Saturday, November 20, 2021

Immersion in the Tata 'black box'

This book review was first published in the Business Standard on November 19, 2021; https://www.business-standard.com/article/beyond-business/immersion-in-the-tata-black-box-121111801571_1.html


Author: Mircea Raianu
Price: 699/-
Pages: 304
Year: 2021
Publisher: Harvard University Press, Cambridge, Massachusetts

A long time ago, I wanted to read more about Warren Buffett. There were a few biographies available in the library. For me, a biography was a biography. I was confused about which one to pick. My immediate boss, a man of books, scholarship, and impeccable manners, told me in his soft and thoughtful voice, “There are biographies and there are authorized biographies.” That got me thinking. I hadn’t known the difference until then. Subsequently, I read the authorized biography of Buffett, The Snowball: Warren Buffett and the Business of Life by Alice Schroeder, and then the others. Having access to the man himself definitely made a difference to the insights in Ms Schroeder’s book.

This experience has helped me differentiate between the latest book on the Tatas authored by a historian of global capitalism and modern South Asia, Mircea Raianu, and other books on the group that I have read over the years. Many of the popular books on the group are written by Tata insiders, for example R.M. Lala, Mukund Rajan, and Harish Bhat. A few others are written by the outsiders but are primarily internally focused. Examples include books by Girish Kuber, which chronicles the Tata family and group, Shashak Shah, which provides an insight into the people practices and culture at the Tata group, and Peter Casey, which is the work of a fanboy. Don’t get me wrong. Each of these books have something unique to tell, for the Tata group is such a giant that no one book can capture all aspects of the family and the group.

This is where Professor Raianu’s book makes a unique contribution. His is a book by an outsider that extensively integrates the activities of the group with the external environment, using internal resources (archives), clubbed with his own research about the global and Indian events and economies. The journey of the Tatas is immersed deeply in colonial, socialist, and capitalist India and the confluence of politics, economics, and society. On the one hand, the Tatas have challenged the Schumpeterian “creative destruction” view by traversing salt, soap, and steel along with software and sky (Tata sky as well as the group’s airlines), on the other, it has traversed the corporation and the state mostly with aplomb, barring a few cases of resistance and inadequate measures and slips. Raianu has been able to extract valuable information from the Tata and other archives that throw light on how each of these aspects played out in the group.

At this point, it is important to mention about the relevance of archiving for corporations. The book and the plethora of information in it points towards the gold mine that archives are and can be if maintained well. The archives should be impartial, accurate, and as far as possible, complete. Corporate archives are often either poorly maintained, or even if maintained well, are closed to scholars. The Tatas must be congratulated and credited for leaving “behind a longer paper trail than any other Indian business” and opening the archives to the public. Other large corporations with long histories must follow suit.

These archives have perhaps been used for the first time for putting together a comprehensive academic history of the Tatas. The 62 pages of references in the book are testimony to the monumental number of records that the author has gone through. As often happens with a haystack of information, organizing it can be daunting.

In the words of the author, “This is not an elite story of great leaders imposing their vision from above, nor a tale of subaltern resistance that looks up at the corporation from below, but an eye-level immersion in the “black-box” of information exchange within the group.”

The challenges for the reader, and perhaps the author himself, stems from these lines. As a historian, Professor Raianu, digs into the meticulously preserved archives of the Tata group, and tries to “reconstruct the conversations, deliberations, and decisions made by several categories of actors…” As a reader, I am left feeling in a “black-box” occasionally. Sometimes, the book is like an abstract painting, left to the imagination of the reader. At other times, it is like what we in India call an “art film”. There is information, sometimes too much of it. It is intellectually stimulating. But too tiring to read for the average reader. Now and again, though, it is good to denounce popularity (commercial cinema) for reality (art movies), even as a reader. Isn’t this the real world? Too much information. The good and the bad. Go make sense of it.

Wednesday, October 6, 2021

Old Economy vs. New Economy – Indian family businesses adapt well to the digital world

This article was first published in Family Capital on October 5, 2021, Co-author: Ramachandran, Kavil; https://www.famcap.com/2021/10/old-economy-vs-new-economy-indian-family-businesses-adapt-well-to-the-digital-world/ 

Family businesses evoke the memories of a Bajaj scooter or a Godrej lock, in India. Though now they dominate even the sunshine industries like pharma, telecom, biotechnology and information technology with firms like TCS, Wipro, Sun Pharma, Biocon and Airtel being the largest players in their respective industries. Yet, when we talk of new age industries like e-commerce and analytics, we often think of the Flipkarts, the Swiggys, and the Microsofts, all of them either private equity backed startups or non-family firms. Family firms are not yet known in a big way in e-commerce and the next generation wave of technology viz. artificial intelligence, analytics and machine learning.

Belying anecdotal worries about the potential of family firms to withstand the rush of competitive forces in the economy post liberalization in 1991, family firms registered remarkable growth. Removal of restrictions and controls unleashed their entrepreneurial spirit. Taking advantage of the changing business landscape through the 1980s and the big bang reforms of 1991, family-firms built businesses in all industries including in areas otherwise reserved for public sector and the upcoming industries.

Family firms now face another set of challenges different from the ones they faced post-liberalization; that of disruptive technologies and digital economy. The traditional business models are being challenged and the speed of change is nerve wrecking. Some of the unique advantages that family firms possess, like long-term orientation, loyal employees and owners’ passion, may be deterrents to being agile and innovative to cater to the changing market demands. So far, the family firms have been laggards in the race. But will it be the story of the tortoise and the hare? With slow and steady winning the race?

Take the example of Tata CLiQ. In 2007, Flipkart pioneered the e-commerce market in India, with Amazon foraying in in 2013. There were many startups that tried to compete and then either shut shop, consolidated or gave up the dream to become as big as either of them. Five years back, in 2016, the Tata group made a silent entry into e-commerce with Tata CLiQ. It has neither sprinted ahead of Flipkart and Amazon, nor is it the most popular. Yet, it’s gaining ground slowly and steadily. They do not believe in offering deep discounts like the other portals do and have strategies that they know are sustainable. They have been adding more brands to their platforms, have steep revenue growths, and have acquired some well-known existing e-commerce platforms.

Would Tata CLiQ ever topple Flipkart and Amazon to become the number one e-commerce portal in India? We do not know. But what we do know is that Tata CLiQ is here to stay and will benefit from the experience, the philosophy and the resources at its disposal as a part of the Tata group. While Flipkart will have to rely on external funding, the Tata group acts as the venture capitalists for CLiQ, saving them from the pressures of finding funds. Even in the past, the Tatas started their information technology business as a division of the group holding company Tata Sons, in 1968. The company was listed only in the year 2004.

