IMA Content

Thursday September 10, 2020

IMA Analysis & Opinion Papers

Browse through IMA India’s extensive library of research-based papers, conclusions papers, monthly and quarterly updates, and opinion pieces on the macro-economy, politics and policy-making, geo-politics, and business strategy and operations

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    Vaccination Progress

    Friday August 13, 2021

    Category: IMA Analysis

    As India prepares for a potential third wave, the pace of its vaccination drive is raising concerns. Although massive in absolute terms – the half-billion mark is fast approaching – the percentage-of-population figures are less impressive. But there is also reason for hope.
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    India Brief - July 2021

    Monday August 9, 2021

    Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

    As Covid’s second wave in India recedes, the government has made a much-needed course-correction to its vaccination policy and has announced a series of relief measures, built around credit guarantees, to help the worst-affected sectors.
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    The Fallen Star - June 2021

    Monday June 28, 2021

    Category: Opinion Papers, Economy & Politics, Indian economy & Politics,

    Calcutta was once a thriving hub of industrial activity and a national epitome of economic advancement. It boasted of some of the finest business organisations in the country, hosted a multi-cultural and global citizenry and was everything a prosperous cosmopolitan city should be.
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    Indians in China - June 2021

    Monday June 21, 2021

    Category: Opinion Papers

    China’s recent animosity towards India does not, in some ways, seem reasonable. It is, after all, economically and militarily superior and its churlish attempts to intimidate India for small parcels of worthless land at the border hardly seem rational for a nation that clearly has larger ambitions for global domination.
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    Update - Anxiety and Stress June 2021

    Friday June 11, 2021

    Category: Opinion Papers

    In an article titled Mental Ailments published in 2018, I had highlighted the subject of depression at work. Far too many corporate workers suffer from some form of depression or the other and for many reasons these remain undetected and consequently untreated.
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    Developments in FinTech

    Wednesday June 2, 2021

    Category: IMA Analysis, Industry and Business, Sector updates, Business Performance,

    India’s financial technology (FinTech) sector remains on a high growth trajectory despite the pandemic. Its high-velocity growth is likely to continue in the foreseeable future but the next round of growth will be more broad-based, going beyond the ‘payments’ space which has been the dominant category so far.
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    The Breath of the Dragon - May 2021

    Monday May 24, 2021

    Category: Opinion Papers, Economy & Politics, World economy, Geo-politics & National security,

    The rise of China comes with geopolitical and security consequences. Its increasingly assertive nature, in the Indo-Pacific region, impacts the economic and defence considerations of several countries. With America's focus shifting away from the Middle East and Afghanistan, many expect it to play a more stabilising force in Asia.
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    C-SUITE SUCCESSION PLANNING

    Thursday May 20, 2021

    Category: IMA Analysis, Functional, Human Resources, Leadership,

    The complex nature of change today demands that, rather than just identifying a handful of successors for top jobs or specific positions, businesses must build a leadership pipeline. This involves a shift from tactical replacement planning to an organisation-wide succession management (SM) system.
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    Employer Branding - May 2021

    Wednesday May 19, 2021

    Category: IMA Analysis, Industry and Business, Business Performance, Functional, Leadership,

    Employer branding has always been an important mandate for top companies, all the more so in a post-Covid world. According to a recent LinkedIn survey, 80% of hiring managers bank on a strong employer brand to hire key talent.
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    Office Layout - May 2021

    Monday May 17, 2021

    Category: Opinion Papers, Industry and Business, Business Performance, Functional, Human Resources,

    Over the years, workplaces and office layouts have undergone several changes to reflect management thinking and social norms. In the old days, offices had a feudal undertone with junior staff working in tightly spaced, open cubicles while senior executives got lavish private cabins.
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    India's Quarterly BCPI Q1FY22

    Tuesday May 4, 2021

    Category: IMA Analysis, Economy & Politics, Indian economy & Politics,

    A few weeks ago, we ran the Q1 FY22 round of our quarterly Business Confidence and Performance Index (BCPI) survey. From a multi-year high of 73 in the January quarter, the BCPI headline index has fallen to a still-high 60.6 this quarter.
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    Update - Covid Curve April 2021

