma," he said. "Ultimately, this is the Cricket Advisory Committee's call. I have to implement what they decide," he added. Shah said even a foreign coach can be considered depending on the CAC's recommendations. "If the CAC selects a foreign coach, I can't interfere," he added. The BCCI secretary informed that the vacant post of one national selector is expected to be filled up soon. "A few interviews for the selector's post have already happened. We will announce it soon," he said. Greg Barclay's role as the chairman of the <keyword id="19901179" type="General" weightage="20" keywordseo="International-Cricket-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="International Cricket Council" meta.hostid="261" meta.entityid="International Cricket Council">International Cricket Council</keyword> ends later this year but Shah remained non-committal on running for the position. "Let me be here in BCCI. Let there be speculation. But let me be here (in the BCCI). Am I not doing a good job?" he asked. "India sending experienced team for T20 World Cup" Shah said India are sending an experienced team to the T20 World Cup owing to the fact that conditions in the USA are unknown. "The team is leaving in two batches, those who will be free before (the playoffs) will leave on May 24. The rest of them will leave after the final," he said. "We have an experienced team; a better team couldn't have been selected. We have selected the best 15 players possible. We have a batting line up till Nos. 8 and 9. We have selected experienced players who can play in all conditions," he added. Shah rejected the talk that India, England and Australia are in talks to revive the franchise-based competition Champions League T20. Cricket Victoria CEO Nick Cummins had claimed in a media interaction here last month that the three boards are in talks to revive the competition. "The Cricket Victoria CEO has not spoken to me about this. No such discussions are taking place. I would have told you had I been a part of any talks," Shah said. He also said the ICC has not approached BCCI on the topic of creating windows for country-based T20 leagues. "That is ICC's prerogative. It is a fact that the ICC is not touching the IPL. In fact, they have given it a two-and-a-half month window instead of just about two months, we are grateful to the ICC for that," he said. Shah said the board will speak to the ICC about hosting the World Test Championship final at a different venue from 2027. The first two editions of Test cricket's summit clash have been organised in England, including the one for the current 2023-25 cycle. "We have spoken about the ICC for 2027. There are only three main Test centres, India, England and Australia. You cannot hold it in Australia during that window or even in India. Even in Bengaluru, it rains during that time," he said. 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Rahul Dravid will have to reapply if he wants to continue as head coach after June: Jay Shah

The <keyword id="46227" type="General" weightage="20" keywordseo="International-Cricket-Council" source="Orion">International Cricket Council</keyword> (<keyword id="6355164" type="General" weightage="20" keywordseo="ICC" source="Orion">ICC</keyword>) chairman and CEO are in Lahore to seek guarantees from the <keyword id="6355595" type="General" weightage="20" keywordseo="PCB" source="Orion">PCB</keyword> that it will not push for implementing a hybrid model for its matches in the ODI World Cup in India later this year. Insiders confirmed to PTI that ICC chairman Greg Barclay and CEO Geoff Allardice have specifically come to Lahore to get some assurances from the <keyword id="43712" type="General" weightage="20" keywordseo="Pakistan-Cricket-Board" source="Orion">Pakistan Cricket Board</keyword> on the national team's participation in the World Cup in October-November. The development comes after PCB chief Najam Sethi made it clear that the team will not travel for the World Cup in India if the Rohit Sharma led side doesn't visit Pakistan for the preceding Asia Cup. “The ICC and World Cup hosts, the Board of Control for Cricket in India (BCCI) are concerned with the hybrid model being pushed by Najam Sethi who heads the cricket management committee of the PCB. “Although the hybrid model has been suggested by Sethi for the Asia Cup which precedes the ICC event, the concern remains that once accepted for the regional event the PCB might also then ask the ICC to implement it for the World Cup when it comes to Pakistan playing in India,” he explained. Sethi has already indicated that if the Pakistan government doesn't give clearance or has security concerns about sending the team to India, PCB could ask the ICC to hold Pakistan's matches at a neutral venue. “Naturally neither the ICC nor the BCCI want such a situation since Pakistan's unequivocal participation in matches in India would guarantee the success of Indo-Pakistan matches and also the tournament itself.” Another source said this was the primary reason why BCCI secretary Jay Shah was still reluctant to accept the hybrid model for the Asia Cup and support having three or four matches of the tournament in Pakistan and the remaining games in UAE or Sri Lanka. Pakistan are the hosts of the Asia Cup and Sethi has said repeatedly that if the tournament is moved to one neutral country from Pakistan, it will not take part in the competition. He has also hinted that if Pakistan didn't get to host some Asia Cup matches it could have an adverse bearing on the World Cup as well. “The ICC officials are trying to work as a bridge between the PCB and BCCI and resolve the outstanding issues pertaining to the Asia Cup and World Cup.” SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-becomes-a-global-leader-by-regulating-anti-tobacco-warnings-on-ott-platforms/articleshow/100642342.cms">India becomes a global leader by regulating anti-tobacco warnings on OTT Platforms</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/ott-releases-to-watch-for-june-2023/articleshow/100643939.cms">OTT releases to watch for June, 2023</a>