Similarly, many family firms have presence in the new age businesses, albeit in a small and no-frills fashion. Owing to the reputation of the family at stake, they may take them public only when the venture achieves a respectable size. Many of these businesses are championed by the next generation members of the family who are more exposed to the current trends due to their education or interest. The trend has made it easier for the next generation members of the family to do something of their own. It is easier for the family to invest in a member of their own family rather than trust their money with a 30 something youngster with a risky idea. Puneet Dalmia, a third-generation member of the Dalmia Bharat group started the online career portal, jobsahead.com, with funding from the family. It was later acquired by Monster worldwide. Puneet then joined the core family business but continues to act as a venture capitalist for other startups.

Like the Dalmia group, many family firms have become active investors in the startup eco system, either in their own capacity as a family or through the firm. Apart from investing in fields of online education, e-commerce, agri-solutions, investments in emerging technologies and digital space are also popular amongst the families who have been involved in traditional businesses only so far. For example, Premji Invest, the personal investment arm of Azim Premji family, has invested in wide ranging startups- from food (iD fresh foods) to data management and analytics (Data Stax) to e-commerce (Snapdeal). While the family firms may not have direct presence in many of the new age economy businesses, they do have significant stake in many of them through investments. These investments are typically in personal capacity or through the family office, without disrupting the core family business. Though being cautious about their reputation, family businesses monitor the progress closely and may impose certain strategic restrictions.

New ventures by next generation family members and investment in startups by non-family members requires robust governance mechanisms to approve the funding by the family. The buy-in from the investment committee of the family or the family office is important. The venture must be approved keeping in mind the long-term goals of the family. Professional help from wealth managers and experts from financial institutions may be needed to evaluate the financial viability of the proposed venture and subsequently to monitor it. In many cases, the socio-political clout of the proposer within the family influences the decision making, apart from the economics of the proposal. Through sound governance systems and processes the subjectivity can be minimized.

Thursday, September 16, 2021

SHARE PLEDGING AND ITS CONSEQUENCES: A STUDY OF INDIAN FIRMS

“Policy makers and investors need to take a more balanced and contextual view on share pledging by family promoters rather than castigating the phenomenon.”

A research study, authored by Dr. Nupur Pavan Bang, Professor Sougata Ray, Nandil Bhatia and Professor Kavil Ramachandran of the Thomas Schmidheiny Centre for Family Enterprise at the Indian School of Business (ISB), highlights the prevalence of share pledging in the Indian context and the possible implications that pledging may present for stakeholders, especially in family firms.

Using data for 1,492 firms listed on the National Stock Exchange of India from 2009 to 2019, the study finds a decline in firm value, higher crash risk and underinvestment in innovation by firms where promoters of family firms pledge their shares. The study also shows how some firms have utilized share pledging by family promoters as a tool to raise capital for strategic projects and create value for the stakeholders.

The various scandals, loss of control of the firm by family promoters, regulatory responses and warnings led to the common perception that all share pledges by promoters are bad. Existing empirical research around pledging of shares is sparse and does not account for the heterogeneity among the possible use-cases of capital obtained from pledging of shares. The study calls for more nuanced studies on pledging to explore this anomaly contextually and to avoid painting all cases with the same brush.

Co-author, Professor Sougata Ray explains that “the commonly peddled negative narrative on pledging often dissuades fact based, informed, balanced, and nuanced debates on its utility, causes and consequences, backed by rigorous research in spite of its ubiquity in India and many other economies of the world. Along with large sample data driven research, there is a need for case study based research on pledging in order to understand the variations of the same.”

The study was released in a webinar in the presence of Dr. Satyanayana Chava, Founder and CEO, Laurus Labs; Professor Prasanna Tantri, Executive Director, Centre for Analytical Finance, ISB; the authors of the study; and industry stakeholders. It has important implications for investors, regulators, board of directors, and even family members. Pledging of shares, coupled with bad decision-making and/or over ambitious growth plans, resulted in complete destruction of family wealth in many family firms. There is need to create awareness and build stronger family governance processes that would put checks and balances with regards to excessive pledging.

Speaking at the webinar, Dr. Nupur Pavan Bang said, “The study provides a clarion call for acknowledging that pledging is an important tool to access financial capital for family promoters. It is a legitimate way to raise entrepreneurial financing amongst family businesses and a source of fund to turnaround the family firm if it is in trouble. Policy makers and investors need to take a more balanced and contextual view on share pledging by family promoters rather than castigating the phenomenon.”

The study lists important implications for stakeholders of family firms, such as, promoters, family members of the promoting family, investors, the firm’s board of directors, and the regulators. A few of them include:

-        Over-optimistic investment plans and over-pledging of shares by the promoters, without pre-planned repayment strategies, are likely to lead to a crisis later.

-        Investors must keep a track of their portfolio and regularly evaluate if the controlling shareholders of the firms in which they have invested have pledged their shares.

-        Board of directors of firms must caution controlling shareholders from over pledging their stakes and should shield the firm from such shareholders if they try to manage the margin calls by taking hasty or short-term view decisions in the firm.

-        The study also has insights for the regulators such as the RBI and SEBI to take more balanced view of pledging when making policies.

-        Further, there is need to create awareness and build stronger family governance processes that would put checks and balances with regards to excessive pledging.

Thursday, August 12, 2021

Directors’ competencies: A tall order for India Inc

This article was first published in the Economic Times on August 08, 2021. Co-author: Kavil Ramachandran; https://economictimes.indiatimes.com/news/company/corporate-trends/directors-competencies-a-tall-order-for-india-inc/articleshow/85202226.cms

Recent discussions on the failure of corporate governance and how independent directors (IDs) can be effective have raised concerns about the qualifications and competencies of independent directors (IDs). The implicit message is that IDs with “lower” competencies may be failing in their responsibilities as the custodians of the overall interests of stakeholders. Do the directors of India Inc possess such competencies? Are these competencies enough? Further to the recent order of SEBI related to IDs, in this article, we examine the competencies of the Board of Directors (BoDs) of firms listed on the NSE, as measured by educational qualifications of the directors. We recommend the need to have other criteria for determining competencies of IDs.

Qualifications

As per data from Primeinfobase, 93.75 per cent of directors of firms listed on NSE are at least graduates. Majority of the directors (69.08 per cent) have post graduate technical qualifications. MBA is the single most popular degree at 26.56 per cent directors being management graduates- 16.27 per cent of them from the IIMs. CA, CS, ICWA or LLB come a close second at 24.38 per cent while 21.21 per cent of the directors are engineers. A few of them even have an MBBS degree (1.17 per cent). However, instances of corporate governance failures even at large corporations in India have highlighted that despite the highly qualified pool, corporate governance is wanting. Therefore, qualification does not necessarily mean a good fit. 

