Csr research and corporate sustainability

CSR Research
and
Corporate
Sustainability

CSR Research and Corporate Sustainability
Copyright:
Inactivity Based Cost Management - Copyright © REGN. NO. L-
27490/2006 DATED December 1, 2006 Govt. of India, Copyrights Ofﬁce,
by the Author, Jayaraman Rajah Iyer.
Contact:
email: jayar@ibcm.in
Mobile: +919487390439
LinkedIn: linkedin.com/in/jayaraman-iyer-6027b71 
IBCM © Research 2019 /2 47

Table of Contents
Executive Summary 4
1] Now, India Inc can deploy CSR funds on research 5
2] My work: Return on Intangible: Measuring Corporate Fiscal and Ethical Assets 7
3] Preparing a CREAM Report - A HUL Case Study 10
4] Strategy Plan 2024 21
4.1] Strategy Idea - Project FISCAL - Our Dreams have to be bigger 24
4.2] Strategy Planning - Setting Our Ambitions Higher 27
4.3] Strategy Plan - Setting Our Commitment Deeper 40
5] Strategy Action - Exert Our efforts greater 45
Reference 47

Executive Summary
In our obscurity - in all this vastness - there is no hint that help will come from elsewhere to
save us from ourselves. It is up to us. - Carl Sagan
Last week FM Nirmala Sitharaman announced many an incentive to India
Corporate, sharp cuts in corporate taxes among many more. It was followed by
a CSR incentive to allow corporate India to use their mandatory corporate social
responsibility spending on publicly-funded incubators and contribute to
research efforts in science, technology, medicine and engineering at major
institutions and bodies.
Is a welcome announcement the emphasis being CSR. Any expenditure be it
revenue or capital should stand its scrutiny. Nirmala Sitharaman laments to the
low R&D Expenditure, less than 1% of GDP in India for several years.
I like Paul Polman while inaugurating Sustainable Living Plan in 2010 for
Unilever telling, I don't like that word, responsibility. It is about co-
responsibility. PM Modi’s aggressive target of $5 trillion Indian Economy by
2025 is a commendable initiative. It’s not a one-way incentive scheme to
Corporate India or muniﬁcence showered on the Society by way of incentives
or subsidies.
In this paper I present
i. Deploying CSR funds on Research,
ii. My work which is on CSR, a glimpse,
iii. Preparing a CREAM Report, (Corporate Governance, Risk Management,
Earnings, Accounting Responsibility, Management Quality) a synopsis of
Hindustan Unilever past performance, 2007 to 2018-19, and
iv. Strategy Plan 2024 for Project FISCAL - Farmer- Industry - Society :
Consolidate - Agri - Leadership, of VNKC - GujPro Co-responsibility.
Future is crucial, past the learning curve, present is action. The data presented
includes Global GDP and particularly China. Corporate India has work in their
hands. It is imperative that India gets its share of FDI in course of chasing the
dream of $5 trillion economy. It’s hard. CSR way is the right way. Co-
responsibility of Corporate India and GoI in one side as well as of Farmers and
Industry at the other. Carl Sagan sagacious wisdom could be the guideline. We
are living in a DIY domain.
Jayaraman Rajah Iyer

1] Now, India Inc can deploy CSR funds on research1
Quote:
India’s spending on R&D activities has been far less than 1% of the GDP for
years.
The Union government has decided to allow corporate India to use their
mandatory corporate social responsibility spending on publicly-funded
incubators and contribute to research efforts in science, technology, medicine
and engineering at major institutions and bodies.
India’s spending on Research and Development (R&D) activities has been far
less than 1% of the GDP for years, with the private sector chipping in less than
half of investments. The Companies Act requires firms with a net worth of ₹500
crore, turnover of ₹1,000 crore or net profit of ₹5 crore or more to set aside 2%
of their average net profits over the last three years towards ‘approved’ CSR
activities. Unquote
There’s no doubt about the need for R&D expenditure scaled up
exponentially.
At the same time it shall be result oriented.
It’s encouraging to know many an Indian Corporate spending on CSR
activities. Illustratively, HUL has been spending on CSR every year and the
amount of expenditure for the last financial year 2018-19 stood at Rs.
12,645 lakhs.
Obama in his inaugural congressional session said: ”Here in Washington,
we’ve all seen how quickly good intentions can turn into broken promises
and wasteful spending”.
What’s CSR? What’s R&D? How are they related to each other? Broken
promises by whom, the spender or the beneficiary? Wasteful spending by

whom, the spender or the beneﬁciary? Do we feel lucky not to have spent on
R&D?
In my book: Return on Intangible: Measuring Corporate Fiscal and Ethical
Assets; CREAM Analytics of Policies, Practices and People:, I write on IAS 38
Intangible Assets as to how it emerged out of 1976 Exposure Drafts on R&D,
as given herein:
But how it all ended, as you see from my book extract:2
Indian Economy currently stands at $2.7 trillion, targeting $5 trillion in 2024.
R&D at less than 1% could be around $25 billion? Where’s the
Accountability - of Input - Output?
My work provides the basis of addressing this massive investments in various
sectors, besides R&D in private and public sector organisations, that would
give ﬁllip to target $5 trillion economy. 

2] My work: Return on Intangible: Measuring Corporate Fiscal and
Ethical Assets
I have self-published my book in India. Recently I have signed a contract with
BEP - Business Expert Press USA for publishing my book. The deadline to give
the ﬁnal manuscript is 15 November 2019. I am working on it.
I am very happy someone from US has come forward after 2 different
Consenting Editors have gone through my manuscript, same as my self-
published book. Added one more chapter as suggested by CE. The ﬁrst one said
intriguing and the second - This one seems to be promising.
Why I bring this here is, to highlight the thousands of Research scholars in India
go unnoticed and never get a chance to show case their innovative minds? I
know of an institution like UCDT Mumbai, a prestigious one too, of Research
Professors not giving the Ph.D students proper mentoring but sell students’ IPRs
to private companies. We have no integration of purpose between Government,
Industry and Universities. This must change.
My publisher BEP from USA is well connected to very many universities and
their students, including such prestigious ones like Harvard. My work is a
challenge what I call pole-shift theory of management. India did me good in

