Indian Institute of Management,

Raipur
भारतीय प्रबंध संस्थान, रायपुर

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PI-KIT
AN INITIATIVE BY-
STUDENT ADMISSIONS COMMITTEE, IIM RAIPUR
DEAR
ASPIRANTS,
IIM Raipur’s warmest congratulations on getting shortlisted
for Personal Interview Round. To help you prepare for this
next crucial stage, we present you the PI Kit 2024. This kit
encompasses necessary information which can aid your
preparation for Personal Interview rounds. We would be
happy to help you out with queries and clarification
throughout the admissions process.

In case of Queries and Clarification, Please reach out to

IIM Raipur's PagalGuy:
http://tinyurl.com/pagalguy-iimraipur

IIM Raipur’s Official Admission policy:

http://tinyurl.com/admission-policy-iimraipur2024

Facebook Page for Admission Queries:

http://tinyurl.com/fbqueries-iimraipur

Glimpse into Life at IIM Raipur

Instagram: https://tinyurl.com/lifeatiimraipuri
Youtube: https://tinyurl.com/lifeatiimraipury

Warm Regards, Admissions Committee, IIM Raipur

 Table of
CONTENTS
S. No. Title Page no.

1 Personal Interview Preparation 01

2 Frequently Asked Questions 03

3 Economics 08

4 Human Resources 17

5 IT & Analytics 26

6 Consulting and Strategy 34

7 Finance 44

8 Marketing 53

9 Operations 63

10 Current Affairs 72
 PERSONAL INTERVIEW PREPARATION
A personal Interview is just a formal communication through which the interviewees assess
and judge various aspects of your personality. Hence, it is vital for you to present your best
holistic view possible using verbal and non - verbal forms of communication.
Personal Interviews can be further classified into three different types:

1. Structured Interview
·Structured interviews encompass a pre-determined set of questions posed by the panel.
This will be the format if the interview is to hire for a job with a special skillset or will be a
subset of the CAT interview if you mention that you are interested in any specialization.

2. Unstructured interview
·Unstructured interviews depend on the candidate and are often customized to them. This
type is more of a conversational style where cues are picked up from what is already been
spoken and are very dynamic. Every sentence that is uttered by the candidate matters.

3. Behavioral interview
·A behavioural-based interview is an interviewing technique that employers use to evaluate a
candidate’s past behaviour in different situations to predict their future performance. It's
easier to predict success based on a candidate's past experiences than on speculation.

For the B-School interviews, the candidate can expect Unstructured and Behavioral types of
interviews and must be prepared for them.

Key Parameters to be kept in mind while appearing for a Personal Interview

1. Communication Skills
Communication skills matter everywhere. With the right interview questions, the panel can
determine whether a candidate can communicate properly in several situations and styles.

Elements of Communication:
Tone of communication
Quantity & Quality of the Answer
Body Language

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2. Content
Good content is the bedrock of your interview. It can instill confidence in oneself and help
in focusing on communication skills as well.

Note: Panels are well-versed with different subjects and any attempt to fake the content
can prove futile.

3. Clarity of thought
Consistent and Coherent answers about yourselves showcase a clarity of thought,
which is a prerequisite in the corporate world. Hence a clear vision of your future
and your choices along the way can help your cause in the interview process.

4. Confidence
The more understandable, prepared, and clear you are about your thoughts, the more
confident you will be which shows the panel the candidate’s ability to handle future
challenges. Keeping calm and confident about your abilities can go a
long way toward the success of your interview.

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 FREQUENTLY ASKED QUESTIONS
IN PERSONAL INTERVIEW
Self-Based questions

1. Tell me something about yourself.

This might be the very first question the panel can ask you.
Keep the answer to about 60-90 secs long
It is a critical window to drive the interview in your desired direction.
Structure and precision are important.

Include the following:

Basic Introduction about yourself
Work Experience (if applicable)
Graduation
Achievements
Hobbies

2. Where are you from? Tell us about that.

The key is to know geographical facts about the place you belong to.
The State Capital, Governor, Chief Minister, Historical monuments, etc.

3. What are your long-term and short-term goals?

Short-term goals must be achievable and concrete.

Long-term goals are likely to depend on your personality and passion. Make it something
specific rather than a generic goal like ‘High-level manager’.
.
4. Tell us something about yourself that is not in the resume.

Deep dive into the interests which you might have.

Passion and the philosophy you follow in life can be used as supporting pillars.
Be cautious. Do not fake something on the spot. Keep in mind that the panelists have
interviewed a thousand more.

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5. Which was your favourite subject during graduation?

Try and mention the subject which tickled your curiosity and something at which you
are actually good.

6. Have you participated in extracurricular activities?

Connect the interests and achievements while answering this question.

Showcase the impact these activities had on your personality.

7. What has been your most challenging or rewarding academic experience so far?

Great chance to drive the conversation towards something you are passionate about
Use examples of teachers, classes, projects, competitions, etc. to emphasize it.

8. How do you think having work experience will help you in your MBA journey?

Talk about how corporate life has impacted your personality.

Instances during your tenure where you showcased your managerial skills.
Talk about the kind of team member and leader you would describe yourself as.

9. Why quit your job to study again? Do you think MBA is worth the opportunity cost lost?

Here your vision and mission for your professional career are being tested.
Talk about where you see yourself and why you chose this path of job and then an MBA.
Use instances to support your answer.
Refrain from being negative about your employer.

10. If you could change one thing about your professional life, what would it be and why?

Do not go technical about it and try to keep your answer within the corporate
dynamics. You do not want the panel to wonder why you want to pursue an MBA.

11. Tell us some of your strengths and weakness.

Strengths
Don’t just list your strengths; back them up with stories where you have incorporated
them to bring about fruitful results.

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 Try to avoid common strengths such as hard work, teamwork, etc. You want your
answer to stand out, not blend in.
Have at least three personality traits in your arsenal that you can back with a story.
Introspection, close friends and families, and mentors are the resources you must use
to determine your strengths.

Weaknesses
Refrain from disguising your strength as a weakness.
Refrain from claiming not to have any weaknesses.
Revealing your weakness may seem counter-productive to you, but not everyone is
perfect, and the panelists know it too.
Do not mention a weakness that could be devastating in the corporate world.

How to structure your answer:

Name your weakness
Incidents where that weakness led to sub-optimal results
Most Important- Improvement Plan and how you wish to overcome the weakness

12. Who is your role model?

Name the role model

Explain why they are your role model.
Give 3-4 qualities you admire along with short anecdotes.

13. Do you have any questions for me/us?

This is your chance to address any concerns that you have about the program. You
should have at least 2-3 specific questions prepared.

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 MBA Based Questions
1. Why MBA?
It is a make-or-break question.
Conduct efficient research about aspects of MBA.
Talk about how doing MBA will enhance what you did till now in the past.
MBA should be the pathway to your short and long-term career goals.
Is MBA the only way to achieve your goals?
MBA will help you change your career trajectory and how?
Highlight any unique resources that you are particularly interested in.

2. There are so many qualified applicants. Why should we admit you?

Know about how you stand out from the crowd and what unique you bring to the
table.
Achievements and Accolades should be used to support the answer.

3. Instances from the past that showcase your management skills.

Narrate how you have solved a problem by using managerial skills.
If you have work experience, talk about instances where you led a project or a team.

4. Which Specialization are you interested in and why?

This answer must align with the career goals and consist of the knowledge about the
specialization itself.
Be aware of the happenings in that field of choice.

Behavioural Questions
In the contemporary corporate world, your behaviour matters as much as your skills, if
not more!
While the interviewer's goal is to learn more about you, your goal is to position yourself
in the best possible light. Each of your answers should highlight at least one among self-
awareness, growth, self-reliance, empathy, willingness to help others, etc.

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 Abstract Topics
What better way to test your readiness to solve unexpected problems, the way of
thought, than by asking you a question unrelated to CAT, MBA or you? Examples:
What are your thoughts about the colour green?
Do you believe in luck? How would you measure it?
Coca-Cola or Pepsi? Apple or Microsoft? Nike or Adidas?
Would you rather have an inferiority or superiority complex?
If a lion entered this room at this moment, what would you do?
What would your biography be called?
Explain what management is to an eight-year-old.
Would you rather have the ability to fly or be invisible whenever you want?

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Economics is the social science that deals with the prioritization of options available to
individuals, society, and government for using scarce resources to meet the various
needs of life.
In short, Economics is the study of people and choices.

Terms to be Known
Microeconomics: The branch of economics that deals with decisions made by individuals
to use the resources, interactions between the individuals for utilization, and distribution
of scarce resources.

Macroeconomics: The branch of economics that deals with the aggregate behaviour of
the economy (regional, national or global) in terms of performance parameters such as
inflation, GDP, national income, price levels, etc.

Capitalist Economy: It is the economy where the decisions about what to produce, how
much to produce, and the price at which to sell is solely taken by the market or the
private enterprises in the system and the state has no economical role. This concept
originated in the famous work of Adan Smith-Wealth of Nations (1776).

State Economy: It is the economy where the decision on production, distribution, supply,
and price is solely taken by the state.

Mixed Economy: It is a combination of a capitalist economy and a state economy, where

some elements of the economy are controlled by the state, and the rest of the elements
are regulated by the market.

Well, all these economies seem fine. But let’s look at the fundamental reason and
mechanism by which economies are created.

Where there is a demand, there will be a supply.’

Law of Demand –
The law of demand states that the quantity purchased varies inversely with the price. In
other words, the higher the price, the lower the quantity demanded. This occurs because
of diminishing marginal utility.

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Law of Supply –
The law of supply says that as the price of an item goes up, suppliers will attempt to
maximize their profits by increasing the number of items for sale.

Is there an equilibrium point?

Market Equilibrium
The point of intersection of the demand curve and
supply curve is called the Equilibrium point. It gives
the price at which the market supply meets the
market demand. Equilibrium is the point at which
the price has reached the level where the quantity
supplied equals the quantity demanded.

Perfect substitutes - commodities that consumers view as identical and have no

preference in consumption.
Perfect complements - goods that can be consumed only along with the other and
cannot be consumed individually. Shoes.
Price Ceiling and Price Floor - The price ceiling is the price at which a good or service is
capped and thus cannot be sold at a higher price, set by government.

Sunk cost - A sunk cost is an expense that typically offers no return, meaning a company
can't recover the funds it puts into the investment.
For instance, if you invest in research for a less successful product than expected, the
investment may become a sunk cost.
Examples – Advertising, Market research, Product Development.

Opportunity cost - Opportunity cost is the loss of potential profit when you make a
decision. Management often considers various possibilities with individual incomes and
expenses during decision-making for optimal results.
Resources are always limited. We need to make a choice the choice we didn’t make is
opportunity cost.
For example, as a financial adviser, you may consider the potential profit of two
opportunities and choose the one that seems best for the company.

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Comparative Advantage – Let’s say that the US can’t produce 2 tons of shoes if they
produce 1 plane. China gives up 8 tonnes of shoes when they produce 1 plane. So, the US
can produce planes quickly and China the shoes. Hence individuals and companies
should produce things that they specialize in and trade

Capital goods – It consists of those durable produced goods that are in turn used as
productive inputs for further production of goods and services. Capital stock includes
buildings, equipment, software, and inventories during a given year.

