Category: Blogs

Management Education in India – A Path Forward India’s management education is evolving to meet the demands of modern business. MBA programs must broaden their scope beyond traditional subjects like finance and marketing to prepare future leaders for a dynamic world. The landscape of Management education in India is undergoing a significant transformation. As industry demands grow, management education must progress and reform. The All-India Council for Technical Education (AICTE) has developed an MBA curriculum with standards that apply nationwide. While this effort is commendable in bringing uniformity to management education, it is becoming evident that the current framework needs to evolve to match the dynamic needs of the industry. Management as an Art At its core, management is an art. It’s not just a technical or scientific discipline but a skillset centered around dealing with people, both within and outside an organization. Managing effectively has much in common with administration, whether in the government, its agencies, or other institutions. There is a need for more focus on administration in management education. Overemphasizing leadership alone can be limiting. As Swami Vivekananda wisely noted, “Leaders need followers,” which resonates with the idea that institutions also need dedicated individuals, or “foot soldiers,” for their smooth operation. Managers today need to adapt to a wide variety of fields, including Public Policy, Public Management, Public Finance, Administrative Law, and Urban and Regional Planning. Daily interactions in these areas also require an understanding of Ethics in Public Administration and International Relations. Currently, the three primary pillars of management education include Finance, Human Resources, and Marketing. While these fields remain crucial for producing competent managers, the increasing complexity of modern business environments demands a broader curriculum. The Need for New Specializations Management education in India needs to expand into emerging areas of specialization to stay relevant. Some key areas that require attention include: – Turnaround Management in Institutions: This field focuses on managing change and transforming organizations effectively. To make these advancements, several strategic steps are necessary: – AICTE should freeze approvals for new MBA colleges and focus on managing existing approvals to ensure that only well-managed institutions thrive, while underperforming ones are phase out through structured exit routes. The bottom 20 percent of institutions could benefit from partnerships with more competent managers to turn around their performance. – Voluntary exit from AICTE: MBA institutions should transition out of AICTE’s purview voluntarily. However, those remaining under AICTE should strive to improve from mediocrity toward excellence. – Focus on National Excellence: AICTE should continue to pursue national excellence in Engineering, while allowing management education to grow steadily toward higher standards. – Adoption and Collaboration: Existing MBA colleges owned by public trusts could be adopted, adapted, or managed by institutions such as the Reserve Bank of India, National Institute of Bank Management Pune, and the Competition Commission of India, among others. – Examinations and Training on Campus: MBA campuses should serve as hubs for RBI officer examinations and interviews. With campuses spanning around 12,000 square meters, they could host branches of commercial banks and serve as training grounds for future managers. – Merger of Training Institutions: Over time, all state-owned bank training institutions could merge with these AICTE-approved MBA colleges, reinforcing key values like credit, character, and capability. These institutions would also handle aspects of public administration, with a particular focus on ethics. The Role of Public Administration in Management Education Public administration will play a significant role in shaping the future of management education. Retired and serving public servants can lead courses, ensuring that students learn the values of effective governance and administration. These institutions can also play a role in improving governance by processing public opinion, analyzing submissions from citizens, and shaping them into actionable insights for legislators. By the time the drafts enter Parliament, they will be more thoroughly debated and implemented. Addressing Managerial Shortfalls The Reserve Bank of India has expressed concern over the managerial shortfalls in commercial banks. Safeguarding the trust of citizens in state-owned banks is a collective responsibility of the government. By addressing these gaps in managerial competence, the future of India’s banking sector can be secured. Conclusion As the transformation of management education in India continues, the hope is that these changes will put an end to the era of “coaching shops” and foster an era of excellence in administration and management education. The path forward lies in expanding specializations, improving institutional performance, and integrating public administration into management education. These steps will ensure that India produces not only capable managers but also ethical leaders.