getting the copyright registered. It is in the domain of Intangible. A very3
unique IPR.
I shall be removing my self-published one, after acceptance by BEP, USA.
Based on my work I give below an extract as would be applicable to Industry
briefly.
In this context CSR needs to be clearly defined, what it means to the
spender, benefits to the Society and the purpose.
Industry, banking and government set-ups, can have a glimpse of my work,
bringing clarity to what CSR is all about and its challenges.
2.1] Table of Contents of my work
Executive Summary 6
Chapter 1 Causality 20
Chapter 2 Who are YOU? 30
Chapter 3 Intangible Assets 46
Chapter 4 Intangible defined 60
Chapter 5 Measuring the Intangible 71
Chapter 6 Inactivity Based Cost Management - IBCM 88
Chapter 7 CEO Practices - CREAM Report - The Electron 133
Chapter 8 Society - The Neutron 181
Chapter 9 Sustainability - The Proton 196
Proof of concept is given by defining Intangible.
Inactivity Based Cost Management [IBCM] - Activity has a Cost Incidence
whereas Inactivity a Cost Consequence. Measure Cost Consequence, Now,
Now, Now.
IBCM - Five Principles
1. Principle #1: What gets measured, gets managed.
2. Principle #2: How to measure?
3. Principle #3: Corporate Atomic Structure
4. Principle #4: Return on Intangible
5. Principle #5: Emergent Property Phenomenon

Principle #3: Corporate Atomic Structure provides the platform.
Corporate Atomic
Structure is based
o n A t o m i c
Structure. Protons/
P o l i c i e s w i t h
Neutron/Society
form the nucleus.
Practices/Electron
spins around the
nucleus, led by the
CEO.
Every slot in the
organisation is identified, either of the only two process - Creative
and Action Process.
Principle #5: Emergent Property Phenomenon makes an organisation fit as a
fiddle.
The outcome of adopting Corporate Atomic Structure makes an organisation
a science not left to the whimsies of any individual. A robust Management
Operating System for people is established.
Corporate entity is transformed in human form.

3] Preparing a CREAM Report - A HUL Case Study
Here as a Case Study HUL info
is presented. CREAM is an
a c r o n y m f o r C o r p o r a t e
Governance, Risk Management,
Earnings, Accounting Quality
and Management Quality.
Annual Reports from 2007 to
2018-19 are considered for this
purpose.
The year 2007 number of days are 365 and leap years 366. However the
year 2008-09 has 457 days on account of change in the accounting year
from Jan.-dec. to April-March with 2008 being a leap year too?
E is the only Quantitative Element and the rest of CREAM is Qualitative.
Entire company operations are divided into 170 open-ended Process Blocks.
CSR is split into two responsibilities - Fiscal and Ethical, enabling
preparation of CREAM Report: see the framework given below.

2007 to 2018-19 Balance Sheet and Profitability Statements are analysed
with a standard 15% Growth Rate.
There are two issue areas - CAGR and CARR - One is a Growth rate
and the other Reduction Rate.
There are 6 stages of movement of figures, satisfying Newton’s first law of
Motion, that an object will remain at rest or in uniform motion unless acted
upon by an external force.
The stages for the standard growth rate would be as
shown in the Table.
Per day revenue would be the basis of comparison
to each of the intended growth rate i.e. 15%.
Creative Process goes through 6 stages of
development. As in 3] above Principle #3 Corporate
Atomic Structure has established 6 stages of
development. The same is followed in Action Process,
in 6 scales.
As for as Balance Sheet and P&L are concerned they are of Quantitative
items. Once the standard 15% is applied for CAGR and CARR what we find
is as per Newton’s First Law of Motion. Entire elements that are quantitative
are inert and inanimate. They are Objects. The only resource an organisation
has that is of pulsating energy is of people. People are the Force.
In case of 2007 to 2018-19 what we would reckon from application
of this Force is whether the results obtained are as per the standard
applied - which is 15%.
Say a standard CAGR applied is 25% the 6 stages would remain or if
the standard is 5% then accordingly in 6 stages.
Different standard can be applied to different operations, sales say
15% CAGR whereas consumption 3% CARR. The Ratings would
again fall in line by six stages.
The ratings are the Force applied. There are 5 persons in a team.
Some would not have moved the Object. Then it is zero. Some
would have completed their tasks.

The optimum is 5, the least 0. In the above example 4x5 + 0 = 20
divided by 5 the Ratings for the Team concerned is 4. That is one
person did not move the Object. Only Integer is taken into account,
for the completed task for each.
For the person who scored 0 the Inactivity is 5, for the person who
scored 1 the Inactivity is 4, for the person who scored 5 the
Inactivity is 0.
Collectively for a Team an Index of Inactivity is prepared.
Index of Inactivity is prepared by Principle #4: Return on Intangible.
Return on Intangible goes by Newton’s Second Law of Motion which
is: F = Mass x Acceleration.
Return on Intangible is therefore: (Mass x Acceleration)/Force, Mass
is an Object, Acceleration is the effort put in and Force is the
denominator which is Intangible.
F the Force is common to all at equal proportion. Select the right
person for the right job and get the Object moving from one space to
the other.
When effort is put in the numerator is 1 and so is the denominator.
When effort is nil it is 0/1. The binary value of every Action is
recorded. 0 or 1.
1 would go for Ratings as Active and 0 would be addressed as
Inactive. Active plus Inactive will be 5 for each person/task.
The team is made up of 5 people for each task. One belongs to ER
Force, overseeing the Ethical Responsibility of that particular task.
The rest 4 belong to the Fiscal responsibility. 1. The foot-soldier, 2.
Supervisor, 3. Finance/HR and 4. Technology.
In the HUL case study that follows next for 2007 to 2018-19 ER
Force is given a separate Rating whereas for Fiscal responsibility
Team Members ratings are same.
An organisation that wants to gallop ahead must bring in 5 different
denominators representing each person of different category. If a task is well
done then the optimum rating per head is 5 and the team would get 5*5, 25
marks, for each task.
So there would be a matrix one per Process Area and the other by
Resource Area.
The matrix should be complementary to each other.

Index of Inactivity arises on account of a target set, say 15%. Sales,
inventories [CARR], Trade Payables, Trade Receivables, Consumption etc.
have set reduction or growth rates applied.
The same ﬁgures from 2007 to 2018-19 with a notional target of
15% CAGR or CARR have lot of information as to the achievements
or that failed to achieve targets.
These fault lines have plenty to analyse a company’s past records,
which are otherwise ignored completely as static past ﬁgures?
One next to it I shall present data as to the future targets setting
Strategy Plan 2024.
2007 to 2018-19 are the results of Action Process. Strategy Plan
2024 is a Creative Process. We shall see. 

