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Visit us on www.zawarassociates.com For free Subscription write to [email protected]

1. Editorial

2. Law Update

3. A PAGE FROM THE LIFE OF Dr. Abdul Kalam

4. Slim & Smart Sadhana

5.

6. Sonam Wangchuk wants

education to answer

worlds real needs

7. Health Tips

8. Ram Krishna Hari

9. You Wrote it

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MAHA-KUMBHA

1. Editorial

In the fiercely competitive world of corporate business, which includes the events, trade and politics too; comparisons are made after careful feedbacks and performance audits. The

scope of innocuous looking audit function has gone much beyond the realm of accounting

books. The intangibles and abstracts are more conspicuous with theirhigh-networth

financial disclosures than other tangiblePP&E assets. They have more book values. Look at

the art treasure, more than the landscapes and figurative paintings, the modern and abstracts

of Pablo Picasso, Vincent van Gogh, Salvador Dali, and Franz Marc from the West and

F.N.Souza, S.H.Raza, Maqbool Fida Husain and Vivan Sundaram from India; command

unimaginable prices when under the hammer. They are now very much part of abstract

assets like the goodwill, intellectual property, patents, copyrights, trademarks, and trade

names. Now, all human organizations are evaluated in terms of their relational networks,

empathy and the human capital they command. Digital competency and propensity to create

the virtual reality shall soon be the essential subjects of such audit.

In the realm of governance, the performance audit has already become a routine part of the special audit. Reputed audit firms like PwC

often get assignments to do such audits and the audit teams comprise

not only the chartered financial auditors but also the valuers and

management and cyber experts. Such audit also covers the areas of

ethics, citizenship behaviour of the stake-holders and the missed

opportunities on the decisional parameters of the top brass of the firm.

The content and intent constitute the core of good governance in the

modern times. The onus of success or failure is shared by the top team,

and should for any reason the power be vested in the CEO alone, then

s/he alone has to face the music. That explains why often the CEOs

have to bow out voluntarily or ousted by the final stake holders.

The political cacophony in the Indian polity is getting louder against the performance of

Mr. Narendra Modi, in terms of what he promised and how much he has succeeded in

delivering. One major achievement being displayed by his supporters is the global image, he

has improved by his umpteen number of visits he has made to many countries. People

challenge the claim. In modern politics, international relationships are determined by the

buying propensity to buy arms and drugs. India has changed its options to move from supplier

to supplier, because of which the steady friends are wavering. Today India has been rendered

almost without a steady friend to fall back upon. Another parameter to positiona country in the

international arena as a superpower depends on how much home-grown technological clout, it

enjoys.

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India has been seen changing its stance on this count. During the heyday India was considered as a growing IT power and also strong enough in generic drugs. Indian software

industry was seen as the powerhouse of all IT solutions to the world. There was a general

belief that US is the consumption point, China is the manufacturing hub of low cost

consumer goods and India is the knowledge hub to offer the solutions from its back office.

Suddenly the scenario changed in the second decade of the century. The focus got

constricted and shifted from the holistic development, because of the uncertain policy

trajectory. All the misfires can be attributed to such policy deficiency. As of today, the only

area we can be proud about is the space research. In other areas, weare fledgling. China on

the other hand is seen everywhere. It is almost poised to occupy the super power and world

leader position ahead of US very soon. It is already into the forefront of the Industry 4.0

technology of AI, Robotics, IoT, 3-D Imaging and Machine Learning. 5G is the common

telecom facility they are using whereas India is struggling with the 4G. Some of the blame

for such lag could be assigned to the slowed and flawed actions of the previous government

but the 4.0 technological advances are of recent origin, therefore, the blame shall be heaped

on the present government. Growth is steady and the national wealth is increasing, but the

income dispersal is the central issue.

India is now seen as the back-bencher in the BRICSA configuration. On social front the widening

chasm of economic inequity and unrestrained increase in

population without proper employment policy has already

turned the demographic advantage into a drag for the

country. The growth bar and the crime bar are moving in

perfect correlation! Indias unemployment rate is at a 45-

year high, according to a draft government report that is

about to be published. The National Sample Survey

Office's periodic labour force survey pegs the 2017-18

unemployment rate at 6.1%, the highest since 1972-73. It

was just 2.2% in 2011-12. The report found that

joblessness among rural youth jumped three-fold in the

last five years.

