21 geoscientists honoured with National Geoscience Awards by President | India News

21 geoscientists honoured with National Geoscience Awards by President | India News

President Droupadi Murmu addresses during the launch of the first indigenous CAR-T cell therapy, in Mumbai, Thursday, April 4, 2024. (PTI Photo)

President Droupadi Murmu (PTI Photo)


President Droupadi Murmu on Tuesday conferred the National Geoscience Awards (NGA) for 2023 to 21 geoscientists, including academicians and professionals from across the country.


The awards, totalling 12, recognised outstanding achievements in geosciences, mineral exploration, and natural hazard investigations. The President emphasised the need for self-sufficiency in mineral production to achieve India’s goal of becoming a developed nation by 2047.


The awardees were honoured in three categories: National Geoscience Award for Lifetime Achievement, National Geoscience Award, and National Young Geoscientist Award.


Prof Dhiraj Mohan Banerjee received the Lifetime Achievement Award for his pioneering work on phosphorites, isotope geology, and organic geochemistry. Dr Ashutosh Pandey was awarded the National Young Geoscientist Award for his groundbreaking research on the geodynamic evolution of the Eastern Dharwar Craton.


The President also expressed confidence that the government’s initiatives, including the National Geoscience Data Repository Portal and the use of emerging technologies, will help India understand its natural wealth better and utilise it properly.


While highlighting the importance of geoscience in nation-building, Minister of Coal and Mines G Kishan said that the award is in line with the vision of ‘Viksit Bharat 2047’.


Reddy reiterated the government’s commitment to enhancing the mining sector through various reforms, including amendments to the Mines and Minerals (Development and Regulation) Act.


The amendments in the MMDR Act in 2023 have empowered the central government to auction 24 critical and strategic minerals. As of August 20, the Ministry of Mines has auctioned 14 such blocks so far.


He further added that to expedite exploration in the country, the Ministry of Mines has recently introduced the exploration licence for 29 deep-seated minerals. Reddy also highlighted the recent announcement in the 2024 Budget for setting up the Critical Mineral Mission, which is a significant step towards securing the supply chain of these essential minerals.


He emphasised the adoption of emerging technologies like AI and machine learning in mineral discovery and exploration.


V L Kantha Rao, secretary, Ministry of Mines, discussed the evolution of the National Geoscience Awards since their inception in 1966, noting the expansion of the awards to include new geoscience domains.

First Published: Aug 21 2024 | 12:20 AM IST


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Global gaming major Flutter bets big on India, opens GCC in Hyderabad | Start Ups

Global gaming major Flutter bets big on India, opens GCC in Hyderabad | Start Ups


Dublin-based online sports betting and iGaming firm Flutter Entertainment on Tuesday said it has opened a new Global Capability Centre (GCC) in Hyderabad with an investment of $3.5 million (Rs 29 crore). 


The 80,000-square feet centre will host over 700 employees and focus on data engineering, game integrity, and other key functions. The New York Stock Exchange-listed company also plans to expand its staff count to 900 in a few months, and achieve 40 per cent female leadership by 2026.


“Our expansion in India marks a huge milestone in Flutter’s growth and shows our continued commitment to investing in top talent to drive business growth globally. With centres of excellence for data engineering, game integrity services, customer and HR operations, procurement and finance, and through the power of the Flutter Edge, the Hyderabad GCC is designed to foster creativity and growth and strengthens our presence in the Indian employment and skills market,” said Phil Bishop, Chief Operating Officer, Flutter Entertainment.


The company said that the teams based out of Hyderabad will play a pivotal role in supporting its growth globally across brands such as Paddy Power, Sisal, Sky Betting & Gaming, PokerStars, Sportsbet and Betfair, among others.


Further, it also announced making a contribution of GBP 30,000 for the year 2024 to support local initiatives around Hyderabad, under its social initiative — Do More. 


Ashish Sinha, Managing Director, Flutter Entertainment India, said, “We aim to grow while maintaining a challenger mindset and leading the sector globally and India presents a significant opportunity for our business. This expansion aligns with our global vision of changing the game by enabling continuous improvement in product and technology across iGaming and sports betting across our portfolio of brands.” 