HUL P&L 2007 to 2018-19 
P&L A/c Rs.
Cr. HUL
2007 2008-
09
2009-
10
2010-
11
2011-
12
2012-
13
2013-
14
2014-
15
2015-
16
2016-
17
2017-
18
2018-19
Net Sales 13,675 20,239 17,524 19,736 22,116 25,810 28,019 30,806 31,061 31,890 34,525 38,224
Other Income 432 590 350 273 278 607 621 618 564 526 569 664
1. Total
Income
14,107 20,829 17,873 20,008 22,395 26,417 28,640 31,424 31,625 32,416 35,094 38,888
2. Expenses
[(a) to (g)]
11,935 17,779 15,159 17,278 19,043 22,042 23,804 25,884 25,633 26,239 27,727 30,111
a) Cost of
materials
5,290 8,387 6,609 7,550 8,585 10,285 11,160 11,867 11,267 11,363 12,491 13240
b) Purchases 2,123 2,845 2,292 2,818 3,024 3,235 3,350 3,698 3,951 4,166 3,812 4708
c) Changes in
inventories
-144 -422 -23 -291 129 -31 -166 58 87 156 -71 12
Sub-Total
Consumption
7,269 10,810 8,878 10,078 11,738 13,489 14,344 15,624 15,305 15,685 16,232 17,960
d) Employee
beneﬁts
768 1,152 936 961 1,107 1,318 1,436 1,579 1,573 1,620 1,745 1747
e)
Depreciation
138 195 184 221 218 236 261 287 321 396 478 524
f) Advt. &
Sales Promo
exps.
731 2,131 2,391 2,764 2,635 3,232 3,614 3,875 3,600 3470 4105 4552
g) Other exps. 3,029 3,490 2,770 3,254 3,345 3,767 4,151 4,520 4,834 5,068 5,167 5328.00
3. Proﬁt from
ops(1-2)
2,172 3,050 2,714 2,730 3,351 4,375 4,836 5,540 5,992 6,177 7,367 8,777
4. Finance
cost
26 25 7 0 1 25 36 17 15 22 20 28
5. PAFC [3-4] 2,146 3,025 2,707 2,730 3,350 4,349 4,800 5,523 5,977 6,155 7,347 8,749
6. Exceptional
Items [+/-]
182 -4 99 207 119 608 229 664 -31 241 -62 -227
7. PBT [5+6] 2,329 3,021 2,806 2,937 3,469 4,958 5,028 6,187 5,946 6,396 7,285 8,522
8. Tax
expense
403 524 604 631 778 1,161 -1,161 -1,872 -1,809 -1,906 -2,148 -2565
9. Deferred
tax credit/
charge
100 79
10.
NPAT[7-8+1]
1,925 2,496 2,202 2,306 2,691 3,797 3,867 4,315 4,137 4,490 5,237 6,036

HUL Balance Sheet 2007 to 2018-19
Balance Sheet – Rs.
cr. HUL
2007 2008-
09
2009-
10
2010-
11
2011-
12
2012-
13
2013-
14
2014-
15
2015-
16
2016-
17
2017-
18
2018-
19
(a) Share capital 218 218 218 216 216 216 216 216 216 216 216 216
(b) Reserves
and surplus
1221 1844 2365 2444 3297 4407 3061 3508 6063 6274 6859 7443
Sub-total - 1439 2062 2584 2660 3513 4623 3277 3725 6279 6490 7075 7659
(a) Other LT liabilities 26 145 219 330 481 279 170 19 574 666 804
(b) Long-term provn 664 667 704 839 956 970 485 772 1049
Sub-total 26 145 0 883 997 1185 1118 1126 989 1059 1438 1853
(a) Trade payab 3837 4256 5292 5009 4623 5749 5794 5289 5498 6006 7013 7070
(b) Other current
liab
63 277 555 547 837 853 908 864 809 972 782
(c) Short-term provn 1274 1528 1442 1056 1279 501 1957 2586 290 387 651 501
Sub-total: 5174 6061 6733 6620 6449 7087 8604 8783 6652 7202 8636 8353
TOTAL - 6639 8267 9317 10163 10958 12894 12998 13634 13920 14751 17149 17865
(a) Fixed assets 1708 2079 2436 2458 2363 2548 2742 2937 3300 4227 4572 4680
(b) Non-current
investments/Assets
1441 333 1264 121 186 650 636 654 354 254 254 254
(c) Deferred tax
assets (net)
212 255 249 210 214 189 162 196 168 160 255 339
(d) LT loans/
advances
400 396 510 606 583 300 364 412 409
(e) non-cur. assets
other
297 1 0 246 381 517 773
(f) Goodwill 36
Sub-total - 3361 2666 3949 3188 3160 4195 4146 4371 4368 5386 6010 6491
(a) Current
investments
1140 2252 2327 2458 2624 2461 3519 2855 2693
(b) Inventory 1954 2529 2180 2811 2517 2623 2748 2603 2528 2362 2359 2422
(c) Trade
receivables
443 537 678 943 679 679 816 783 1064 928 1147 1673
(d) Cash & bank 201 1777 1892 1628 1830 2446 2221 2538 2759 1671 3373 3688
(e) loans& Advs 667 742 601 416 486 536 538 657 465 306 829 542
(f) Other current
assets
12 16 17 35 35 88 72 59 275 579 576 356
Sub-total - Current
assets
3277 5601 5368 6974 7799 8700 8852 9264 9552 9365 11139 11374
TOTAL - ASSETS 6639 8267 9317 10163 10958 12894 12998 13634 13920 14751 17149 17865

Index of Inactivity by Process Area: P&L HUL
Index of Inactivity by Resource Area: P&L HUL
Index of Inactivity is a powerful tool that you identify the fault lines, shortfall
by issue areas, by major events, major decisions, shortfall of teams who
failed to achieve set targets and by each individual.
Proﬁts are the results of Corporate Governance, Growth of Management
Quality, of Policies.