Diversity

More effort needs to go into identifying the right people who are a) at least in sync with the latest developments in their own areas of expertise, if not ahead of them, b) are not rubber stamps and not afraid of voicing their opinion, and c) bring diversity to the board discussions. Composition of the board is very important. A board that comprises all engineers or all MBAs or all CAs, while highly qualified, will have no diversity. Similarly, it should also evaluate the requirements of the firm depending on the life cycle that it is at. 

Values

Infosys co-founder Narayana Murthy once openly spoke about his spat with the first non-promoter CEO of Infosys, Vishal Sikka. “If the core values of Infosys such as “leadership by example, fairness, transparency, accountability” were “thrown to the dust, then you have to stand up and voice your anguish and disappointment”, he said. The BoDs need to possess similar attitude or value systems and the skills to be independent, so that they can voice their opinion when needed. Values of a person is not easy to assess and for the regulator to implement. But, SEBI can put some guidelines or conditions for the large corporations to start with, say companies with Rs 10,000 crore plus in revenue, where at least the IDs must have a dossier compiled to confirm that they have demonstrated their independence in thinking and acting, before being inducted into the board. 

Commitment

Often, IDs hold multiple board positions, advise various organizations, and are even associated full time with their own businesses or are employed somewhere. With so many other activities claiming their time and mind space, they may not devote enough time to fulfil their board duties in spirit. It is in the interest of the firm to demand time and guidance from the directors. Hilti Corporation, known for its values, culture, innovation and governance, demands that the board members devote a minimum of 20 days every year to Hilti affairs. In Hilti, a board member’s time commitment could extend up to 40 days if he or she is involved with the executive board, employee activities or any special projects. The remuneration flexibility that SEBI has mentioned in their regulation should make it easier for the firms to pay adequately to the BoDs. 

Conclusion

In essence, there has to be a change in mindset while companies are determining who their IDs should be. SEBI’s order included a more elaborate and transparent process to be followed by nomination and remuneration committee while selecting candidates for appointment as IDs. The amendments also enhanced disclosures regarding the skills required for appointment as an ID and how the proposed candidate fits into that skillset. Determining the “skills required” is tough yet doable. Detailed background check including demonstrated commitment to the practice of values will help create a pool of IDs with the right compentencies. Corporate governance and society’s wealth will be the losers if this challenge is not addressed soon. Industry champions must work with SEBI to set a new threshold for anybody to qualify to be an ID. As Ludmya "Mia" Love, American political commentator and the first black person elected to Congress from Utah and the first black woman elected as a Republican, says, “Difficult things aren’t easy, but they’re worth it."

Wednesday, July 14, 2021

A Love Letter on Family Businesses

This review was first published in Business Standard on July 14, 2021

https://www.business-standard.com/article/beyond-business/a-love-letter-on-family-businesses-121071301411_1.html

 

Book: The Ultimate Family Business Survival Guide

Author: Priyanka Gupta Zielinski

Price: 399/-

Pages: 256

Year: 2021

Publisher: Pan Macmillan, New Delhi

 

The author of “The Ultimate Family Business Survival Guide”, Priyanka Gupta Zielinski, is a lucky [as she admits in the acknowledgments section of the book], successful, second-generation family business scion and she clearly loves being one. Her book is a love letter to and on family businesses.

I write this review as an academician with years of research on family businesses. Therefore, I would like to put this out at the outset that I am an advocate of family businesses myself, though not unaware of the challenges. This is not to say that the author is not aware of the challenges. She is. It’s just that the book is skewed towards the positives. And that is exactly why it is such an important book for the next generation members of family businesses.

I hear from many next-generation members of family firms that they “have it too easy.” The author lays out her fears of making mistakes, losses, letting her father down, in a very vulnerable way. So it’s not so easy after all. Many others don’t want to join the family firm as it’s “not fashionable enough”, “not challenging enough”, “not glamorous enough”, and “not the first option for a career.”

Zielinski lays down many reasons as to why the next-gen should join the family business. She effectively communicates that family businesses contribute in a big way to nation building, creating jobs, supporting local communities, contributing to the exchequer and preserving history and legacy. She systematically creates a strong case for the next-gen to join their family businesses and how there is plenty of opportunity for them to learn, grow and make a difference.

The father-daughter conversations are endearing, realistic, and depict the informal knowledge transfer that is an integral part of family businesses. The book lucidly captures the informal yet important communications within a business family, the stakes of the family in the business and the rich resources basket that the family is for the business and each member of the family. “Shirtsleeves to shirtsleeves in three generations” might be an adage of the past if more family businesses read books such as this!’

The author takes each stereotype about family businesses heads on and turns them upside down to depict how they are actually good business practices. There is merit in what she writes and is true for many family businesses. Yet, many of the family businesses genuinely need to change. An example is the role of that gender plays in family businesses. The author writes that family businesses “have allowed women freedom, flexibility, and job security.” The picture in many family businesses is not so rosy. There is no doubt that family businesses can be important vehicle for upliftment of gender equality. There is a lot greater involvement of women now. Yet, overall, they have miles to go.

The toolkit to “help develop a sustainable framework to empower multiple generations in a family business” proposed in the book is fun, logical, creative and unique. The swiss army knife as an analogy for adaptation is particularly apt for change and having the ability to adapt. The book also provides the readers with some astute survival tools and throws light on how family businesses can make better decisions in difficult situations, such as in a pandemic or when they are pushed against the wall. For most families, survival of the business is extremely important as their entire wealth, reputation, legacy, and many emotions are linked to it.

But, to me, the most important contribution of the book is it’s impassioned appeal for the policymakers to recognize and respect family businesses for their contributions. It stresses on the need for a policy framework that is tailored for family businesses. The author talks about centres for conflict resolution outside the courts. Which is a very important point as the more family matters stay out of court, the better it is for the family and the business. Also, so far the world of management education has designed curriculum for and imported lessons from large multi-national diversified corporations. In this book, the author makes a case for these corporations to learn from family businesses. That is refreshing.

Lastly, in India, and globally, we need champions of family businesses like Zielinski. We need more of the next-gen members who joined their family businesses to come forward and narrate their experiences, both good and bad. As Zielinski’s father would say, “kag padhaya pinjare, padh gaya charon ved – samjhaye samjha nahin, raha dedh ka dedh”, applied to the context of family businesses, it means, if you educate a family business owner or next-generation member like the manager of a non-family corporate, it will not be adequate for him. Therefore, we need more next-gen members to read books such as these when they are in a dilemma whether to join the family business or not.

