Showing posts with label IIPM-News. Show all posts
Showing posts with label IIPM-News. Show all posts

Thursday, October 11, 2012

Insiders make more sense...

Chandrasekaran is perhaps the right person to take over the baton of TCS from Ramadorai

Ramadorai joined Tata Consultancy Services (TCS) in 1972 as junior engineer. He was appointed as the Chief Executive Officer of the company in 1996. Later in 2004 he also became the Managing Director of this Tata Group company. He holds a Bachelor of Engineering in Electronics and Telecommunications from Indian Institute of Science, Bangalore and a Masters degree in Computer Science from the University of California. He has more than 36 years of experience and has received Padma Bhushan in 2006 for his contribution towards the development of the IT industry. He has been instrumental in building TCS to a $5.7 billion global software and services company and he is recognised amongst other influential IT leaders in the world.

N. Chandrasekaran, the Chief Operating Officer of TCS is more likely to take over the mantle from Ramadorai. He has leadership qualities needed to ensure success in the global environment, including global aptitude, long-term perspective, skilled communication and literacy in technology. Under his leadership TCS ventured into new markets, including Europe, China and Latin America.


Source : IIPM Editorial, 2012.

For More IIPM Info, Visit below mentioned IIPM articles.
 
IIPM : The B-School with a Human Face
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Wednesday, October 10, 2012

Reading the future of books and movies...

Most would agree that the art of this age are movies, and since decades writers have made little money from their work. So, is it time for writers to ruminate about the subject of their books in context to their scope of becoming entertaining masala films? Ravi Subramanian, author of books like I bought the Monk’s Ferrari, opines, “Movies are one more viable option for authors to make revenue and get noticed. In Hello, for instance, the only person who benefitted from the movie was Chetan Bhagat. The movie bombed, the producers lost money, its actors didn’t profit much. The real benefit in terms of profile, money, visibility, was Chetan Bhagat. I think writing books with an eye on the movies, is not a bad option because it gives you a fair bit of recognition. The movies go far and deep in this country. In India as they say, only two things sell – cricket and Bollywood. If you can write a book that can be adapted to a movie, or if you can tweak your book to adapt around for a movie, I think you can be fairly successful. Though movie writing itself doesn’t pay you too much.”

Cinema is a medium that has the entire nation hooked. So is it not high time authors tweak their Modus operandi? A strong relationship can be forged between films and books, what remains to be seen is how long this will take to blossom.


Source : IIPM Editorial, 2012.

For More IIPM Info, Visit below mentioned IIPM articles.
 
IIPM : The B-School with a Human Face


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Monday, October 08, 2012

Creative capitalism in fact holds all the answers?

Muhammad Yunus, Nobel laureate, explains why creative capitalism in fact holds all the answers to improve human life, as told to B&E’s Neha Sarin

B&E : So are you trying to say that there is really no difference between Creative Capitalism and Corporate Social Responsibility?
MY: What actually is Corporate Social Responsibility?! It is something which started with the idea to help other people; but today, CSR has only become money to gain better public relations. You sponsor a cricket team, a rock concert, that’s CSR. The money goes to the R department and does not go to help poor people. CSR budget is now public relations money.

B&E What kind of government support did you get for your concept of Micro-credit and Grameen Bank? What are the kinds of hurdles you faced to achieve what you had dreamt of?
MY: There were so many hurdles. This was something new. So I knew it was very critical. The kind of words they used irritated me for a while. You had to give money to the poor women. You had to deal with them. You had to address unknown women. These were the hurdles we faced. Then there were legal hurdles too. Initially we did not have any law, which explained how you could lend money without any security. We did not have any banking structure like the government banking system had. When you took some money from the government, it puts some money in the bank @ p.a. interest of 5-6%. As a token of support the government deposits the money. But in our case, we did not even take money from the government. We took it from the borrowers. We take money from them and then lend them to the poor people. That’s how we have always worked, and worked well….

B&E: Aneel Karnani (a Strategic Management professor at Michigan University) criticises the whole idea and system of Micro-credit. He said that giving money to the ladies-folk creates all the problem due to the low level of education and women freedom in these societies. Do critics like him make your job more difficult?
MY: People come with different perceptions. If lending money to poor women make them laugh-at and criticised, let the people laugh. I don’t know what this gentleman sees wrong with it. But he may have some points. I don’t want to argue with that. But it does not convince me that he can lend money to the rich. See, in this world if you want to do something, people will criticise and say something.