Index of Inactivity by Process Area: HUL Balance Sheet
Index of Inactivity by Resource Area: HUL Balance Sheet
My book analyses Keynes Animal Spirits in this context - a spontaneous urge
to action rather than inaction, and not as the outcome of a weighted average
of quantitative beneﬁts multiplied by quantitative probabilities - our positive
activities depend on spontaneous optimism rather than mathematical
expectations, whether moral or hedonistic or economic.
This is the very essence of CSR - that we shall deeply look into the ethical
data, represented by Management Quality of a Company?

Index of Inactivity by Process Area: Management Quality [98 issue areas]
Index of Inactivity by Resource Area: HUL Management Quality [98 Issue
Areas]

Management Quality is what we state we would follow. Some of them are
mandatory and some non-mandatory. Is just a statement of acceptance of
policies. Is itself good. But no assurance they are being followed.
What is followed of Management Quality would reﬂect in Corporate
Governance. Appearing in Corporate Governance but not in Management
Quality means doing what is not thought about or set to do?
Index of Inactivity by Process Area: HUL CREAM Report [151 issue areas]
Index of Inactivity by Resource Area: HUL CREAM Report [151 issue areas]
There are 151 issue areas in CREAM Report.
Corporate Governance should go by the IBCM principle #1: What gets
Measured, Gets Managed.

Companies shall start with ER Rating of 0 and then individually rate each
Process Block totalling 169 [151+18]. 152 till 2014-15 afterwards 151, due
to Business Segments reorganisation from 5 to 4.
HUL info is culled from the public domain. It’s a good illustrative issue areas
of management that companies shall follow. However note the ultimate
Rating remains at 3?That is to say, a 15% CAGR has fallen short to be at the
range of 7.50% to 11.25% bracket.
Let us go to the future. Strategy Plan 2024.

4] Strategy Plan 2024
Action Process starts when Creative Process is complete. The need for
Creative Process is constant. We start afresh and
we start after learning. It’s a continuous cycle.
Creative Process has 6 stages of development,
the ﬁrst being in a state of Quiescence. Today is
Mahatma Gandhi’s 150th birth anniversary, while
I am writing this note. Gandhiji sat on the
parapet wall of Sabarmati River contemplating
what action he must do. Got an idea, jumped on
the ground to declare Salt Satyagraha marching
towards Dandi.
The six stages of creative process refers to six
linear movement of action processed. First, state of Quiescence - Nothing -
rated 0: Innovation starts at this point.
This is a state of quiescence Corporate India has to spend some time.
Past records throw in a lot of challenges. The contemplation is
towards for a change.
Many companies do not spend time on this stage. Year end quarter
runs too fast to meet targets of annual budget. Hierarchical one-man
call centre is indeed inimical to growth. From HUL Index of Inactiviy
companies can surely learn to correct theirs.
Crucial to India Corporate is, according to Kroll's annual global fraud
and risk report, 33 per cent of Indian companies suffered reputational
damage due to third parties, while the global ﬁgure stood at 29 per
cent.4
In the HUL CREAM analytics, we have hardly 12 out of 169 issue
areas that belong to Quantitative elements of management. Time we
focus on the 157 Qualitative elements. 12 are the results of 157
causes.
IL&FS is in a limbo. No time must be lost in looking at the 157
process blocks and correcting it. So at this stage of contemplation
different companies need different emphasis.

Then the idea forms - Ready for a Dandi March, is the second stage. Rating
1. Strategic Idea. Followed by communication, the third stage. Convey to
people around. Rating 2. Next formation of critical team to discuss. Stage 4
Rating 3. Followed by stage 5 Formulation. Rating 4. By far this would be the
strategic planning of maximum time spent, to merge with a Strategic Plan -
Stage 6 - Rating 5. EOF - Strategy Plan ready for Strategy Action.
Summary of Strategy Plan, a Creative Process.
Let me borrow Dhirubhai’s Vision Statement in this context:
1. Strategy Idea: Our Dreams have to be bigger,
2. Strategy Planning: Our ambitions higher,
3. Strategy Plan: Our Commitment Deeper,
4. Strategy Action: And our efforts greater.

STRATEGY IDEA

4.1] Strategy Idea - Project FISCAL - Our Dreams have to be bigger
I give below synopsis of Project FISCAL for their Strategy Plan 2024. Project
FISCAL - Farmer- Industry - Society : Consolidate - Agri - Leadership
Project FISCAL connects Farmer - Industry - Society the three CCP - Critical
Control Points in the Value Chain, Consolidating Agri Leadership in Indian
Economy. It’s a single powerful sector giving the platform to stabilise multi-
functional aspects of GDP. When Agri is strong, GDP of $5 trillion becomes a
feasible target for India.
The prime mover of this project is VNKC Agrocom Private Limited,
Ahmedabad in partnership with GujPro Agribusiness Consortium Producer
Company Ltd., Ahmedabad.
VNKC is already a certified unit for HACCP, Fairtrade Regulations, headed
by Co-Founder and MD Kunal Kotecha.
GujPro with 30 FPOs connected to 40,000 Farmers would be of a sizeable
unit to start with.
1. Strategy Idea: Our Dreams have to be bigger.
ab initio I am impressed with the dedication of Kunal Kotecha in taking his unit
by value system. Besides, tagging the farmers in the same value system by
training them and inculcating means to achieve results ethically - such as
Fairtrade practices. This Farmer, Industry, Society combination would be healthy
for national agri leadership and growth. In this context let me present a march
towards CREAM Analytics for Project FISCAL.
VNKC Believe: (in essence co-responsibility).
That a socially responsible model is sustainable business model due to lower
longterm effective costs.
That an inclusive business model is also profitable model for all stakeholders
That all participants in value-chain also prefer socially responsible
companies for their business association or patronage.
That all value destructing processes, must be and shall be eliminated sooner
or later.
That fair and transparent practices can strengthen the Trust.
That raising skill levels of farmers will help them emancipate.
That healthy food habits save significant costs to consumers and society.

VNKC VISION, MISSION AND STRATEGY
VISION
To be an Inclusive Company for all Sustainable and Ready to Eat (RTE) Food
Products
MISSION
To impact lives in a sustainable way of our consumers and 2,000,000
farmers by 2025
STRATEGY
To partner with FPOs / NGOs using Fairtrade ethos.
To be a leader in Innovation for Sustainable Food Ecosystem.
To be brand driven and to develop socially responsible brands.
To be a benchmark in quality.
To be asset light.
An extract from my book:
If we are going to create Vision and Mission
statements for companies, let us go by
IBCM Principle #1: : What gets measured,
gets managed.
There needs a consistent and relentless
pursuit of our goals. 157 of Process Blocks
need to be tracked on a Daily basis and let
the ethical culture spreads within the
organisation.
James Burke is a rare case. So are very
many of India Corporate. My work is for
rejuvenating such people to attain the best,
undertaking the Ethical Responsibility.
In the case study of Project FISCAL I go into
the second point.