Wednesday, July 7, 2021

Ignore Nominee Directors at your own Peril

This article was first published in the Economic Times, July 07, 2021; Co-author: Kavil Ramachandran

https://economictimes.indiatimes.com/news/company/corporate-trends/view-ignore-nominee-directors-at-your-own-peril/articleshow/84196693.cms

On June 29, 2021, the board of Securities and Exchange Board of India (SEBI) approved amendments to the regulations pertaining to Independent Directors (IDs) on the boards of listed companies. It, however, remains mum on strengthening the role of Nominee Directors (NDs) who represent a very significant group of shareholders. As per data from Primeinfobase, institutional investors account for 33.9 percent of the shareholding in NSE listed companies, by value of shares, as on March 31, 2021. Directors nominated by the Life Insurance Corporation of India and other insurance companies, asset management companies, banks, private equity firms, other companies, and the government of India or state governments on the boards of companies is common.

Concerns with respect to independence of IDs have led SEBI and the Ministry of Corporate Affairs (MCA) to frequently enhance the regulatory requirements with regards to the composition, conduct, role, and eligibility of such directors. The efforts to strengthen the corporate governance framework through enhancing the effectiveness of IDs are welcome. IDs are essential for monitoring the agents [firm executives] and protection of all stakeholders, including, minority shareholders. What about NDs?

NDs must act like IDs

The reforms are inadequate if they leave out a significant player like the NDs. NDs represent investing organisations that are public, whose source of funds is public money. Hence, the NDs must play a vital role in upholding the highest levels of governance at the company on whose board they serve. Yet, governance anomalies have emerged in the past in institutions such as the ICICI Bank and Larsen and Toubro that had NDs on their boards.

In this article, we argue that NDs must act like IDs. The significant investment in the company should ensure that they play the role of a steward. More than the IDs, the NDs have a direct and bigger stake in the company. Yet, why do they fall short in monitoring and safeguarding the interests of the investor as well as the other stakeholders? What are their strengths and weaknesses? How can the NDs tap their potential and create opportunities for elevating the governance standards of the company?

Strengths, Weaknesses and Opportunities

Expertise: NDs are non-independent, often non-executive, experienced and highly qualified members. But do they have the relevant experience and qualification to be a good board member? Given the significant stake that the investor has in the company, it will be worthwhile to make well thought through nominations such that there is a fit between the firm needs and the nominee. Many a times, a firm may look for help from the nominee of a private equity firm for expansion into another market, access to networks, and advanced technical knowhow. On the other hand, a nominee from a bank may be looked up to for guidance on raising funds for another project.

Incentive: While the investor has the incentive to ensure that the company performs well, the ND may perceive the board position as an additional responsibility without any incremental incentive. The rewards and remunerations of the ND are not tied to the performance of the company. The ND must be treated as an ID by the company and compensated for their time and efforts to make it worthwhile for the ND to contribute.

Multiple Directorships: Many NDs are members of multiple boards. It is imperative that they do so without compromising on the time spent to prepare for each board meeting. The management of the company should also demand that the NDs contribute to the discussions at the board level.

Conflict of Interest: NDs may find themselves at crossroads in certain situations as they represent the investor, but it is their fiduciary duty to act in the interest of the company. In any such situation where a conflict arises, the ND must fulfil her duties towards the company that she serves as a director. An example of conflict of interest can be in the context of a banker serving as a ND in a company. Incentives of bankers are mostly linked to the quantity of lending, rather than the quality of lending. This in fact enables the promoters to control the firm with very little skin in the game by borrowing heavily. The ND in such a situation should be concerned more with monitoring and ensuring that there is no tunnelling or misappropriation of funds rather than facilitating more loans to the company.

Muscle Power: NDs have their organizational infrastructure behind them to aid them in asking the right questions to the management of the investee company with regards to their long-term investment strategies. They have the voting rights, access to information and the incentive to discipline the managers. The investor must encourage the ND to use the available eco-system, in-house expertise, and technical knowhow.

Conclusion

NDs can and must take on greater responsibility to ensure better governance in the companies they serve. While there is a lot of stress on improving the quality of IDs, equal stress must be put to improve the quality and contributions of NDs. History has proven that leaving the complete onus of NDs only to the institutional investors create major agency costs resulting in lower quality decision making and poor governance. The regulators, investors and the NDs themselves need to realise their potential and take their role more seriously.

Monday, July 5, 2021

Pandemic Puts India’s Diversity Record to a Test

This article was first published in the Risk Intelligence, GARP, July 02, 2021

https://www.garp.org/risk-intelligence/culture-governance/conduct-ethics/a1Z5d000008elqaEAA

The banking system has stood out with high-profile women CEOs, but a national gender diversity index has declined

Gains in gender diversity, among other inequality issues getting high-level policy attention before COVID-19 struck, have been set back since. It is a harsh reality now being faced in India, one of the countries hit hardest by the coronavirus.

The big emerging market’s banks were held out as exceptions to old norms, with several major institutions led by women, but the departures of some of them now stand out, at least symbolically, as reminders of a persisting gender gap.

The global backdrop, as described by International Monetary Fund chief economist Gita Gopinath in the fund’s spring 2021 Finance & Development publication, is that “low-skilled workers, women, and youth – who are vastly over-represented in jobs where social distancing is difficult or impossible – experienced the largest increases in unemployment in many countries, exacerbating pre-pandemic inequalities.”

An IMF working paper in March on women in the so-called she-cession, a study of 38 advanced and emerging economies, found “over half to two-thirds exhibiting larger declines in women’s than men’s employment rates.”

Legislating a Standard

Official measures to promote women’s advancement in Indian corporations included the Companies Act of 2013, Section 149 (1), requiring listed companies to have at least one woman on their board. By 2020, 17% had women directors, up from 4% in 2013.

However, a 2020 gender balance scorecard from 20 First shows that of the 175 executive team members in the top 20 Indian companies, only 6% (11) were women. Seven of the companies had women on their executive teams.

Discriminatory factors can be more or less subtle: exclusionary and “men’s club” environments, sexism in recruiting, males ignoring or disrespecting female colleagues, and pay disparities. In the World Economic Forum Global Gender Gap Index for 2021, India fell 28 places, to 140th out of 156 countries. Women’s labor force participation decreased to 22.3%, from 24.8% the year before.


Iceland is the world’s most gender-equal country, India ranks 140th, according to the World Economic Forum Global Gender Gap Index. India is farther below the population-weighted average () in the Economic Participation and Opportunity subindex.

Exception to the Rule

India’s banking industry stood in contrast to the “dominant norm” of gender asymmetry across the corporate sector. It was one of the first instances of an emerging market employing gender quotas and women leaders to promote diversity. HSBC’s Naina Lal Kidwai, UBS’ Manisha Girotra, Axis Bank’s Shikha Sharma and ICICI Bank’s Chanda Kochhar rose to the top of their respective organizations.