Until the subprime crisis of 2008 when Lehman Brothers filed for the insolvency protection,

the Euro-US and Indian economies were going great guns. Indian economy was cruising

at never before rate of over eight percent. It was touted to be one of the most vibrant

economies of the world to occupy a seat in the cockpit in coming years ahead of Japan and

China. The IT success story was still driving the racing cart. China was not to be seen

anywhere closer to it.

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With the burst of the Lehman Brothers, Indian economy also started flailing. We had enough

intelligence, signals and data to chart a smart pathway for equanimous growth, but we chose to

enjoy the hang-over. Instead of planning for an accelerated growth, we preferred basking in the

reflected glories of the past and indulging in unproductive activities. We didnt care even to

evaluate the risks associated with our misdemeanor. When aiming for something higher, there

have to bebold investments and for that there has to be effective plans of risk and disaster

management in place. Incidentally, these are the issues which are going to

be high on minds of the people when they go to vote

in May for the new government. That does not augur

well for Mr. Modi and his well-wishers. And there is

no time on hand to correct the course now. This

might lead to some unsavory results at the hustings.

How fast the journey is coming to an end which began in 2014 May. Every traveler was looking

curious while sitting in the public governance carriage like an innocent urchin for the magic

scenes to unravel. But nothing magically captivating emerged. Now eyes are set on the next leg

of journey. The rumor-mill is at work spreading a feeling that change of the driver and the crew

is imminent, though the carriage shall remain the same. The frequent travelers are wiser people

and they know the rail roads are permanent; nothing changes on way; natural views are also

stable en-route. It is only the curiosity of the expectant minds that wishes for a changing

scenario. Wiser travellers are never seen peering from their windows for the newer scenes.

This allegory could be changed to another analogue. Elections in India are always a big carnival

and kumbha. As the Kumbha was inaugurated on the Makar Sankrnati Day, on 15th

January

2019; so was the festive season of great Indian Election Carnival, 2019. The famous akhadas

and the Mahants have assembled at Prayag-Raj for this Great Kumbha; [though it is only a half-

kumbh]; so are the politicaldmahants having their assemblies at different kumbh-points. There

are four holy places in India Prayag, Haridwar, Ujjain and Nasik; where KumbhMelas are

held, every six and twelve years. What is held on a six-year cycle is called the normal or the

Ardh (half) KumbhMela; that means the KumbhMela is held at one of these four holy

pilgrimage centres, every three years; and what takes place every twelve years at these places, is

called the Poorna (complete) KumbhMela.On top of it is the Maha-Kumbh-Mela which is

celebrated at Prayag after twelve cycles of 12 poorna kumbhmelas, i.e. every144 years. It is a

very high import event for Indians. 2019 Election is going to be of the similar magnitude; a

Maha-Kumbha.

The last Maha-Kumbh occurred in 2013 after which the Kedarnath tragedy had happened. It also

portended the change in political guard in Indian polity. We do not know what happens this

time? The Kedarnath tragedy happened after a religious event of the Maha-Kumbha, we should

hope the wisdom shall prevail during the political Maha-Kumbha and no political disaster

happens after that. Best of Luck.

- Dr.Shivshankar Mishra, Professor Emeritus

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2. Law Update

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3. A PAGE FROM THE LIFE OF Dr. Abdul Kalam

"When I was a kid, my Mom cooked food for us.

One night in particular when she had made

dinner after a long hard day's work, Mom placed

a plate of 'subzi' and extremely burnt roti in

front of my Dad.

I was waiting to see if anyone noticed the burnt roti. But Dad just ate his roti and asked me how was my day at school.

I don't remember what I told him that night, but I do remember I heard

Mom apologising to Dad for the burnt roti.

And I'll never forget what he said: "Honey, I love burnt roti." Later that

night, I went to kiss Daddy, good night I asked him if he really liked his

roti burnt. He wrapped me in his arms said:

"Your momma put in a long hard day at work today and she was really

tired. And besides... A burnt roti never hurts anyone but

HARSH WORDS DO!"

"You know beta - life is full of imperfect things...

imperfect people...