STRATEGY PLANNING

4.2] Strategy Planning - Setting Our Ambitions Higher
My book extensively analyses the Universe to derive the formula for Return on
Intangible, quoting scientists from CERN to Carl Sagan. Setting benchmarks and
metrics that helps to bring corporate into the Nature way of functioning.
Corporate (atomic) Structure has a given spot for each task assigned. Strategy
idea to Plan is therefore well structured, with a Rating at each stage of
completion. Corporate moves linearly, satisfying Newton’s Laws of Motion.
Strategy Planning covers the three stages - communication, formation and
formulation. On completion hands over a tangible document called Strategic
Plan. Strategic Plan is of Quality in the same as an IPR ready for application for
Patent. The process of creating is an interesting exercise.
Spot your place for VNKC-GujPro is what we shall highlight here. No doubt the
whole solar system that we live in collectively, is not even a single grain of sand
among galaxies. That shall not deter a single individual to connect to the
Universe declaring where one stands as on today. Carl Sagan says how India’s
day and night of Brahma’s corresponds to modern cosmology findings of 8.6
billion years of the Universe. The other day 28th September 2019 to be precise
on the Mahalaya Amavasya day and every other Amavasya day, doing the
sankalpam millions of Hindus connect oneself to the cosmos the date by which
it is performed. This is called Sankalpam. Refer to the big bang, every time.
The Sanklapam: Dwitiya Parardha (means Brahma’s second Parardha, One
Parardha consists of 50 Brahma years. Now the second Parardha is running.)
Sweta Varaha Kalpa (is the first of the thirty Kalpas according to Matsya Purana.)
Vaivasvata manvantra: (There are fourteen manvantras in a Kalpa, and the
present one is seventh and its name is Vaivasvata manvantra), Ashthavimsati
tame (means 18,000 Kalpas has been now completed). Kaliyuge-Prathame
pade (means we are in the first quarter of the Kaliyuga). Jambu Dweepe,
Bharata Varshe, Bharata Khande (describes the geographical area of our
motherland.)
Then today’s date of the year - ( current year Vikarinama) samvathsare, ..ayana
(two in a year), ..ritu (6 seasons), … mase (12 months), …paksha (two in a
month), …vasara (7 days), …nakshatra (27 stars).
We are accustomed to bring the entire cosmos to today’s functioning of our
earthly events, with one’s spot in the Universe. 

1. Spot your place in India’s GDP target of $5 trillion by 2025
India’s GDP is estimated to have increased 7.2 per cent in 2017-18 and 7 per
cent in 2018-19.5
Gross Value Added (GVA) Composition by Sector (2017-18 2nd Advance
Estimate)
Services: 53.8 per cent
Industry: 29.1 per cent
Agriculture: 17.1 per cent
India’s current GDP is estimated at $2.75 Trillion. When we split the same
according to the composition as above, it would be:
Services: 53.8 per cent of $2.75 Trillion - $1479.50 billion
Industry: 29.1 per cent $800.25 billion
Agriculture: 17.1 per cent $470.25 billion
Total: $2750 billion
VNKC interests are with Industry as well as Agriculture, an Agro-Industry. India
is on the 7th-Spot in Global GDP as of 2018. USA, China, Japan and Germany
are secured in the ﬁrst 4 places with India competing up and down with UK
and France at $2.8 trillion and $2.77 trillion respectively. However for the
purpose of this exercise we shall be going by the WorldBank report as available
comprehensively.

2. Gross domestic product in exchange rates (US $) - Global
By 2017 figures ,India was at 6th place. India
has a world share of 3.2%.
India contributes
nearly 3% of the
world’s GDP but
has only a 1%
share of global
investment money.
If this figure were to
just double to 2%,
that would mean
nearly $3 trillion of
investments flowing
into India, says
Prem Watsa. That means France, UK, Germany are6
overtaken but with Japan not being far ahead. So $5
trillion Indian Economy is a realistic target. China
and USA are truly far ahead but India’s target must be
China.
Source: Worldbank

3. Gross domestic product in exchange rates (US $) - India and China
China in 2005 had a GDP of $2.285 trillion. It reached $5.109 trillion in 2009.
That is in 4 years. That is a CAGR of 22.28%.
If India has to grow from $2.75 trillion in
2018 to $5 trillion in 4 years the CAGR
would be 16.12%.
Now the crux of the growth story is FDI.
What triggered Chinese Economy is the
FDI. Being a closed communist set-up
China got away with anything but had the
great opportunity to multiply their GDP
exponentially.
It shall be noted, India pips China for
the ﬁrst time in 20 years in FDI inﬂows. In
2018, India saw more than $38 billion of
inbound deals compared with China’s $32
billion, buoyed by stable fundamentals, a
bankruptcy code and fresh opportunities in
sunrise sectors.7
PM Modi tells investors to ‘come to
India’ to aid $5 trillion GDP Goal, offering
a 4-D Advantage Model of growth -
Democracy, demography, decisiveness, demand:
Source: Worldbank

The US India Strategic and Partnership Forum (USISPF) hailed the Narendra
Modi government's move to allow 100 per cent foreign investment in coal
mining and contract manufacturing, ease sourcing norms for single-brand
retailers and allow online trade prior to opening of brick and mortar stores.8
India to trigger GDP growth depends on the FDIs. This would come only for
entities that excel in Social, Technological, Economic and Political eco
system. It’s the capability and the ability to perform - a stable strategy idea, a
good planning, a good plan and efforts put in to execute the plan.
Government of India has created a good platform - no corruption, stable
infrastructure, good policies, good institutions and able administration. It’s
up to the companies to steady themselves and make themselves as
candidates for growth attracting FDIs.
VNKC and the FPOs have a great opportunity to establish as associates in
India’s $5 trillion economy. So shall be each company ﬁnding their spot in
$5 Trillion Indian Economy.
VNKC is the initiator of Project FISCAL for Consolidating Agri Leadership. So
Agri we shall have a look. 