Do we need government involved in the market?

Granted, the efficiency of the government is appalling. But until we find the right
incentive for the profit-based companies to provide basic subsidized needs, we need
government. Also, we can’t give regulation rights to multiple companies. If we provide
regulation power to one company and let people choose it, it’s democracy!

National Income: The aggregate income of the Nation can be calculated in four ways:
GDP, NDP, GNP, and NNP, which is also a subject in ‘National Income Accounting’.

GDP: Gross Domestic Product is the value of all the final goods and services produced
within the nation's boundary during one year. It is the summation of national private
consumption, gross investment, government spending, and trade balance.

Expenditure Method to calculate GDP:

NDP: Net Domestic Product (NDP) is the GDP minus the depreciation of the goods and
services produced.

GNP: Gross National Product is the summation of the GDP of a nation and the income of
the nation from outside of the nation. GNP indicates both the quantitative and qualitative
aspects of the economy.

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NNP: Net National Product (NNP) is the GNP minus the depreciation of the economy.
Inflation: Inflation is the quantitative measure of the increase in the general price level of
goods and services which results in the decrease of the purchasing power per unit of a
currency.

Terms that should be known in depth

Inflation - It is a decrease in the purchasing power of money, reflected in a general
increase in the prices of goods and services in an economy.
Causes of Inflation
Demand-Pull Effect
When supply cost is constant, if there is an increase in the supply of money and credit, it
stimulates more demand for goods and services. But production capacity can’t be
increased overnight. When demand exceeds production capacity, price increases.

Cost-Push Effect
When the demand is constant, Bottleneck supply or an increase in supply cost increases
the price of the product.

Built-in Inflation
As the price of goods and services rises, people expect that they will continue to rise in
the future and demand more wages to maintain their standard of living. Their increased
wages result in a higher cost of goods and services.

Measuring inflation
To measure the average consumer’s cost of living, government agencies conduct
household surveys to identify a basket of commonly purchased items and track over time
the cost of buying this basket.

The problem with CPI is that we don’t often update the consumer basket with new items
or better-quality prices. Even if they do, maintaining accuracy is a problem.

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Pros and Cons of Inflation
Inflation can be construed as either a good or a bad thing, depending upon which side
one takes, and how rapidly the change occurs. For example, individuals with assets like
property or stocks, like to see some inflation as that raises the price of their assets. On
the other hand, people holding assets such as cash or bonds, may not like inflation, as it
erodes the real value of their holdings.

If the purchasing power of money falls over time, then there may be a greater incentive to
spend now instead of saving. Hence the optimum level of inflation increases spending,
which may boost economic activities in a country.
Inflation and unemployment are inversely related.

Deflation - The opposite of inflation, when the general level of prices falls.
The deflation might seem a good thing, but it’s not. If people could buy more stuff for the
same amount next year, they just wouldn’t spend it. People not spending money would
cause the economy to a grinding halt. It is much harder to encourage people to spend
more than encourage people to spend less. Hence deflation could be more devastating
than inflation in the long run.

Stagflation - It is the situation of an economy when inflation and unemployment both are
at higher levels that are opposite to the conventional situation. The conventional belief is
that a trade-off exists between inflation and the unemployment rate according to Phillips
Curve.

Unemployment
Frictional unemployment – Temporarily unemployed or switching jobs
Structural unemployment – No demand for that specific type of labour
Cyclical unemployment – Due to the recession
Frictional and structural unemployment always exist

GDP Deflator - It is the measure of price behaviour. It is the ratio of Nominal GDP and
Real GDP.

Fiscal Policy - The policy in which the nation’s economy is regulated and monitored by
the government’s adjustment in spending and taxation.

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Monetary Policy - The policy in which price stability and money supply and inflation rate
regulation are taken by the central bank of a country to achieve the macroeconomic
objectives.

Foreign Direct Investment (FDI) – It implies investment by foreign investors directly in

the productive assets of another nation.
In this kind of investment, the foreigner has significant control over the affair of that
company. This gives the country an uneasy feeling.
In 2020, 35% of the foreign investments were FDI, and it was made in the mining industry,
which is a crucial part of Australian exports. So, the more the companies exploit the
resources, the less is available for the country’s people.

Foreign portfolio investment (FPI) – It means investing in financial assets, such as stocks
and bonds of entities located in another country.

Cash Reserve Ratio - Cash Reserve Ratio is the mandatory percentage of shares a bank
has to keep with the Reserve Bank of India in liquid cash to combat inflation and keep the
liquidity in check.

SLR - Statutory Liquidity Ratio is the share of a bank’s deposits kept with RBI in the form
of Liquid assets to ensure the bank’s solvency and money flow in the economy.

Bank Rate - Based on monetary policies, commercial banks can borrow loans from banks
from the central bank. The interest rate the RBI charges on these types of loans and
advances to the banks is known as the bank rate.

Repo Rate - Repo rate is the interest rate at which RBI lends money to the banks for a
short term. With the help of the Repo Rate, RBI can regulate the inflation and liquidity of
the country’s economy.
Reverse Repo Rate: Reverse Repo Rate is the rate at which commercial banks give loans
to the RBI. Reverse Repo Rate helps to regulate the money supply in the economy.

Direct Taxes - The tax amount levied directly on an individual or organization’s income or
property by the imposing body. It is based on the principle of ability-to-pay, which means
the entity with more resources has to pay more amount of tax. Examples of Direct Taxes
are income tax, wealth tax, property tax, corporate tax, etc.

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Indirect tax - It is the tax collected by an intermediary and paid to the government by
passing the tax burden on the consumer buying that good or service. It is the tax imposed
on goods and services instead of on a person or organization’s income, earnings, or
property. Examples of Indirect tax: are Value Added Tax, Customs Duty, and Service Tax.

Remittance - A remittance is money sent to another party, usually one in another

country. The sender is typically a foreign worker and the recipient is a relative back home.
Remittances represent one of the largest sources of income for people in low-income and
developing nations, often exceeding direct investment and international development
assistance.

Goods and Services Tax (GST) -It is a destination-based indirect tax that is imposed on
the value addition at each stage till the final sale to the consumer. It has replaced many
indirect taxes in India. The Goods and Services are divided into five tax slabs for
collecting the tax: 0%, 5%, 12%, 18%, and 28%.

Tariffs - A tax imposed by one country on the goods and services imported from another
country. They increase the price of goods and services purchased from another country,
making them less attractive to domestic consumers. Govts may impose tariffs to raise
revenue or to protect domestic industries from foreign competition.

Types of Market –

Perfect
Observation/ Oligopolistic Monopolistic
Competition
Parameters Market Market
Market

Number of
Too many A small group Just one
Firms

Product Similar but No Close

Identical
Portfolio differentiated substitute

Entry & Exit Complete

No barriers Few barriers
Barriers barriers

Control of Substantial
None Total control
Market price control

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Economies of scale:
It is the cost advantage that firms enjoy due to their scale of operation. The production
becomes efficient and costs less, as the fixed costs can be spread over
a more considerable amount of goods when companies scale up production. In this case,
the average cost decreases as we scale up the production.

Diseconomies of scale:
After a point of increase in output, the firm can no longer enjoy the cost benefits, and it
costs more to increase the production of a single unit (this occurs due to multiple factors).
This is called Diseconomies of scale. In this case, the average cost increases as we scale up
the production.

Sample topics to build your argument

Trade War – Beneficial or Detrimental?
Recession in World and/or India
Definition of Utility
Law of diminishing marginal utility
GST – Success or Failure?
Functioning of RBI; Who is the current governor of RBI?
What are CRR, Repo Rate, Reverse Repo Rate, and Bank Rate? How are they used by RBI?
What are direct and indirect taxes?
Budget – What should India focus on?
Centre's role and the state's role in planning
Export data and Import data – Accurate?
Keynesian theory
Economic forecasts of different countries
The essential features of Liberalization, Privatization, and Globalization?
What do you mean by a normal good?
Bank mergers in India
Your opinion on the Public policies of India

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Human Resource Management (HRM) is the term used to describe formal systems
devised for the management of people within an organization. The responsibilities of a
human resource manager fall into three major areas: staffing, employee compensation
and benefits, and defining/designing work. Essentially, the purpose of HRM is to maximize
the productivity of an organization by optimizing the effectiveness of its employees. This
mandate is unlikely to change in any fundamental way, despite the ever-increasing pace of
change in the business world.

Roles and responsibilities of an HR Professional:

Tying performance appraisal and compensation to competencies.
Developing competencies that enhance individual and organizational performance.
Increasing the innovation, creativity, and flexibility necessary to enhance
competitiveness.
Applying new approaches to work process design, succession planning, career
development, and inter-organizational mobility.

Key Performance Indicators (KPI)

Key Performance Indicators (KPIs) are defined as a set of quantifiable measures that an
organization uses to gauge the performance of the organization and its employees to meet
its strategic and operational goals. KPIs are directly linked to the overall goals of the
company. Once an organization has set its mission, identified all its stakeholders, and
defined its goals it then needs a way to measure progress toward its goals. KPIs are
utilized to track or measure actual performance against key success factors.

Concepts related to HR:

Management by Objective (MBO): Management by Objectives is a personnel management
technique where managers and employees work together to set, record, and monitor
goals for a specific period. Organizational goals and planning flow top-down through the
organization and are translated into personal goals for organizational members. It aims to
improve the performance of an organization by clearly defining objectives that are agreed
to by both management and employees.

360-degree Performance Appraisal: A 360-degree appraisal is a type of employee

performance review in which subordinates, co-workers, and managers all anonymously
rate the employee. This information is incorporated into the performance review. The
feedback is often used as a benchmark within the employee's development plan.

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Balance Scorecard: The balanced scorecard is a strategic planning and management system
that is used extensively in business and industry, government, and non-profit organizations
worldwide to align business activities to the vision and strategy of the organization, improve
internal and external communications, and monitor organization performance against
strategic goals.

McKinsey 7S Framework: The model is based on the theory that, for an organization to
perform well, these seven elements need to be aligned and mutually reinforcing. So, the
model can be used to help identify what needs to be realigned to improve performance or
to maintain alignment (and performance) during other types of change.

Maslow’s Need Hierarchy Theory

Maslow's hierarchy of needs is a motivational theory in psychology comprising a five-tier
model of human needs, often depicted as hierarchical levels within a pyramid. Maslow
stated that people are motivated to achieve certain needs and that some needs take
precedence over others. Our most basic need is for physical survival, and this will be the
first thing that motivates our behaviour. Once that level is fulfilled the next level up is what
motivates us, and so on. This five-stage model can be divided into deficiency needs and
growth needs. The first four levels are often referred to as deficiency needs (D-needs), and
the top level is known as growth or being needs (B-needs)

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Personality
Personality is an easy concept to grasp for most of us. It’s what makes you “you”. It
encompasses all the traits, characteristics, and quirks that set you apart from everyone else.
Human resources professionals often use the Big Five personality dimensions to help place
employees.