Empowering Petroleum Education – A Strategic Necessity for India’s Future In today’s rapidly evolving energy landscape, it is crucial for India to elevate its educational system to meet the demands of the petroleum and natural gas sectors. Integrating petroleum education across all state universities, IITs, and National Institutes of Technology (NITs) in India could play a pivotal role in shaping the country’s energy future. The Importance of Petroleum Education Petroleum is a cornerstone of global energy. India as a growing energy consumer must build a knowledge base that not only supports its needs but also fosters innovation. Encouraging IIT Dharwad to become a center of excellence for petroleum downstream industries, along with alternative green energy initiatives, could be a game-changer for India’s future energy landscape. This academic endeavor should not only focus on India but also explore global case studies like the Total project in Mozambique, encouraging discussions that resolve industry disputes and foster international cooperation. Strategic Petroleum Reserves – A National Priority India’s need for Strategic Petroleum Product Reserves is a pressing issue. Expanding these reserves could provide much-needed energy security in times of geopolitical uncertainty. Academia should engage in generating innovative ideas and making them accessible to policymakers. Furthermore, better management strategies for petroleum pricing, which directly affect India’s energy stability, are essential. Additionally, with the Qatar Gas deal nearing its end, it is crucial to address how India will source natural gas moving forward. Increased export of U.S. natural gas, combined with enhanced production from existing assets, could be part of the solution. A Call for Collaborative Learning A visionary idea is to bring together academia and industry by establishing professorships in petroleum studies across Indian institutions. This partnership would allow seasoned professionals to share their insights and experience with students, enriching both theoretical and practical knowledge in the sector. By encouraging MBA programs to sponsor national professors in petroleum studies, India could create a network of professionals who understand the complex pricing dynamics and geopolitical influences on energy. These initiatives could go further by encouraging professors to teach in their local languages, making petroleum economics accessible to a wider audience. The Role of Mangalore in India’s Petroleum Story Mangalore, a significant hub in India’s petroleum refining industry, stands as a testament to the success of integrating education with industry. The city’s refinery, which began in 1993, now ranks among the world’s finest industrial complexes. This achievement, rooted in collaboration between the Kanara Chamber of Commerce and the Ministry of Petroleum, showcases the potential of similar initiatives across India. Moreover, the Mangalore region’s educational initiatives have untapped potential. The city’s tradition of self-sustained education could serve as a model for expanding petroleum studies, research, and innovation. A visit to the region could spark further interest in aligning education with industrial needs. Building a Harmonious Future Through Education The broader vision calls for the integration of 22 Professors of National Eminence in Petroleum Economics, who would be fluent in India’s diverse languages. This could drastically improve public understanding of the petroleum sector, fostering a more informed and engaged population. By promoting innovation in petroleum education, recycling initiatives, and energy conservation, these professors could play a pivotal role in driving sustainable development across the country. Such initiatives would not only enhance energy security but also contribute to nation-building by nurturing a culture of informed, forward-thinking professionals. Conclusion: A Call to Action Integrating education with India’s strategic petroleum and energy needs is a crucial step forward. By fostering a culture of collaboration between academia and industry, India can develop a workforce capable of addressing the complex challenges facing the global energy market. These initiatives will ensure that India is well-prepared to navigate the future of energy, ultimately leading to a more prosperous and self-reliant nation.

There should be an Indian Council for Applied Agricultural Research, located in Madhya Pradesh. This choice is strategic due to its central location in India, facilitating accessibility for stakeholders and making it an ideal hub for agricultural engagement. Central Location: Madhya Pradesh’s central position makes it convenient for all stakeholders to visit, ensuring broad participation and collaboration. The state’s diverse agricultural landscape and strategic location offer a unique advantage. Stakeholder Engagement: It is ideal for engaging farmers, farmer families, villagers, retired government officials, scientists, military personnel, and other stakeholders interested in various aspects of food, including nutrition, taste, and efficient food production. Food Processing Capabilities: Madhya Pradesh is pivotal in India’s food processing sector. It aligns with the national agenda for reducing food wastage and maximizing the utility of agricultural produce, making it an ideal location for the Council. The research conducted will involve a diverse range of participants to address key issues in agricultural practices, ensuring sustainable and efficient food production. The principle of Annam Brahma, which underscores the importance of food in Vedanta, will guide the Council’s initiatives. By-products from agricultural processes can be recycled into the soil, promoting sustainability without harmful chemicals. Current Gaps and Future Needs: The Indian Council of Agricultural Research currently operates centrally, while state universities handle agricultural sciences. However, there is a need for improved coordination and expansion to ensure advancements are well-documented and disseminated. Expanding the Central Food Technology Research Institute into 30 regional centres will enhance research and application. These centres will focus on:- – Minimizing processing time – Improving communication of developments – Ensuring food safety, thereby promoting consumer awareness and compliance with international standards. The Council will align with international standards, such as ISO and HACCP, to meet global food production and safety requirements. It will also address phytosanitary measures to ensure agricultural products meet industrial use standards. The proposal includes acquiring 2 million specialized food containers for global shipping, ensuring food safety and compliance with international traceability and standards. Employment and Income Growth: The initiative is expected to engage about 2 crore people part-time and 5 crore families full-time in food production, leading to increased employment and incomes. By focusing on food design and development, it aims to eradicate hunger and ensure everyone has access to food from 6:00 AM to 7:00 PM. Waste Recycling and Job Creation: A movement to control and recycle household bio-waste will not only improve urban cleanliness but also create approximately 5 million jobs. Recycling initiatives will further enhance employment opportunities and improve livelihoods for at least 2 crore people already involved in these activities. The immediate establishment of the following institutions is needed to support these objectives:- – Indian Council for Applied Agriculture Research: This council will focus on applied research and its practical implementation in agriculture. – Indian Agriculture Products Recycling Agency: This agency will oversee the recycling of agricultural products to minimize waste and promote sustainability. – Centre for Communications, Logistics and Transportation of Food Products: This centre will improve the logistics of food products across railways, roads, and other transportation forms. – Centre for International Relations in Agriculture and Foods: This centre will facilitate collaboration with international bodies, including the Bharat – United Nations Food Programme (UNFP). Additionally, the creation of the South Agricultural Organization will enhance agricultural activities in southern nations, with headquarters in Brazil. It will support countries like New Zealand, Australia, Kenya, and others to combat hunger and improve agricultural productivity. This organization will work at a fraction of the current UN operations’ cost, complementing the UN’s efforts to eliminate hunger globally by leveraging surplus production from the South. India’s surplus agricultural production, currently around 40 million tons, should be used to address global hunger. By integrating global surpluses, the Council aims to meet the needs of one billion people, ensuring prosperity in Africa, South America, and the Asia Pacific regions. The industry that converts in the best possible way will require to be ‘S.M.A.R.T.’: S – Specific M – Measurable A – Achievable R – Realistic T – Time-bound In conclusion, the establishment of the Indian Council for Applied Agricultural Research in Madhya Pradesh is a strategic move to enhance agricultural research, promote sustainability, and address global food security. The proposed institutions and initiatives will foster collaboration, improve food production efficiency, and create significant employment opportunities, contributing to India’s agricultural growth and global food security.