4. Agriculture, value added (US $) - for all countries
India stands second in the hierarchy of
Agriculture for all countries, per data
2017, at US$401.32. The same year the
India GDP stood at US$2597.49 billion.
This is about 15.45%.
Agri China - India
Whereas China ﬁrst among all countries
stood at US$968.63 billion as against the
total GDP at 2017 is US$12237.70
billion. This is about 7.91% of GDP.
CAGR of Agri for: 2005-2017:
China is 11.37%
India is 8.90%

Between 1960 and 1988 Agri China-India were neck and neck in Agri
Production. From 1989 China galloped, reaching 2.87 times of India in year
2015. China had left India much behind. India has a lot to catch-up?
Non-Agri GDP China-India
CAGR of non-Agri GDP for:
China : 2005: (2285.97 - 266.12) = 2019.85;
2017: (12237.70 - 968.63) = 11269.07
Non-Agri GDP: CAGR: 15.40%
India: 2005: (808.90 - 144.33) = 664.57;
2017: (2597.49 -401.32) = 2196.17:
Non-Agri GDP: CAGR: 10.47%
India: In case of non-Agri GDP, India could not keep pace with China.
However, non-Agri GDP consists of Industry 29.1 per cent and Services 53.9
per cent of GDP together holding 83% of GDP. Whatever FDI that had come in
during several years, they were mainly for this 83% sector GDP. This sector
have been responsible for NPAs and bad management. Growth was surely
curtailed.
Look at Agriculture of 17.1% of GDP is a neglected sector. There has been some
write-offs on Farmers loans but hitherto an abandoned sector. No investments in
Agricultural sector of any considerable chunk.

5. Investments in Agriculture9
According to the Department for Promotion of Industry and Internal Trade
(DPIIT), the Indian food processing industry has cumulatively attracted Foreign
Direct Investment (FDI) equity inﬂow of about US$ 9.08 billion between April
2000 and March 2019.
Some major investments and developments in agriculture are as follows:
Investments worth Rs 8,500 crore (US$ 1.19 billion) have been announced
in India for ethanol production.
By early 2019, India will start exporting sugar to China.
The ﬁrst mega food park in Rajasthan was inaugurated in March 2018.
Agrifood start-ups in India received funding of US$1.66 billion between
2013-17 in 558 deals.
In 2017, agriculture sector in India witnessed 18 M&A deals worth
US$251 million.

6. VNKC and groundnut - Peanuts Production China - India
VNKC has acquired a taste for awards
with emphasis on groundnuts.
1. Excellence in Exports –1st Place –
Processed Peanuts
Years:
Financial Year 2017-18
Financial Year 2015 -16
2. ET Now Leaders of Tomorrow Award
SME FMCG Category 2016-17
3. ET Best Food Processing and
Packaging Brands 2018
4. APEDA Golden Award –
Years:
Production Peanuts China - India
Peanuts, Production (Tons) Source: FAOSTAT

China from 2005 Production in (tons) was at 14,395,479, grew up to
17,150,121 in 2017. It’s a CAGR of 1.47%
India from 2005 Production in (tons) was at 7,993,300, grew up to 9,179,000 in
2017. It’s a CAGR of 1.16%.
From the year 1993 China galloped ahead of India. India lost grounds-nuts.
7. Peanuts - Yield
Deﬁnition: Arachis hypogaea. For trade data, groundnuts in shell are converted
at 70% and reported on a shelled basis. Harvested production per unit of
harvested area for crop products. In most of the cases yield data are not
recorded but obtained by dividing the production data by the data on area
harvested. Source: FAOSTAT

Looking at Peanuts Yield between China and India we find China ranks 13 and
India 32, way behind many a country in the world. The #1 is Uzbekistan
followed by Israel. The strategy should be to outrank China first and then move
towards #1. Israel technology may be useful.
Strategy Checklist
Strategy Planning at length provides the panacea for success. Sets targets at
each level. Dhirubhai’s vision statement gets good meaning:
1. Our Dreams Have to be bigger,
VNKC Strategy Idea, the first section of this report, provides the bigger
Dream.
One could easily identify with the dreams of bigger vision, that is
qualitative. Quantitative aspects do not count.
2. Our ambitions higher,

The Mission statement: To impact lives in a sustainable way of our
consumers and 2,000,000 farmers by 2025, is the ambition that is
Qualitative.
It is historical, factual, ﬁlled with data, and tells where the opportunity
has arisen vis-à-vis where to look for the benchmarks.
3. Our commitment deeper, and
Sankalpa (Sanskrit: संकल्प) means an intention formed by the heart and
mind -- a solemn vow, determination, or will. In practical terms a
Sankalpa means a one-pointed resolve to focus both psychologically and
philosophically on a speciﬁc goal.
The task ahead is huge, challenging China that has set excellent
benchmarks. This challenge warrants a deeper commitment by each
individual, men and women who work for VNKC and FPOs. It’s like
Chandrayaan Mission that had taken the world by storm.
What’s given next is the Strategy Plan a Quantitative element of
management.
Is the detailed recommendation--the “what” and the “how”.
4. Our efforts greater.
This follows the implementation programme after the Strategy Plan
recommendation is accepted.