Big Five Model of Personality

The Big Five traits are Openness, Conscientiousness, Extroversion, Agreeableness, and
Neuroticism or OCEAN:

Openness: Openness includes traits like being insightful and imaginative and having a
wide variety of interests.
Conscientiousness: People that have a high degree of conscientiousness are reliable and
prompt. Traits include being organized, methodic, and thorough.
Extraversion: Extraverts get their energy from interacting with others, while introverts
get their energy from within themselves. Extraversion includes the traits of energy,
talkativeness, and assertiveness.
Agreeableness: These individuals are friendly, cooperative, and compassionate. People
with low agreeableness may be more distant.
Neuroticism: Neuroticism is also sometimes called Emotional Stability. This dimension
relates to one’s emotional stability and degree of negative emotions.

Organizational behavior theories

For managers, understanding organizational behavior has never been more critical than it is
now. Organizational behavior theories are fundamental for the competitiveness of
companies.
Workers value much more than economic compensation when deciding to stay. Many other
factors influence talent turnover; companies today need to know all these variables to retain
their employees.
Some important organizational behavior theories:

·Scientific Management Theory: This theory emphasizes efficiency and productivity

through systematic workflows and optimizing tasks and processes by breaking down jobs
into smaller, more manageable tasks. Scientific management theory has been criticized
for ignoring workers’ social and psychological needs and is too inflexible, but it can still
be seen in some corporations today.

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 Five Bases of Power Theory: It is a framework for understanding the sources of power
that individuals or leaders can possess within an organization. The theory identifies five
primary bases of power: legitimate, reward, coercive, expert, and referent.

Legitimate Power: Managers at this level can make decisions, set priorities, and allocate
resources.
Reward Power: Executives with reward power can grant performance-based bonuses and
stock options to top-performing employees.
Coercive Power: The executive with coercive power can reassign or terminate employees
who consistently underperform or violate company policies.
Expert Power: Expert power is based on an individual’s specialized knowledge, skills, or
expertise.
Referent Power: The executive is known for their approachable and personable leadership
style.

Performance Management:
Performance management is a process by which managers and employees work together to
plan, monitor, and review an employee’s work objectives and overall contribution to the
organization. More than just an annual performance review, performance management is the
continuous process of setting objectives, assessing progress, and providing ongoing
coaching and feedback to ensure that employees are meeting their objectives and career
goals.

Big Data & HR Analytics

Big Data in HR refers to the use of the many data sources available to your organization,
including those not traditionally thought of in HR; advanced analytic platforms; cloud-based
services; and visualization tools to evaluate and improve practices including talent
acquisition, development, retention, and overall organizational performance. This involves
integrating and analyzing internal metrics, external benchmarks, social media data, and
government data to deliver a more informed solution to the business problem facing your
organization. Using these tools, HR organizations can perform analytics and forecasting to
make smarter and more accurate decisions, better measure efficiencies, and identify
management “blind spots”.

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Changing trends in HR
As HR has become more aligned with the business, evidence-based HR and HR analytics
are increasingly important. Without rigorously tracking HR investments and outcomes, HR
decisions and priorities remain whims, not science. With HR analytics, line managers and
HR professionals can better justify, prioritize and improve HR investments. While many HR
decisions require insight and judgment, improved HR metrics help HR move towards
professional respectability and decision-making rigor.

Gamification
Gamification is the process of enabling the participants to learn in the learning and
development scenarios by applying games and making them more engaging for the learner.
In this process, the learner competes with the co-participants or participates individually
and through this interactive exercise learns and earns rewards for his/her performance.
Fast-growing digital gaming technology is used to implement gamification in learning. The
technological development in HR has helped in implementing e-learning techniques in
different organizations, but the usage of gaming is a completely different and new concept
that is still evolving.

Sub-domains of Human Resources

Recruiting & Selection

Recruitment: The process of searching for prospective employees and attracting them to
apply for jobs in the organization. This involves:
Discovering the sources of manpower to meet the requirements of the staffing
schedules
Employing effective measures for attracting that manpower in adequate numbers to
facilitate effective selection of an efficient workforce for a vacant job position.

Recruitment Process:
Find out the requirement (hiring vs. exit), upcoming vacancies, and the kind of
employees needed
Developing best techniques to attract suitable candidates – attracting the talent pool

Selection: It is the process of differentiating between applicants to identify and hire those
with a greater likelihood of success in a job.

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Selection Process (Sequential Steps):
1. Preliminary Interview
2. Administering Selection Tests
3. Employment Interview
4. Reference and Background Analysis (Important, Latest Trend picking up)
5. Selection Decision
6. Physical Examination
7. Job Offer and Employment Contract

Performance Management System (PMS)

Performance Appraisal + Feedback + Coaching = Performance Management System

A performance Management System (PMS) is a continuous process of identifying,
measuring, and developing the performance of individuals and teams and, aligning
performance with the strategic goal of the organization. It is based on four pillars:
1. Setting clear and measurable goals
2. Implementing concrete actions
3. Imposing rigorous consequences
4. Objectivity

Compensation & Benefits

This function involves creating and implementing compensation policies for the
employees.
Payroll Administration
Performance Appraisals
Rewards & Recognition
Wage Comparisons
Group Health, Dental & Vision Insurance
Life & Disability Insurance
Accident, Sickness & Cancer Insurance
Flexible Spending Accounts
Retirement Plan Administration
Employee / Employer Relations
Intermediary between Parties
Open-door Policy for Employee Questions & Concerns
Strict Privacy Policy on Employee Records, Exit Interviews

23
Performance Appraisal
A performance appraisal (PA) system is an objective assessment of an individual’s
performance against well-defined benchmarks. Performance appraisals are a part of career
development and consist of regular reviews of employee performance. Other aspects of
individual employees are considered as well, such as organizational citizenship behaviour,
accomplishments, the potential for future improvement, strengths and weaknesses, etc.

Learning and Development

The need for Training and Development is determined by the employee’s performance
deficiency, computed as follows:
Training & Development Need = Standard Performance – Actual Performance
Training: Training refers to the process of imparting specific skills. An employee undergoing
training is presumed to have had some formal education. No training program is complete
without an element of education. Hence, we can say that Training is offered to operatives.
Development: Development means those learning opportunities designed to help
employees to grow. Development is not primarily skills-oriented, instead, it provides
general knowledge and attitudes, which will be helpful to employers in higher positions.
Efforts towards development often depend on personal drive and ambition. Development
activities such as those supplied by management development programs are generally
voluntary.

Employee Engagement:
Employee engagement is the measure of how involved and committed the workers are
towards their organization and values. A well-engaged employee is well aware of the day-
to-day happenings of the organization and works with his or her colleagues to improve the
performance of the individual and works towards the betterment of the organization. It is
an optimistic attitude that the employees hold towards their organization.

Health & Safety

Safety implies an absence of accidents i.e., ensuring the protection of workers from
workplace hazards. Providing safety to employees has a moral dimension as well as a legal
requirement. Thousands of employees suffer from accidents every day – this could lead to
total, temporary or permanent disability. Laws are covering occupational health and safety,
and penalties for non-compliance. An employer needs to ensure that an accident doesn’t
lead to the incapacitation/death of an employee. Monetary compensation does not bring
back a person as a healthy individual.

24
Industry Relations
Industry Relations (IR) is concerned with the management of relations between workers
and employers (management) and the role of regulatory mechanisms in resolving any
dispute. Employers, Employees, Unions, the Government, and Judiciary have stakes in IR.
IR assumes its significance owing to its direct linkage with productivity, ethical dimensions,
and legal compliance.

Strategic planning
HRM makes strategic management effective by supplying competent human capital
and committed and works in sync with organizational strategic goals.

Sample Questions
How do you think your academic background is relevant to the field of HR?
What are the three qualities in HR which influence you?
Can you give a short description of an ideal HR workplace for you?
What is self-Actualization for you?
What is the difference between a group and a team? Do you consider yourself a team
player?
Have you handled or led a team comprised of workers from different backgrounds? If
you have, can you share your experience with us?
Have you ever led a project team, and have you ever addressed a dysfunction within a
team?
What do you like least about the world of human resources?
As an HR Person, what is your view on job eliminations?

25
Information technology is the use of computers, storage, networking, and other physical
devices, infrastructure, and processes to create, process, store, secure, and exchange all
forms of electronic data.

Analytics
Analytics is the process of discovering, interpreting, and communicating significant
patterns in data which helps to take meaningful decisions. Data can help businesses
better understand their customers, improve their advertising campaigns, personalize
their content, and improve their bottom lines.

Types of Data Analytics

Descriptive Analytics
Diagnostic Analytics
Predictive Analytics
Prescriptive Analytics

27
Uses of data analytics:
Improved decision-making: Companies can use the insights they gain from data
analytics to inform their decisions, leading to better outcomes. Data analytics
eliminates much of the guesswork from planning marketing campaigns, choosing what
content to create, developing products, and more.
More effective marketing: Data analytics also gives you useful insights into how your
campaigns are performing so that you can fine-tune them for optimal outcomes.
Better customer service: Data analytics provide you with more insights into your
customers, allowing you to tailor customer service to their needs, provide more
personalization and build stronger relationships with them.
More efficient operations: Data analytics can help you streamline your processes, save
money and boost your bottom line. When you have an improved understanding of what
your audience wants, you waste less time on creating ads and content that don’t match
your audience’s interests.

Business Analytics
Business analytics is a set of automated data analysis practices, tools, and services that
help you understand both what is happening in your business and why to improve decision-
making and help you plan for the future.
The term “business analytics” is often used in association with business intelligence (BI)
and big data analytics. Business Analytics helps you to-
Make faster and more confident decisions
Cut down the costs and increase the velocity
Anticipate and respond to the unexpected changes

Internet of Things – IoT

The Internet of things describes physical objects with sensors, processing ability, software,
and other technologies that connect and exchange data with other devices and systems
over the Internet or other communications networks.

Cloud Computing
Cloud computing is the delivery of computing services-including servers, storage,
databases, networking, software, analytics, and intelligence over the Internet (cloud) to
offer faster innovation, flexible resources, and economies of scale.
Cloud computing helps you to lower your operating costs, run your infrastructure more
efficiently and scale as your business needs change.

28
Cloud computing helps you to reduce the cost of buying and maintaining the
infrastructure (both hardware and software), and increases speed, productivity, and
performance. It is more reliable and secure, which in turn helps to increase scalability.

Types of Clouds
Public Clouds: These are owned and operated by a third-party cloud service provider,
which delivers their computing resources like servers and storage over the Internet.
Private clouds: These are owned and operated by a single business or organization.
Private clouds can be physically located on the company’s on-site datacenter.
Hybrid clouds: Hybrid clouds are the combination of both public and private clouds
which are bound together by technology that allows data and applications to be
shared between them. A hybrid cloud gives you greater business flexibility, provides
more deployment options, and helps to optimize the existing infrastructure, security,
and compliance.

Types of Cloud services

Infrastructure as a service (IaaS)
Platform as a service (PaaS)
Software as a service (SaaS)

29
Big Data
Big Data is a collection of data that is huge in volume yet growing exponentially with
time. It is data with so large a size and complexity that none of the traditional data
management tools can store it or process it efficiently.