The Ministry of Commerce can leverage the import of gold into sound channels to prevent smuggling. The cost of smuggling is around 4% of the value of gold, and it creates a very unhealthy and unsound mechanism where any purchaser in India has to resort to smuggled gold.  The sole objective of any exercise for orderly governance is not to encourage any unsound practices in trade by any action or inaction of the central government. The liberalization program has worked well, and India imports 700 metric tons legitimately. The first action of the Ministry of Commerce should be to outsource the data of the last five years of the actual handling of gold to a single agency so that all aspects of data and information can be reprocessed and made available to the ministry and to the people of India.  This is affordable and should be an official government program to handle the importation of gold through quasi-canalization, which blends the power of the government with making available all precious metals—gold, silver, platinum, and equivalents—in an organized manner. It should also permit the rapid recycling of gold within India under official domain. It is suggested that, as a government entity, Kolar Goldfields Limited can be engaged by the government for “custodial services” for up to 100 metric tons with the following sequence of security: 1. The President’s Bodyguard   2. The CISF   3. The Railway Protection Force   4. The regional police under the Ministry of Home of respective state governments This mechanism, effective for 100 metric tons, will then pave the way for India to have, by notification from the Director General of Foreign Trade and approval by the Cabinet, that only mined gold of prime quality with Indian markings and identifiable should be imported directly from the mining companies into India.  In this case, the sole carrier as a national carrier should primarily be Air India, but later, when the occasion arises under strict conditions, other wholly-owned Indian entities can be permitted. This can also include the Indian Post Office, which could act as the official carrier of gold to all districts of India. The custodial aspect of the primary gold can be with the General Post Office and handed over to the commercial banks under their custody. The commercial banks of India should offer custodial services for this gold at 1,200 locations under the same category of supervision in their owned premises, and this should be in visible format. The President of India shall be the custodian of the gold reserves of India in Rashtrapati Bhavan to the extent that the Cabinet permits. This shall be in public view, and visitors will be charged for visiting to understand the qualities of the precious metals that, as a sovereign, are held by the Reserve Bank of India as gold reserves, which means a fourth tier of official reserves.  The Reserve Bank of India, along with customs and other regulatory organizations, will hold it in primary form within Rashtrapati Bhavan, and this shall be in the public domain. This should be managed in such a way that there would be 100% transparency in how the gold price is determined by partly cryptic means and partly transparent means.  Therefore, Financial Benchmarks India Limited shall be the sole authorized benchmark price provider eight times a day -from 7:00 AM to 9:00 PM – which the people of India will recognize the rupee value of gold as a Reference Price.  The reference price shall be partly cryptic, with the President’s Bodyguard as the custodian of how the prices are worked out, and partly manual, based on visible transactions that occur in the world. Therefore, the price will always be mentioned in rupees per gram and not in any other currency, and this reference price will be respected by officials as well as all transactions operated in India. To give designation to the profession, all gold and precious metal employees in India shall be registered under all categories, including Aadhaar card, and also under an amended ESI situation.  Any performer within the precious metals industry shall be compulsorily a member of the ESI, as well as holding two accounts: a Public Provident Fund account in the Post Office and an account governed under the Provident Fund Act when employed.  This method of registration will then address the question of approved precious metal handlers, and wherever they are, they shall be treated with dignity. The custodians of primary gold will be responsible for making this primary gold available to all jewellery gold exporters. The visibility of gold should be such that all gold exporters shall be provided facilities at all international airports. Therefore, the first custody of any imported gold shall be visibly handled at the importation centres.  The Airports Authority of India Limited shall be the designated agency ensuring that every aspect of this is ecological and adheres to green standards.  Therefore, the Airports Authority of India Limited can raise ₹10,000 crores as bonds and create facilities for handling all precious metals. These facilities will include electric cars, visibility standards, and carriage standards for precious metals, both in visible and concealed forms, with the approval of the Home Ministry.  The carriage of precious metals within India should be regulated. The visible aspect of this needs to be that all orders processed for gold upon importation, when arriving from mining companies, should ensure that 25% of the gold value is paid in the home country’s currency, as approved by the Ministry of Commerce, the Reserve Bank of India, the Cabinet, and the Finance Ministry. For instance, when primary gold is imported from Australia, 25% of the payment will be in Australian dollars, and the balance would be paid in Indian rupees, which can be instantly converted into any other currency of the world in a designated Indian bank or a partly Indian-owned bank in that respective nation.  