Flutter operates a diverse portfolio of online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, MaxBet, Junglee Games and Adjarabet. 


The company clocked $ 11,790 million of revenue globally for fiscal year 2023, up 25 per cent Y-o-Y, and $ 3,611 million of revenue globally for the quarter ended June 30, 2024.

First Published: Aug 20 2024 | 4:12 PM IST


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BharatPe launches secured loans for merchants, expands credit offerings | Company News

BharatPe launches secured loans for merchants, expands credit offerings | Company News

BharatPe Logo

The company has a base of over 13 million merchants.


Fintech firm BharatPe, on Tuesday, announced the launch of secured credit products such as two-wheeler loans and loans against mutual funds (LAMF) for its merchants in partnership with lenders such as OTO Capital and Volt Money.


Merchants on the fintech platform can avail of two-wheeler loans up to Rs 2.5 lakh from OTO Capital, with a repayment period ranging between 12 and 48 months.


The partnership with Volt Money will enable BharatPe to offer LAMF of up to Rs 1 crore, the company said.


In 2022, the company entered the gold loans segment for its merchants by partnering with non-banking financial companies (NBFCs). The company had said it would offer loans up to Rs 20 lakh against a gold pledge.


“In 2019, we ventured into the facilitation of unsecured loans with the motto of addressing the $0.5 trillion MSME credit gap that has acted as a blocker to the growth of this industry. Over the course of the last few years, we have made great progress and have facilitated unsecured loans of over Rs 15,000 crore to our merchant partners,” said Nalin Negi, chief executive officer (CEO) of BharatPe.


The company has a base of over 13 million merchants.


The launch of secured loans for merchant partners will open a new monetisation channel for the company while opening up avenues for better engagement with merchants, Negi added.


The fintech firm will roll out new products under the secured loans category in the next three months.


The loan disbursal and collections will be handled by the lending partner.


“I am confident that secured loans will make a significant contribution to our overall revenue in the coming months,” he added.


The company’s revenue was pegged at Rs 904 crore in financial year 2023 (FY23), up from Rs 321 crore in FY22 on the back of growth across its business verticals.


The fintech platform, which is engaged in a legal battle with former managing director Ashneer Grover, recorded a loss before tax of Rs 886 crore in FY23.


Similarly, it had posted a loss of Rs 5,594 crore in FY22. The loss in FY22 included an item related to the loss in the change in fair value of compulsorily convertible preference shares (CCPS) amounting to Rs 4,782 crore.

First Published: Aug 20 2024 | 3:22 PM IST


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The Business Roundtable’s Stakeholder Pledge, Five Years Later

The Business Roundtable’s Stakeholder Pledge, Five Years Later

Five years ago, the Business Roundtable issued a statement pledging to “lead their companies for the benefit of all stakeholders.” In the past five years, stakeholderism has gained wider acceptance and helped many corporate leaders see the value of taking the interests of their stakeholders seriously when planning, developing strategy, making decisions, assessing risks, allocating resources, and so on. But that is a far cry from replacing shareholder capitalism as the central organizing principle for U.S. companies. For that to happen, much more is required. Proponents will need to define more clearly what stakeholder capitalism is, strengthen its theoretical foundations, and develop a playbook for implementing it, including metrics for measuring performance and guidelines for making tradeoffs. They will also need to build an ecosystem of investors, executives, directors, advisors, and other professionals (lawyers, bankers, accountants, analysts, and so on) who understand and support it, embed its precepts in law and regulation, and educate future leaders in its tenets and practices.


