What’s New

Latest Book Published : CSR in India Steering Business toward Social Change

TARI's much awaited book on "CSR in India Steering Business toward Social Change" was published by Lexis Nexis recently. This book is a contribution to the effort to reduce some of the nebulousness that characterises CSR and bridge the gap in systemic formality between CSR and other disciplines. For more details of the book, please visit our Books section.


Report Release: Agenda for Uttarakhand Government in 2017

TARI's latest study on "Agenda for Uttarakhand Government in 2017" conducted in partnership with ASSOCHAM was released at a press conference in Dehradun on 13th April, 2017. This report makes an assessment of existing conditions in major sectors of the state economy, such as agriculture, industry and services as well as in the crucial areas of employment generation and creation of enabling infrastructure while keeping the focus on inclusive growth which ensures that the fruits of progress are shared by all sections of the population. The report comprises an amalgamation of several viewpoints, including national and state level planning reports, Reserve Bank of India data, opinions of experts and a range of other sources, including manifestos of political parties for the recently concluded elections. For more details of the report, please visit the Reports section.


Shri Arun Jaitley releasing TARI's toolkit on Gender Parity

Union Minister For Finance and Corporate Affairs Shri. Arun Jaitley released the ‘Gender Parity Index, A Tool Kit to Evaluate Gender Diversity & Empowerment of Women in the Formal Sector in India’ prepared by TARI at the 33rd Annual Session of FICCI Ladies Organisation (FLO) held on 14th April, 2017 in the presence of a large gathering of FLO members in New Delhi. For more details of the toolkit please visit our Reports section.


"Deviant shells and the war on black money" - a recent Article by Kaushik Dutta

An article by Kaushik Dutta on "Deviant shells and the war on black money" was published in The Hindu BusinessLine on 20th March, 2017. This article highlights that fighting against deviant shells is critical to our fight against black money and only a collective effort can help eliminate below-the-radar operations. To view the article please visit our Articles section..


"Independent directors: Why they need to stand up and be counted?" - An Article by Mr. Kaushik Dutta

Mr. Kaushik Dutta expressed his views in his recent article on "Independent directors: Why they need to stand up and be counted?" published in The Financial Express, on 24th February, 2017. The article mentions that although we have seen a welcome change in the way independence is being demonstrated in India’s board rooms but we have miles to go before we cement our faith in the institution. Independent directors are the trustees of good corporate governance. If they do not stand up to be counted when required, the society loses one of its strongest pillars of good governance. To read the full article, please visit the Articles Section on our website...


Release of study on Food Processing Industry contributing to the Make in India Initiative

TARI's joint study with ASSOCHAM on Food Processing Industry Contributing to "Make in India" was released at a press conference at Indore on 18th January 2017. This study provides a focused analysis of food processing industry and the various perspectives that will have an impact on the Government's Make in India initiative contributing to sustainable growth and development. For more details of the report, please visit the Reports section..


Corporate Governance in India@2016:Where Do We Stand?

TARI's recent report on Corporate Governance done for FICCI has 6 out of the 10 recommendations in the report are discussed by the Parliamentary Standing Committee for Amendment to Companies Act, 2013 in their current report placed before government before it is presented to the parliament . We are delighted that 4 of such recommendations have been accepted by the Committee for amendment to the Act. For details of the report, please visit our Reports Section..


Clouds over corporate governance - an Article by Mr. Kaushik Dutta

An article "Clouds over Corporate Governance" by Mr. Kaushik Dutta was recently published in The Financial Express. The article discusses that corporate governance in India is hostage to the dominant powers even in evolved and trusted groups who easily override principles of equity and governance in their partly-held companies and voice of other shareholders, who can make themselves count, continue to be muted. To read the article, please visit the Articles Section on our website...


Release of our study titled "Invisible Enemy: A threat to our National Interests"

TARI's study on smuggling of goods conducted in partnership with FICCI CASCADE titled, "Invisible Enemy: A threat to our National Interests" was released at FICCI's International press conference on "Cross Border Trade in Goods" held on December 08, 2016. For details of the study, please visit our Reports section..