Types of Big Data:

Structured: The data that can be processed, accessed, and stored in a fixed format
is termed structured data.
Unstructured: Any data with an unknown form or structure is classified as
unstructured data.
Semi-Structured: This is one of the types of big data related to the data containing
both formats that are unstructured and structured data.

Characteristics of Big Data

Big Data contains mainly 6Vs

Artificial intelligence
Artificial intelligence is a wide-ranging branch of computer science concerned with
building smart machines capable of performing tasks that typically require human
intelligence. AI is accomplished by studying how the human brain thinks, and how humans
learn, decide, and work while trying to solve a problem, and then using the outcomes of
this study as a basis for developing intelligent software and systems.

30
Types of Artificial Intelligence
Reactive Machines
Limited Memory
Theory of Mind
Self-Awareness

Some of the uses of artificial intelligence in the current world:

1. Chatbots are always on, delivering smart and flexible analytics through conversations
on mobile devices using standard messaging tools and voice-activated interfaces. This
dramatically reduces the time to collect data for all business users, thereby
accelerating the pace of business and streamlining the way analysts use their time,
preparing companies for the growing data needs of the near future.

2. E-commerce - AI is enabling shoppers to discover associated products whether it is

size, colour, shape, or even brand. The visual capabilities of AI are improving every year.
By first obtaining visual cues from the uploaded imagery, the software can successfully
assist the customer in finding the product they desire.

Machine Learning
Machine learning is a method of data analysis that automates analytical model building.
It is a branch of artificial intelligence based on the idea that systems can learn from
data, identify patterns, and make decisions with minimal human intervention.
There are four types of machine learning algorithms:
Supervised
Semi-supervised
Unsupervised
Reinforcement

31
Data Mining
Data Mining is the process of discovering patterns from the vast amount of data, used
majorly in Machine Learning and statistics. It extracts information from data that is used
for analysis.

Augmented reality
Augmented reality is defined as "an enhanced version of reality created by the use of
technology to add digital information on an image of something." AR is used in apps for
smartphones and tablets. AR apps use your phone's camera to show you a view of the real
world in front of you, then put a layer of information, including text and/or images, on top of
that view. Apps can use AR for fun, such as the game Pokémon GO, or information, such as the
app Layar.

Virtual Reality
Virtual Reality is defined as "the use of computer technology to create a simulated
environment." When you view VR, you are viewing a completely different reality than the one
in front of you. Virtual reality may be artificial, such as an animated scene, or an actual place
that has been photographed and included in a virtual reality app. With virtual reality, you can
move around and look in every direction- up, down, sideways and behind you, as if you were
physically there.

BlockChain
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions
and tracking assets in a business network.
Key Elements of Blockchain
Distributed ledger technology
Immutable records
Smart contracts
How Blockchain works
Each transaction occurs, it is recorded as a “block” of data
Each block is connected to the ones before and after it
Transactions are blocked together in an irreversible chain: a blockchain

32
Bitcoin
Bitcoin is a decentralized digital currency, without a central bank or single administrator,
that can be sent from user to user on the peer-to-peer bitcoin network without the need
for intermediaries.

Key points
Bitcoin was launched in 2009 and it is the world’s largest cryptocurrency by capitalization.
There is no physical form of Bitcoin, and it is created, distributed, and traded with the use
of a decentralized ledger system called Blockchain.
Bitcoins are not issued by any banks or governments and no single institute controls the
bitcoin network.

Sample Topics to build your argument

Key requirements for becoming a Data Analyst
Responsibilities of a data analyst
“Data Cleansing” and its best practices
Tools used for data analysis.
Data profiling vs Data mining?
Data Analytics vs Business Analytics?
Industry 4.0
The term “Technology Management”
Current trends in Information Technology
A Data Analytics course or MBA from an IIM?
Difference between Analytics and Analysis?
Startups that are based on the latest technologies like Blockchain, Artificial Intelligence,
Machine Learning. Where do you see them in the future?
Applications of Artificial Intelligence in the Health sector
Management Information System
Can you explain the latest cyber-attacks that affected IT firms to a larger extent?

33
Consulting and Strategic Management is the continuous planning, monitoring, analysis,
and assessment of all that is necessary for an organization to meet its goals and
objectives. Fast-paced innovation, emerging technologies, and customer expectations
force organizations to think and make decisions strategically to remain successful. The
strategic management process helps company leaders assess their company's present
situation, chalk out strategies, deploy them and analyze the effectiveness of the
implemented strategies. The strategic management process involves analyzing cross-
functional business decisions before implementing them. Strategic management typically
involves:

1. Analyzing internal and external strengths and weaknesses.

2. Formulating action plans.
3. Executing action plans.
4. Evaluating to what degree action plans have been successful and making changes when
desired results are not being produced.

Consulting is a highly valuable buzzword when it comes to job profiles. Why is it so?
‘Advising’ seems to be high in value. Isn’t it?

The answer lies in rapid technological changes and the evolving standards in the
corporate world.
Not everyone or every firm knows everything and even if it does, there is always a better
way to approach the objective that the firm is unaware of. Here lies the value of
consulting.
The general reasons –
1. They are unable to figure it out or get to their desired state on their own.
2. They have a general idea, but they want to get there faster.
3. They want to save time and effort by following an efficient and proven system.

35
Types of Consulting

Strategy consulting
Their goal is to see the bigger picture and to identify ways in which to increase the
company's overall profitability and competitiveness. They form strategies to reach long-
term goals and oversee the implementation of these, ensuring they are cost-effective and
bring in results (profit).
Firms that are best known for pure strategy services are McKinsey, Bain, and Boston
Consulting Group (BCG).

Operations consulting
Operations consultants look at the systems that clients use to reach their goals and work
to enhance their efficiency. They assess all levels of operations including production,
sales, distribution, and customer service. They are interested in how processes can be
refined in terms of costs, time, staff involved and steps required, to best meet targets.
Partners in Performance (PIP) and the ‘Big 4’ advisory firms have a strong presence in
operations consultancy.

Financial consulting
Financial consultants assess a client’s financial position to put forward a plan on how to
better manage the finances of the business. This may involve providing information and
advice on investment strategies, tax issues, and how to manage the everyday expenses of
the business. Financial consulting also covers insurance advice and saving strategies.
Oliver Wyman is well known for their financial consulting services.

Information technology consulting

A consultant in this area provides advice on how to best use technology to enhance a
client’s business. This could involve designing unique software for a company, assisting a
firm-wide transition from PCs to Macs, or testing the efficiency of current devices and
programs within the business. Consulting work in this area is called many things: tech
consulting, IT advisory, business technology services, or IT consulting.
Prominent firms in this space are Accenture, Capgemini, and IR.

36
Human resources consulting
They work with clients in the recruitment and transition phases to place the best people
in the correct roles. They research and implement well-being systems, attend to
communication issues and handle remuneration and change management. They're
expected to become experts in a company's culture and therefore can consult on
whether two companies could successfully merge without a clash of ethos. HR
consultancy firms also manage to outsource.
Randstad and ManpowerGroup are big names in HR consulting.

Marketing Consulting
A marketing consultant helps in all marketing aspects of a firm’s business - whether you
need a new logo for your company, a new market position for one of your brands, a new
social media strategy to interact with your customers, or planning and implementing a
marketing strategy.

Legal Compliance Consulting

These consulting services help firms ensure that they adhere to federal and local laws
and regulations. A compliance consultant must have a sound knowledge of local laws and
regulations as it’s essential for successful businesses to be compliant with local and
federal laws.

37
Strategy Tools
Business experts and consultants around the world have several tools and frameworks
that they rely on to analyze a company’s performance. Here are a few of them that might
come in handy during your selection process:

SWOT Analysis:
A SWOT (strengths, weaknesses, opportunities, and threats) analysis is a planning process
that helps your company overcome challenges and determine what new leads to pursue.
A SWOT analysis is a compilation of your company's strengths, weaknesses,
opportunities, and threats. The primary objective of a SWOT analysis is to help
organizations develop a full awareness of all the factors involved in making a business
decision.

38
PESTEL Analysis:
PESTEL Analysis is a strategic framework used to evaluate the external environment of a
business by breaking down the opportunities and risks into Political, Economic, Social,
Technological, Environmental, and Legal factors.

P – Political
E – Economic
S – Social
T – Technological
E – Environmental
L – Legal

39
BCG Matrix:
Created by the Boston Consulting Group, the BCG matrix – also known as the Boston
or growth-share matrix – provides a strategy for analyzing products according to
growth and relative market share. The BCG model has been used since 1968 to help
companies gain insights on what products best help them capitalize on market share
growth opportunities and give them a competitive advantage.
Cash Cows: Large Market Share in a mature industry, requires little investment.
Star: Larger Market Share in a growing industry, may require investment to maintain
the lead.
Question Marks: Small Market Share in a growing market, requires focus and
resources.
Dog: Small Market Share in a mature industry, little prospect of gain

40
The GE–McKinsey nine-box matrix:
The nine-box matrix offers a systematic approach for the decentralized corporation to
determine where best to invest its cash. Rather than rely on each business unit's
projections of its future prospects, the company can judge a unit by two factors that will
determine whether it's going to do well in the future: the attractiveness of the relevant
industry and the unit’s competitive strength within that industry.
With units above the diagonal, a company may pursue strategies of investment and growth;
those along the diagonal may be candidates for selective investment; those below the
diagonal might be best sold, liquidated, or run purely for cash. Sorting units into these
three categories is an essential starting point for the analysis, but judgment is required to
weigh the trade-offs involved.

41
Porter’s Five Forces
Porter's Five Forces is a model that identifies and analyzes five competitive forces that
shape every industry and helps determine an industry's weaknesses and strengths. Five
Forces analysis is frequently used to identify an industry's structure to determine corporate
strategy. Porter's model can be applied to any segment of the economy to understand the
level of competition within the industry and enhance a company's long-term profitability.
The Five Forces model is named after Harvard Business School professor, Michael E. Porter.
1. Competitors: Existing rivalry between firms can take a firm’s profits to zero and may
lead to a shutdown. In a competitive environment, a firm’s decision is highly influenced by
what the competitors do.
2. Barriers to Entry: The threat of new entrants to the market determines the sustainability
of the estimated market share. It is evaluated in terms of market entry
barriers which may be in the form of high fixed costs, product differentiation, etc.
3. Substitutes: There is always a threat of substitute products replacing the existing
product(s) of a firm.
4. Suppliers: A competitive market with limited suppliers brings with it a high level
of bargaining power for suppliers.
5. Buyers: Multiple products of the same category give the buyers an advantage in
bargaining, thus the high bargaining power of buyers exists in multi-brand products.

42
Sample Topics to build your argument

Why do you want to pursue consulting?

What are the qualities of a good consultant?
How many lightbulbs are there in Mumbai?
Measuring the effectiveness of any business solutions.
Strategic management approach vs General management approach.
What is Decentralization?
Consulting by an external player vs by an internal player
Value Proposition
Blue ocean strategy
If you want to start a new CCD outlet on campus, what are the factors you should
consider?