For example, if gold is imported from Russia, a rouble payment would be better than one in an international currency.  However, if a Rupee-Ruble arrangement is reached, rupees can be paid by a Russian bank to the Russian company.  In this form, rupees will get converted into gold, and gold into rupees, at any point in the nation or the world, only in customs-bonded zones.  This mechanism will create a gold and precious metals merchandise-related sheet on a real-time basis, updated every 24 hours, which will be made available by FBIL and the Commerce Ministry websites, managed by a single agency, 100% government-owned or partly government-owned.  This will ensure that India’s precious metal imports and exports are not measured as merchandise imports and exports, but rather recognized as capital. The public of India holds enough gold. Therefore, an examination is needed to determine whether the Reserve Bank of India should have the gold reserves or whether gold should be a form of convertibility.  All commercial banks in India or any financial entity should have fungibility, where they will examine global factors and Indian conditions. The availability of data in the public domain will add value.  Therefore, it is recommended that all precious metal imports and exports be removed from the trade statistics of general merchandise and that a specialized format be provided on a real-time basis. It should be understood that all underground transactions or gold held by evasion of taxes will be handled separately by the Central Board of Direct Taxes. Any form of precious metals that has been acquired with tax-paid money will not be dealt with in a negative fashion. The people of India must be informed that if there is a situation where gold needs to be held, it should be from tax-paid money. Therefore, transparency in this regard should also include constitutional education on various aspects, as the term “market” comes under the state list.  Any form of regulation should ensure continuity in the education on the rupee and the world. Therefore, as India is a dominant importer of merchandise, the value of Indian goods needs to be communicated to the world.  Every Indian should understand that any merchandise imported, when passing through customs, should be instantly processed at the value it has entered the Indian Union, and therefore the influence of India on world markets and world markets’ influence on India will be in the larger public domain. What is important is that the legitimate demand of exporters of jewellery needs to be provided seamlessly by delivery of prime gold when paid for at international prices of the moment. They should also get the benefits of value addition in India and compensated wisely for the difficulty of doing business in India, till obstacles are removed. What Ministry of Commerce can do in National Interest within its domain will have a great influence in shaping international trade and its effects.

Bharat is host to a huge variety of bamboos and reeds. These plants are often seen in the border areas of forests and water bodies, and sometimes appear randomly in other locations. Different species of bamboo can be prolific, growing rapidly and symbolizing the concept of managing one’s own growth. Young bamboo shoots are edible and are considered food for the soul. Tribals and inhabitants in these border areas have a deep understanding of bamboo. Bamboo cultivation is not just a topic—bamboo management is the future. Whether dealing with bamboo seeds or handling, they need to be integrated into barren lands. However, this cannot be done in isolation; it requires attention to ecology and biodiversity. Bamboo needs water or its equivalents and will naturally support various bird species. Additionally, it provides a natural habitat for snakes, which help control the population of rats. To achieve this, bamboo cultivation should be promoted uniformly in semi-urban areas, but in moderation. India has vast tracts of land that are either uncultivated or only marginally cultivated. Tribals and farmers can be encouraged to work together to supply bamboo abundantly, which can be harvested for the paper industry, viscose, newsprint, and other equivalents. Some species can be harvested for day-to-day use, including the making of furniture for the masses. Mass production of bamboo products can create employment opportunities in self-help groups, especially in areas with skilled handicrafts people who can convert bamboo into valuable items for urban environments. Bamboo is an easier, faster, and more replaceable and reclaimable resource. Many volunteer organizations and individuals in India are passionate about bamboo and have made it their life mission. The state and central governments must make bamboo conservation a priority, working alongside state or central agencies. The industry can participate through the CSR mechanism, and the Government of India should incentivize the cultivation of bamboo in various forms, including crushed bamboo for railway tracks. Specially prepared sidings or what are called third-line loops should be developed around railway stations, with bamboo cultivation encouraged within a few kilometers by tribals and local farmers. This would create a perpetual and systemic harvesting process over time. India would then benefit from an abundance of greenery and a higher density of carbon dioxide absorption than currently exists. This can be a mission-oriented approach with animal bureaucracy, enhancing education, communication, and handling. The current trend among the younger generation is to serve the nation voluntarily for certain hours, weeks, or months, taking time off from their busy lives to contribute to organizational effectiveness. Therefore, tribals and bamboo should be part of our national agenda and pursued urgently.