TARI contributed two chapters to book by C R Datta on Company Law (Seventh Edition)

Thought Arbitrage (TARI) contributed two chapters to the seventh edition of the book "C R Datta on Company Law" published by Lexis Nexis (2016). Chapter Nine and Chapter Ten by TARI discusses "Accounts of Company" and "Audit & Auditors" respectively. The book is available for purchase at http://www.lexisnexis.in/.


TARI's study findings quoted in a Question raised in Rajya Sabha

TARI's study findings were recently quoted in a question raised in Rajya Sabha. Please click the link to view the details. View More


TARI contributed two chapters for IICA’s Edited Volume on "Corporate Governance in India: Change and Continuity"

TARI, the only organisation invited by "The Indian Institute of Corporate Affairs (IICA)", contributed two chapters to their edited volume on "Corporate Governance in India: Change and Continuity". The book published by Oxford University Press (OUP) is now officially available for purchase. For more details please visit the Books section.  


Second Edition of TARI's publication "Handbook for Independent Directors"

Second Edition of TARI's publication "Handbook for Independent Directors" is now readily available. For more details of the book please visit our section on Publications.


TARI’s study on ‘Sustainability Reporting Practices and Trends, 2012' features in ‘The CSR International Research Compendium, Volume1- Governance’ published in 2015.

In this 550 page Compendium, CSR International has compiled summaries of the best research on corporate sustainability, social responsibility and business ethics since 2009. TARI’s study on ‘Sustainability Reporting Practices and Trends, 2012' featured in ‘The CSR International Research Compendium, Volume1- Governance’ published in 2015. This first volume on Governance profiles over 450 research publications between 2009 and 2014 - including practitioner reports, market surveys and academic papers - from over 300 authors and more 250 organizations.


Book Review : Handbook for Independent Directors

"Handbook for Independent Directors" a book authored by Kaushik Dutta and the team at Thought Arbitrage, has started receiving reviews and appreciation from various experts. For more details regarding book reviews please visit our Books section.


Shri Arun Jaitley releasing TARI's study: "Translating Aspirations into Reality: India @ 2022"

Shri Arun Jaitley, Hon'ble Minister for Finance, Corporate Affairs and Information & Broadcasting released a study prepared by TARI in collaboration with FICCI on "Translating Aspirations into Reality: India @ 2022". The study was released at FICCI's 88th AGM held on 19th December 2015 and talks about the pathway for achieving a GDP of 9.4% by year 2022, which in turn, would help in meeting the aspirations of billions of Indian citizens by enabling them to meet livelihood requirements and improve their living conditions. For more details please visit our Reports section....


Kshama V Kaushik at RBI Senior Officer's Retreat

Kshama V Kaushik was one of the panelists at the RBI Senior Officer's Retreat held at Surajkund on 30th October 2015. The topic discussed was "Public Finance and Internal Governance".


TARI's Toolkit goes International

TARI's Toolkit for Assessing the Unrecorded Alcohol Market was recently launched by IARD. This Toolkit was prepared by TARI in collaboration with Euromonitor International and The International Tax and Investment Center (ITIC), Oxford Economics. The toolkit serves as a resource for those interested in examining the unrecorded market; including academics, governments, and producers of beverage alcohol.


TARI goes Global !!

Cheers to our Team at Thought Arbitrage led by Kaushik Dutta which got acknowledged for their work for IARD at the World Spirits Alliance held in Geneva recently..


Report Release : India Development Story 2040

Thought Arbitrage Research Institute (TARI), in collaboration with Rio Tinto (RT) released a report on India Development Story 2040 on 17th April 2015 in New Delhi. For more details regarding the Report please visit our Reports Section..


Media Coverage of Our Latest Report on Illicit Markets

Our recent report on "Illicit Markets" has gained media coverage in leading newspapers like The Financial Express, Business Standard, NDTV Profit, ZEEBIZ, The Statesman..For more details regarding the Report please visit our Reports Section.


Report Release : Illicit Markets - A Threat to Our National Interest

Our Report on "Illicit Market - A Threat to Our National Interest" Prepared for FICCI CASCADE was released on 7th April 2015 by Shri Ram Vilas Paswan, Hon’ble Minister of Consumer Affairs, Food and Public Distribution. For more details regarding the Report please visit our Reports Section.


Book finding its way to the Bakers Library at Harvard Business School

India Means Business Book by Kshama V Kaushik and Kaushik Dutta finds its way to the Baker Library at Harvard Business School. Also available in the libraries at The Stanford University, The Wharton School, The London School of Economics, University of Oxford, NUS Singapore University.  For more details about the book please refer Our Publications Section on this website.