Besides being run by women, these banks employed relatively more women at each level. One study estimated that between 2001 and 2011, hiring of women officers in banks increased to 14.45% from 6.69%, with smaller growth seen in subordinate and clerical positions. By 2019, the banking, financial services and insurance (BFSI) sector was just under 20% women, and 50% parity was projected by 2027 for the 100 Best Companies for Women in India

According to primeinfobase.com, there has been a steady increase in the number of women employed as board members in private and public sector banks, insurance companies, non-banking financial companies (NBFCs) and asset management firms. The percentage of women board members on Nifty 100 companies rose to 16% in 2021 from 7% in 2012, while at NBFCs it jumped to 18.43% from 3.68%.

Changes at the Top

Among other things, the trend is credited to one of the largest private banks, ICICI Bank, for nurturing women leaders during a period of economic liberalization and expansion. Chanda Kocchar in 2009 was the first ever female CEO at an Indian bank.

However, Kocchar, Sharma of Axis Bank and Usha Ananthasubramanian of Allahabad Bank had untimely exits due to governance issues at their respective banks. In addition, declining percentages of women board members at two major public sector banks between 2020 and 2021 – State Bank of India’s to 4.5% from 6%, and Punjab National Bank’s to 11% from 14%, according to primeinfobase – could be worrying from a diversity perspective if it is more than a temporary blip.

As investors and other stakeholders continue to be vocal about the need for corporate diversity, and more research reveals the benefits of gender parity, women in the critical financial services sector could lead a real cultural revolution in India. The industry has genuinely gone beyond just ticking off a list of regulatory requirements and token gestures, given its past record of female representation on boards, in senior management positions and at other levels.


HDFC Bank provided diversity data in its annual report, stating, “We strive to create and maintain an inclusive work environment for all our employees irrespective of gender, caste, creed, color, sexual orientation, religion, among others.”

HDFC Bank, India’s largest private bank, in its 2020-21 annual report, disclosed diversity indicators, acknowledging the gaps and pledging improvements. The bank has a target of 25% women in its workforce (excluding frontline staff and sales officers) by fiscal year 2025 and says it is “working simultaneously on talent acquisition, as well as talent retention.”

Women role models in leadership positions give hope and impetus to millions of others to dream big – an impact that can be compounded if the industry stays on course as an exceptional North Star for others.

  



Monday, May 31, 2021

“We don’t know about tomorrow,” said the horse, “all we need to know is that we love each other.”- Charlie Mackesy


Most of you might have read my experiences with Covid. If not, it can be read here https://npbang.blogspot.com/2021/05/up-close-and-personal.html

This blog post is about the last month, post-Covid, recovery phase. I will not repeat the things that I have already mentioned in the earlier post. And once again the disclaimer: It seems that the recovery process and timeline follow a long-tailed distribution. While many may have similar and expected experiences, many others have very different trajectories. It cannot be generalized. However, what is certain is, as Kabir said:

चलती चक्की देख के, दिया कबीरा रोये

दो पाटन के बीच में, साबुत बचा कोए

That is, between a pair of quern stones, nobody remains whole. In the context of Covid, once contracted, however mild, nobody remains as they were before Covid. Physically as well as mentally.

Homecoming: My 11 years old daughter made a poster that depicted the corona virus being killed and welcomed me home with excitement. While I have always been very fond of my home and long to get back to it even if I am away for a couple of days, the emotions that the return from the hospital elicited were intense. Legs too weak to carry me to every corner, my eyes took in as much of home as they could.

It felt like the Shahrukh Khan entry scene from the movie Kabhi Khushi Kabhi Gham. Except that I came in a car. Not a helicopter. And my daughter had a poster in her hand to welcome me instead of a puja ka thaali for aarti.

In the Storm: The primary concern for the first week was weakness and constant monitoring of oxygen saturation levels. Weakness was severe and oxygen levels did drop at times after walking a few steps or sitting for some time. Unfortunately, in the second wave, possibilities of post-covid complications were likely. So apart from weakness and oxygen levels, even a slight cough, or a headache, or eye ache, or discomfort in breathing, or a pain in the stomach, were all symptoms of black fungus or pulmonary embolism or a stomach infection or could be indicative of something else. Mind was on high alert and noticed every single change in the body. It continues to be, as the threat of a secondary infection or heart related problems loom until a few months post covid.

Upon recommendation from a friend, I read this lovely book “The Boy, the Mole, the Fox and the Horse” by Charlie Mackesy a few days after coming back home. And loved these lines: “This storm is real, and our fear is real,” said the horse. “But our love is also real, and in the end, love wins.”

Also, these “This storm is making me tired,” said the boy. “Storms get tired too,” said the horse, “So hold on.”

Weakness: Two things helped me regain some basic level of strength in about 10 days. First, drinking lots and lots of fluids. About 5 litres a day; water, coconut water, freshly made juices, buttermilk, and ORS. I could feel the improvement each day and even the difference on a day I had lower levels of fluids. Second, the fact that I was relatively fitter and healthy. After about 10 days, the improvement was not perceptible on a daily basis, and the delta became smaller with each passing day. My fitness level is down to zero right now. It is as though I have never exercised in my life. It may be a couple of months more before I go back to my pre-covid levels of fitness and that would now require starting with some conscious exercises and training. Patience is the key.

धीरे-धीरे रे मना, धीरे सब कुछ होय

माली सींचे सौ घड़ा, ॠतु आए फल होय

As Kabir says, everything happens at its own pace. As a gardener may water the plants with a hundred buckets of water, but the fruits arrive only in its season, similarly, whatever you may do, have patience and you will see the fruits of your hard work.

Food: While in the hospital, I lost 5kgs weight. My skin became dry, lost all elasticity, appeared wrinkled and sagged. Just a couple of days after coming back home, my appetite suddenly went up. I regained some taste. And wanted to eat all the time. Even now, a month later, I feel like eating all the time. With increased appetite, the weight came back, and some more . Here, I must say that I ate regular food that is cooked at home and did not make any attempt to eat healthier options that few people suggested. I included seasonal fruits (only mangoes, litchis and watermelons) and lots of fluids in my diet. The dryness of the skin has improved though it remains loose. Again, exercise should help with toning.

जिन खोजा तिन पाइया, गहरे पानी पैठ,

मैं बपुरा बूडन डरा, रहा किनारे बैठ

In these couplets, Kabir inspires us to work hard and seek. Those who search in deep waters, find something. Whereas those who sit at the fence for fear of drowning do not get anything. So, I must pursue fitness now and get rid of the fear that Covid has deep rooted in my mind, in order to get back to the pre-Covid level of fitness.