ICC top brass seeks PCB assurances that it will send team to India for ODI World Cup

Dubai, The <keyword id="46227" type="COMPANY" weightage="20" keywordseo="International-cricket-council">International Cricket Council</keyword> (ICC) on Friday announced that the three upcoming <keyword id="45633" type="ORGANIZATION" weightage="20" keywordseo="series">series</keyword> in the <keyword id="320316" type="ORGANIZATION" weightage="20" keywordseo="World-Cup-league">World Cup League</keyword> 2, due to take place between March and May, have been postponed because of <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword>. The <keyword id="22177" type="SPORT" weightage="20" keywordseo="world-cup">World Cup</keyword> League 2, which forms part of the qualifying pathway to the 2023 World Cup, was scheduled to see 18 ODIs played across the sixth, seventh and eighth series of the <keyword id="5189" type="ORGANIZATION" weightage="20" keywordseo="competition">competition</keyword>. The postponed series included table-toppers Oman who were due to host second-placed USA and seventh-placed Nepal for six ODIs between March 19 and 28. The seventh series of the competition scheduled PNG who sit at the foot of the standings to host Oman and third-placed Scotland between April 14 and 24. The final series which will need to be rescheduled was to see PNG play host again, with USA and fourth-placed Namibia travelling to the Pacific to play six ODIs between May 13 and 23. "The postponements are due to the current travel restrictions between countries, the quarantine time required before matches and the recent surge in Covid-19 cases," an ICC media release stated. The ICC said that it will now work with hosts and participating members to find an appropriate window where the qualification pathway fixtures can be safely and practically rescheduled before the cut-off date of February 28, 2023. The window for rescheduling fixtures has been extended to the latest possible date to provide the best opportunity for qualification to be determined on the field of play. The next series scheduled in the competition is in July this year where Scotland are due to host Nepal and Namibia for six ODIs. The World Cup League 2 is a three-and-half-year competition involving seven teams that are two steps away from the 2023 World Cup. At the culmination of the 21 tri-series, the top three teams in the standings will confirm their place in the World Cup Qualifier 2023. The bottom four teams will drop into the World Cup Qualifier Play-Off 2023 - which is a repechage event to the Global Qualifier - and will be joined by the winner of Challenge League A and B. The top two teams from the Play-Off will keep their hopes alive of participating in 2023 World Cup, by qualifying for the World Cup Qualifier 2023. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/comparison-between-realme-x7-pro-5g-and-xiaomi-mi-10i-mobile-phones-with-price-and-specifications/articleshow/80873224.cms">Realme X7 Pro 5G vs Xiaomi Mi 10i – best mid-range device under ₹30,000 in India</a> <a href="https://www.businessinsider.in/defense/news/experts-say-india-and-china-both-need-to-show-their-voters-that-they-won-in-ladakh-for-the-disengagement-to-be-successful/articleshow/80876036.cms">Experts say India and China both need to show their voters that they won in Ladakh⁠ for the disengagement to be successful</a> <a href="https://www.businessinsider.in/business/ecommerce/news/why-grofers-may-allow-an-american-blank-cheque-firm-to-buy-it-out-instead-of-fighting-ambani-and-bigbasket-for-ipo/articleshow/80874979.cms">Here’s why Grofers may allow an American “blank cheque” firm to buy it out instead of fighting Ambani and BigBasket for IPO</a>

ICC postpones three upcoming series in World Cup League 2 due to Covid-19

Fast <keyword id="2842313" type="UNKNOWN" weightage="20" keywordseo="Expanding-Markets">Expanding Markets</keyword> (<keyword id="63066" type="ORGANIZATION" weightage="20" keywordseo="Fem">FEM</keyword>), as a new unit of measure, are micro economic indicators which demonstrate the health of a nano economy, based on an exponential acceleration, over a prolonged period of time. These indicators are often hidden in the nuances of macro economic and regression analysis, as we have been doing, in the good old way of thinking where business opportunities are located. It is by looking at our current society in India, that we remind ourselves that Indians traditionally and culturally are known to have a sweet tooth. In the festival of Diwali, probably the biggest festival in the Indian calendar, a long-standing tradition is one of exchanging mithai, the Hindi word for sweets. 
 