Economic Impact from Quake in Nepal

Mr. Kaushik Dutta shared his views on the economic impact from quake in Nepal. For more details please visit our Press Coverage section - Focus: Nepal Earthquake published in "China Daily - Asia Weekly".


Judiciary Sensitization Programme on Smuggling, Counterfeiting and Piracy

Kaushik Dutta addressing the Judiciary Sensitization Programme on Smuggling, Counterfeiting and Piracy organized by FICCI CASCADE on April 11, 2015 at the Odisha State Judicial Academy, Cuttack. The participants have been greatly benefitted from the interaction with Kaushik.


"Business Case For Anti Corruption...Call For Collective Action" - First Anti Corruption Project Organized by GCNI

Mr. Kaushik Dutta, one of the panelist, attending and sharing his views on “Business Case For Anti-Corruption: Call For Collective Action” at the Grand Finale of the First Anti-Corruption Project Conference organized by the Global Compact Network India, on 28th November 2014 at The Lalit, New Delhi.


Eridition'14 - 19th Annual Business Convention of Department of Commerce, Delhi School of Economics

Mr. Kaushik Dutta being felicitated at Edurite'14 - The 19th Annual Business Convention of Department of Commerce, Delhi School of Economics.


DMA-NTPC Book Award

"India Means Business - How the Elephant earned its stripes " book by Kshama V Kaushik and Kaushik Dutta was awarded the third prize by the DMA-NTPC Book Awards 2013 held on 31st October, 2014 for making an outstanding contribution towards the understanding of Management Principles and Practices.


Moving Beyond 2015: Health Card of India

TARI in partnership with ASSOCHAM conducted a study on Health Care - to analyse the health ecosystem that currently exists in India at the centre and state level including medical infrastructure such as health centres and hospitals, training facilities for medical staff, various health schemes and campaigns and the amount of outlay on medical care expended annually over various Plan periods. For more details please visit our Reports section under Publications on this website


Report Release - Tobacco Economics in India, The Voice of the Farmer and other Stakeholders

Mr D.S. Rawat, national secretary general, ASSOCHAM and Mr Kaushik Dutta, founder, Thought Arbitrage Research Institute releasing an ASSOCHAM-Thought Arbitrage joint study on ‘Tobacco Economics in India,’ at a press conference held in Hyderabad on 16th October 2014. To view the report please refer the Reports Section on our website.


Report Release-Study on Piracy in Publishing Sector

Ashok Thakur, Secretary, Department of Higher Education meets industry delegation:Releases Study on Piracy in Publishing Sector on July 9, 2014 in New Delhi Mr. Ashok Thakur, Secretary at Department of Higher Education in the Ministry of Human Resource Development (MHRD) and Ms Veena Ish, Joint Secretary released a study by CII titled ‘Socio-Economic Impact of Piracy in the Publishing Sector’. The publishing sector including the off shore support to publishing and content industry is over US 1,5 billion in 2012 and is expected to grow by over 25 %. Industry experts say that over 90 % of the content for top 10 global publishers in the sector passes through India and is a matter. This is the first study in India and probably in Asia that quantifies piracy in publishing industry using econometric and other quantitative methods. The study uses the principle that the the gap between the demand/consumption for books and the legitimate supply in the Indian market for books is met by piracy and other illicit supplies and uses the data of government of India from NSSO, ASI, HRD ,NCERT and other sources for such assessment. The study, which has been conducted by research think-tank Thought Arbitrage Research Institute (TARI), estimates the level of piracy increasing between 17-20% during the period 2007-08 and 2011-12 . The report states that despite the consumption levels of books in rupees increasing by an average over 40 % between 2008 and 2012, the overall piracy levels have been below 20%. This signifies that though there has been increasing levels of enrollment and consumption of books, the levels of piracy have not grown significantly and much below the piracy levels that global studies based on perceptions attribute to India. The secretary lauded the efforts of industry in estimating the size and depth of the malaise and called for efforts to measures that could tackle the problem. He laid focus on certainty of punishment for those who engage in illegal acts as well as developing greater awareness among students over copyright issues. During his interaction with the industry representatives, the Secretary stressed upon the industry to support the growth of centres that would provide skill-based training which in turn would ensure the publishing and Knowledge Process Outsourcing (KPO) industry received trained man power. He noted India’s emergence in the field of knowledge outsourcing needs to be sustained through focused and strategic interventions and called for greater industry initiatives on this front. Summary of Results · The study estimates piracy levels in publication of books to be increasing between 17–20% during the period 2007-08 to 2011-12. · Piracy estimates in the Academic Book Publications is estimated to be around 12-15%. For Non-Academic Book publishing segment, the piracy levels during the same period is estimated at 22-25%. · The loss of legitimate sales revenue due to piracy in publication of books stands at Rs 83340 million in 2011-12, as against the Rs 38850 million in 2007-08. · The study estimates tax loss due to piracy in 2007-08 was Rs 320 crore (Rs 3205 million), which increased to Rs 461 crore (Rs 4610 million) in 2009-10 and went up to Rs 687 crore (Rs 6875 million) in 2011-12. Some of the collective actions include public awareness of the effects of piracy on the society, inclusion of programmes relating to the effects of piracy in school curriculums . The other areas include enhancing enforcement oversight and actions in respect of piracy. Publication of books carries forward the passion of knowledge creation and dissemination. Piracy hurts at the very core of this passion. It makes investment in creative information industries less profitable and more significantly often may lead to disenchantment among writers. Effects such as the presumed absence of publications that might otherwise have been created are inherently difficult to measure. Piracy is not a victimless crime.