B&E: Isn’t it risky that money is lent to poor people?
MY: That is not true at all. In Grameen Bank alone, we have a high rate of return of about 97-99%. Whether we work in India or Bangladesh or Somalia or Costa Rica, it does not matter. High rate of return has impressed people about micro-credit systems.

B&E: For how many people did you actually stand as a guarantor? And what was the amount you lent in total?
MY: There were almost 20,000 borrowers to begin with in the first place. And the total amount that was borrowed amounted to a massive 20 million taka (an average of 1,000 taka per head)!

B&E: With such a huge risk potential, didn’t your strategy backfire or at least weren’t you hesitant to some extent considering the possible negative outcomes?
MY: See, we trust people. It is a continuous system. We do well with them. So they come to us again. Then they stay back with us. We remind them. It is not a one shot thing. So there is no such room of doubt.

B&E: Which was the bank that actually helped you in the end?
MY: The bank is called Janata Bank. It is a government-owned bank and sits in the campus of the University where I teach.

B&E: So what kind of response are you receiving from the market today ?
MY: Yes, we don’t give advertisements in any form of media or newspaper. Yes if you talk about word of mouth we do. We write and people read about it everywhere. Through this, the whole world came to know. Thus the word spreads and naturally so. And about the response, the results are there to prove that it has all been really well accepted. Our model of CSR has done wonders; and that is what real socially responsible capitalistic business should learn to do. No business grows forever without the growth of the entire society and it’s time the global capitalists learn the truth…


Source : IIPM Editorial, 2012.

For More IIPM Info, Visit below mentioned IIPM articles.
 
IIPM : The B-School with a Human Face
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Saturday, October 06, 2012

How 2G is India’s First Pro-Poor Scam

The chatterati and the pundits seem to be behaving as if the 2G scam marks the end of the Indian civilization. There is passionate agonizing over how the carpetbaggers of crony capitalism have looted more than Rs 1.7 lakh crore (almost $40 billion) of potential revenue due to the Indian exchequer. There are inevitable and familiar laments about how the money could have been used to build more schools, health care centres et al for poor Indians (the real scam being that enough schools and health care centers for the poor have not been built even 63 years after independence; 54 years of Nehruvian socialism; 39 years of Garibi Hatao and 20 years of economic reforms).

Forgive me for being cynical; but I think the poor of India would actually cheer and welcome 2G style scams because they have actually given something worthwhile to the poor. Look at it this way: till former Minister A. Raja started doling out telecom licenses like prasad in a crowded temple, a handful of telecom operators were making a killing and the really poor could not still afford the tariffs charged by them. Post the monumental 2G scam, telecom tariffs actually dropped to a paisa a second and even lower. More importantly, intense competition forced telecom operators – both old and new – to look beyond saturated urban markets. The fact is: most of the 300 odd million new subscribers since 2008 live in small towns and rural India. For them, the power of mobile connectivity at often Rs.100 a month is literally a dream come true. Also, do not forget how smart entrepreneurs have grabbed this exploding market by importing Chinese handsets. Most of these models are in sync with this new market: they offer long battery (upto 72 hours, even 72 days!) life to people for whom long and unending power cuts are an unending reality.

Ask these poor Indians about the moral, intellectual and existential issues raised by the 2G scam and they will laugh at you. And justifiably. For more than 60 years, they have helplessly witnessed false promise after promise and scam after scam without any material difference to their wretched lives. Now, scam or not, they have got something concrete and worthwhile. As far as they are concerned, the pundits can go on debating to kingdom come.

And don’t underestimate the poor or their ability to figure out what is good for them. The perpetually scam tainted MRNEGA is another example of a pro-poor scam. Everybody knows corrupt politicians, bureaucrats and contractors are still brazenly using NREGA funds to line their pockets. And yet the poor in rural India consider the scheme to be a divine blessing. Their logic? Earlier, they used to get nothing; now they at least get something. Raving and ranting and railing against NREGA corruption is not going to change that.