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Focus on deposits, strengthen cybersecurity: FM Sitharaman to banks | Economy & Policy News

Focus on deposits, strengthen cybersecurity: FM Sitharaman to banks | Economy & Policy News

Finance Minister Nirmala Sitharaman advised banks to optimise the scope of resolution and recovery offered by the NCLT and NARCL. Photo: PTI

Finance Minister Nirmala Sitharaman advised banks to optimise the scope of resolution and recovery offered by the NCLT and NARCL. Photo: PTI


The much-awaited meeting between Union Finance Minister Nirmala Sitharaman and heads of public sector banks (PSBs) on Monday revolved around mobilising  deposits through ‘’special drives’’ and stronger bonding with bank customers. The meeting, to review the performance of banks, came against the backdrop of recent concerns that deposits have been growing slower than credit.




While acknowledging the improved asset quality of PSBs, the FM advised banks to optimise the scope of resolution and recovery offered by the National Company Law Tribunal (NCLT) and the National Asset Reconstruction Company Ltd (NARCL). 




The effort should be on ramping up deposits, she’s learnt to have told the banks.




The FM also met top officials of regional rural banks in a separate meeting, where banks were asked to expedite one state-one RRB initiative.   Strengthening of banks’ IT systems from a cybersecurity perspective was discussed prominently at the first meeting with PSBs. The focus was on ensuring that banks’ systems are not breached or compromised.




“The finance minister urged banks to ensure their employees actively connect with customers, particularly in rural and semi-urban areas. She also encouraged PSBs to explore collaborations to leverage each other’s strengths by sharing best practices in emerging areas and equipping themselves to keep pace with changes in the banking sector,” according to a finance ministry press statement.




On cybersecurity, the FM is learnt to have emphasised the need for a collaborative approach between banks, government, regulators, and security agencies to implement necessary mitigants against cyber risks. 




Sitharaman told banks that every aspect of the IT system should be reviewed periodically and thoroughly, the statement added.


Union Budget proposals also came up at the meeting.  Sitharaman instructed banks to expeditiously implement the recent Budget announcements, including a new credit assessment model for Micro Small and Medium Enterprises (MSMEs) based on digital footprints and cash flows. 




Banks were told to focus on increasing credit flow to eligible beneficiaries under various government initiatives like the PM Surya Ghar Muft Bijli Yojana and PM Vishwakarma Yojana, the statement said.




A senior bank official, who attended the meeting, said: “We were instructed to expedite the processing of beneficiary applications, while also ensuring all due diligences are completed and requests are cleared.” 

 


Also, banks were asked to ensure compliance with Reserve Bank of India’s guidelines on the handover of security documents after loan closure.




During FY24, PSBs have improved their asset quality, with net non-performing assets (NNPAs) declining to 0.76 per cent. Among other parameters, they have a capital adequacy ratio of 15.55 per cent, a net interest margin (NIM) of 3.22 per cent, and the highest net aggregate profit so far of Rs 1.4 trillion, with a dividend of Rs 27,830 crore to shareholders.




“Improvements across various parameters have also enhanced PSBs’ ability to raise capital from the markets,” the statement noted.




At the meeting with regional rural banks, attended by their chairpersons and CEOs of the sponsor banks, the FM instructed all 43 RRBs to focus on improving business performance, upgrading digital technology services, and fostering growth in MSME clusters.

 


RRBs reported their highest-ever consolidated net profit of Rs 7,571 crore for FY 2023-24, with a gross non-performing assets (GNPA) ratio of 6.1 per cent–lowest in 10 years.




RRBs were told to maintain an up-to-date technology stack to stay relevant.

 


The FM noted that digital banking services, such as mobile banking, would be particularly beneficial for regions with challenging physical connectivity, such as the north eastern states and hilly areas.




“The sponsor banks play a crucial role in these efforts by providing technical assistance, sharing best practices, and ensuring that RRBs have access to the necessary resources for success,” said the statement.




Sitharaman spoke about the importance of active outreach by RRB branches located in MSME clusters to ensure credit access for small and micro enterprises in areas such as textiles, handicrafts, wooden furniture, which have significant potential for expanding these banks’ loan portfolios.




The finmin statement said that SIDBI was directed to assist RRBs in exploring co-lending and risk-sharing models.

 


Sitharaman asked sponsor banks and RRBs to recognise the challenges ahead and continue maintaining the asset quality, expanding digital services and ensuring robust corporate governance.