Anxiety and Insomnia: These two have been my companions frequently in the past as well. But I mostly had reasons to be anxious and could explain the sleeplessness. The frequency has now increased, and I have no reasons now.

मुझे नींद आए, मुझे चैन आए…

हालत क्या है कैसे तुझे बताऊँ मैं, करवट बदल-बदल के रात बिताऊँ मैं

पूछो ज़रा पूछो क्या हाल है, हाल मेरा बेहाल है

कोई समझ पाए क्या रोग सताए…

This super hit song from the Madhuri Dixit and Amir Khan starrer movie Dil (1990) describes my state quite well. The problem is that it is very difficult to explain this to anyone. Why am I not sleeping? What is bothering me? Even I don’t know. I cannot explain. It is just an after effect of Covid.

Yes, I have tried counting 1 to 10 to calm my mind and breath; yes, I have tried deep breathing many times but did not fall asleep; yes, I have tried white noise and various apps; none of them worked. I just hope this is temporary.

Concentration and memory: I’m an academician, a researcher. A lot of what I do requires me to have a good memory, to pull out anecdotes, facts, numbers, and findings, that I might have read long ago, from the depths of my memory. People used to tell me that I have an elephant’s memory. I would remember the page number in a book where I read something interesting. I have had moments in the last few weeks when I have struggled to recall names and words. Similarly, I pride myself for my ability to concentrate even amid many distractions. The nature of my work requires me to concentrate. I am not able to watch or read for more than 2-3 minutes at a stretch now. I would be devastated if Covid has a long-lasting impact on either my concentration or memory. I hope not.

Compare this to the days when I was doing a PhD. I had flat mates who were working. They would come back from work and put on the TV or loud music and partied often at our flat. I could study with complete focus at those times too. Sometimes, when there were too many people around, I would go and sit in the balcony that faced the very busy Banjara Hills Road Number 3 (Hyderabad) and studied under the streetlight that lit a part of the balcony as well (the balcony itself had no bulb/tubelight). I could easily concentrate and study even with all the noise on the road.

How do you feel? I have no answer to this question. It is a seesaw. On one day I feel good, on the other very low. One day I have no perceptible issues, the very next day, I feel that there is a faint ache in my heart that needs investigation. Yesterday, I was laughing and joking with everyone, today, I just want to be quiet. I don’t know how to answer this question.

One of my all-time favorite movies is Hrithik Roshan and Preity Zinta starrer Lakshya (2004). Javed Akhtar wrote these lyrics that seemed more like a conversation with a best friend rather than a song and were beautifully given music to by Shankar, Ehsan and Loy.

अब मुझको ये है करना, अब मुझे वो करना है

आख़िर क्यूँ मैं ना जानूँ, क्या है कि जो करना है

लगता है अब जो सीधा, कल मुझे लगेगा उल्टा

देखो ना मैं हूँ जैसे, बिल्कुल उल्टा-पुल्टा

These lines play in my head every time someone asks me, “How are you feeling now?” or “How’s your recovery?” In my mind even my expressions are similar to those of Hrithik’s as he is dancing to this song. However, I keep a straight face and say, “I am doing quite well. Thank you.”

Covid Conversations: The most difficult part of recovery is to stay positive. Unfortunately, the time around which I had Covid, the cases were at their peak across the country. There were depressing news of people losing the battle, shortage of oxygen, medicines, beds, and deaths of people too close to home. Each day, the conversations around the morning tea inevitably shifted to Covid updates even though we started out saying that we will not talk about Covid. It had an impact on the mood at home, it seemed like there was nothing to look forward to and there was the survivor’s guilt as well as the reckoning that I had come so close to becoming “news” myself. From the time the number of cases has started coming down, there is a distinct positivity in my attitude and a desire to get well sooner. Even though it is difficult, staying positive helps.

Many songs of Kishore Kumar are brilliant. However, this one from Safar (1970) is perhaps one of his best (debatable of course).

ज़िन्दगी का सफ़र, है ये कैसा सफ़र

कोई समझा नहीं, कोई जाना नहीं

[The journey of life is incomprehensible. Nobody has been able to understand it]

The unpredictability of life has been amply demonstrated to us by Covid. However, it has also shown the helplessness of the humankind and made us accept life the way it is…

ये जीवन है, इस जीवन का

यही है, यही है, यही है रंगरूप

थोड़े ग़म हैं, थोड़ी खुशियाँ

यही है, यही है, यही है छाँव धूप

-      Piya Ka Ghar (1972), sung by Kishore Kumar

I hope this will be the concluding part of my experiences with Covid and nothing major, worth writing about, happens hence forth. I would like to end with a word of caution. I still see many people relying on cloth masks. I too wore them. In fact, I have them in all variety; Pochampally, Ikat, Madhubani, Kalamkari, with embroidery, in all colours to match my dresses. They are not at all adequate. Don’t let your guard down. Double mask up. Because it’s worth it! 

Friday, May 14, 2021

Up Close and Personal


I am neither a doctor. Nor an expert. These are my own experiences and may not apply to many others or even any other. A few may read it just as another Covid survivor’s tale, a few may find it relatable, a few may be able to recall a point or two from this note later that might tilt them in favor or against a certain decision or behavior. For me, it is a chronicle of an event that will leave an everlasting impact on my life.

Puppets: On April 3rd, 2021, I cycled 100kms non-stop. It was no mean feat for me. Though little did I know that within a month, even taking 10 steps will be difficult. I had my entire May planned. I was on leave from April 24th to May 30th. I was to spend time doing nothing with my extended family. Alas, I am reminded of this scene from the 1965 blockbuster Waqt,

Waqt hi sab kuch hai. Waqt hi banata hai. Aur waqt hi bighadta hai [Time is everything. Time makes us. And time destroys us].

Whether we call it time or some super-power. There are certain things that are totally outside our control. As Anand (Rajesh Khanna) says in the 1971 superhit movie Anand, “Hum sab to rangmanch ki kathputliyan hai jinki dor upar waale ki ungliyon mein bandhi hai [we all are puppets of the theater whose string is tied in the fingers of God].”

I am not one to talk much about God. Even now I won’t. Most of you know me as a very organized and well-planned person. But the events of last month stumped each plan, everything that could go wrong, went wrong and my 5-weeks of planned leave from work now seems like a planned “Sick-leave”.