43
Finance is the science of managing money, i.e., how institutions generate and manage their
wealth. A degree in finance prepares future professionals to guide corporations through
uncertainties, and short-term and long-term planning. Finance majors in various business
firms evaluate their market positions, profitability, and economic policies that have
implications for their businesses.

Finance is defined as the management of money and includes activities like investing,
borrowing, lending, budgeting, saving, and forecasting.
There are three main types of finance:
(1) Personal, (2) Corporate, and (3) Public/Government.

Accounting - The system of recording and summarizing business and financial transactions
and analyzing, verifying, and reporting the results.
The equation to be explored and remembered –
Assets = Liabilities + Equity

Major Players in Finance Market:

1. Banks
The banking industry handles money, credit, and other monetary exchanges and offers
investment accounts, authentications of stores, and financial records.
‘Credit’ or ‘Loans’ is on which the majority of the world’s economy depends and runs.
2. Insurance
Insurance is a financial arrangement where individuals or entities pay premiums to an
insurer in exchange for coverage against specified risks, such as accidents, illnesses, or
property damage. Insurers pool these premiums to create a fund that compensates
policyholders for covered losses. Insurance is a major player in the finance market as it
promotes risk mitigation and financial security. It facilitates economic stability by helping
individuals and businesses recover from unforeseen events. Insurers also invest the
collected premiums in financial markets, contributing to market liquidity and influencing
investment trends, making them integral participants in the broader financial landscape.
3. Intermediation or advisory services
These services involve stock brokers (private client services) and discount brokers.

45
4. Private equity
Private equity funds are typically closed-end funds, which usually take controlling equity
stakes in businesses that are either private or taken private once acquired.
Venture capital is a type of private equity capital typically provided by professional, outside
investors to new, high-potential-growth companies in the interest of taking the company to
an IPO or trade sale of the business.
5. Angel investment
An angel investor or angel (known as a business angel or informal investor in Europe), is an
affluent individual who provides capital for a business start-up, usually in exchange for
convertible debt or ownership equity. A small but increasing number of angel investors
organize themselves into angel groups or angel networks to share research and pool their
investment capital.
6. Conglomerates
A financial services conglomerate is a financial services firm that is active in more than one
sector of the financial services market e.g. life insurance, general insurance, health
insurance, asset management, retail banking, wholesale banking, investment banking, etc. A
key rationale for the existence of such businesses is the existence of diversification benefits
that are present when different types of businesses are aggregated i.e. bad things don't
always happen at the same time. As a consequence, economic capital for a conglomerate is
usually substantially less than economic capital for the sum of its parts.
7. Stock Exchanges
A stock exchange is a centralized platform where financial instruments, primarily stocks, are
bought and sold. It serves as a critical component of the financial market by providing
liquidity, price discovery, and a transparent mechanism for investors to trade securities.
Stock exchanges facilitate capital formation for companies through initial public offerings
(IPOs) and enable investors to diversify portfolios. They play a major role in the finance
market by connecting buyers and sellers, establishing market values, and reflecting
economic trends. As key financial hubs, exchanges contribute to overall market stability and
the efficient allocation of capital.

46
Three Main Financial Statements
1. Income Statement - The income Statement reports how much revenue the company
generated, the expenses it incurred, and the resulting profits or losses during a period
(usually the financial year). The basic equation underlying the income statement is:
Revenue – Expenses = Income
Revenue which is also known as the “Top Line”, is the amount of money the company
receives during the period.
Expenses are summarized and charged in the income statement as deductions from the
income before assessing income tax.
Income is the increase in the net inflow of cash or other assets during an accounting
period.

2. Balance Sheet - The Balance Sheet shows a company’s assets, liabilities, and equity. It
can be viewed as a statement of sources and usage of funds.
The Balance Sheet summarizes a company’s assets, liabilities, and shareholder’s equity at a
particular point in time. It presents a snapshot of the financial position of the
company. It is based on the following accounting model:
Assets = Liabilities + Shareholders Equity

Assets are of two types:

1. Fixed assets- Assets that are purchased for the long term. E.g.- Building, Land, etc.
2. Current assets- Assets that can be quickly converted into cash. E.g.-Cash and
cash equivalents (Mutual Funds).

Liabilities are obligations of the company, payable to another entity. Liabilities are incurred
to fund the ongoing activities of a business. If the obligation is due within the next 12
months, it is classified as a current liability.
Shareholder’s equity represents the number of business holdings that aren’t purchased
using debt(loans).

47
3. Statement of Cash Flows/Cash Flow Statement - The Cash Flow Statement provides
information about the cash flows associated with the period’s operations and also about
the entity’s investing and financing activities during the period. The cash flow statement
tabulates how much cash is coming into the firm and going out of the firm.
There are three major elements in the cash flow statement:
Cash flow from operating activities- It encompasses cash generated from a company’s
day-to-day operations.
Cash flow from investing activities- It pertains to the purchasing and selling of
investments which include property, plant, and equipment.
Cash flow from financing activities- This includes obtaining or repaying capital. This
includes the sale of stock; stock repurchase and issuance of dividends.

Financial Market
Financial Market refers to a marketplace, where the creation and trading of financial assets,
such as shares, debentures, bonds, derivatives, currencies, etc. take place. It plays a crucial
role in allocating limited resources, to the country’s economy. It acts as an intermediary
between the savers and investors by mobilizing funds between them.

Classification of Financial Market

It can be segregated into 2 parts:

Money Market: It deals in financial instruments whose maturity period is less than 1
year. It helps in raising short-term funds and temporary deployments of excess funds
for earning a return.
Capital Market: It allows long-term trading of debt and equity. It consists of financial
institutions, banks, corporate entities, and foreign investors. Instruments involved are
Debt, Equity, Bonds, etc.

It is further divided into 2 parts:

1. Primary Market: The primary market is the market where a new stock or bond is sold the
first time it comes to market.
2. Secondary Market: The secondary market is where the security will trade after its initial
public offering (BSE, NSE, Nasdaq).

48
Types of Business / Ownership

Sole Proprietorship - Sole proprietorships do not produce a separate business entity.

This means your business assets and liabilities are not separate from your personal
assets and liabilities. You can be held personally liable for the debts and obligations of
the business.
Partnership - Refers to a business owned by a minimum of 2 and a maximum of 50
people. They are two types - General partnerships (do not require a formal agreement,
but all partners' liability is unlimited) and Limited partnerships (require a formal
agreement, and partners' debt can be limited).
Corporation - It's a separate legal entity from its owners. A private limited company has
a minimum of 2 and a maximum of 200 shareholders. In comparison, a public limited
company can have as many shareholders as possible.
Limited Liability Company - An LLC lets you take advantage of the benefits of both the
corporation and partnership business structures. LLCs protect you from personal
liability in most instances, your personal assets — like your vehicle, house, and savings
accounts — won't be at risk in case your LLC faces bankruptcy or lawsuits.

Some basic terms of finance:

Asset - A resource with a value that an individual, corporation, or country owns or

controls with the expectation that it will provide a future benefit.
Real assets - assets used by the company in its normal business to generate profits. For
example, land, building, raw materials, finished products, etc. They may be tangible
(assets that physically exist e.g., machinery and buildings) or intangible (assets that do
not physically exist e.g., goodwill, trademarks, brand names, etc.)
Financial assets - assets issued by the company to generate money to buy real assets.
There are 2 types i.e., shares and bonds. Share/Stocks/Equities give ownership to the
business which is not the case with bonds (they are debt instruments)
Liability - This is a company’s legal debts or obligations that arise during business
operations. Liabilities are settled over time through the transfer of economic benefits
including money, goods, or services.

49
Debt - It is the money borrowed by one party from another. Many corporations or
individuals use debt as a method for making large purchases that they could not afford
under normal circumstances. A debt arrangement gives the borrowing party permission
to borrow money under the condition that it is to be paid back later, usually with
interest.
Credit - A contractual agreement in which a borrower receives something of value now
and agrees to repay the lender at some future date, generally with interest.
Debit - An accounting entry that results in either an increase in assets or a decrease in
liabilities on a company’s balance sheet or in your bank account.
Depreciation - Depreciation is defined as the measure of the wearing out, consumption,
or other reduction in the useful economic life of a fixed asset, whether arising from
Efflux (passage) of time, or Obsolescence through technological or market changes

50
Bootstrapping a company occurs when a business owner starts a company with little to no
assets. This is in contrast to starting a company by first raising capital through angel
investors or venture capital firms. Instead, bootstrapped founders rely on personal savings,
and sweat equity - The term sweat equity refers to a person or company's contribution
toward a business venture or other project - physical labor, mental effort, and time. Dell
Computers, Coca Cola, SAP, Zerodha.

SERIES A, B, AND C FUNDING

Series A, B, and C funding rounds are merely stepping stones in the process of turning an
ingenious idea into a revolutionary global company, ripe for an IPO.
Pre-Seed Funding
Not generally included among the rounds of funding at all. "pre-seed" funders are the
founders themselves, as well as close friends, supporters, and family.
Seed Funding
Seed funding is the first official equity funding stage. Founders, friends, family, incubators,
venture capital companies, and angel investors.

Series A Funding
Once a business has developed a track record (an established user base, consistent
revenue figures, or some other key performance indicator), that company may opt for
Series A funding in order to further optimize its user base and product offerings.
In Series A funding, investors are looking for companies with great ideas as well as a strong
strategy for turning that idea into a successful, money-making business.

Series B Funding
Series B rounds are all about taking businesses to the next level, past the development
stage. Investors help startups get there by expanding market reach.
Bulking up on business development, sales, advertising, tech, support, and employees.
Series B is often led by many of the same characters as the earlier round, including a key
anchor investor that helps to draw in other investors.

Series C Funding
Businesses that make it to Series C funding sessions are already quite successful. These
companies look for additional funding in order to help them develop new products, expand
into new markets, or even to acquire other companies.

51
Sample questions
What are Capital budgeting methods?
What are NPV and IRR?
Which is best for making investment decisions- NPV or IRR?
What do you mean by the financial statements? What are its types? How are they
interlinked with each other? State the treatment of prepaid expenses in each of the
financial statements.
What is the market cap of a company? Is it the same as the net worth of the company?
What is depreciation? Why do we calculate it? What is the rate of depreciation on
furniture? Compute the depreciation on the chair you are sitting on by both methods.
If you are to invest in a company's share, what are the three things you will check in
their books of accounts?
What is the importance of the different financial statements? Which, according to you,
is the most important and why?
How is Corporate Income double-taxed?
How will you decide which project to Finance?
GDP (Purchasing Power Parity)?
Difference between cost, financial, and management accounting?
Difference between operating leverage and financial leverage?
Difference between the balance sheet of the company and a bank?
Difference between Depreciation and Amortization?

52
Marketing is about identifying and meeting human and social needs. In simple terms, it is
meeting needs profitably. Marketing and selling are very generically; sometimes
interchangeably used, however, veteran marketers find them to be two different aspects
when looked at a finer level. Before we look at the differences, the general definition of
marketing is: Marketing is the study and management of exchange relationships. It is the
business process of creating relationships with and satisfying customers. As Peter
Drucker said, “Marketing aims to make Selling superfluous”. The main idea behind
marketing is to create interest in any given product/service, which in turn creates leads or
prospects.