Capital Account Convertibility – The Role of Indian Commercial Banks – Control, Regulation and Management – Indian Resources for India The role of Indian capital for India in metals is described below with prescriptions for Total Factor Productivity. India has been very active in mining and holding basic metals since ancient times. So much so that the term “Panchaloha” involved melting and casting five metals. Idols have been cast in Panchaloha since ancient times. It is conclusive that the separation and mixing of metals was one of the biggest skills of Bharat and was widely applied in the making of weapons for defence, for ordinary use at palaces and homes. The degree of prosperity, from a household to a kingdom, or an article of common use within a community, was measured scientifically, and proportions held significance. For example, brass, an alloy of copper and zinc, holds historical and sustainable importance due to its hardness and workability. Brass has been extensively used since 500 BC, and even today, it is one of the commonly used materials in the form of sheets. PANCHALOHA The concept of Panchaloha must be extended to the commercial banking sector, Investment Banks as well as Commercial Banks. Individuals who have benefited from the growth in capital assets and have their own private investment agenda need to be encouraged to hold metal in Indian soil. National Insurance Company of India can have its insurance business taken over by New India in a commercial deal, and Oriental Insurance can transfer its business to United India. National and Oriental can function as Investment Companies (sovereign) and be managed effectively. Kolar Gold Fields, RITES and chosen performing PSEs need to embrace the metals and energy portfolio as managers, owners and handlers of metal. There need to be at least 16 entities embracing the real economy within the financial sector, either as holding companies or investment companies. They need to be multinational as well as multilateral, with close liaison, as now repeatedly declared – within the G20 and establishing a new order among nations. These institutions need to be controlled, governed, and regulated.  Commercial Banks in India need to be compelled that 2% of the total commercial assets of the Commercial Banks of India, NBFCs, Cooperative Banks, and any entity holding SLR securities must be allowed in physical metals and energy inputs. The Reserve Bank of India, in a policy statement, should establish an entity overseeing how Capital Convertibility integrates with the holding of metals as a strategic reserve dealing with convertibility of the Rupee with all producing nations but also with nations that have strength in the institutions governing markets at financial centers: a) Chicago, b) Perth, c) Paris, d) Frankfurt, e) Singapore, f) Tokyo, g) Dubai, h) Fortaleza in Brazil Any nation that is a producer of a metal should establish a direct relationship of that currency in Gift City but also onshore in India. All commercial banks need to be involved in this activity in proportion. The composition of Panchaloha metals are as follows: (Table 1) Source: https://srivadivelavanmetals.com/panchaloga/#:~:text=Panchaloha%20idols%20are%20mostly %20found,a%201%20portion%20of%20Iron.  This composition may be for idols but Government of India and the Reserve Bank of India can develop a composition in national interest. The other important metals that are always in demand are as follows: (Table 2) Source: https://engineeringlearn.com/ The below table is about exotic metals and minerals that go into the semiconductor or the specialist areas for the next 15 years. (Table 3) Source:

Precious Metals – World’s Top 10

Trading in respective national currencies need to be addressed. India’s Metal Production: (Table 4) Source: https://mines.gov.in/admin/storage/ckeditor/_January_2024_1709620048.pdf The energy inputs inventory can be of crude oil onshore, petroleum products, LNG and coal inventory at critical points of consumption. The Government of India and the Reserve Bank of India should develop at least 90 centres as holding and development centres for these metals, and energy inputs at least at 1200 locations which need to be governed as follows: All the centres should be guarded by the President’s bodyguard for bullion, while the Central Industrial Security Forces should guard other metals. (In India, bullion refers to precious metals such as gold and silver that are traded in bulk quantities, typically in the form of bars, ingots, or coins. In India, platinum is not traditionally considered as bullion in the same way as gold and silver.) Guarding formats for holding respective metals should be well determined. The delivery centres should be spread across 70 locations in India to begin with. The RBI can initiate processes to convert Commercial Bank premises into “depositories.” Additional centres can be established at prominent Railway Stations and territories. GIFT City should also have a depository with all commercial banks having equity interest and investing in common facilities. For gold, there should be one centre for every district headquarters, with at least three Commercial Banks holding enough to supply 7 days’ requirements of that district. These centres need to be governed as Custom Bonded Territories with GST officials in deputations. An IRS officer of the Rank of Additional Secretary to the Government of India can be deputed to the Indian Banks Association as Executive Adviser to RBI, Ministry of Economic Affairs, and other institutions for a period of three years to establish SOPs and Work Instructions. Market regulation falls under the State list of the Constitution of India. Commercial Banks should appoint an Executive Director (Own Directors) solely for the purposes of asset management in securities and metals, with expertise developed over years capable of handling executive capacities, free of frauds and corruption. They should have the ability to control assets for disintermediation in approved centres. The Reserve Bank of India and the Government of India must introduce guidelines equivalent to those of Singapore and Switzerland by leveraging their expertise in building strong rooms, access centres, security measures, CCTVs, and digital technology to ensure precise delivery of every unit of metal in caskets/boxes. One joint venture from each nation’s bank and depository should be established with a 100 percent State Sector enterprise. For example, Kolar Gold Fields Limited has a joint venture with an Australian Bank and Depository, leveraging facilities around Kolar Gold Fields territory. Special purpose SEZs should be established for marine containers as well as metals – mined or virgin, and recycled – at various points in India, preferably at railway sidings. Expertise in electronic boxes, such as those made by BEL for the Election Commission, should be replicated for gold, silver, and currency equivalents. These boxes should be exclusively transported by contract to the Indian Postal Service, Airlines, and Railways, using special carriages controlled through digital and analogue means from the logistics centre to the delivery points spread across the nation. The Panchaloha principle involves a proportionate mixture of metals through melting and casting in amalgam. However, concerning the depository, each bank should propose a percentage allocation of each metal as a national policy. The Panchaloha principle implies a geometric proportion in value, eventually representing the total current assets of the Indian nation. Deliveries to these centres can originate from domestic or imported sources. Once on the premises, standard prescriptions should be followed from production to storage. Trust levels, alongside consistency, should develop over time. The Panchaloha principle also dictates that the Reserve Bank of India establishes a National Committee to anonymously fix the rupee equivalent value of each metal. This would enable all producers, importers, and