STRATEGY PLAN

4.3] Strategy Plan - Setting Our Commitment Deeper
1. Summary of Profits and Expenses Statement: Index of Inactivity By Process
Area
INDEX OF INACTIVITY:
P&L A/c: By Process Area
VNKC
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
1. Net Sales:
Active 4 4 24 4 24 24 24 20 24
Inactive 21 21 1 21 1 1 1 5 1
Inactive % 12.00% 12.00% 0.57% 12.00% 0.57% 0.57% 0.57% 2.86% 0.57%
2. Consumption
Active 20 24 24 4 24 24 20 20 16
Inactive 5 1 1 21 1 1 5 5 9
Inactive % 2.86% 0.57% 0.57% 12.00% 0.57% 0.57% 2.86% 2.86% 5.14%
3. Employee
Benefits
Active 4 16 24 4 25 25 25 25 21
Inactive 21 9 1 21 0 0 0 0 4
Inactive % 12.00% 5.14% 0.57% 12.00% 0.00% 0.00% 0.00% 0.00% 2.29%
4. Advt. & Sales
Promo expenses
Active 4 4 16 4 21 21 21 21 21
Inactive 21 21 9 21 4 4 4 4 4
Inactive % 12.00% 12.00% 5.14% 12.00% 2.29% 2.29% 2.29% 2.29% 2.29%
5. Other
expenses
Active 4 4 4 24 4 24 24 16 24
Inactive 21 21 21 1 21 1 1 9 1
Inactive % 12.00% 12.00% 12.00% 0.57% 12.00% 0.57% 0.57% 5.14% 0.57%
6. Profit from
ops
Active 4 4 24 4 4 24 24 24 16
Inactive 21 21 1 21 21 1 1 1 9
Inactive % 12.00% 12.00% 0.57% 12.00% 12.00% 0.57% 0.57% 0.57% 5.14%
7. Finance Costs
Active 4 4 4 4 24 24 24 24 24
Inactive 21 21 21 21 1 1 1 1 1
Inactive % 12.00% 12.00% 12.00% 12.00% 0.57% 0.57% 0.57% 0.57% 0.57%
Summary:
Profit and Loss
Account:
Active 44 60 120 48 126 166 162 150 146
Inactive 131 115 55 127 49 9 13 25 29
Inactive % 74.86% 65.71% 31.43% 72.57% 28.00% 5.14% 7.43% 14.29% 16.57%
Rating - Active 1 1 3 1 3 4 4 4 4
Stage Reached
Ratings
[Legend: 0 -Insentient; 1- Conceptual; 2- Communication; 3-Formation;4-Formulation; 5
Task Done]
checksum:
Resource area ~
Process Area
0 0 0 0 0 0 0 0 0

2. Summary of Proﬁts and Expenses Statement: Index of Inactivity By Resource
Area
P&L A/c By Resource Area
VNKC
2015-16 2016-17 2017-18 2018-19 2019-20
2020-2
1
2021-2
2
2022-23 2023-24
1. ER
Management:
Active 28 28 28 28 30 30 30 30 30
Inactive 7 7 7 7 5 5 5 5 5
Inactive
% 4.00% 4.00% 4.00% 4.00% 2.86% 2.86% 2.86% 2.86% 2.86%
2. FR:
Managerial
Force:
Active 4 8 23 5 24 34 33 30 29
Inactive 31 27 12 30 11 1 2 5 6
Inactive
% 17.71% 15.43% 6.86% 17.14% 6.29% 0.57% 1.14% 2.86% 3.43%
3. FR:
Operating
Force:
Active 4 8 23 5 24 34 33 30 29
Inactive 31 27 12 30 11 1 2 5 6
Inactive
% 17.71% 15.43% 6.86% 17.14% 6.29% 0.57% 1.14% 2.86% 3.43%
4. FR:
Technology:
Active 4 8 23 5 24 34 33 30 29
Inactive 31 27 12 30 11 1 2 5 6
Inactive
% 17.71% 15.43% 6.86% 17.14% 6.29% 0.57% 1.14% 2.86% 3.43%
5. FR: Finance:
Active 4 8 23 5 24 34 33 30 29
Inactive 31 27 12 30 11 1 2 5 6
Inactive
% 17.71% 15.43% 6.86% 17.14% 6.29% 0.57% 1.14% 2.86% 3.43%
ER+ FR:
Resource Area
Active 44 60 120 48 126 166 162 150 146
Inactive 131 115 55 127 49 9 13 25 29
Inactive
% 74.86% 65.71% 31.43% 72.57% 28.00% 5.14% 7.43% 14.29% 16.57%
Net Rating Active 1 1 3 1 3 4 4 4
Stage Reached
Ratings
[Legend: 0 -Insentient; 1- Conceptual; 2- Communication; 3-Formation;4-Formulation; 5 Task
Done]
checksum:
Resource area ~
Process Area
0 0 0 0 0 0 0 0 0

3. Summary of Balance Sheet VNKC: Index of Inactivity By Process Area
By Process Area
Balance Sheet - VNKC
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
1. Trade
Payables:
Active 4 4 4 24 20 24 24 24 20
Inactive 21 21 21 1 5 1 1 1 5
Inactive % 16.80% 16.80% 16.80% 0.80% 4.00% 0.80% 0.80% 0.80% 4.00%
2. Net Fixed
Assets
Active 4 4 24 4 24 24 24 16 24
Inactive 21 21 1 21 1 1 1 9 1
Inactive % 16.80% 16.80% 0.80% 16.80% 0.80% 0.80% 0.80% 7.20% 0.80%
3. Inventories
Active 4 4 4 4 20 20 20 20 20
Inactive 21 21 21 21 5 5 5 5 5
Inactive % 16.80% 16.80% 16.80% 16.80% 4.00% 4.00% 4.00% 4.00% 4.00%
4. Trade
Receivables
Active 4 4 24 24 24 24 24 24 24
Inactive 21 21 1 1 1 1 1 1 1
Inactive % 16.80% 16.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80% 0.80%
5.Reserves &
Surplus
Active 12 24 20 20 8 24 24 24 24
Inactive 13 1 5 5 17 1 1 1 1
Inactive % 10.40% 0.80% 4.00% 4.00% 13.60% 0.80% 0.80% 0.80% 0.80%
Summary:
Balance Sheet
Active 28 40 76 76 96 116 116 108 112
Inactive 97 85 49 49 29 9 9 17 13
Inactive % 77.60% 68.00% 39.20% 39.20% 23.20% 7.20% 7.20% 13.60% 10.40%
Rating - Active 1 1 3 3 3 4 4 4 4
Stage Reached
Ratings
[Legend: 0 -Insentient; 1- Conceptual; 2- Communication; 3-Formation;4-
Formulation; 5 Task Done]
checksum:
Resource area
~ Process Area
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