Sales vs Marketing
Sales are about aggressively
making the deal. Salespeople
typically focus on short-term
actions to close deals and meet
revenue goals. For B2B, service-
centric businesses, salespeople
are particularly indispensable
because customers are
relationship-driven and want the
comfort of working with a
salesperson who understands
their company and unique needs.
The sales cycle can be very long
and needs a dedicated person to
doggedly hunt the deal down
until it's closed. The average
transaction size can be very
large, which means that it’s
essential to have multiple face-
to-face meetings to close sales.

54
Marketing is about strategically closing the gap
On the other hand, marketers are focused on understanding the marketplace, the
competition, and the customers’ desires and pain points. Typically, they think about the
future and decide where to go next - concentrating on differentiation and offerings that
are unique enough to offer your business a long-term competitive advantage. Marketing
works to grow brand awareness, attract prospects, and move people into the sales
funnel. Marketing requires research, mapping strategy, analyzing data, developing
measurement metrics, setting up systems, watching trends, changing tactics as needed,
and thinking about long-term objectives.

STP – Segmentation, Targeting, and Positioning

Segmentation
It is the process of defining and subdividing a large market into clearly identifiable
segments having similar needs, wants, or demand characteristics i.e., dividing a whole
into parts based on various criteria like geography, demography, behaviour, gender,
personality, etc. Why do we need segmentation? Not all individuals have similar needs. A
male and a female would have varied interests and likes towards different products. A kid
would not require something which an adult would. A school kid would have a different
requirement than an office goer. Market segmentation helps marketers to bring together
individuals with similar choices and interests on a common platform. The basis of
segmentation can be:
Geography
Demographics
Behaviours
Psychographics

Targeting
It is the act of choosing whether to consider or not to consider the above-segmented
groups to cater to them with the intended product/service. The bases for Targeting are:
1. Market size – Sustainability
2. Expected growth - Future potential
3. Competitive position – Attractiveness
4. Cost of reaching the segment – Accessibility
5. Compatibility with the organization’s objectives & resources

55
Positioning
Positioning defines where your product (item or service) stands in relation to others
offering similar products and services in the marketplace as well as the mind of the
consumer. Good positioning makes a product unique and makes the users consider using it
as a distinct benefit to them. A good position gives the product a USP (Unique selling
proposition). In a marketplace cluttered with lots of products and brands offering similar
benefits, good positioning makes a brand or product stand out from the rest, confers it the
ability to charge a higher price, and stave off competition from the others.

Marketing Mix

The marketing mix refers to the set of actions, or tactics, that a company uses to promote
its brand or product in the market. The 7Ps that make up a typical marketing mix are - Price,
Product, Promotion, Place, People, Process, and Physical Evidence.

Product: A product is an item that is built or produced to satisfy the needs of a certain
group of people. The product can be intangible or tangible as it can be in the form of
services or goods. You must ensure to have the right type of product that is in demand
for your market. Therefore, during the product development phase, the marketer must
do extensive research on the life cycle of the product that they are creating.
Price: It talks about the pricing model that you must go with to reach customer
expectations. The right pricing ensures the proper extraction of consumer surplus (extra
spending capacity that consumers have) while driving profits to the company.

56
 Place: The product that has been decided above should be available from where your
target consumer finds it easiest to shop. This may be High Street, Mail Order, or the
more current option via e-commerce or an e-mail.
Promotion: Advertising, PR, Sales Promotion, Personal Selling, and, in more recent
times, social media are all key communication tools for an organization. These tools
should be used to put across the organization’s message to the correct audience.
People: This aspect looks into the people that are required to perform and deliver
value to the customers. It can be used to identify skill gaps and develop knowledge
development programs.
Process: The delivery of your service is usually done with the customer present, so
how the service is delivered is once again part of what the consumer is paying for.
Physical Evidence: Almost all services include some physical elements even if the
bulk of what the consumer is paying for is intangible. Even if the material is not
physically printed, they are still receiving a “physical product” by this definition.

Consumer v/s Customer

The terms "consumer" and "customer" are often used interchangeably, but a consumer
and customer are not always the same entity. In essence, consumers use products while
customers buy them. In general, your marketing efforts should be geared toward the
customer, rather than the consumer. For example, suppose you own a small business that
manufactures and distributes children's games or toys. While the children are the actual
users, or consumers, of your product, they are not your customers. Instead, the
customers are the parents of the children who purchase your products for them.
Consumers are just one subgroup of customers. Consider this example with a Philips
mixer. If a restaurant buys a Philips mixer grinder (blender) for making juice to serve its
patrons, then the restaurant is just a customer and NOT a consumer. But if you go and
buy a Philips mixer grinder to make juice for your children at home, you are a consumer.

Brand Personality

The specific mix of human traits that we can attribute to a brand. The theory is that
consumers are more likely to choose brands with which they can associate their
personalities. Some marketers carefully orchestrate brand experiences to express brand
personalities.

57
For example, Axe, the popular deodorant, caters to consumers who want others to view
them as attractive and appealing. These traits may vary depending on the socio-
economic factors in different geographies with different people. E.g., Japan lacks
‘Ruggedness’ and has Peacefulness instead China lacks ‘Ruggedness’ and ‘Sincerity’ and
has ‘Joyfulness’, ‘Traditionalism’ and ‘Trendiness’ instead.

Brand Equity

Brand Equity is the value premium that a company realizes from a product with a
recognizable name as compared to its generic equivalent. Companies can create brand
equity for their products by making them memorable, easily recognizable, and superior in
quality and reliability. Mass marketing campaigns can also help to create brand equity.
The additional money that consumers are willing to spend to buy Coca-Cola rather than
the store brand of the drink is an example of brand equity. Brand equity is the set of
assets and liabilities associated with a brand such as the positive image of Coca-Cola in
terms of a recreational beverage, or its negative image in terms of health and the
consumption of sugar.

Brand Personality

58
Few Key Definitions:

Product Line: Similar kinds of products having different colors, sizes, tastes, etc. sold
under one brand name.
E.g., Oreo’sChocolate, Normal, Orange, etc. flavors & their different weights.

Product Line Length: It is defined as the number of products in a single product line. If
we see the previous example, Oreo has a product line length of 3.

Product Line Width: It is defined as the number of similar product lines parallel to
each other. You may have two or more brands under the biscuits or beverage
category. For E.g., Coca-Cola has Minute maid, Coke, Sprite, and Powerade. Each of
these lines has different variants & SKUs which makes product length.

Product Mix Width: It is a sum of all different kinds of product lines under all
categories. If we see Unilever’s product mix, we will find various categories such as
skin soap, detergent, deodorant, ice cream, shampoo, etc.

Ways To Promote Your Products:

Above the Line - Reach the entire market as a whole to build brand awareness and
inform the masses about a product. FMCG and personal care brands use ATL
marketing techniques to increase brand recall and subconsciously influence the
purchase.

Below the Line- Focused communication for specific target groups through individual
level interaction. Companies use BTL activities in places such a College, university,
societies. high foot-fall areas to target its prospects.

Through the Line - A combination of ATL and BTL, using mass advertising forms a
customer database to focus on conversion. TTL can help brands use an integrated
approach to advertise products to both mass & focused markets together.

59
RACE PLANNING FRAMEWORK

60
Brand Archetypes

61
Sample Questions:

What do you think are the three essential skills for a career in marketing?
What is the difference between customer and consumer?
What do you mean by a target market?
How do you stay up to date with general marketing knowledge and trends?
Which company’s marketing strategy do you like?
Which is the recent marketing failure recently?
Name 5 essential elements of a marketing campaign.
What are the limitations of online marketing?
What do you mean by inbound marketing?
Why is it important to do Market Research?
How would you approach a short sales cycle differently than a long sales cycle?
Can you describe a situation when you had to implement a new process or system?
How will you explain a new piece of technology to someone? Give example.
How is Social Media Marketing shaping businesses?
Which is your favourite advertisement, and why?
What is branding and brand management according to you?
What does AIDA mean in marketing?
Explain what moment marketing is. Is any recent example?
What is buying behaviour?
What is Customer Perceived Value?
What are your thoughts about CRM?
There is a window cleaning company, how will you decide the pricing?

62
Operations Management deals with the design and management of products, processes,
services, and supply chains. It considers the acquisition, development, and utilization of
resources that firms need to deliver the goods and services their clients want. The purview
of OM ranges from strategic to tactical and operational levels strategic issues include
determining the size and location of manufacturing plants, deciding the structure of service
or telecommunications networks, and designing technology supply chains.
Tactical issues include plant layout and structure, project management methods, and
equipment selection and replacement. Operational issues include production scheduling
and control, inventory management, quality control, and inspection, traffic and materials
handling, and equipment maintenance policies.

Cycle Time: Cycle time is the time gap between two consecutive outputs from a
process, as defined by you and your customer.
Lead Time: Lead time represents the time between the moment the customer places the
order and the moment they receive it.
Bottleneck: Bottleneck is the resource/activity with the highest utilization in a process.
Lean Manufacturing/Production: Integrated activities designed to achieve high-volume
production using a minimal level of inventory.

Planning & Forecasting

Planning: The establishment of objectives, and the formulation, evaluation, and selection of
the policies, strategies, tactics, and action required to achieve them. Planning comprises
long-term/strategic planning and short-term/operational planning. The latter is usually for a
period of up to one year.
Forecasting: An attempt to estimate the future. It is based on available past data, the
extrapolation of trends, and the application of judgment.
There are three basic models of forecasting:
Time series analysis and projection
Qualitative Techniques
Casual Methods

64
As an operations manager, material requirement planning, or demand estimation needs to
be done regularly. This ensures that the company meets the customer’s requirements
within time. The plans may be short-range plans (less than three months) or long-range
plans (over 1 year). Efficient planning will lead to a reduction in costs due to sudden
variations in demand. Planning and scheduling are popular exercises undertaken by
companies that manufacture seasonal products.

Supply Chain Management

Supply chain management is the streamlining of a business's supply-side activities to
maximize customer value and gain a competitive advantage in the marketplace. A supply
chain is a multi-firm approach, and it covers everything from production to product
development to the information systems needed to direct these undertakings.
Supply chain management is an integrating function with primary responsibility for linking
major business functions and business processes within and across companies into a
cohesive and high-performing business model.
It includes all the logistics management activities noted above, as well as manufacturing
operations. It drives the coordination of processes and activities with and across marketing,
sales, product design, finance, and information technology.

Bullwhip Effect
The Bullwhip Effect occurs as orders are relayed from retailers to distributors, wholesalers,
and manufacturers, with fluctuations, increasing at each step in the sequence. i.e., the
variability in demand is magnified as one moves from the customer to the producer in the
supply chain.