First Published: Aug 19 2024 | 9:25 PM IST


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India leads as top origin country and destination for Hindu migrants: Pew | World News

India leads as top origin country and destination for Hindu migrants: Pew | World News

India emerged as the leading country of origin and destination for Hindu migrants globally in 2020, with 7.6 million Hindus born in India now living elsewhere and about three million Hindus born in other countries living in India,  according to a new analysis by the Pew Research Center. 


The report titled ‘The Religious Composition of the World’s Migrants’ revealed that Hindus, including those born abroad, are underrepresented among global migrants, constituting only 5 per cent compared to their 15 per cent share of the total population.

According to the report, more than 280 million people, or 3.6 per cent of the world’s population, were living as international migrants in 2020. “Religion plays a significant role in migration patterns, influencing both the departure from the homeland and the reception in the destination country,” the report noted.


The report also highlighted that India is among the countries where emigrants disproportionately belong to religious minorities.

“Christians, for example, make up 2 percent of India’s population but an estimated 16 percent of those who were born in India and now reside elsewhere,” said Pew.

The report highlighted that India is the second-largest source of Muslim migrants, with 6 million Muslims living abroad. “Muslims in India are far more likely to emigrate compared to the Hindu majority. Although Muslims make up just 15 per cent of India’s population, they account for an estimated 33 per cent of all Indian-born migrants,” the report stated. Most Indian Muslim migrants reside in Muslim-majority countries with job opportunities, including the UAE (1.8 million), Saudi Arabia (1.3 million), and Oman (720,000).  

The majority of migrants from India are located in the Gulf Cooperation Council (GCC) countries comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, the report said. As many as 9.9 million Indians reside in these nations, as of 2020.

In the GCC regions, where the migrant population has surged by 277 per cent since 1990, most migrants are Muslim (75 per cent), while Hindus and Christians make up 11 per cent and 14 per cent, respectively, the report said.

Pew Research Center said that the analysis is based on data from the United Nations and 270 censuses and surveys and aims provide a detailed overview of the religious composition of the world’s migrants.

First Published: Aug 20 2024 | 12:04 AM IST


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Stock Market LIVE: Small-caps shine in lacklustre session; Angel One, IIFL jump over 9% each | News on Markets

Stock Market LIVE: Small-caps shine in lacklustre session; Angel One, IIFL jump over 9% each | News on Markets

Stock Market LIVE on Monday, August 19, 2024: Benchmarks Nifty50 and Sensex turned flat after posting a positive opening on Monday.

After opening with a gain of 243.41, the Sensex fell flat. At around 12:20 PM, the index was quoted as trading at 80,457.76, up 20.92 points or 0.03 per cent.

Meanwhile, the NSE Nifty50 traded at 24,564.40, up 23.25 points or 0.09 per cent. The index had opened at 24,636.35, up 95.20 points or 0.39 per cent.


NTPC, UltraTech Cement, Tata Steel, and Adani Ports were the top gainers while Infosys, TCS, Nestle India, and Tech Mahindra were the top laggards on BSE.


Similarly, on NSE, BPCL, ONGC, and NTPC were the gainers while Mahindra & Mahindra, Tech Mahindra, and Nestle India were the top laggards.


Broader markets also rose. Nifty SmallCap rose 1 per cent while MidCap was trading 0.41 per cent higher.


Sectorally, Nifty PSU Bank, OMCs and Media were the top gainers, up over 1 per cent each.


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Bagan captain leads protest march against doctor’s alleged rape in Kolkata | Football News

Bagan captain leads protest march against doctor’s alleged rape in Kolkata | Football News

Mohun Bagan Super Giants beat East Bengal 1-0 to win the Durand Cup final. Photo: Mohun Bagan X handle

Mohun Bagan Super Giants beat East Bengal 1-0 to win the Durand Cup final. Photo: Mohun Bagan X handle


Keeping their bitter rivalry aside, and braving relentless downpour, thousand of fans of Kolkata’s ‘Big Three’ football clubs — Mohun Bagan, East Bengal and Mohammedan Sporting — came together to protest against the alleged rape and murder of a doctor at RG Kar Medical College and Hospital, here on Sunday.