The fact is: Indira Gandhi was dead right when she categorized corruption as a global phenomenon. You must be living in cuckoo land if you think there is no corruption in countries like Japan, USA, UK et al. The best a society can do is miniminize corruption; it can never be eliminated.


Source : IIPM Editorial, 2012.

For More IIPM Info, Visit below mentioned IIPM articles.
 
IIPM : The B-School with a Human Face
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Friday, August 31, 2012

“We’re doing our best to understand India”

He works for a company that makes a billion simply by certifying other companies. Mark Loughead is the COO at Intertek, whose first-half revenue for 2010 rose by 4.9% to £652 million. B&E met Mark up to question him on the future of the certification business by Neha Saraiya

Although Intertek has been operating in India for over a decade across various domains including textiles, food, electrical products, auto sector and chemical industry, it’s only recently – post the global warming brouhaha and renewable energy focus – that manufacturers and even the government in India have realized the benefits of certification and the requirement of syncing their processes with global benchmarks. Intertek has surely done its noteworthy bit – for one, it fast tracked the air-conditioner energy labelling program in India. Development of bio fuel testing standards in the country is being led by Intertek too. B&E met up with Mark Loughead, global COO, Intertek, for an exclusive talk on India, the future of testing and of his firm’s business model:

B&E: Is India up to your standards in terms of certification?
Mark Loughead (ML): The current infrastructure of the country is by and large similar. The issue we face is [transportation and] re-transportation. Our customers want the product quickly after it is designed as in today’s world, time is money. Still, we are doing all possible things to get accustomed to the various conditions in India and to get all the skilled people required by us. Other than that, it is very cost effective to work here. Moreover, with India being touted as the offshoring capital of the world, this gives us an immense opportunity to expand.

B&E: How much importance do you pay to R&D at the corporate as well as at the country level?
ML: It’s extremely important. We always work according to some set standards to get into force. We conduct maximum R&D in our processes stream with an aim to get new technology to help our customers, as it is comparatively difficult to manage them during a business cycle. We take our experts into our research department and help them work independently as this gives us the benefit of a variable cost. We can then test many products and thus, we get high realization rates for our products. Thus, it’s a win-win situation for both. Moreover, when the business cycle gets changed, we get to know the needs of the customers and then we modify accordingly.

B&E: In areas like consumer electronics and automobiles, certification has now become kind of mandatory. But then, there are many industries where certification is not compulsory. How do you develop business in such a situation?
ML: Yes, in areas like consumer electronics and automobiles, certification now plays a pivotal role. But even if we just look at the testing part, only around 10% is compulsory as it is of standard quality and there is no requirement of inspection to be done outside the factories. Still, many companies follow it the other way, as mostly around 80-90% of the products still fall under the non mandatory category. It also translates to a huge untapped market size of almost £200 billion, which is large in itself.

B&E: Which are the basic areas where certification can be implemented?
ML: Traditionally, from the stage of R&D, products would generally be certified at their production stages only. But now, we are working with our customers in a much different way. Right from the product design stage till the delivery stage, we ensure that certification is followed at every required step. This largely stems from the fact that today, our engineers are able to see and monitor the products getting developed from the very early stages. We want to introduce certification from the very early stages not only to satisfy our customers in terms of quality and safety but also to add more value to our product offerings eventually.


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Wednesday, August 29, 2012

“I rate the UPA government’s second tenure only a five on ten.”

Sudarshan Mazumdar, Former Director of Brand and Communications, Fortis and Escorts Group, speaks to Steven Philip Warner on why he considers the UPA II regime a half-success...

B&E: How would you rate the first and second tenure of the UPA government?
SM: Considering the overall performance since 2004, I rate the UPA government’s first tenure a 6.5 on 10 and its second tenure only a 5 on 10. The second season for UPA has been marred with failures. Be it the Budgets or the failed implementation (so far) of an issue like GST.

B&E: But aren’t you satisfied with UPA II’s foreign policies?
SM: We have tried to improve our relationships with China, Russia and others. But how beneficial it has been for India? Even today, we have not been able to strike any agreement with China, which still supports the nuclear programme in Pakistan. I think the biggest failure of the UPA has been that even after the Mumbai attacks of 2008, it did not succeed in creating a cohesive pressure on our neighbours to stop them from shipping terrorists. That is blatant. There has to be a coherent policy. You cannot have external parties representing you, which is precisely what has been happening. This has given Pakistan an undue advantage during inter-border talks. All this represents a failure of UPA II.