Globalization may mean macro changes and yet the micro changes may have macro effects. In more recent times, the traditional mithai shops have taken a hit; Indians seem to be showing a departure in taste palates in favour of the more modern, neatly packed chocolate boxes. These sugary delights especially packaged for Diwali are available anywhere, in the price range of USD 1.5 to USD 100 and more, form the affordable to for the affluent. 
 While <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> rates in India have taken a hit in the last three years, and the current budget demonstrates even more concern on the ability to stick to a growing curve, or at least maintaining curve. But while the GDP dilemma is keeping policy makers awake at night, there is one industry, relatively new in its current scale, which is booming, and the growth story is far from complete. 
 
To put things in perspective, the chocolate industry is growing at a rate of nearly 3x that of GDP. Such spiralling high growth rates lead us to believe that the chocolate industry may in fact be a good example of FEM. 
 
Outline India, a research start-up focusing on field data collection within the socio–economic domain, took on this study under their guidance to explore if this was indeed the case, and the result can be summarized in the below infographics. 
 
 
 
India’s current chocolate consumption pattern suggests very low per capita levels of around 1.2 owing to few traditional players and high import tariffs on import of chocolates. This however, leaves ample scope in terms of change in domestic production and consumption rates. To bolster this argument, India’s hot and humid climate is conducive to cocoa production, key to the chocolate industry. As of 2011, India is also the largest milk producer in the world. With the middle class growing, average incomes rising and information asymmetry levels going down, consumers are more aware than ever before, about available choices to them. With more cultural exposure and an urge to appear more western in terms of behaviour and at par with the international consumer, levels of chocolate consumptions are rising, especially among urban Indians. Also cited are health reasons that favour chocolates over the more the more traditional Indian sweets. A majority of these savouries, house a higher number of calories and shorter shelf lives. No longer is chocolate considered a ‘luxury item’ or one meant only for ‘special occasions’. 
 
In terms of what may prove to be a dampener? On the supply side, there have been numerous hurdles; the most important being bad connectivity and infrastructure. As a solution, a majority of the chocolate factories sprung up on the outskirts of big city centres, which were also best entry points for producers. A keen effort is being made to improve supply side channels to ease distribution. For instance, breaking away from the traditional supermarkets and discount stores, the big names such as Ferrero Rocher and Mars are trying to integrate into the lives of the upper middle class Indians by becoming available at the more accessible and approachable grocery stores. Local producers like <keyword id="29464" type="PERSON" weightage="20" keywordseo="Parle">Parle</keyword> and <keyword id="6357073" type="ORGANIZATION" weightage="20" keywordseo="ITC">ITC</keyword> with expansive distribution network are targeting the lower middle class as well, with a wider range of offerings via their pre-existing mom and pop stores or Kirana shops distribution networks. 
 
While the chocolate industry grows at 15% annually, projections put the expected market size at USD 2.8 billion by 2015 and USD 3.2 billion by 2018. 
Current market penetration rates are as low as 6 to 7 % at household level and about 22% in cities. This leaves scope for much change. 
 
One of the best known ad campaigns in the industry by Cadbury read, “Khane ke baad kuch mitha ho jaaye” which translates to Grab something sweet after a meal, only this time, the company was pitching a chocolate, breaking into and away from the traditional Indian household mindset which correlates sweet with mithai. The big guns are going the extra mile to suit the Indian consumer; <keyword id="75190" type="CITY" weightage="20" keywordseo="Nestle">Nestle</keyword> for instance launched a sweeter version of dark chocolate in India. Kraft is looking to invest USD 400 million for cocoa production in India in this decade. GDP may not be the brightest piece of headlines in these days, but while the macro arena gets engaged on issues of aggregate nature, there are small, powerful and fast moving markets, which are creating an entirely new “indian” concept of growth. 
 