Unprecedented scenes were witnessed outside the Saltlake Stadium as India defender and Mohun Bagan captain Subhasish Bose, accompanied by his wife Kasturi Chetri, and All India Football Federation president Kalyan Chaubey joined the protest march, “demanding justice” for the RG Kar victim.


“I’ve come here as a commoner. Justice is needed to ensure that this incident is never repeated. The culprits should receive proper punishment. We will continue our protests until justice is served,” said Bose while his wife was seen showing a placard with ‘We want justice. Justice for RG Kar’.

“For the first time, fans of Mohun Bagan, East Bengal, and Mohammedan Sporting have come together to fight for justice. I am grateful to everyone. This fight is not just for Bengal, but for the entire country.”

Bose continued: “Together, we will fight so that no one dares to commit such a heinous act again. I’m a footballer, and the ground means everything to me. But if our mothers and sisters don’t feel safe in our state or country, there is nothing more important than addressing that.

“We all have to come together and fight for their safety. We must protect them and show them respect. I’m here as a common person, without any political affiliation.”

Asked about his feeling on the cancellation of Durand Cup derby match against East Bengal earlier scheduled to be played on Sunday, he said: “No one would have been happier than me if the match had taken place. I always want to play in as many derbies as I can. But this was the government’s decision, and they felt it was necessary.


“However, the bigger cause is justice for RG Kar, and I will always stand for that,” he said.

The fans started assembling around 4pm in front of the VIP Gate of the Saltlake Staidum where the Durand Cup derby match between Mohun Bagan and East Bengal was scheduled but only to be called off by the administration, fearing security concerns

But the fans kept their date with the ‘derby’ and were also joined by the supporters of the city’s other century-old club — Mohammedan Sporting.


Never before in the history of Kolkata Maidan, the fans of the three rival clubs were seen together fighting for a common cause as they were also seen held up and put inside a lock-up van by the police.


An East Bengal supporter with the red and gold was seen sitting on the shoulders of a Mohun Bagan fan, passionately clapping and shouting slogans, something that aptly summed up the mood.


AIFF chief and former India goalkeeper Chaubey, who is also a BJP politician, strongly condemned the Trinamool Congress-led state administration.


“It feels some kind of a riot is going on here. It’s very shameful and it’s a complete failure of law and order in West Bengal that a football match could not happen here,” Chaubey said.


“If half of the police force that is deployed to arrest the fans and stop the protest was there at the stadium, the match would have happened peacefully. “Why should our teams go out to other places — Jamshedpur, Shillong — to play football? This is the mecca of Indian football, and football should happen here.


“Football is beyond politics, religion or any colour. The match should not have been cancelled. If the fans are arrested, it’s a shame for the state’s law and order,” he added.


Chaubey was also seen standing with the supporters and pleaded in front of the police van not to arrest any fan, who were later seen to be released.


The quarterfinal fixtures of the 133rd Durand Cup was announced on Sunday with the city hosting Bengaluru FC versus Kerala Blasters match of the tournament.


East Bengal will play their quarterfinal match in Shillong, while holders Mohun Bagan will play Punjab FC in Jamshedpur. It remains to be seen if the semifinals and the summit clash scheduled on August 31 at the Saltlake Stadium are held.


Mohun Bagan and East Bengal are in the opposite end of the draw and could head for a potential derby final.


The postgraduate trainee doctor was allegedly raped and murdered while on duty at the RG Kar MCH on August 9.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Aug 19 2024 | 11:22 AM IST


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The Key to Abraham Lincoln’s Leadership

The Key to Abraham Lincoln’s Leadership

HANNAH BATES: Welcome to HBR on Leadership, case studies and conversations with the world’s top business and management experts, hand-selected to help you unlock the best in those around you.

In 1863, U.S. President Abraham Lincoln wrote a scathing letter to his top Union general, who had squandered an opportunity to end the American Civil War. Then Lincoln folded it up and tucked it away in his desk.