New Companies Act 2013 - Corporate Governance

Board of Directors, Committees & Meetings • At least 1/3rd of the total number of directors of every listed company and other public company must be Independent Directors {Section 149(4)}. • An individual should not hold position of the Chairperson of the company as well as the managing director/ Chief Executive Officer of the company – unless provided by the articles of such a company or the company does not carry multiple businesses. {Proviso to Section 203(1)} • New norms have been prescribed for defining an independent director. Nominee directors are excluded from the definition of independent directors. Independent directors should be persons of integrity, possessing relevant expertise, experience qualifications. He/she should not be a promoter or related to the promoter/s, or the holding, subsidiary or associate company. They should not have any pecuniary relationship with the company. {Section 149(6)} • No independent director can hold office for more than two consecutive five year terms. He/she can be eligible for appointment after the expiration of three years of ceasing to become an independent director. { Section 149(10) & (11)} • Independent director or a non-executive director not being promoter or key managerial personnel, can be held liable, only in respect of such acts of omission or commission by a company which had occurred with his knowledge, attributable through Board processes, and with his consent or connivance or where he had not acted diligently. {Section 149(12)} • A ‘Code of Independent Directors’ has been incorporated in the Act (under Schedule IV) and provides guidance to independent directors on professional conduct, their role, functions and duties, the manner of their appointment, re-appointment, resignation or removal, etc. • According to this code, all independent directors are required to meet at least once in a year without the attendance of non-independent directors and members of management to review the performance of the non-independent directors and Board as a whole, the chairman, etc. • The Chairman of the committees u/s 178 (i.e. Nomination and Remuneration Committee, Stakeholders Relationship Committee) shall attend the general meetings of the company. {Section 178(7)}; the independent directors shall strive to attend the general meetings (Code of Independent Directors) • Minutes of a meeting of the Board of Directors or of a committee of the Board, should contain - (a) the names of the directors present at the meeting; and (b) in the case of each resolution passed at the meeting, the names of the directors, if any, dissenting from, or not concurring with the resolution. {Section 118(4)} • The Board’s report u/s 134(3) has to disclose composition of an Audit Committee, and where the Board had not accepted any recommendation of the Audit Committee, the same shall be disclosed in such report along with the reasons therefor. {Section 177(8)} • Every listed company and other prescribed company should constitute a Nomination and Remuneration Committee with three or more non-executive directors. Not less than one- half of the members of Nomination and Remuneration Committee should be independent. (Section 178) • Chairperson of the company (whether executive or non-executive) may be a member of the Nomination and Remuneration Committee but should not be Chairperson of the Committee. {Proviso to Section 178(1)} • A Board of the Company having more than one thousand shareholders, debenture-holders, deposit-holders and any other security holders at any time during a financial year has to constitute a Stakeholders Relationship Committee. {Section 178(5)} • A listed company may have one director elected by such small shareholders in a manner prescribed. (Section 151) • Every listed company and every other prescribed public company shall include in the Board’s Report, a statement indicating the manner in which formal annual evaluation has been made by the Board of its own performance and that of its committees and individual directors. {Section134(3)(p)} Internal Control and Risk Management • Every listed company and other prescribed public Companies have to appoint an internal auditor or a firm of internal auditors. The period of interval of internal audit may be prescribed by the rule. (Section 138) • The audit report of the company has to comment on whether the company has an adequate internal financial controls system in place and the operating effectiveness of such controls. {Section 143(3)(i)} • The Audit Committee’s terms of reference shall include evaluation of internal financial controls and risk management systems of the company. {Section 177(4)(vii)} • Every listed company or other prescribed Company should have a vigil mechanism for directors and employees to report genuine concerns in such manner as may be prescribed which should be disclosed on the company website and in Board report. Adequate safeguards should be provided to those who use such mechanism, against victimisation of persons, and the mechanism should make provision for direct access to the chairperson of the Audit Committee in appropriate or exceptional cases. {Section 177(9), (10) & (11)} Schedule IV of the Act also requires independent directors to ascertain and ensure that the company has an adequate and functional vigil mechanism and to ensure that the interests of a person who uses the mechanism are not prejudicially affected on account of such use. Statutory Audit and Auditors • The Act provides for rotation of auditors. No listed company or a company belonging to such class or classes of companies shall appoint or re-appoint an individual as auditor for more than one term of five consecutive years; and an audit firm as auditor for more than two terms of five consecutive years subject to certain conditions. (Section 139)