Non-Zero Probability ALWAYS exists: While taking all precautions, though not being paranoid, I believed that all of us will anyways get Covid some day or the other. It was just a matter of time. And the way I believe I contracted the virus proves that. I believe that I contracted the virus despite taking all precautions. I was not without a mask. It was perhaps an adjustment of the mask or touching of the nose or the mouth after touching an infected surface. Unconsciously. How much ever precautions one takes, none of us are safe really. So be vigilant, yet mentally prepared that you can get Covid. It is really not in your hands. We can reduce the probability of getting the virus. But we can’t make the probability zero.

Immediate Isolation: I got regular cough and cold to begin with. It had rained in Hyderabad on those days. It seemed like an allergy due to change in weather. Or at the most another episode of Sinusitis. In any case, I isolated myself immediately. And this is very important. Very early isolation is perhaps the reason my other family members and domestic help did not get it eventually. If in doubt, isolate. Completely. There is nothing like selective isolation. It is important to keep each family member safe. I often hear people say that if the entire family gets it, you are done and dusted. You don’t have to live in fear of getting it in the future. First, you can get it again. Second, each member’s body can react differently. It may not be a mild case for all. As far as you can, protect each member of the family. It is better to NOT get Covid at all.

Confirmation of Covid: In two days, I realized that I had lost smell and that is when I was sure that I had Covid. From the next day, I started to get fever as well. I started online consulting with a pulmonologist. All was fine. Medicines were regular Dolo, Zincovit and Limcee. SPO2 was above 94-95. CT Scan showed 4/25 or a 16% lung infection. It seemed like a mild case.

As a regular frustrated wife, mother, and primary caretaker of the home, I was “kind of” happy. To get food in my room for 14 days, no worries about taking care of the maids, buying groceries or vegetables, or taking care of anybody else’s needs. I would have uninterrupted time to watch mindless series on OTT platforms. Also, I would soon be on the other side. With antibodies! Free bird for at least a few months, post-covid. All wishful thinking. Short-lived.

Progression of the Illness: My temperature started to go up by the next day. It was not coming down with Dolo. It would come down momentarily with Meftal but then within an hour it was back to 103 degrees. This went on for 3 days. By then I had become quite weak. The next day I was asked to do another CT Scan that showed a 12/25 damage that is 48% lungs were infected. I was asked to get admitted. But my SPO2 was still above 92-93. I had no breathlessness, and the only concern was high fever. That too is apparently common in the latest strains of the virus. I was a bit skeptical about getting admitted. Was not feeling that sick. But Pavan did not want to take a chance. And I was not in a state to resist much.

Getting admitted would also mean that things were getting serious. It may not be as enjoyable as being at home and getting pampered! Plus, it was more hassle than what I was ready to let my family go through, with glee, albeit with a little guilt.

The Tipping Point: From the diagnostic Centre to home to hospital took about two hours. In those two hours, my condition deteriorated, and I started having breathlessness. I could not stand in the lift when going down to the car. I had to sit down. Could not walk from the lift to the car. By the time I reached the hospital, it was clear that I needed immediate oxygen support. I am writing this part in detail to convey firsthand experience of how things got critical in a just a couple of hours. And if we had delayed admission, it could have been a huge mistake. At the hospital, I was immediately put on oxygen support. I was told that I needed moderate oxygen support only and should be fine in a couple of days. I was put in a regular Covid room.

By the next day morning, my condition had deteriorated further, and I needed greater oxygen support plus monitoring. There was no further CT Scan done but it was clear that infection in my lungs had spread more. The SPO2 was coming down to 80 even with external oxygen support. Once again, it might have been very costly had we delayed hospitalization. I was able to get the right help and stabilized quickly only because I was already in the hospital. So, I do want to reiterate that early hospitalization is very important in case there are even slightest of signs of breathlessness or persistent high fever. Persistent high fever apparently internally spreads the virus very quickly and we do not realize it soon enough if we generally have a healthy lung.

Early hospitalization and correct medical support also ensure that we avoid panic and last-minute search for a hospital bed when things start to look bad. It is really a matter of hours in the case of oxygen saturation going out of hand. It is very easy for those critical hours to go by without getting the right medical support as you are figuring out hospital, doctor, bed, packing clothes, etc. Act as early as you can. Every minute counts.

For some reason, this song, written by Indeevar, from the Ajay Devgn and Tabu starrer movie Vijaypath (1994), kept playing in my mind for 2-3 days during this period. I imagined Tabu dancing in that garish pink lehenga:

aas ne dil ka saath na chhoda vaise ham ghabrae toh [hope did not leave me, though I was shaken/worried].

This line is quite appropriate, even though the complete song and the picturization of the dance in my head seems over the top and can be attributed to disorientation of my mind due to fever! But those of you who know me well know that I am perfectly capable of imagining such things even when my frame of mind is completely normal.

ICU Experience: The experiences at the ICU are life altering. You see people dying around you. Struggle of the medical force to keep someone alive. And you know that it could be you too any moment. The monitor beeps and you think “what has gone wrong?” Two nurses come to your bed together and call up a doctor. You know that something is wrong. But just trust the doctors. That’s the best that we can do as a patient. Also know that in an ICU you are being monitored round the clock and if something does go wrong, you are in the best place where a contingency can be handled. All parameters like oxygen saturation, chest condition (x-ray), blood sugar levels, heart rate, and all kinds of infections are tested for continuously. Even if something is slightly out of range, they control for it. Have that faith. Give yourself unto the experts. Keep all doubt, news and whatsapp university gyan aside. It helps.

ICU is not for rest: Doctors and nurses are truly stretched to the hilt. The working conditions donning full PPE kits are very difficult. We find it difficult to wear masks continuously. Imagine wearing a PPE kit for hours. It is frustrating to see the inefficiencies at the hospital. My analytical mind was unconsciously doing the math about how many nurse hours, bed occupation, doctor’s time, etc. can be saved if things are done in some other way or if simple things are done more consciously. But really, all resources are just focusing on keeping people alive. So, whatever the conditions, just focus on recovery, and get back home alive. Rest and relaxation can happen at home. Also, the hospitals can do an overhaul of their productivity and efficiency once the Covid wave subsides. Right now, they are doing a tremendous job of just making sure that people receive critical care.

One night, a nurse was playing a dhinchak Telugu song at a reasonably loud volume, at around 2am in the ICU. It was obviously quite frustrating, and I felt like Raja (Jimmy Shergill) from the movie Tanu Weds Manu, standing in front of the marriage bureau officer to get married while the officer chatted away on the phone with his “bebe”. While getting married was the most important event in the life of Raja and Tanu (Kangana Ranaut), it was work as usual for the marriage bureau officer.

Yes, it can be frustrating. But the nurses and doctors are humans too and the current situation is not a one-two day ordeal for them. They have been going through this over-stretched, under pressure, working conditions for too long. Give some leeway to them and the system. They are saving lives. Everything else is too trivial to complain about.