    Thursday April 29, 2021

    Category: Opinion Papers, Economy & Politics, Indian economy & Politics,

    The developments of the past few weeks have been most daunting. Many of us have lost family members, dear friends and colleagues to the virus. Our healthcare infrastructure has collapsed under the weight of infections. Nobody could have predicted the sharp upsurge that occurred since the first week of March 2021.
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    Gender Gaps in Boards - April 2021

    Monday April 5, 2021

    Category: IMA Analysis, Functional, Leadership,

    IMA recently published the 2020 edition of the Executive and Board Remuneration Report. Based on an extensive database of over 16,000 individual Directors of more than 1,800 companies, the report offers an exhaustive analysis of trends in pay and governance practices, with splits by multiple segmentation parameters.
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    Board Pay vs Performance

    Thursday March 18, 2021

    Category: IMA Analysis, Functional, Benchmarking / Best Practices,

    To what extent are Board members and top executives rewarded for their company’s performance? Conventional wisdom holds that junior and middle manager compensation is based mainly on how well they do individually or as a team. On the other hand, pay in the upper echelons is supposed to be driven more by organisational performance.
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    Board Independence - March 2021

    Wednesday March 17, 2021

    Category: IMA Analysis, Industry and Business, Regulation, Functional, Leadership,

    Following the enactment of regulations mandating the presence of Independent Directors on company Boards, companies have made considerable efforts to recruit such individuals. While this may have started as an exercise in compliance, it has evolved into a self-motivated effort to improve the quality and authority of Boards.
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    Update - Productivity - March 2021

    Tuesday March 9, 2021

    Category: Opinion Papers, Economy & Politics, Indian economy & Politics,

    Economists have argued that in view of India’s weak state of demand and investment, the Government should spend its way out of trouble. Pump priming would lead to higher incomes for consumers and consequently greater spending, which in turn would boost production and ultimately investment.
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    Update - Directors' Compensation February 2021

    Monday February 8, 2021

    Category: IMA Analysis, Functional, Benchmarking / Best Practices,

    Last week, we published the FY20 edition of our Executive and Board Remuneration Report, our annual analysis of Board compensation and governance. The report covered over 16,000 Directors on the Boards of more than 1800 companies.
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    Farmer Agitation - January 2021

    Monday January 18, 2021

    Category: Opinion Papers, Economy & Politics, Indian economy & Politics, Policy & Governance,

    The Supreme Court yesterday ruled that the new recently-enacted farm laws should be kept in abeyance until a Court-appointed committee examines the issue and determines the way forward.
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    Joe Biden - December 2020

    Tuesday December 1, 2020

    Category: Opinion Papers

    Joe Biden’s ascension to the office of President of the United States comes at a critical juncture in history. With America’s domestic economy hit seriously by the pandemic, Mr Biden also inherits a challenging global paradigm.
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    Update - Air Pollution November 2020

    Wednesday November 11, 2020

    Category: Opinion Papers

    WHO research suggests that pollution in India causes 2 million deaths a year, orders of magnitude higher than the mortality rate of Covid-19. The difference in response strategies couldn’t be starker.
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    Employment Trends - October 2020

    Thursday October 15, 2020

    Category: IMA Analysis

    Since 2018, the EPFO (Employee Provident Fund Organisation) has begun publishing monthly data on enrolments and dropouts from its scheme. This is the first and only source of payroll data in India that is based on ‘hard’ data, not survey-based estimations.
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    Make in India - September 2020

    Monday September 21, 2020

    Category: Opinion Papers, Economy & Politics, Indian economy & Politics,

    India’s economy is today precariously perched. Unemployment has jumped, government revenues have collapsed, banks are saddled with bad loans, thousands of SMEs are on the verge of closure and consumer spending remains weak.
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    Here to Stay

    Monday August 31, 2020

    Category: Opinion Papers, Economy & Politics, World economy,

    The immediate constraint the world is seeking to address is a vaccine. But when it does arrive the problem will still not have gone away. The goal post will have merely shifted to the next problem, which scientists are already warning us about.
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    Debt and Growth June 2020