exporters in India to follow these reference prices. The Panchaloha principle involves disintermediation, allowing people in India to hold full or fractional certificates of Panchaloha issued by all Commercial Banks. These certificates, carrying no interest, operate akin to mutual funds, with valuations based on daily movements, thus enabling individuals to benefit from any escalation. Commercial Banks need to establish individual and composite Panchaloha pricing, based on afternoon fixing. This process should automatically shuffle micro weights attributed to each metal, ensuring no manipulation akin to the Libor rate in the future. A National Costing Committee on the production cost of metals should daily declare costing based on currency per unit, i.e., rupees per kilo of the metal. This guaranteed purity ensures accessibility to consumers or users daily at any convenient point and location in India. Investment demand for these currencies will be speculative, with returns equivalent to the money returned to the economy, incentivizing producers to dematerialize their stocks and encouraging consumer purchase from commercial auctions or delivery points. Auctions can be held for additional quantities in exceptional circumstances. Indian citizens should actively participate in metals and energy inputs with participation certificated backed by metal. Daily auctions for specific quantities by holders, followed by trade on arrival indexation, would ensure economic efficiency. The closest consumption point should become the point of reference. Summary: Commercial Banks need to have the capabilities to manage capital account convertibility adequately and will be the frontline troops that make foreign exchange reserves effective. Metals, (all import equivalents) Energy inputs e.g. coal, petroleum – crude and products need to be on Indian soil at secure guarded customs bonded convenient locations suiting re-exports, consumption and convertibility will enhance competitiveness and economic efficiency. The Reserve Bank of India may determine that all Commercial Banks and financial entities need to invest 2 percent of their DTL in approved foreign currencies, metals, energy inputs and equivalent that sustain India s needs for a sustainable period and will constitute equivalent of foreign exchange reserves and tradeable current assets. This may be initially controlled by the RBI through specific agencies and Primary Dealers as a SLR requirement. This resembles managing gold reserves by the RBI, from a national perspective as forex reserves. Inventory should be held in Special Economic Zones, like the strategic crude reserves held by ISPRL. A state-owned bank can be assigned the task of agency or representative of the State and RBI through a 10-year agreement between the RBI, the Government of India, and state-owned banks. Commercial banks would then handle all metal consumer transactions across India on a day-today basis. The first transaction would occur in India from a depository, with customs duty paid by purchaser and taken delivery of through specific delivery contracts. Global operators need to be allowed and should have the freedom to take metals out, when necessary, without obstacles, even in extreme situations. Indian savings and capital should not be preempted for controlling inflation but utilized freely for constructive purposes and nudged towards long-term investments, while commercial banks focus on short-term transactions and payment systems. The Forward Markets Commission has been established for approximately four decades. India has a futures market. The physical market needs to be effective or efficient. State governments need to be proactive and protect the interests of citizens. The entire nation needs to be addressed, with trade centers where buyers and sellers converge. Exchanges are meant for the convergence of information, not for operating on their account but through their members. Therefore, activities of all metal markets need to converge at the most economically efficient point. Citizenship is crucial, emphasizing self-discipline and the need to establish a clear distinction in perception of media operators between – – Control, – Regulation, and – Physical delivery markets. Governance is about performance and enforcement of contracts. These need to cover social contracts of humanism. Dispute settlement mechanisms are driven by constitutional agencies, followed by legally driven entities towards convergence and harmony. India will have rapid progress when Governments introduce economic efficiency in every sphere – Self-discipline and discipline need to be evident. The role of Bharath will be established in enhanced capital account convertibility based on metals and strategic inputs and role of capital of the citizens of India.

CRUISE HOSPITALS Cruise hospitals will make the world better in handling the curative aspect of many ailments that plague the citizens of some nations. Universal Healthcare is not an easy term to understand, and medical tourism needs to be defined separately. Tourism is meant for healthy persons of all ages to enjoy moving out of their homes to places that are meant to attract “tourists.” The result would be an economy based on transportation in all forms, making the places of stay enjoyable and ensuring the expansion of the human mind in witnessing places, events, and different aspects that one as a human being would need to look at beyond the walls of their homes. The cruise ship industry has enormously grown and is now a preferred way of traveling at leisure compared to air transportation. It is required that the United Nations, as well as all nations, undertake a multinational transnational effort to have hospitals that cruise. The modifications need to meet world standards equivalent to the National Health Service of the UK and the standards of G20, as much as it is continuously evolving in terms of the presence of doctors, nurses, and healthcare professionals. Healthcare professionals now include administrators, accountants, and promoters who organize as a specialized field of management so that patients can be taken care of, treated, and discharged more effectively than ever in the past. The question here is who pays for it. The patient? Insurance companies covering patients globally for health insurance? National Health programs like the NHS in the UK and many other agencies in parts of the world, like ESI in India, which is also a form of insurance coverage for employees? The difference between hospitals on land and a cruise is that it provides the ease of a multinational crew and the healing power of the sea. The facilities inside will also be available to patients whose diagnosis is “complete.” The specialization involved here is in the waiting period for the doctors to attend to the patients. It is not per se a “shortage of doctors” but the time that is given by the doctors to the patient. The doctor decides on the program based on years of experience and advanced preparations. The current time of the doctors is engaged in commuting and also the coordination efforts that are required for each of the operations, if it is a surgical operation, where a large number of cases are pending. Operations are critical and non-critical. Critical operations get the highest attention for life-saving, while non-critical operations improve the condition of the current patient diagnosed but waiting for treatment. The cruise period can be currently determined as a minimum of 3 days and a maximum of 4 months. The facilities available in nations like Sri Lanka, India, Philippines, Australia, New Zealand, South Africa, parts of Brazil, and islands like Cuba, where the medical profession can evolve to a generation of new doctors who will be able to have the requisite experience in dealing with patients at any part in the world. The administrators know the cost of each activity, and health insurance companies are now engaged in the top as they are continuously engaged in settling claims. The