((Dr. Amit Kapoor is President and CEO of <keyword id="2773756" type="UNKNOWN" weightage="20" keywordseo="India-Council-on-Competitiveness-and-Honorary">India Council on Competitiveness and Honorary</keyword> Chairman of Institute for Competitiveness, India. He tweets @kautiliya and can be contacted at <a href="mailto:amit.kapoor@competitiveness.in">amit.kapoor@competitiveness.in</a>. The piece is co-authored with <keyword id="2842315" type="UNKNOWN" weightage="20" keywordseo="Mark-Esposito">Mark Esposito</keyword> and <keyword id="2842314" type="UNKNOWN" weightage="20" keywordseo="Terence-Tse">Terence Tse</keyword>)

Fast Expanding Markets in India

What is the role of <keyword id="808508" type="UNKNOWN" weightage="80" keywordseo="Corporations">corporations</keyword> in society? The question has had distinct kinds of responses from varied thinkers. At one end of the spectrum are those, who believe that the role of a corporation is simply to make more profits and thereby maximize shareholder value. 
 
However, this view has taken a serious hit in the aftermath of the global financial crisis. It is because, some thinkers have argued that the 'Shareholder Wealth Maximizing' paradigm needs to be replaced with a more robust understanding of the role of corporations in society. It starts with accepting the role of corporations in society as that of being institutions that produce goods and services that people value and this forms the basis of shareholder value maximization. 
 A new sort of paradigm is thus emerging that focuses on reassessing the role of corporations in society. The paradigm is called 'Creating <keyword id="2875288" type="UNKNOWN" weightage="80" keywordseo="shared-value">Shared Value</keyword> (CSV).' It focuses on bringing together the distinct fields of strategy and society and link the competitive advantage of a firm to its corporate social responsibility. 
 
Often a question arises as to how creating shared value is different of distinct from Corporate Social Responsibility (CSR). CSR aims at giving back to society while CSV aims at co-creating value for society and business. Similarly, the focus of CSV is not just donating money or doing some activities that are distinct from business practices of the corporation but realigning business activities to create societal and economic value. 
 
The idea is that CSV endeavors to alter the role of corporations in a society. It means understanding that corporations operate within the broader construct of society and that whatever is detrimental to society cannot be the basis of sustainable competitive advantage for the corporation/enterprise. Similarly, whatever is good for the societies is good for corporations. Creation of shared value essentially involves the following three principles: 
 
First, businesses/corporations should essentially try to meet the unmet needs of a society. An example is Internet access to people in India. There is an unmet societal need, i.e., access to information. Businesses had tapped into this need and (basically device manufacturers and internet service providers) have co-created immense value by serving the poor at the same time earning revenues. 
 The second way of creating shared value is by redefining productivity along the <keyword id="1195806" type="UNKNOWN" weightage="80" keywordseo="value-chain">value chain</keyword> and reducing risks. An example could be that of <keyword id="45528" type="CITY" weightage="80" keywordseo="GE">GE</keyword> altering its business products to be more efficient and thereby reducing carbon emissions and environmental footprint. Productivity should be looked at and measured not only in value terms but also in ecological and societal terms. 
 A third way of creating shared value is by enabling local cluster development. It means corporations can <keyword id="47916" type="UNKNOWN" weightage="80" keywordseo="invest">invest</keyword> in developing skills through training with their suppliers in clusters. An example could be the strong automotive clusters that were enabled in specific parts of India because of firms helping the ancillary units in their vicinity. 
 CSV is also related to another emerging area of social business and social entrepreneurship. It's understanding helps businesses/companies alter their business models and focus on models that create not just profit but do well to serve societies' needs and remove businesses' adverse environmental impact. These often include underserved as well as the bottom of pyramid markets where businesses create value and serve societies needs. An example could be Hindustan <keyword id="45009" type="CITY" weightage="80" keywordseo="Unilever">Unilever</keyword>'s Sustainable Living Program. Under the program, the company has undertaken initiatives like Project Shakti, whereby rural women, as well as the company, have benefitted immensely. In the program, the rural women are empowered by basic training in running a business. They then go to explain the benefits and do the sales and distribution of the products of the corporation. This way HUL earns revenue as well as provides means of livelihood to approximately 70,000 women entrepreneurs. 
 
The idea has gained significant momentum in the past few years since its inception within the corporations and policymakers. Clearly it is good for the people and societies to interact with corporations to co-create value that is sustainable. The next big evolutionary change for corporations in India will be in realigning their business models to societal needs. It not just appeals to common sense, but is also a remarkably sound business strategy. In light of this an initiative has been launched in India called Shared Value Initiative India (<a href="http://www.sharedvalue.in/">http://www.sharedvalue.in</a>) that aspires to connect the business and community leaders wherein they look at enhancing the economic and social progress of the nation to build a more equitable and sustainable society. 
 