B&E: And what are your thoughts on inflation in basic food commodities?
SM: Even today, we still have to count on the weather gods to forecast how our economic growth will be. Currently, our agricultural growth is below expectations. Food grain production actually dropped this year by 12%. Then, there is poor food preservation. The lack of government supported logistics creates great wastage. Inflation is just the end result.


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Tuesday, August 28, 2012

Kat’s Game for more!

While the world swayed to Shakira’s Waka Waka at the South Africa World Cup, the organisers of the Commonwealth Games have roped in Katrina Kaif to work the magic for India. The actress, who turned 26 recently, is learning belly dancing for her performance on an anthem composed by AR Rehman. Already struggling with a hectic schedule, Katrina seems to have agreed to many more sleepless nights!


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Thursday, August 09, 2012

Venice of the East...

As soon as one enters Udaipur the signboards welcome one with the traditional greeting ‘Khama Ghani!’ About 400 km from the state capital (Jaipur), Udaipur is where one can expect to be treated like royalty in its luxurious hotels, and be charmed by its rural life too, and this rare mĆ©lange is perhaps what makes Udaipur the favourite destination of tourists across the globe.

The cities of Rajasthan are said to be colorful, and Udaipur is especially so as it is still inhabited by people from the Bhil tribe, and so it’s common to see men and women in angrakhas (kurta) and ghagra cholis. Not to mention the colourful festivals and fairs that are iconic of the cultural prosperity of Udaipur.

There’s nothing quite like meandering through networks of lakes, Lake Pichola and the Fateh Sagar make the city look like an artist’s canvas, while the mighty palaces, namely the City Palace and the Lake Palace, forts and the majestic havelis (Bagore Ki Haveli and Maharana Pratap Memorial) would make those history lessons at school come alive… The Lake Palace, ‘a poetry in white marble’ now converted into a heritage hotel, and Sahelion Ki Bari, the ‘garden of the maidens’, make it an experience extraordinaire. Call it the Venice of the East or The City of Lakes, the romance of Rajputana still throbs in Udaipur, even 400 years after it was founded by Maharana Udai Singh II.

Apart from being a famous marriage destination, the city also boasts of horse-back safaris and buggy, vintage car and camel rides. One can also enjoy Bhavai, Ghoomar, Kachhi Ghodi, Kalbeliya and Terah taali and other unique dances of Rajasthan here.

Savour mouth-watering Rajasthani food, seasoned with assorted spices. A meal here though is incomplete without their variety of curries, dried mango called ‘Ocra’ and beans of ‘Sangri’. The generous use of chillies makes a sumptuous feast, while the ‘Lal Maas’ here aces the “don’t miss” list.

When shopping in Udaipur, it is sinful not to take back bandhni fabrics, mesmerising wall hangings, paintings or even the traditional turban! The city’s lakes are a magical sight after the monsoon. Plan your trip from September to March; The fragrance in the air and the bird songs all work up a magic giving one the feeling of being in a fairytale place.


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Wednesday, August 08, 2012

Sack Ben Bernanke? Damn right, yes!

The decision to reappoint Ben Bernanke as the Chairman, Federal Reserve, will further escalate sloppiness, says Gyanendra Kumar Kashyap

Had it not been for old age, the octogenarian Alan Greenspan would have continued to be at the helm of Federal Reserve. Adept at the political game, Greenspan, for 18 consecutive years (August 1987 to January 2006) managed to portray an image that he was his own man and also a lickspittle of the powers in the White House. It takes no rocket science analysis to know how he got himself re-appointed and survived the times of Reagan, Bush Senior, Clinton or for that matter Bush Junior. However age had the better of Alan and a Princeton economist, Ben Bernanke, was sworn in as the Chairman of Federal Reserve on February 1, 2006. Pundits doubted Bernanke’s ability to create a cult of personality around him and become a virtual economic czar (much like his octogenarian predecessor). Thence, Ben’s August 25, 2009 reappointment came as a surprise for many who doubted Bernanke of lacking Greenspan’s mystique; Bernanke is seemingly all set to carry on the legacy of his predecessors, Paul Volcker included.