4. Summary of Balance Sheet VNKC: Index of Inactivity By Resource Area
By Resource Area
Balance Sheet
VNKC
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
1. ER
Management:
Active 20 20 20 20 20 20 20 20 20
Inactive 5 5 5 5 5 5 5 5 5
Inactive
% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
2. FR:
Managerial
Force:
Active 2 5 14 14 19 24 24 22 23
Inactive 23 20 11 11 6 1 1 3 2
Inactive
% 23.00% 20.00% 11.00% 11.00% 6.00% 1.00% 1.00% 3.00% 2.00%
3. FR:
Operating
Force:
Active 2 5 14 14 19 24 24 22 23
Inactive 23 20 11 11 6 1 1 3 2
Inactive
% 23.00% 20.00% 11.00% 11.00% 6.00% 1.00% 1.00% 3.00% 2.00%
4. FR:
Technology:
Active 2 5 14 14 19 24 24 22 23
Inactive 23 20 11 11 6 1 1 3 2
Inactive
% 23.00% 20.00% 11.00% 11.00% 6.00% 1.00% 1.00% 3.00% 2.00%
5. FR: Finance:
Active 2 5 14 14 19 24 24 22 23
Inactive 23 20 11 11 6 1 1 3 2
Inactive
% 23.00% 20.00% 11.00% 11.00% 6.00% 1.00% 1.00% 3.00% 2.00%
ER+ FR:
Resource Area
Active 28 40 76 76 96 116 116 108 112
Inactive 97 85 49 49 29 9 9 17 13
Inactive
% 77.60% 68.00% 39.20% 39.20% 23.20% 7.20% 7.20% 13.60% 10.40%
Net Rating Active 1 1 3 3 3 4 4 4 4
Stage Reached
Ratings
[Legend: 0 -Insentient; 1- Conceptual; 2- Communication; 3-Formation;4-Formulation; 5 Task
Done]
checksum:
Resource area ~
Process Area
0 0 0 0 0 0 0 0 0

STRATEGY ACTION

5] Strategy Action - Exert Our efforts greater
1. Action Process begins.
1. Convert CAGR and CARR to CDGR and CDRR.
2. Track D - Daily growth rate and Reduction Rate of companies keeping
pace towards $5 Trillion Economy.
3. Check totalling all companies of India Corporate by CDGR, to $5
trillion?
2. One of the introduction of Strategy Plan is creating a slot for Ethical Assets -
in Assets side of the Balance Sheet and Ethical Assets Premium Account - on
the credit side.
1. For each Ethical Asset utilised and very many of them if one looks at the
Management Quality of 157 issue areas we discussed of HUL 2007 to
2018-19.
2. In VNKC Strategic Plan also there’s an entry for each of the Ethical Asset -
Fair-Trade, FSSAI, HACCP, UNGC with 4 issue areas of 10 Principles - 1.
Human Rights, 2. Labour Rights, 3. Environmental Rights, 4. Anti-
Corruption Rights, 6. Code of Conduct, 7. Code of Business Principles
and 8. CSR - Corporate Social Responsibility. That would total 11.
3. Given a notional value of ₹1 crore for each, Ethical Assets would be valued
at 11 crores.
1.Valuation is dependent on practicing what is stated.
Accreditation agency such as Consulting ﬁrms, CA
ﬁrms shall certify the status of usage of these Ethical
Assets.
4.On successful implementation Ethical Assets
Premium Account be credited with - if Rating as
explained herein is 5 then 100% or as per the table.
5.Adopting Ethical Asset numbering 11 the premium
account would amount to ₹11 crores where the share capital is about ₹5
crores.
1. When extended to Farmers and their FPOs this could be quite a good
amount. 30 FPOs of 40,000 Farmers each farmer contributing ₹1,000 as
share capital and each FPO having a share capital of ₹10 lakhs, the

infusion of Ethical Assets Premium Account for each FPO could be
substantial.
1. Each FPO of 1000 Farmers can accumulate ₹11 crores each and
for an FPC of 30 FPOs it would be ₹ 330 crores as against Share
Capital of 30x ₹10 lakhs = ₹3 crores.
2. The significance of the same is upgrading the Farmers capability
to various issue areas such as yield, output, agri-sector benefits,
expansion, subsidies etc. besides pricing to sale of produce to
Industry collaboration and attracting FDIs.
6. An FPO creating Ethical Asset is simpler than for a company, as farmers
have traditionally kept their Ethical Standards.
1. A company that fails to get the Ethical Asset Premium Account at 100%,
i.e. optimised usage of Rating 5, duly certified by an accredited valuer,
would find it difficult to explain to the public.
2. Taking the example, IL&FS creating an Ethical Asset Premium Account,
now, now, now is crucial.
3. Big CA firms shall certify the journal entry to Ethical Assets Dr., Ethical
Assets Premium Account Cr. By doing so they certify their own audit?
7. Target China’s achievements, not our local Patanjalis?
8. What comes out of Project FISCAL, is the close knit family of Industry -
Farmers and Society collaborating for each other’s benefits. In the referred
case study, Consumption of purchases from Farmers are nearly 97% of Net
Sales to start with, slowly reducing to
80% in later years.
1.Industry should aspire for the same
for taking within their system, all the
MSMEs.
9.Industry, Farmers, MSMEs and even
government would actively participate
in their race with $5 trillion economy,
but big question mark is BANKERS?
10.Let me end with a note from my
book: 

Reference
https://www.thehindu.com/business/Economy/now-india-inc-can-deploy-csr-funds-on-research/article29468367.ece Now,1
India Inc can deploy CSR funds on research
New Building Blocks for Jobs and Economic Growth; Background paper for the conference session:“Emerging Measures2
for Strategic Management” http://bit.ly/oe97Ta page 3
Copyright Details: Inactivity Based Cost Management - Copyright © REGN. NO. L- 27490/2006 DATED December 1,3
2006 Govt. of India, Copyrights Office, by the Author, Jayaraman Rajah Iyer,
One-third of Indian businesses hit hard by internal, external fraud: Report4
//economictimes.indiatimes.com/articleshow/71393811.cms?
utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23&utm_source=contentofinterest&utm
_medium=text&utm_campaign=cppst
IBEF https://www.ibef.org/industry/agriculture-india.aspx5
https://economictimes.indiatimes.com/news/economy/finance/fairfax-to-invest-5-billion-more-in-india-in-next-5-years/6
articleshow/70942015.cms Fairfax to invest $5 billion more in India in next 5 years
India pips China in FDI inflows for the first time in 20 years: https://economictimes.indiatimes.com/news/economy/7
indicators/india-pips-china-in-fdi-inflows-for-the-first-time-in-20-years/articleshow/67281263.cms?from=mdr In Dec. 2018
https://economictimes.indiatimes.com/news/economy/policy/india-making-serious-efforts-to-bring-standards-up-to-global-8
norms-us-advocacy-group-on-fdi-reforms/articleshow/70886011.cms India making serious efforts to bring standards up to
global norms: US advocacy group on FDI reforms In Aug. 2019
IBEF - https://www.ibef.org/industry/agriculture-india.aspx9

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