    Thursday June 25, 2020

    Category: Opinion Papers, Economy & Politics, Indian economy & Politics, Policy & Governance,

    In the current environment, the public debt to GDP ratio is a factor that needs to be closely watched. Beyond certain thresholds, it has the potential to threaten economic growth and, by extension, consumption and market demand.
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    US Elections June 2020

    Thursday June 25, 2020

    Category: Opinion Papers, Economy & Politics, World economy,

    The popular belief favours a victory for the Democrats at this time. But there are six months still to go and four critical issues will ultimately determine which way the penny will drop.
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    Quandary of Conflicting Interests

    Thursday June 25, 2020

    Category: IMA Analysis, Economy & Politics, Geo-politics & National security,

    The violent engagement between Indian and Chinese security forces at the Ladakh border has now crossed the levels of what can be passed off as a routine skirmish.
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    Perpetual Bonds

    Wednesday June 10, 2020

    Category: IMA Analysis, Economy & Politics, Policy & Governance,

    Perpetual Bonds, carry no tenor and are never repaid. This one feature sets them apart from the others in more ways than may be immediately apparent. At a time like this, they can be a valuable addition to the central bank’s arsenal.
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    A Balance Sheet Crisis May 2020

    Monday June 1, 2020

    Category: IMA Analysis, Economy & Politics, Indian economy & Politics, World economy, Policy & Governance, Geo-politics & National security,

    Any economy comprises of four actors and the strength of their balance sheets ultimately determines aggregate economic performance. However, in India’s case all four were under stress when Covid-19 hit, and the crisis has only exacerbated matters.
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    Environment May 2020

    Monday June 1, 2020

    Category: IMA Analysis, Economy & Politics, Indian economy & Politics, World economy, Policy & Governance,

    The lockdown, while unfortunate from many perspectives, has benefited the environment in ways never seen before. Whilst the current gains may turn out to be short-lived, they do point to the urgent need to rekindle a global political dialogue on sustainability.
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    Border Tensions May 2020

    Monday June 1, 2020

    Category: IMA Analysis, Economy & Politics, Geo-politics & National security,

    China’s recent move to station thousands of troops close to this border and, in fact, to transgress into Indian territory is therefore a worrisome development. Its aggression, and India’s response to it, will have both geo-security and economic implications
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    Ratings Downgrade

    Monday June 1, 2020

    Category: IMA Analysis, Economy & Politics, Indian economy & Politics, Policy & Governance,

    The muted reaction of the stock market to the recent ratings downgrade announced by Moody’s suggests that the move was largely expected. India’s fiscal and growth indicators have been worsening and with the additional burden of the stimulus package, some reaction from rating agencies was perhaps only to be expected
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    China Supply Chain May 2020

    Monday June 1, 2020

    Category: IMA Analysis, Economy & Politics, World economy, Industry and Business, Business Performance,

    China’s rise as the world’s manufacturing centre came at the expense of hundreds of thousands of local businesses across the world that were unable to compete with the terms of trade established by the Middle Kingdom. More recently, Governments have begun efforts to decouple their economies from China.
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    The Life After

    Saturday May 2, 2020

    Category: IMA Analysis, Indian economy & Politics, World economy, Policy & Governance, Geo-politics & National security, Markets, Sector updates, Business Performance, Marketing, Human Resources, Finance, Leadership,

    As the nation grapples with an extended lockdown, some aspects of the future business reality are becoming clearer. Certain changes in behaviour, operations, and indeed societal perceptions are here to stay.
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    A Less Liberal World

    Saturday May 2, 2020

    Category: IMA Analysis, Economy & Politics, World economy,

    The Covid-19 pandemic has hastened nationalism with many countries hunkering down to protect their own, promptly discarding their own ideals of a borderless world based on economic and social cohesion.
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    Work Customs- April 2020

    Saturday May 2, 2020

    Category: IMA Analysis, Economy & Politics, Indian economy & Politics, World economy, Policy & Governance,

    The current lockdown has abruptly ended this practice and replaced it with a virtual one. Human nature is already adapting.
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    Badly Shaken May 2020