New Companies Act 2013 - Corporate Social Responsibility

Board of Directors, Committees & Meetings • Every Company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of 3 or more Directors. • The Committee should have at least one independent director. • The committee shall devise a policy of CSR and recommend the same to the Board. • The Board of every Company shall ensure that the Company spends, in every financial year, at least 2% of the average net profits of the Company made during the 3 immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy and in case of failure to do so, shall report the necessary reasons for not spending the same in their Board’s Report. • For spending towards CSR the Company shall give preference to the local area and areas around it, where it operates. Schedule VII of the Companies Act provides the list of activities which may be included under the CSR. Schedule VII of the Companies Act, 2013 This schedule lists the activities that may be included by companies in their corporate social responsibility policy. They include activities relating to: • Eradicating extreme hunger and poverty • Promotion of education • Promoting gender equality and empowering women • Reducing child mortality and improving maternal health • Combating human immunodeficiency virus, acquired immune deficiency syndrome, malaria and other diseases • Ensuring environmental sustainability • Employment enhancing vocational skills • Social business projects • Contribution to the Prime Minister's National Relief Fund or any other fund set up by the Central Government or the State Governments for socio-economic development and relief and funds for the welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women • Such other matters as may be prescribed.


Understanding the Demand and Supply Equations of Corruption and Fraud: An Insight into the Corruption and Fraud by the Private Sector in India.

The report is done by Thought Arbitrage Research Institute in partnership with UN Global Compact India and supported by Indian Institute of Corporate Affairs of the Ministry of Corporate Affairs.

This report was released to the press on 24 June 2013 and was presented in St Petersburg in Russia at the B-20 meeting on 20 June by UN Global Compact, USA.


Pharma cos lag behind rest of India Inc on sustainable development reporting. Business Line August 6, 2012

In contrast, the oil and gas, IT and metal and mining sectors have been leading adopters of a separate sustainability reporting practice, according to a joint report by Deutsche Gesellschaft fur Internationale Zusammenarbit (GIZ), Global Reporting Initiative (GRI) Focal Point India and Thought Arbitrage Research Institute.

In recent years, a growing number of Indian businesses have recognised sustainability reporting as a vital step toward a global economy that combines long-term profitability with social justice and environmental care.


Sustainability Reporting Practices and Trends in India 2012 – Joint research by GIZ, GRI and TARI

Joint research by the Deutsche GesellschaftfürInternationaleZusammenarbeit (GIZ) India, the Global Reporting Initiative (GRI) Focal Point India, and Thought Arbitrage Research Institute.