Well so much for legacy, what is worth pondering over is the question: why in heavens did President Barack Obama interrupt his vacation on Martha’s Vineyard to nominate Ben Bernanke for a second term at the Federal Reserve? Especially given the fact that August 25, 2009 and January 31, 2010 (the day when Ben Bernanke’s first term expires) are months apart? And what about all those reports that commented that Lawrence Summers – the current Director of Barack’s National Economic Council, a close confidante and also a former Treasury Secretary (during Clinton’s time) – was being considered a sureshot Fed Chairman in waiting? There, one guesses Obama called the goose before the eggs hatched. When the White House Deputy Press Secretary Bill Burton was queried, he said, “There’s been a lot of speculation out there, and the President wanted to put it to rest.” The President chose to traverse clear of Carribean waters when he said, “Ben Bernanke has led the Fed through one of the worst financial crises that this nation and the world has ever faced.

As an expert on the causes of the Great Depression, I’m sure Ben never imagined that he would be part of a team responsible for preventing another. But because of his background, his temperament, his courage, and his creativity, that’s exactly what he has helped to achieve. And that is why I am re-appointing him to another term as Chairman of the Federal Reserve.”

Critics may not exactly buy the logic – they argue (we do too) that the crisis could have been averted or at least mitigated in the first place but for Ben’s seat of the pants interest rate logic. It is a fact that once Bear Stearns failed, the Fed and the Treasury could and should have recognised the extreme fragility of the financial system and responded to it accordingly. Bernanke’s acknowledgement that Fed underestimated the seriousness of the financial crisis at the outset, including the danger posed by sub-prime mortgage lending, yet remaining reluctant to relinquish his role as a consumer advocate, is evident financial hypocrisy. Despite signals of falling standards (considering the fact that the sub-prime mortgage originations jumped to $600 billion in 2006 as compared to $310 billion in 2003), he was reluctant to raise interest rates to slow down credit growth. However, Ben ‘Helicopter’ Bernanke continued with his pet policy that “Fed should drop money from helicopters.” As a matter of fact, as early as October 2007, when the first cracks began to appear in the financial market, but before the economy itself began feeling the fallout, Bernanke began to aggressively slash interest rates. So much so that the collapse of US financial system in September 2008,which wounded behemoths like Lehman Brothers, Merrill Lynch, Washington Mutual, Fannie Mae, Freddie Mac, AIG, Citigroup et al, perchance was primarily Ben’s fault than anyone else. Visualise the proceedings of the next Federal Open Market Committee meeting to be held on September 22-23, 2009, wherein Bernanke dominates.


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Monday, July 26, 2010

Great power needs great responsibility

From a regime of long term power purchase agreements (PPAs) and predetermined pricing, private players are quite excited about merchant power; as they have the opportunity to negotiate prices bilaterally or via an exchange. But merchant power is also inherently risky, since it is not backed by the kind of guarantees that long term PPAs provide. That is why banks are also more confident of funding projects with at least 60-70% of long term PPAs. In the short term, power demand can fluctuate menacingly, so private players may be exposed to significant risks (prices, demand shortfalls & payment defaults) before the market matures as a whole; on the lines of developed markets like UK, where 2 years is considered long term. Finally, considering the cost of producing power and its environmental impact, we would risk playing devil’s advocates and mention that the price of power has to be carefully calibrated to curb excesses. Kameswara Rao agrees, “It’s not just revising tariffs to reflect costs but to look at allocative efficiency as well; i.e. the type of consumption (time of day, seasonal, et al) and the size of the user (slabs, categories) to encourage conservation and economic use of electricity. Even a simple indexation to inflation would have helped, but unfortunately in many states the tariffs have not been revised for several years.” This provides India with a miserable record of one of the lowest energy intensities in the world. Yes, the private sector may achieve the goal of ‘Power for All’ ultimately and light the ‘bulb’, but Indian consumers would do well to keep its true cost in mind every time they switch it on.



B&E: How has the policy landscape changed for the renewable energy in the last few years?
MT: In India, the Ministry of New & Renewable Energy introduced the concept of generation based incentives to promote grid-connected solar power plants for the first time in January 2008. However, this policy had an extremely small target of 50 MW with payment guarantees of only 10 years compared to the global practice of 20 – 25 years. Because of these and other reasons, the policy did not result into any actual projects. The solar mission (announced in June 2008) has laid out an extremely ambitious target of generating 20,000 MW of solar power by 2022. This is set to transform not just the solar industry in India but also the energy map.