    Saturday May 2, 2020

    Category: IMA Analysis, Economy & Politics, Indian economy & Politics, World economy, Policy & Governance,

    The Indian economy has been badly shaken and is precariously perched on a precipice. If suitable action is not taken quickly, it may well fall over and find it hard to recover.
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    Index funds, the new game on Dalal Street

    Monday December 30, 2019

    Category: IMA Analysis, Functional, Finance,

    Exchange-traded funds (ETFs) are currently in a minority in the Indian context. The glamour and aggressive marketing by actively-managed funds has ensured that most institutions and investors park their savings with them.
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    Diversity at the Workplace : The Current State

    Thursday December 19, 2019

    Category: IMA Analysis, Functional, Benchmarking / Best Practices, Human Resources,

    Progressive companies know that creating a diverse environment contributes to business results. In any event, millennial employees have strong views about working for companies that are inclusive.
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    Swells like the Solway but Ebbs like its Tide

    Monday December 16, 2019

    Category: IMA Analysis, Functional, Finance, Economy & Politics, Markets,

    The remarkable rise of the Bombay Stock Exchange’s Sensitive Share Index from 36,000 only a few weeks ago to a record level of 41,000 has foxed analysts and economists.
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    Time to let go

    Tuesday October 22, 2019

    Category: IMA Analysis, Human Resources, Leadership,

    Letting go of a high performer is a hard call to take and more so by the board of a company for its chief executive or for a top performer in a senior leadership role.
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    Deficit Risks

    Friday October 4, 2019

    Category: IMA Analysis, Policy & Governance,

    Most economic indicators are measured as a percentage of GDP, which makes it possible to properly compare them across countries and over time.
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    Economy and Markets

    Tuesday September 24, 2019

    Category: IMA Analysis, Markets,

    When the markets went into a tizzy following the presentation of the budget earlier in the year, Finance Minister Nirmala Sitharaman put up a brave face. She shrugged off the hullabaloo, gracefully clarifying that market movements do not disturb her calm.
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    Finance Function Budget July 2019

    Wednesday July 24, 2019

    Category: IMA Analysis, Finance,

    Finance can bolster organisational performance by strengthening monitoring and forecasting, risk management and ensuring transparency and control.
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    The Credit Dilemma

    Wednesday July 24, 2019

    Category: IMA Analysis, Indian economy & Politics, Economy & Politics,

    With their books now under close scrutiny, following the IL&FS default last year, NBFCs are unable to source funds and consequently to lend.
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    The 2018 Executive & Board Remuneration Report

    Monday March 4, 2019

    Category: Benchmarking, Benchmarking / Best Practices,

    Covering a 5-year period from FY13 to FY18, IMA India’s 2018 Executive & Board Remuneration Report presents a summary and analysis of compensation trends in 248 publicly-listed companies in India.
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    Artificial Intelligence in Brand Strategy

    Monday January 21, 2019

    Category: IMA Analysis, Marketing,

    The tools of artificial intelligence (AI) are evolving rapidly and, in several aspects, have begun to surpass humans.
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    A Mixed Picture

    Monday November 5, 2018

    Category: IMA Analysis, Economy & Politics,

    For now, world growth is strong, led by a resurgent America. However, the upward cycle may begin to turn with a host of risks starting to play out.
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    The Employment Conundrum.

    Wednesday October 24, 2018

    Category: IMA Analysis, Economy & Politics,

    In recent months, there has been considerable debate over the issues of 'jobless growth’ and ‘rising unemployment' which seem to originate
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    Depression at Work

    Wednesday October 24, 2018

    Category: IMA Analysis, Human Resources,

    Physical and emotional stress within the corporate workplace has become increasingly common. Although recognition of the phenomenon is growing the fact remains that employees often hesitate to report such symptoms for fear of attracting a negative stigma.
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    Currency Turmoil

    Friday August 31, 2018

    Category: IMA Analysis, Markets,

    Despite reasonably good macroeconomic conditions, India’s currency has declined by over 10% since the start of 2018. The reasons for this, as we have argued in recent briefings, stem largely from global considerations
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    India's Middle Class