United States is an example where every insured person goes through a process. Currently, in India, hospitals (labelled as corporate) do have administrations that make the admission and discharge of the patient more efficient and effective by way of trained employees. The patient is taken care of as that involves life in the process of admissions, and the family, dependents and supporters of the affected patient will have to do the registration processes efficiently by the time the patient is treated. This is normally diligence. Hundreds of insurance companies globally and their reinsurers have more knowledge about this than any layperson. The public topic here about the cost of such aspects as premia or treatment is evident. The United Nations must adopt the resolution about the merits of cruise hospitals as they can absorb a multinational crew. The multinational crew, as much as running the ship, is also a multinational discipline on various specializations. These specializations can then improve the productivity of the teams that make a patient cure in non-critical aspects. Therefore, the cruise ship will manage the non-critical patients faster and enable the practices to improve safely and with safety. Postoperative care will happen on another part of the ship, which then allows the patient to be discharged by the time the ship returns to port. The advantage here is that the doctors and nurses can come in by rotation, and the time spent on commuting at home, the energy costs that run in hospitals, and all that can be comparatively cheaper than building more hospitals on land to accommodate a larger number of patients. Also, the doctors can be chosen and validated from any part of the world without any issues when it is managed as a world operation. The protocols and mechanics can be operated based on government funding, private philanthropic funding, or otherwise to begin the treatment of patients. Eventually, any non-critical operations can be done effectively. This paper does not go into the merits of costs or the merits of the difference between flying a patient and going back. The most important aspect to note is that a non-critical patient, when flown by aircraft and back, the accompaniment of the relatives of the patient is not as effectively managed as a patient on a cruise. The number of accompanying patients can be treated differently and isolated from the medical part by special compartments. Building operation theatres can be effectively managed, and once the patient is discharged, the visiting rooms can be more effectively managed than the rotation that happens in major medical centres. The doctors and the hospital crew can have their rest and leisure much better managed. It remains to be seen whether the cost-effectiveness will work out. For the moment, the National Health Service can view this as a critical point as tens of thousands of patients are waiting for care but not being able to receive it. By taking doctors from the Commonwealth or beyond by validating the processes of doctors as is done in the NHS, they need not devote their time to administrative purposes. This will have a more controllable aspect. The remuneration or fees can be flexible on the cruise because they are accompanied for a shorter period. They can contribute better without loss of their attention, accuracy, or the probability of risk, which they themselves are insured for. Therefore, the world community needs to shift the term medical tourism to medical management, or world medical management, for the treatment of non-critical processes. This will eliminate the current issues that non-critical patients should not transfer risk to the rest of the community as is now insulated. The multinational crew will look at human beings irrespective of nationalities and enhance the quality of medical attention. The entire organizational part, including the current trend for reducing the cost of administration and deliveries, would make it possible that cruise hospitals can be more cost-effective than land hospitals. This is due to the prohibitive costs involved in making brick-and-mortar hospitals compared to the conversion of current ships into hospital ships or equivalents. It is the preoperative and postoperative care costs that make it contained compared to the management of the same on land.

CASHEW MARKET: CHALLENGES & INSIGHTS Cashew production, the manufacture of cashew kernels, its by-products, and the journey to rightful consumption defy orderliness. It cannot be commanded. The increase in offered prices for cashew kernels has seen an unprecedented rate of rise of USD 2,246 per metric ton within just 15 working days. Prof. Peter Drucker, a less quoted and understood management teacher, conveyed that management is a convergence of data, information, and knowledge. The application of knowledge broadly can enable organizations to perform. It must be emphasized that both raw cashews and cashew kernels, along with their by-products, adhere to medieval business practices and classical economics. Attempts to fit them into 21st-century practices are commendable, but cashews, both RCN and kernels, will defy artificial intelligence while accepting applied intelligence. Both raw cashews and cashew kernels conform to the classical economics of perfect competition, where the slightest change in demand and supply alters the price. The question then is whether markets are organized. Both raw cashews and cashew kernels have defied market organization. Cashew kernels are a century-old product. Twentieth-century economists, both classical and later, have employed metrics and wisdom in developing theories. Each theory has its merits, but any wise person who generates a theory also points out its limitations. What is remarkable about raw cashews is that they are seeds waiting to transform into one of nature’s loveliest products—the kernel of an inedible nut. The nature of raw cashews is that they love freedom. Any interference in their journey causes them to deteriorate subtly. They do not perish; they decay. Human nature has a sense that value should not be destroyed, but it also permits the loss of value. Commerce always operates within a series of limitations, while imagination takes one beyond borders. It is perseverance, persistence, and sheer hard work that produce and present a kernel. Raw cashews appear hardy, but their molecules dance and play inside. The kernel is instantly edible but needs preservation and nurturing until every gram is enjoyed in consumption. The modifications that cashews go through are complex, making room for complications and the attention to them. There cannot be prescriptions until the diagnosis is completed. There cannot be predictions or forecasts until one completely understands. Interference by governments, unless proportionate and in genuine public interest, hurts all trades. These burdens affect any businessman, regardless of their shades of honesty. Delving deeply into cashews or any part of nature is pure joy. Crass commerce is part of our daily lives that one enjoys. People expect a lot. Here’s what is happening in the market: # Raw cashews were pressed below its true value; no equilibrium value in a neutral currency has been established. # Cashew kernels are now quoted on a bilateral basis, and contracts remain in jeopardy without settling at their true value. # Nature has restored equilibrium, wiping out excess supplies with lesser outputs this year. # Supply and demand in individual markets will cause prices to fluctuate. # Cashew fundamentals adapt through substitution; one cannot consume what one cannot have. Consumers vote. # The world has forward and spot markets. Spot markets are in a difficult position and will set the price. Forward markets will freeze. # Capital is always the winner. As mutual funds say, “past performance is not a guide to the future.” Cashew requires studies and is getting the necessary attention. Convergence is some time away. Arrive at your own conclusions and act nobly.