(Dr. <keyword id="209438" type="PERSON" weightage="80" keywordseo="Amit-Kapoor">Amit Kapoor</keyword> is <keyword id="191828" type="POSITION" weightage="80" keywordseo="president-and-CEO">President and CEO</keyword> of India Council on Competitiveness, Honorary Chairman of <keyword id="122492" type="ORGANIZATION" weightage="80" keywordseo="Institute-for-Competitiveness">Institute for Competitiveness</keyword>, India and Chair, Shared Value Initiative India) He tweets @kautiliya and can be contacted at <a href="mailto:amit.kapoor@competitiveness.in">amit.kapoor@competitiveness.in</a>. The article is co-authored with Sankalp Sharma who is Senior Researcher at Institute for Competitiveness) 
 
(Image Courtesy: thaimarketing.in.th)

Creating Shared Value: The Next Evolutionary Form of capitalism

Tuesday, May 14: Curtains on the 77th <keyword id="19999643" type="General" weightage="20" keywordseo="Cannes-Film-Festival" source="keywords">Cannes Film Festival</keyword> are set to rise today, with anticipation filling the air at the Palais des Festivals et des Congrès in <keyword id="6366702" type="General" weightage="100" keywordseo="cannes" source="Orion">Cannes</keyword>, France. The grand opening promises a spectacle, with the unveiling of Greta Gerwig's esteemed jury and the presentation of an honorary <keyword id="21348893" type="General" weightage="20" keywordseo="Palme-dOr" source="keywords">Palme d'Or</keyword> to the illustrious Meryl Streep. Leading the charge into cinematic splendour will be Quentin Dupieux's uproarious French comedy, 'The Second Act', chosen as the festival's opening delight. India will shine brightly on the Cannes stage this year. <keyword id="21272693" type="General" weightage="20" keywordseo="Payal-Kapadia" source="keywords">Payal Kapadia</keyword>'s luminous creation, '<keyword id="21272312" type="General" weightage="20" keywordseo="All-We-Imagine-As-Light" source="Orion">All We Imagine As Light</keyword>', will mark a triumphant return for Indian cinema after 30 years of absence from the Palme d'Or competition. The last Indian film to vie for this most prestigious Cannes award was the 1994 Malayalam-language drama ‘Swaham’, directed by Shaji N. Karun. Among the attendees, <keyword id="20102038" type="General" weightage="20" keywordseo="Aishwarya-Rai-Bachchan" source="keywords">Aishwarya Rai Bachchan</keyword> will grace the red carpet once again, radiating elegance alongside <keyword id="545350" type="General" weightage="20" keywordseo="Aditi-Rao-Hydari" source="Orion">Aditi Rao Hydari</keyword> and <keyword id="19902028" type="General" weightage="20" keywordseo="sobhita-dhulipala" source="keywords">Sobhita Dhulipala</keyword>. Adding to the allure, <keyword id="19909596" type="General" weightage="20" keywordseo="Kiara-Advani" source="keywords">Kiara Advani</keyword> will reportedly represent India at the Women in Cinema Gala Dinner. Hosted by Vanity Fair in collaboration with the Red Sea Film Foundation, the event brings together six talented women from around the world and honours their accomplishments in the entertainment industry. Despite the anticipation surrounding films and stars, much attention has been drawn to the off-screen drama surrounding <keyword id="21261193" type="General" weightage="20" keywordseo="Cannes-2024" source="Orion">Cannes 2024</keyword>. For starters, festival workers, discontent with short-term contracts, have threatened to strike due to the lack of unemployment benefits between festivals. French actor Judith Godrèche's accusations of rape and sexual abuse against two directors earlier this year have sparked a significant #MeToo moment in the French film industry. Godrèche will premiere her short film “Moi Aussi” at the festival. Iranian filmmaker Mohammed Rasoulof, whose film “The Seed of the Sacred Fig” is competing in Cannes, added further turmoil to the festivities on Monday, after revealing that he has fled Iran after receiving an eight-year prison sentence and flogging for his critical portrayal of the Iranian regime. Nevertheless, it will be interesting to see how well the 77th Cannes Festival carries the torch of last year's triumphs, where cinematic brilliance birthed Oscar glory by producing three best picture nominees. To revive the spirit of the previous year, Messi, the canine star of “Anatomy of a Fall,” will also be returning to Cannes for a series of French TV spots.

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