The study focuses on analysing existing sustainability reporting practices in India across eight key economic sectors: Oil and Gas, Pharmaceuticals, Information Technology (IT), Banking, Metals and Mining, Construction, Power, and Automotive. It also explores the reasons behind reporting, and attempts a root cause analysis to establish factors that impede reporting in India.

The report gives an analysis of 110 annual reports, 75 sustainability reports and disclosures (either using the GRI Sustainability Reporting Guidelines, in response to the Carbon Disclosure Project (CDP)  questionnaire, or aligned to the United Nations Global Compact (UNGC) Principles), and scrutinised 110 websites for accessing information on sustainability parameters.  


K.N Memani, Former Chairman, MD at E&Y India and Partner of S.R. Battliboi & Co. Joins TARI's Governance & Advisory Board

Mr. Memani is a Chartered Accountant by profession. He is former Chairman and Country Managing Partner of Ernst & Young, India. Herein he specialized in Business and Corporate Advisory, Foreign Taxation, Financial Consultancy etc. and consulted on the corporate matters by several domestic and foreign companies. He has helped several multi-national companies in setting up businesses in India. He has served as the Chairman of the Quality Review Board, an oversight Board to review the quality of auditors. He was a Co-Chairman of the Expert Committee constituted by the Ministry of the Company Law for the drafting of new Companies Act. For two consecutive years he was on the External Audit Committee (EAC) of the International Monetary Fund and was appointed the Chairman of EAC for the year (1999-2000). He is the only Indian appointed in this committee by IMF.

Mr. Memani is currently on the boards of listed Companies such as DLF Ltd., ICICI Venture Funds Management Company, HT Media Ltd., Aegon Religare Insurance Company Ltd. etc. He has served as the Chairman of the American Chamber of Commerce in India and also the President of the PHD Chamber of Commerce and Industry which was the 100th Year of the Chamber. Mr. Memani is associated with various other Chambers of Commerce. He is the former President of Federation of Indian Export Organisations and Indo American Chamber of Commerce. Currently he is member of the managing committees of Federation of Indian Chambers of Commerce and Industry, Indo American Chamber of Commerce, American Chamber of Commerce, Associated Chamber of Commerce, PHD Chamber of Commerce etc.


State of Corporate Governance in India-Policies to Reality

999 The study was commissioned by the Ministry of Corporate affairs and conducted jointly by the Indian Institute of Corporate Affairs (IICA), Thought Arbitrage Research Institute and Indian Institute of Management, Calcutta over a period of 12 months. The paper has been presented as an input to the National Committee on Corporate Governance by IICA.


Taking Stock: Playing in the Indian Capital Markets

The joint study includes significant issues surrounding the Indian capital markets and the effectiveness of measures undertaken by the Securities and Exchange Board of India (SEBI).

It was in the 1870s, on the now-well-known ‘Dalal Street’ that the Indian Capital Market first took concrete shape. There has been no looking back since then; several milestones have been crossed along the way. In 1991 the liberal market reforms fundamentally changed the way of conducting business in India, leading to renewed interest in the capital markets. The legislative framework of the country has been moving towards developing stronger, dependable and more articipative/wider capital markets in India; as a result, they witnessed significant growth in this period. There is also a flip side to the story: the increasing number of scams and volatility in the market during this period. With the help of market regulators like SEBI and supportive legislation, a concerted attempt is being made to deliver clean markets. This paper seeks to take stock of the current situation; to see the kind of impact some of these activities have had on the market. Such an attempt has to be, by its very nature, a matter of vast scope; this paper is an attempt to approach the subject from certain perspectives, thereby contribute to the understanding of the current scenario.


Socio-Economic Impact of Counterfeiting, Smuggling & Tax Evasion in Seven Key Indian Industry Sectors

The study conducted on behalf of FICCI-CASCADE extensively relied on government published sources of information to estimate the sales loss to industry sectors such as automobiles, alcohol, computer hardware, fast moving consumer goods, packaged food, tobacco, mobiles and pharmaceutical. The loss to these industries is more than Rs 1,00,000 crores. The study’s findings on loss to exchequer of Rs 26,190 crores, hazards to consumer safety, criminal nexus of the counterfeiters and the risk they pose to our nation and the society at large has been extensively covered by the media. We hope that our milestone study will help the government, policy makers and industry to initiate remedial, enforcement and policy responses so as to curb this menace.