65
Logistics
It is the science of obtaining from, producing, and distributing material and products in the
proper place and in the proper quantity. Logistics management activities typically include
inbound and outbound transportation management, fleet management, warehousing,
materials handling, order fulfillment, logistics network design, inventory management,
supply/demand planning, and management of third-party logistics service providers. To
varying degrees, the logistics function also includes sourcing and procurement, production
planning and scheduling, packaging and assembly, and customer service.
Logistics management is an integrating function, which coordinates and optimizes all
logistics activities, as well as integrates logistics activities with other functions including
marketing, sales, manufacturing, finance, and information technology.

Supply Chain-Upstream & Downstream

Upstream in the supply chain indicates the supplier side while downstream indicates goods
movement to the customer side.

66
Reverse Supply Chain
Also known as Reverse Logistics, encompasses all operations involved in reusing products
and materials from the consumer to the vendor. This is done to retain the use of a defective
product.

Inventory Management
Inventory management is the process of ensuring that a company always has the products
it needs on hand and that it keeps costs as low as possible.
Three types of inventories are Raw materials, Work-in-progress, and Finished goods.
Raw material Inventory: Materials that are usually purchased but have yet to enter the
manufacturing process.
Work-in-progress (WIP): Products or components that are no longer raw materials but
have yet to become finished products.
Finished goods inventory: An end item ready to be sold but still an asset on the
company’s book.

Economic Order Quantity(EOQ)

A type of fixed order quantity model that determines the amount of an item to be
purchased or manufactured at one time. It is an inventory control technique that minimizes
the total ordering and holding costs.

MTS, ATO, MTO, ETO:

Make-to-Stock (MTS): This is a traditional production strategy that is used by businesses to
match production and inventory with consumer demand forecasts. Manufacture products
for stock based on demand forecasts, which can be regarded as push-type production. MTS
has been required to prevent opportunity loss due to stock out and minimize excess
inventory using accurate forecasts. Build-to-stock is frequently considered an appropriate
solution for products where there are few product lines and long changeover times
between costly products. The main drawback to the make-to-stock (MTS) method is that it
relies heavily on the accuracy of demand forecasts. Inaccurate forecasts will lead to losses
stemming from excessive inventory or stockouts.

67
Assemble to Order (ATO): Companies typically use assemble to order, for items they do not
want to stock because they expect to customize them to customer requests or because
they want to minimize the inventory carrying cost.
Make-to-order (MTO): This is a manufacturing process in which manufacturing starts only
after a customer's order is received. Manufacturing after receiving customers' orders
means starting a pull-type supply chain operation because manufacturing is performed
when demand is confirmed, i.e., being pulled by demand. MTO or Built to Order (BTO) is the
oldest style of order fulfillment and is the most appropriate approach used for highly
customized or low-volume products.
Engineer to order (ETO): This is a manufacturing process defined by demand-driven
practices. The component is designed, engineered, and built to specifications only after the
order has been received. It is a more dramatic evolution of a Build-To-Order supply chain.
This approach is only appropriate for specific and rare items, such as large construction
projects or Formula 1 cars. Moving forward with an engineered-to-order approach means
that there will be a high level of customer participation in the design and manufacturing
process of the product. Typically, with the engineer-to-order approach, production
information and specifications are constantly moving between the ETO Company and the
customer.

Lead Time: A lead time is a period between the initiation of any process of production and
the completion of that process. A more conventional definition of Lead Time in the Supply
Chain Management realms is the time from the moment the supplier receives an order to
the moment it ships it in the absence of finished goods or intermediate (Work in Progress)
inventory‐it is the time it takes to manufacture the order without any inventory other than
raw materials or supply parts.

Bottleneck: A point of congestion in a system that occurs when workloads arrive at a given
point more quickly than that point can handle them. The inefficiencies brought about by
the bottleneck often create a queue and a longer overall cycle time. The primary objective
of a manager in the operations department is to eliminate the bottleneck that exists in the
process. By removing this inefficiency, the manager can increase profits by reducing
production time.

68
Quality
Quality is the ability of a product or service to meet customer needs.
Total Quality Management (TQM): It refers to a quality emphasis that encompasses the
entire organization, from suppliers to customers. It is a continuous process that seeks to
improve the quality of products and services.
Benchmarking: It is the process of comparing one's business processes and
performance ·metrics to industry bests and best practices from other companies.
Just-in-time (JIT): It is a continuous improvement and enforced problem-solving. JIT
systems are designed to produce or deliver goods as needed. i.e., It is an inventory
control system in which the materials are delivered just in time before manufacturing,
not before, not after.
Poka-yoke: It is a foolproof device or technique that ensures the production of good
units every time. It avoids errors and provides quick feedback on problems.
Quality Assurance is a set of activities for ensuring quality in the processes by which
products are developed.
Quality Control is a set of activities for ensuring the quality of products. The activities
focus on identifying defects in the actual products produced.
Preventive QC: Addresses the potential for a non-conformity or error to occur even
before the product is manufactured.

Six Sigma
Six Sigma is one of the most important concepts of Operations management. It is a process-
driven approach that emphasizes continuous improvement and focuses on customer
needs. It is an approach to achieve less than 3.4 PPM defects through continuous
improvement.
There are two types of Six Sigma Processes:
DMAIC: It stands for – Define, Measure, Analyze, Improve, and Control. This is used for
existing processes.
DMADV: It stands for – Define, Measure Analyze, Design, and Verify. This is used for new
processes.

69
Lean Operations
Lean operations eliminate waste through continuous improvement and focus on exactly
what the customer wants.
Seven wastes: Overproduction, Queues, Transportation, Inventory, Motion, Over
processing, and Defective product.
5S: Sort, Simplify, Shine, Standardize and Sustain. It is a checklist for lean operations
and provides an easy vehicle with which to assist the culture change that is often
necessary to bring about lean operations.
Kanban: It is the Japanese word for a card, which means “Signal.” A Kanban system
moves part through production via a “pull” from a signal.
Kaizen: It is the Japanese word for change for the good. Continuous improvement in
manufacturing, engineering, and business improvement processes.

Sample Questions:
How does applying JIT help an organization?
What is the consequence of the Bull Whip effect?
What are the different methods to measure quality?
Can you tell us what you understand by Poka-yoke? Where can it be used?
What is the difference between logistics and Supply Chain Management?
What is a bottleneck?
What is Quality Control? What are the types of quality control?
What are lean operations?
Can you tell us what you know about Six Sigma?
Where can Six Sigma be applied?
What is BOQ?
What are the different production strategies?
Can you give real-life examples of the different types of production strategies?
What is Inventory?
Why do firms need to hold inventory?
Can you describe what you know about Kaizen?
Define Throughput time.
What is the role of reverse logistics?
How did the pandemic affect Supply Chains across the globe?
In what ways can Analytics help Operations Management?
What are the latest advances in the field of Supply Chain Management?

70
What do you know about Sustainability in the field of Operations?
In what ways will SCM aid the transition into Electric vehicles?
What does the Supply Chain of an E-commerce company look like?
What is the latest news you came across in the Supply Chain domain?

71
 List of Chief Ministers and Governors

State/UT Current Governor/LG Chief Minister

Shri Justice (Retd.) S. Abdul

Andhra Pradesh Shri YS Jagan Mohan Reddy
Nazeer

Lt. General Kaiwalya Trivikram

Arunachal Pradesh Parnaik, PVSM, UYSM, YSM Shri Pema Khandu
(Retired)

Assam Shri Gulab Chand Kataria Shri Himanta Biswa Sarma

Shri Rajendra Vishwanath

Bihar Shri Nitish Kumar
Arlekar

Shri Biswa Bhusan

Chhattisgarh Shri Vishnu Deo Sai
Harichandan

Shri Vinai Kumar Saxena

Delhi (NCT) Shri Arvind Kejriwal
(Lieutenant Governor)

Goa P.S. Sreedharan Pillai Shri Pramod Sawant

Gujarat Shri Acharya Dev Vrat Shri Bhupendra Patel

Haryana Shri Bandaru Dattatraya Shri Manohar Lal

Himachal Pradesh Shri Shiv Pratap Shukla Shri Sukhvinder Singh Sukhu

Jharkhand Shri C.P. Radhakrishnan Shri Champai Soren

73
 List of Chief Ministers and Governors

Karnataka Thaawarchand Gehlot Shri Siddhramaiah

Kerala Arif Mohammed Khan Shri Pinarayi Vijayan

Madhya Pradesh Mangubhai Chhaganbhai Patel Shri Mohan Yadav

Maharashtra Shri Ramesh Bais Shri Eknath Shinde

Manipur Sushri Anusuiya Uikye Shri N. Biren Singh

Meghalaya Shri Phagu Chauhan Shri Conrad Kongkal Sangma

Mizoram Dr. Kambhampati Haribabu Shri PU Lalduhoma

Nagaland Shri La. Ganesan Shri Neiphiu Rio

Odisha Shri Raghubar Das Shri Naveen Patnaik

Dr. Tamilisai Soundararajan

Puducherry (UT) Shri. N. Rangaswamy
(Addl. Charge)

Punjab Banwarilal Purohit Shri Bhagwant Singh Mann

Rajasthan Kalraj Mishra Shri Bhajan Lal Sharma

74
 List of Chief Ministers and Governors

Shri Lakshman Prasad

Sikkim Shri P S Gole
Acharya

Tamil Nadu R.N.Ravi (New) Shri M K Stalin

Telangana Dr Tamilisai Soundararajan Shri A Revanth Reddy

Tripura Shri Indra Sena Reddy Nallu Dr Manik Saha

Uttar Pradesh Anandi Ben Patel Shri Yogi Aditya Nath

Lt. Gen. Gurmit Singh, PVSM,

Uttarakhand Shri Pushkar Singh Dhami
UYSM, AVSM, VSM (Retd.)

West Bengal Dr. C.V. Ananda Bose Km. Mamta Banerjee

75
 List of Lt. Governors and Administrators

Union Territory Lt. Governor & Administrator

Andaman and Nicobar Island Admiral D K Joshi (Lieutenant

(UT) Governor)

Shri Banwarilal Purohit

Chandigarh (UT)
(Administrator)

Dadra and Nagar Haveli and Shri Praful Patel

Daman and Diu (UT) (Administrator)

Shri Manoj Sinha (Lieutenant

Jammu and Kashmir (UT) Governor)

Shri Praful Patel

Lakshadweep (UT)
(Administrator)

Dr. Tamilisai Soundararajan (Addl. Charge)

Puducherry (UT)
(Lieutenant Governor)

Brig. (Dr.) Shri B.D. Mishra (Retd.) (Lieutenant

Ladakh (UT)
Governor)

76
Economic Indicators
Inflation Rate - 5.55% (November 2023)
Repo Rate - 6.50% (December 2023)
Reverse Repo Rate - 3.35% (December 2023)
Cash Reserve Ratio - 4.50% (January 2024)
Unemployment Rate - 10.05% (October 2023)
Statutory Liquidity Ratio - 18% (January 2024)
Base Rate - 8.95% - 10.25% (January 2024)
Savings Deposit Rate - 2.70% - 3.00% (January 2024)
Marginal Standing Facility Rate - 6.75% (January 2024)

Japan Earthquake 2024

The 2024 Noto Peninsula earthquake struck on January 1st, 2024, leaving a path of
devastation in its wake. Here's a breakdown of the event and its impact:
The Earthquake:
Magnitude: Measured at 7.5 by the USGS and 7.6 by the Japan Meteorological
Agency.
Location: Struck off the northern coast of the Noto Peninsula, Honshu, Japan.
Depth: Shallow, at around 10 kilometers, amplifying the shaking intensity.
Aftershocks: Numerous, including several reaching over magnitude 5.
Impact:
Casualties: At least 180 people confirmed dead, over 565 injured, and many still
missing.
Widespread Damage: Homes destroyed or severely damaged, particularly in coastal
towns like Wajima, Suzu, and Noto. Infrastructure like roads, bridges, and utilities
were disrupted.
Tsunami: Triggered by the quake, reaching up to 3 feet in some areas, causing
additional flooding and damage.
Recovery Efforts:
Immediate Response: Search and rescue operations ongoing, with local and
international aid pouring in. Shelters set up for displaced residents, and basic
necessities like food, water, and medical supplies being distributed.
Long-Term Reconstruction: Extensive rebuilding efforts needed to restore
infrastructure, homes, and livelihoods. Focus on earthquake-resistant construction
and disaster preparedness.