I'M NOT THE BEST AM HARDLY GOOD AT ANYTHING!

I forget birthdays anniversaries just like everyone else.

What I've learnt over the years is:

To Accept Each Others Faults

Choose To Celebrate Relationships"

Life Is Too Short To Wake Up With Regrets! Love the people who treat

you right have compassion for the ones who don't.

Y A Kawde---

MIT Director

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6. Sonam Wangchuk wants education to answer worlds real needs

(COND from last issue-----

Facing change

Much as these reforms made sense, not everyone could understand the changes

Wangchuk was pushing for. Among these

people were those he described as

individuals who, having gone to school and

finished, were generally considered more

educated.

Most educated people would think, why do

we need to learn these things? These are

local, they're unimportant. We need to learn

about tigers and so on without

understanding that education is a process

that takes you from known to unknown.

You learn about the immediate and then you

build it up to go to elephants, tigers, the

universe, Wangchuk said.

They lost that common sense, especially in

a colonial system where an original thinking

is not encouraged, he added.

Wangchuk said that having gotten used to the traditional system made change

uncomfortable for them. When you try to

make it work, people get disturbed. Very

few like change. Slowly, though, they

understood and accepted the reforms.

"Education is a process that takes you from

known to unknown. You learn about the

immediate and then you build it up to go to

elephants, tigers, the universe"

Meanwhile, Wangchuk and his peers found allies in individuals and families

living in rural communities. According to

him, the education reforms he pushed for

were answers to deep-seated doubts rural

folk had about themselves.

They always had this doubt we are told

we are illiterate and these are educated

people who know everything, but we can see

they can't do anything and yet they didn't

have that courage to say that because they

were cast as illiterate, unimportant people,

Wangchuk said.

They understood us more when we said

that this is not working, people should be

more skilled to live a life in the context they

live [in], he added.

For Wangchuk, it's in bridging education to address peoples immediate needs that

pushed him to follow through, despite

resistance from some. Morevover, its in

seeing children who once failed value

education again that keeps him going.

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"Students who are otherwise

rejected...shine again and do well not

necessarily for the world, but for

themselves, be happy and original and

be themselves, and that is very

satisfactory to see."

On to the next

For Wangchuk, there are greater heights to reach.

Up next on his list is starting a

university by 2019 where this method

of alternative learning will be fostered

in higher levels of education.

Wangchuk sees a university where two thirds of students time will be

spent outdoors in application and one

third will be spent in classrooms. He

wants students to engage in real-life

enterprises be it in tourism and

hospitality through running a hotel, or

in education through running an

"innovative school."

These initiatives, he said, will also help to sustain the schools expenses so

that, hopefully, students will not need

to pay to attend.

"Even if they system doesn't help you,

you try and apply it to things because

ultimately what will be useful is what

you can use."

When they work, not only do they

learn the best way the unforgettable

way. They can also learn because they

produce value and the university can

sustain from the programs from the

students, he said.

He added, They may not afford pesos or rupees or dollars, but they can all afford

sweat and imagination. So, they pay in that

currency.

As for students elsewhere in the world who may be experiencing difficulty but

dont always have the benefit of an

alternative school, Wangchuk urges them to

find meaning in what they are learning and

to think for themselves.

Even if the system doesn't help you, you

try and apply it to things because ultimately

what will be useful is what you can use.

Information itself is not going to be useful.

How you can use it is going to be useful.

Wangchuk added, While you will have to go with the flow and to better with marks,

don't sacrifice the learning for just the

marks. When you actually understand

something and are able to apply, you can

also do better in the marks part of it.

-The End

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7. Health Tips

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Dear Rajendrajee,

You are maintaining the standard of this publication. If i am correct, is the only in marathwada region. My wishes for you to grow it northward. Happy new year to you and your entire team,

Y A Kawde, Director, MIT, Aurangabad.

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Anil Soni

Thank you. Its quite useful.

With thanks & best wishes,

Pramod Jain B.COM (H), MBA (F), MBA (M), PGDFA, DTL, LL.B, ACA, FCS,

ACMA, DCM, CFA, GST (ICAI) LIE-IBBI, IFRS (ICAI), RVE-IBBI

Chartered Accountant,

You Wrote it

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