Weaning off the external oxygen support: It is a process where you need to take a leap of faith. You start feeling that you can’t breathe without the support. The heart sinks when you remove the oxygen support and slowly see the SPO2 go down to 88, 87, 86…A lot of will power needs to be mustered to keep increasing the time without oxygen support. The worst is that the SPO2 drops even if you just sit up from a lying down position. That’s the kind of weakness and lung damage that happens for some people. But remember that our system is very robust and resilient. It will bounce back. Again, keep faith, have determination, and take small steps at a time. Trust the doctors. If they say you can do it. You can.

I was shifted back to a Covid room from the ICU. The oxygen support was removed. I got off the bed and stood up to switch off the AC. There was no remote and the switch was a few steps away. I felt giddy. I held on to the railing of the bed. Took a couple of steps forward and held on to the wall. Felt giddy. Took a few more uncertain steps. Switched off the AC. Felt my head swing. I was holding on to the wall with all my might and sat down where I was. I looked around. For a moment I felt that there would be a hero who will hold me as I fall. There was none. I got up and walked back to the bed. Disappointed that I was in a hospital room and not in a Dilwale Dulhania Le Jayenge Karva Chauth scene and there was no SRK to hold me if I fainted. Covid rooms are lonely that way!

Post Covid complications: They are real. Especially if you have had a more than mild case. Weakness is severe. Inexplicable. Small things like brushing the teeth are tiring. Chewing is tiring. Limbs are like jelly. Where does all the energy and muscles disappear in a matter of a few days? Are these the same legs that pedaled 100kms?

There are other side-effects of medication that are random. For 5-6 days, whenever I closed my eyes, I was delirious. Images kept floating in front of my eyes at very fast pace. It was like being inside a fast-moving kaleidoscope. It was difficult to sleep. These side effects are slowly coming down.

On one of the nights when I felt delirious, I imagined myself on the sets of “Nainon me sapna, Sapnon me sajna, Sajnaa pe dil aa gayaa, Kyoon sajna pe dil aa gayaa”. I saw drums. The patterns on the pots, the dancers, and very fast dance steps. I am pretty sure there was no Jitendra because there was no “white”. Everything was very colorful.

The side-effects of steroids, stopping the steroids, need to be observed. Apparently, the steroids suppress a lot of activity in the body. Once the steroids are stopped, it is expected that a few discomforting symptoms may emerge. If these effects are mild, they can be ignored. They will go away on their own. If any of these symptoms are severe, then we need to investigate again.

There are many other minor things that don’t give a good feeling overall. Like for me, my ear drums are blocked. Eyes are always painful. There is a heaviness in the head. There’s a constant tingling sensation in the limbs. There is still no smell and partial loss of taste. All these are expected to slowly decrease.

Mental Frame post-Covid: In severe cases, it is close encounter with a life and death situation. Or at least we know that it could have been very close. So, there is a lot of contemplation that goes on inside the mind. Questions about the futility of everything, purpose in life, importance of family members, who matters and who does not, what matters and what does not, karma, dharma and yama, all keep cropping up. I don’t feel like talking to many people. I feel a sense of calm. There is a lot of concern about “if” there will be any “complications” during recovery. Mind is hyper alert for any new symptoms or any changes in the way I feel. I suppose this is all a part of the recovery process and slowly I will get back to being my silly self!

Whatsapp University Experts: If you get Covid, detach and totally ignore all unsolicited advice from self-proclaimed experts on Covid. Everyone seems to have advice to give on how to tackle Covid. Each covid case is different. Complication levels are different. And these people are not doctors, period. Get proper and timely medical help.

It amazes me to think that even in this age and date, there are people who think they know better than the others, are better read, better informed and therefore must impart their unasked-for advice. As though they have exclusive rights to the whatsapp university and the access to internet. Or maybe they have better reading speed and hence have read more articles than the others. Or have better comprehension than the others and hence must take it upon themselves to tell and explain to others how a Covid situation needs to be handled. Anyways, I do understand that it is difficult for a few people to refrain from giving gyan. It is their compulsive disorder. It has nothing to do with whether others’ want their gyan or not. For your own sake, ignore them. Get a qualified doctor’s help.

There are people who told me to take steam when I was in the ICU. Clearly, if taking steam would cure me, I would not have been in the ICU. There were people who told me what to eat and drink while I was in the ICU. A couple of people also sent messages asking me to tell the doctor about the medication that I should be given. If you are the patient, or the immediately family, just shut your mind from all such messages. There is no nice way of saying this.

Managing Calls and Whatsapp Messages: It is a good idea to create one message in the morning and one in the evening and send to the family and close friends whatsapp groups to avoid getting individual calls and messages. Despite this, there will be many calls and messages. I am not sure if there is an optimal way to handle them. We just hope people understand that for them it is one message. For the family and the patient, there are hundreds of messages and calls. Persistent calls and messages from a few people can be irritating. But just keep your calm and ignore them. Also, there are just too many things to take care of. We do our best in terms of replying to the messages and answering calls and hope that when we are not doing our best, people understand.

I apologize to those who complained that I did not reply to their message or did not answer their calls. It was my first time in the ICU. I was a bit, let us say, “not well”. So please do excuse me.

What I do want to emphatically say is that it is overwhelming to know that so many people care for us. We know that most of these people are just a call away in case we need any help. We know that they are really worried for us and are our well-wishers. We feel loved and important. Many of you have been silently supportive and our strength during the last couple of weeks. You know who you are, and we cannot thank you enough. We are eternally grateful for all the good wishes and prayers and lucky to have such loving friends, colleagues, and family.

Fitness and Covid: Many people wondered that I am so fit and do so much yoga and pranayama. How could I get Covid? Well, my yoga teacher tested positive too. He is one of the fittest people I know of. Plus, so many cricketers and bollywood super fits actors have got Covid. So, fitness has nothing to do with getting Covid or it’s severity. But there is a chance that I will have a faster recovery due to better immunity and generally a fitter profile. It is yet to be seen.

Overall, Covid is a very bad illness. Hope no one gets it. If at all anyone gets it, hope it is asymptomatic or very mild. Anything a little more than mild is not good and has long lasting impact on the feeling of well-being. However, one positive that has come out of me getting Covid is that now my husband knows how to “Dunzo” groceries and vegetables. Of course, it’s possible that one side effect of Covid is brain-fog for the spouse. So, he may forget it in a matter of days. However, I am hoping that “Dunzoing” is like swimming or driving. Once you learn it, it becomes muscle memory. Yet to be seen and tested.

Thank you for reading this account of my experiences and being a part of my journey for a while.