POWER TO THE PLANET - Sustainability Disclosures by the Indian Power Sector - a report in collaboration with TERI released by Dr. Farooq Abdullah along with Mr. Arun Maira of the Planning Commission and Dr. R K Pachauri, Nobel Laureate and Director General of TERI at the 10th World CEO Sustainability Summit in New Delhi on 30 January 2013

companies, particularly thermal power plants (whose share in the energy mix in India is more than 57%), are among the highest consumers of finite and non-renewable resources which calls for higher demonstration of commitment towards sustainability reporting. The study found that very few power companies in India report on sustainability matters in any form, particularly dedicated sustainability reports. Accordingly, this analysis focused on information contained in annual reports and websites of the companies in the sample and information put out by the Ministry of Power. It also looked at the gainful utilisation of fly ash, a by-product of thermal power plants which is a significant source of air and water pollution.

The study has analysed the preparedness of power sector companies in submitting Business Responsibility Reports for compliance with SEBI’s new clause 55 and finds that there is still a long way to go for these companies as the quality of disclosures that do exist requires substantial improvement. Sustainability reporting practices of the top ten global utilities companies (as per Forbes magazine’s Global 2000 list) were also studied to get a sense of the major concerns, risks and opportunities identified by them and the extent of reporting. The study revealed that globally, like in India, thermal power (coal and gas) constitutes the largest share of the energy mix, although unlike India nuclear energy has the second largest share. Sustainability reporting among global power utilities is more robust with several companies using established global frameworks and addressing specific sustainability issues.


New Land Report on launched!

“Fair Pricing Land and its Compensation in an Emerging Economy: Case for India “ on pricing of land in India, was released on January 22, 2014 at New Delhi by and eminent group of experts namely Dr. Pronab Sen (Chairman, National Statistical Commission & Former Chief Statistician of India), Mr. C M Vasudev (Chairman, HDFC Bank & Former Secretary, Ministry of Finance), Mrs. Rita Sinha (Former Secretary, Department of Land Resources, Govt. of India – Ministry of Rural Development & co-author of the present study), Mr. Buddhadeb Ghosh, and Dr. Anil Kashyap (Professor & Program Director, School of Real Estate, Royal Institution of Chartered Surveyors (RICS) School of Built Environment). In this report TARI along with GIZ and MoRD have worked on developing a scientific data driven model for pricing land in India. It involved collecting data on the factors affecting land prices from the land deeds and other secondary sources from districts and tehsils in Madhya Pradesh and Haryana on factors such as location and industrialisation, etc. The key findings emerging from the study is the result of a laborious and painstaking exercise in data mining and analysis. The team sifted through a dataset of more than 680,000 data points over three decades across urban, rural and both high and low level of industrialised districts. This data was then fed into a multivariate regression model to explore the relationship of various factors on pricing The factors or determinants of pricing explored by this study include size of the holdings and inflation, the type of land like fertility of land and irrigation, level of industrialisation ad urbanisation of the districts in which the land parcel is located and location of the plot such as the distance of the land parcel from railway station, major road, main town in the district, etc. This is by far the most comprehensive list of factors that have been considered in any such study. Moreover, it acknowledges that there may be additional factors which may seem important depending on the socio-economic characteristics of each district, which may also be factored into the model. One of the most important findings of the study is how location of a land holding plays a far more pivotal role than the quality or fertility of land, irrespective of whether the land parcel is in a rural or urban area. The study shows how location and the level of industrialisation as a determinant of pricing gains importance over successive decades while fertility loses significance as a determinant. Although it seems obvious, this is the first time that this has been statistically validated. The study has also compared the actual land acquisition prices offered by the government in government-led acquisitions for power projects in Singrauli. This comparison shows that the amount offered by the government led acquisitions usually lie between the free land sale transaction value, which is grossly under-priced, and that predicted by the model in the study.




CSR in India Steering Business toward Social Change

For too long CSR in India had been left to non-directional, haphazard do-gooding; 'Governance' - the process through which decisions are taken - of CS

Corruption afflicts all countries, undermining social progress and breeding inequality and injustice. When desperately needed development funds are stolen by corrupt individuals and institutions, poor and vulnerable people are robbed of education, healthcare and other essential services     

UN Secretary General, Mr Ban Ki-Moon