    Thursday February 8, 2018

    Category: IMA Analysis, Economy & Politics,

    Hard to Miss the Middle Class
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    Federal India: A Competitive Assessment of India’s States

    Monday January 1, 2018

    Category: IMA Analysis

    The IMA study of state-level trends in income, consumption, investment, and employment reveals significant - and business-relevant - variations across India’s regions
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    Uday: A Federalist Success Story

    Tuesday December 19, 2017

    Category: IMA Analysis, Sector updates,

    Power distribution has been shoddily managed over the last 30 years in almost every state of the Indian Union and being a state subject there is little the central Government can do directly...
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    Ratings Upgrade

    Thursday November 23, 2017

    Category: IMA Analysis, Policy & Governance,

    A Fair Acknowledgment
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    Irrational Exuberance

    Tuesday October 31, 2017

    Category: IMA Analysis, Markets,

    Asset Prices
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    Rise of the Dragon

    Monday October 2, 2017

    Category: IMA Analysis, Geo-politics & National security,

    China
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    Pointless Assertiveness

    Wednesday August 2, 2017

    Category: IMA Analysis, Geo-politics & National security,

    China
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    Taxation

    Sunday July 30, 2017

    Category: IMA Analysis, Policy & Governance,

    Remove the veil
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    The Reform Agenda: On Track?

    Sunday July 23, 2017

    Category: IMA Analysis, Policy & Governance,

    Reforms
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    Post Retirement

    Tuesday July 11, 2017

    Category: IMA Analysis, Leadership,

    For those that have worked in the corporate world, retirement can come with challenges. Many look to remain involved in a professional capacity, while others engage in travel or photography. But perhaps the nicest thing to do is to give back to the society as this provides a unique sense of fulfilment. The remarkable story of Devendra Raj Mehta illustrates this like no other.
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    The Road Ahead with GST

    Thursday July 6, 2017

    Category: IMA Analysis, Policy & Governance, Regulation,

    The switchover to the GST on July 1 will be a crucial test for the administration. The new tax is expected to bring in substantial revenue benefits to the government, lower prices for consumers through the elimination of cascading taxes and provide a single market environment for industry.
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    Global Monetary Policy

    Tuesday June 13, 2017

    Category: IMA Analysis, World economy,

    Keeping it slack
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    State Finances

    Wednesday June 7, 2017

    Category: IMA Analysis, Economy & Politics,

    A need for restraint
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    Chaos under the Heavens

    Sunday May 28, 2017

    Category: IMA Analysis

    China's belt and road
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    The Banking Regulation Ordinance

    Thursday May 25, 2017

    Category: IMA Analysis, Sector updates, Policy & Governance,

    A difficult journey...will finally start
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    CFO Forum Executive Briefings

    Tuesday April 18, 2017

    Category: IMA Analysis, Functional, Finance,

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    Economic Recovery

    Tuesday November 1, 2016

    Category: IMA Analysis, Economy & Politics,

    A recovery? It depends on who's asking
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    Cheap Oil: Here To Stay?

    Wednesday October 26, 2016

    Category: IMA Analysis, World economy,

    Oil Prices
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    In Pursuit of Happiness At Work

    Tuesday June 23, 2015

    Category: IMA Analysis, Human Resources,

    In conversation with NS Rajan, Member of the Group Executive Council and Group CHRO, Tata Sons, June 2015 at The India CHRO Forum in Mumbai
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    Tax revenues

    Wednesday May 13, 2015

    Category: IMA Content, Policy & Governance,

    Donec vitae eros in augue pharetra ultrices et ac urna. Vivamus vehicula erat scelerisque, laoreet est gravida, congue eros.
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    Net Neutrality

    Wednesday April 15, 2015

    Category: IMA Analysis, Policy & Governance,

    For consumers or investment, a hard choice
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    The Business Confidence and Performance Survey: Q4 2015-16

    Monday March 30, 2015

    Category: IMA Analysis, Economy & Politics, Business Performance,

    A summary of the results from IMA's January 2016 quarterly Business Confidence and Performance Index (BCPI) survey
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    ISIS

    Monday September 22, 2014

    Category: IMA Analysis, Geo-politics & National security,

    Islamic State - the rising threat