B&E: How are tariffs of power from renewable energy getting set?
MT: The generic tariff for the renewable power is set by following an established procedure involving a public hearing of interested parties by the CERC. CERC looks at what should be fixed as the normative capital cost for one MW of a renewable energy project. Then it looks at all other costs including the cost of finance and O&M costs etc. It then fixes the levellised tariff for the next 20-25 years as the case may be so that the investor can get a pre-fixed rate of return on his equity investment. For solar this normative return on equity has been fixed at 19% pre-tax for the first 10 years and 24% for the years 11 to 25.







For more articles, Click on IIPM Article.

Source : IIPM Editorial, 2010.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

For More IIPM Info, Visit below mentioned IIPM articles.
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Wednesday, June 30, 2010

Strike: loss is in the air

Air India strike shows a highly unprofessional attitude

A beautiful nation is not a gift; it is a result of good vision, continuous effort, strong political will and many more. But beyond this, perhaps small but more important factors are good governance, efficient bureaucracy and less corruption. Many of these are the factors which made Singapore, a tiny island nation an Asian country to qualify as the 'First world nation'. On my recent visit to Singapore (as a part of the IIPM GOTA programme), while in a conversation with a taxi driver, I came to know about Singapore efficient and corruption free culture. He told me numerous incidents where one was not allowed to contest election since he had committed a crime, perhaps a decade before.

But the worse was yet to come. On May 26, 2010, we (I along with 17 of my students) were running exhaustively at the airport after knowing that Air India employees are on a strike.There was news that the strike was pre-decided, if that is so, then Air India should not have issued tickets for those particular days and even if they have issued the tickets, the management should have some efficient mechanism to ensure that passengers would have alternative flights to reach respective destinations without hassle and harassment on time. Well, no such arrangement was on place. In fact, there was hardly any Air India employee to provide any kind of information and guide hundreds of clueless passengers at the airport. And more interestingly, this one or two days strike also gave another reason to show why the government undertaking entity is struggling to make profit. Each passengers paid to Air India about Rs.20,000, on an average for their journey. And Air India spent approximately Rs.81050 (about Rs.24,150 on accommodation and food, Rs.6900 on transport and about Rs.50,000 for alternative flights via Bangkok) on each of these passenger — who were in a few hundreds in number. Meanwhile, the Aviation ministry releases press brief that it’s not going to interfere over the issue, it will back the management’s decision completely. What was even more interesting was that our stay at Bangkok airport, for over six hours, never made us realise that we are in the same nation which is being torn apart through riots since years. The arrangement and flight procedures inside the airport was perfectly in place and it was made sure that the internal disturbance don't harm the business of airlines.

In a casual conversation I asked a receptionist of Hotel Mandarin Oriental Singapore, where we were staying as we were waiting for an alternative flight arrangement, that can employees of Asia’s one of the most successful airlines, Singapore Airlines, go on strike on similar context? He confidently said no though it doesn’t mean that their demands can’t be heard and met by respective authorities. Strike is illegal while employees have all the rights to raise their demands.

It’s high time for us to wake up, at least, for the sake of the nation. This small incident exemplifies the uncivilised manner we deal with issues. There is no logical reason harassing hundreds of commuters who have nothing to do with the strike's agendas (whether they are selfish or greedy in nature). Similarly, there is no point that Aviation Ministry should be so careless on such issues especially when no airlines, even public run airlines are making big money.

For Complete IIPM Article, Click on IIPM Article

Source : IIPM Editorial, 2009


An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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Thursday, June 17, 2010

A different act

No one can match Salman Khan when it comes to attitude and the right one at that. Salman was to be interviewed recently for an award function, which was completely scripted. The organisers were putting up an act where Salman was to be questioned on Katrina Kaif upon which he was to get offended and walk away. This was to be used by them as a part of television promotions. But Salman didn’t want to stoop to this level for publicity and refused to abide by the script. For Salman, not every publicity is good publicity!

For Complete IIPM Article, Click on IIPM Article

Source : IIPM Editorial, 2009


An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

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