77
India - Maldives Issue
Indian PM, Mr. Narendra Modi's tourism-promoting posts about Lakshadweep led to a
heated exchange with Maldivian officials and social media users. Sensationalized
headlines falsely claimed India campaigned against Maldivian tourism, escalating
tensions.
Maldivian social media responded with '#VisitMaldives,' falsely claiming Lakshadweep as
Maldivian territory. Accusations of India competing for tourism and racist remarks
ensued.

Some Indians called for a Maldivian tourism boycott, while others emphasized bilateral
cooperation. Bollywood celebrities initiated a 'Visit Lakshadweep' campaign.
Rooted in historical anti-India sentiments, the Muizzu government's stance faces
opposition, revealing a lack of diplomatic experience. The government distanced itself
from derogatory remarks, suspecting cyber attacks on its websites.
While surprising, analysts believe this incident is unlikely to significantly impact broader
India-Maldives relations. The episode underscores the need for diplomatic sensitivity
between neighboring countries.
Pakistan Crisis 2024
Pakistan experienced a tumultuous year in 2023, grappling with a myriad of challenges.
An economic crisis unfolded as the Pakistani rupee hit a record low, foreign reserves
dwindled, and inflation soared, leading to public unrest and the government's struggle
to secure IMF funding. Political upheaval ensued with the arrest of former Prime
Minister Imran Khan on corruption charges in May. His detention sparked widespread
protests and violence, with clashes reported between supporters and law enforcement.
Despite the arrest, Imran Khan's party declared his candidacy for the 2024 elections.
The dissolution of the National Assembly in August triggered a political transition,
accompanied by a dispute over the election date. Former Prime Minister Nawaz Sharif's
return from exile added a dramatic dimension to the political landscape, despite legal
challenges he faces.

Terrorism remained a concern, with numerous attacks and suicide bombings occurring
throughout the year. The Tehreek-e-Taliban Pakistan (TTP) claimed responsibility for
some incidents, contributing to the overall surge in militant activities following the
breakdown of a ceasefire in 2022. As Pakistan faces economic, political, and security
challenges, the events of 2023 set the stage for a critical period, culminating in the
upcoming general elections and shaping the nation's trajectory in the future.

78
Aditya L1 Sun Mission
Aditya-L1 is a coronarography spacecraft for studying the solar atmosphere, designed and
developed by the Indian Space Research Organization (ISRO) and various other Indian
research institutes. It is orbiting at about 1.5 million km from Earth in a halo orbit around the
Lagrange point 1 (L1) between the Earth and the Sun, where it will study the solar atmosphere,
solar magnetic storms, and their impact on the environment around the Earth.
It is the first Indian mission dedicated to observing the Sun. It was inserted at the L1 point on 6
January 2024, at 4:17 pm IST

The main objectives of Aditya-L1 are:

To observe the dynamics of the Sun's chromosphere and corona:

To study chromospheric and coronal heating, the physics of partially ionised plasma, of
coronal mass ejections (CMEs) and their origins, of the coronal magnetic field and heat
transfer mechanisms, and flare exchanges.
To observe the physical particle environment around its position.
To determine the sequence of processes in multiple layers below the corona that lead to
solar eruptions.
To study space weather, and the origin, composition, and dynamics of solar wind.

Israel Hamas War

An armed conflict between Israel and Hamas-led Palestinian militant groups has been
taking place chiefly in and around the Gaza Strip since 7 October 2023, with clashes also
taking place in the Israeli-occupied West Bank and on the Israel–Lebanon border. On that
day, militant groups launched a surprise attack on southern Israel from the Gaza Strip.
This marked the start of the most significant military escalation in the region since the
Yom Kippur War exactly fifty years prior. After clearing Hamas militants from its territory,
the Israeli military embarked on an extensive aerial bombardment of the Gaza Strip
followed by a large-scale ground invasion. These hostilities are the fifth war of the Gaza–
Israel conflict, which is part of the broader Israeli–Palestinian conflict.

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Economic implications of the war on India
The ongoing Israel-Hamas war is causing concern in India over the conflict’s
potential impact on oil prices. India is the world’s third-largest oil-consumer and
importer, and although India has been increasing its oil supply from Russia since
the invasion of Ukraine in 2022, a major slice of Indian imports still comes from
West Asia.

Experts in India are concerned that the ongoing conflict could bring fresh global
gusts for the Indian economy, with elevated oil prices bringing up import costs
and increasing prices for commodities and foodstuffs.

Although a recent World Bank report on commodity prices found that the wider
economic impact of the Israel-Hamas war would be “limited if the conflict
doesn’t widen”, the outlook for commodity prices “would darken quickly if the
conflict were to escalate”. “Overall oil prices have risen about 6 per cent since
the start of the conflict,” it said.

India’s risk of oil-price-driven inflation

For the upcoming financial year (2024-25), the Reserve Bank of India (RBI) has
pegged crude prices at $85 (€79) a barrel, and an exchange rate of 82.5 rupees
against the US dollar.

“A 10 per cent jump in oil prices can make inflation soar by about 30 basis points
and impact growth by about 15 basis points,” the RBI estimates.

Economist Arun Kumar told DW that Indian oil supply could be in jeopardy if the
Israel-Hamas war spreads. “Tensions will aggravate globally and there will be
more supply bottlenecks and not just regarding crude,” he said.

“If this happens, the Indian economy will also be adversely impacted. Exports
can decline further while prices could rise and the Indian Rupee could weaken
with the worsening of the balance of payment situation and decline in foreign
exchange reserves,” said Kumar.

Although India’s core inflation has remained under control at 4.6 per cent in
September, volatile oil prices have the potential to affect inflation and growth
estimates.

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G20 and India

The 18th G20 Summit took place in New Delhi, India, from September 9th to 10th,
2023, marking India's inaugural hosting of the G20 Leaders' Summit. The summit's
theme, "Vasudhaiva Kutumbakam," meaning "The world is one family," reflected the
shared responsibility of nations to address global challenges. The G20 Leaders' New
Delhi Declaration outlined several key outcomes and initiatives.

One major development was the admission of the African Union (AU) as a permanent
member, transforming the G20 into the G21. This move aimed to enhance
representation for developing countries, providing a platform for African perspectives
in global trade and finance discussions.

The summit also saw the launch of the Global Biofuels Alliance (GBA), led by India.
Comprising major biofuel producers and consumers, including the US, Brazil, and
Argentina, the GBA aimed to position biofuels as a vital element in the energy
transition, fostering economic growth and job creation.

The India-Middle East-Europe Economic Corridor (IMEC) was another significant

outcome, involving a memorandum of understanding signed by India, the US, Saudi
Arabia, the European Union, the UAE, France, Germany, and Italy.

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IMEC, part of the Partnership for Global Infrastructure Investment, aimed to establish
transport corridors connecting India, the Middle East, and Europe, offering an alternative
to China's Belt and Road Initiative.

The G20 Global Partnership for Financial Inclusion document praised India's Digital
Public Infrastructure (DPI), highlighting achievements such as rapid financial inclusion,
success in the Pradhan Mantri Jan Dhan Yojna (PMJDY), and the dominance of the
Unified Payments Interface (UPI).

Other key highlights included a commitment to triple global renewable energy capacity
by 2030, addressing rising commodity prices for food and energy, promoting transparent
trade in agriculture, and condemning terrorism in all its forms. The G20 leaders
emphasized healthcare resilience, research on long Covid, and the integration of
traditional medicine with modern practices.

On the India-US collaboration front, the two nations strengthened their technology
partnership, focusing on resilient semiconductor supply chains and telecom
infrastructure. Additionally, India supported the US 'Rip and Replace' pilot project,
aligned with the removal of Chinese telecom equipment. The GE F-414 Jet Engine
Agreement marked a milestone in defense cooperation, with the US and India
collaborating on the manufacture of these jet engines in India.

As Prime Minister Narendra Modi handed over the G20 chair to Brazilian President Luiz
Inacio Lula da Silva, the summit showcased India's cultural diversity through Bharat
Mandapam, bronze statues, iconic backdrops, traditional art forms, and musical heritage.
In conclusion, the 18th G20 Summit in New Delhi addressed a wide array of global
challenges, with significant developments in areas such as representation, biofuels,
infrastructure, financial inclusion, renewable energy, food security, and international
collaboration, especially with the United States. The outcomes reflected a commitment
to inclusive and sustainable global development.

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Brics Summit 2023

The 15th BRICS summit took place on August 22-24, 2023, in Johannesburg, South
Africa, under the theme "BRICS and Africa: Partnership for Mutually Accelerated
Growth, Sustainable Development and Inclusive Multilateralism."

The summit was marked by intense debate and discussion on issues including:
Inclusive multilateralism: The BRICS nations called for a more inclusive and
representative multilateral system that takes into account the interests of
developing countries.
Sustainable development: The leaders pledged to work together to achieve the
Sustainable Development Goals (SDGs) and to promote sustainable development in
Africa.
People-to-people exchange: The BRICS countries agreed to increase cooperation on
people-to-people exchanges, such as education and cultural exchanges.
Institutional development: The BRICS leaders agreed to strengthen the institutional
framework of the grouping, including the establishment of a BRICS Development
Bank.

One of the most significant outcomes of the summit was the decision to expand the
BRICS grouping. Six countries – Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the
United Arab Emirates – were invited to join BRICS, which will take effect on January 1,
2024. This expansion is seen as a way for BRICS to increase its global influence and to
challenge the dominance of the West.

The BRICS summit is important for India for several reasons:

BRICS countries are major trading partners for India, and the grouping provides a
platform to boost trade and investment ties.
BRICS represents a significant share of the global economy and population, and
India can leverage its membership to increase its influence on the world stage.
BRICS countries share common concerns about the dominance of Western countries
in international institutions, and India can work with other members to push for
reforms.
BRICS provides a platform for India to cooperate with other developing countries on
issues of common interest, such as poverty reduction and climate change.

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