CASH CROPS OF CANARA Agriculture and horticulture are the main topics for any generation to address. Every individual must partake in food consumption to fulfil their daily needs. Mangalore has played a pivotal role, steering a transition from agriculture to horticulture and subsequently to services. Cash crops are defined as those grown in fields by producers, readily sold for cash, not meant for subsistence or direct consumption but as a sale for consumption by the whole community. The element of consumption is vital in any agricultural produce value chain, and the demand and supply of any product can vary significantly. Significant agricultural products like jute, cotton, and tobacco are also noteworthy. The Indian economic structure comprehensively covers a range of spices and normal cereal production, pulses, oilseeds, cotton, and similar items. Food will always be in its natural form, as evident in crops such as banana and papaya, which are now readily available year-round. This is due to modern techniques and skills employed, with better and better varieties and hybrids of every kind of agricultural produce based on agro-climatic conditions, irrigation, and nutrients. Regarding Dakshina Kannada, Mangalore has long been renowned for handling black pepper. Written observations suggest that black pepper exports occurred as early as 3 BC, mentioned in Greek records. This historical claim warrants validation, given Mangalore and neighboring communities’ active involvement in promoting international trade in various produce. As for policy, plantation regulation is overseen by the central government in consultation with state governments, ensuring a well-structured growing and delivery process. One should delve into all agricultural products, numbering over 325 basic species. However, variables, variants, and feature-oriented approaches in each of these contribute to the diversity in the production-to-consumption value chain. Mangalore has demonstrated expertise in conversion, as seen in the production of beedies using tobacco, tendu leaves, cotton thread, and paper. It has been at the forefront of knowledge in cashew conversion and coffee curing. In the 1960s, intrepid farmers in the district made rapid strides in arecanut cultivation, incorporating research inputs from CPCRI Vittal for coconut in Kasaragod. This led to the development of hybrid cultivation practices that yielded higher returns than paddy. By the 1970s, Bunder Mangalore was teeming with arecanuts, involving ecology, commission agents, traders, processors, baggers, and subsequent trade. Bananas, pineapples, all vegetables and fruits, and the uniqueness of mangoes are frequently discussed. Currently, tender coconut can be considered a cash crop. Plantation crops, such as coffee and tea, are defined in India. Consequently, the term plantation refers to extensive cultivation undertaken by individuals or groups. Legally, plantations are meant to be production places where regulations for labour management apply. All these activities, including cultivation, harvesting, and marketing, are undertaken by specialized individuals, the producers, encompassing tea, coffee, spices, and similar produce nationwide. Cash crops yield outcomes when further processed. For instance, coffee beans are roasted with chicory to create blended coffee powder for instant coffee technology. Mangalorean investors transitioned into coffee planters, transforming the town into a coffee curing station. Cocoa was introduced into the Puttur and Sullia regions of Dakshina Kannada. Cadbury India successfully implemented it as a backward integration measure. Campco, as a cooperative, efficiently managed this produce by introducing world-class machinery and continues to handle it successfully. Novel opportunities are emerging for developing cash crops. Essentially, cash crops are those planted and produced for selling by the producer, not for self-consumption or sustainability. The daily consumption habits of urban and rural people in our region will shape the future of cash crops. It is now taken for granted that discussions about common or improving beverages are shifting towards specialties, blending nutrition, wellness, health, and value-added components. This encompasses aspects like brands, trademarks, organized manufacturing, national production, packaging and distribution, supermarkets, convenience stores, and home deliveries. India is blessed with abundant natural resources, affirming the capacity to feed every Indian. Furthermore, the pursuit of comforts and luxuries by different economic classes significantly influences modern-day commerce. A legal distinction exists when one mentions a plantation crop. KCCI needs to address with organisations like UPASI to extend auction arrangements for tea at Dharwar or Gadag, the centres of Karnataka for price discovery and associate all cash crops in the auction centre. Mangalore would contribute in knowledge, data and information incorporated as part of skills in trading and commercial geography.