He never sent the letter—just one example of how Lincoln’s legendary emotional discipline enabled him to rise above mundane arguments and focus on a larger mission.

In this episode, Harvard Business School professor and historian Nancy Koehn analyzes Lincoln’s leadership both before and during America’s greatest crisis.

Using Lincoln as a model, you’ll learn how to communicate values to those you lead. You’ll also learn how emotional self-control can impact your day-to-day leadership, as well as your long-term legacy.

This episode originally aired on HBR IdeaCast in March 2020. Here it is.

ADI IGNATIUS: Welcome to the HBR IdeaCast from Harvard Business Review. I’m Adi Ignatius. This is “Real Leaders,” a special series examining the lives of some of the world’s most compelling and effective leaders, past and present, and the lessons they offer today. In our first two episodes we profiled the polar explorer Ernest Shackleton and then writer and environmentalist Rachel Carson. This week, Abraham Lincoln.

NANCY KOEHN: “A house divided against itself cannot stand. I believe this government cannot endure permanently half slave and half free.”

NANCY KOEHN: “The mystic chords of memory stretching from every battlefield and patriot grave to every living heart and hearthstone, all over this broad land will yet swell the course of the Union when again touched as surely they will be by the better angels of our nature.”

NANCY KOEHN: “Four score and seven years ago, our fathers brought forth on this continent a new nation, conceived in liberty and dedicated to the proposition that all men are created equal.”

ADI IGNATIUS: The words of Abraham Lincoln have endured. He gave those three iconic speeches in the prelude to the Civil War and during the war itself. At that time Lincoln was struggling to lead the U.S. through its greatest crisis, and he was widely hated. Now, of course, he’s revered as the leader who saved the Nation. Today we’ll explore Lincoln’s life and how he made himself into such an effective and enduring leader. I’m Adi Ignatius, Editor in Chief of Harvard Business Review. And I’m here with Nancy Koehn, the great historian at Harvard Business School, who has researched Lincoln’s life and work. Hello, Nancy.

NANCY KOEHN: Hello, there.

ADI IGNATIUS: Nancy, thank you for reading those speeches. We had them printed out for you, but it looked like you were actually reciting most of those from memory.

NANCY KOEHN: I have learned most of Lincoln’s most famous speeches from memory, mostly on long dog walks with my spaniels. And it’s been just a wonderful thing for me. It’s like a library I carry around in my head that I can refer to.

ADI IGNATIUS: S,o you can assume that these speeches were part of his efforts at political persuasion. Is that accurate? Is that fair? Or, was there more going on than that?

NANCY KOEHN: Lincoln used the English language as a really critical tool of his leadership. He was using it to inform people. He was using it to help people understand the larger frame of the moment, what was at stake. He was using it to help inspire people, particularly in moments like the Second Inaugural at the end of the war and the Gettysburg Address, in the middle at the critical moment in the war. He was using it to help lead.

ADI IGNATIUS: So, I find rereading Lincoln’s speeches, it’s like reading Shakespeare. You’re reading a play and you’re suddenly, “Oh my god, that’s where that amazing line came from.” And there are so many, you know: “a house divided against itself cannot stand,” “the better angels of our nature,” “four score and seven years…” I mean all these things. And at the same time he had a blue streak. I mean he —

NANCY KOEHN: — He was a master storyteller. He could tell very funny, very dirty, very bawdy jokes. He went high and he went low.

ADI IGNATIUS: Is there a Lincoln joke you’ve got in your back pocket?

NANCY KOEHN: When Lincoln was debating Stephen Douglas for the Senate seat from Illinois, they were outside of Galesburg, Illinois, at a college and a huge windstorm came up and they had to move the dais over to the edge of a building. So, to get to the dais, he and Douglas had to clamber through a window onto the platform and Lincoln clambered through and said, “Well, now I can say I’ve been through college.”

ADI IGNATIUS: What I also like from the Lincoln-Douglas debate is when Douglas made one of his arguments, and Lincoln said Douglas’s argument, and I’m going to read this: “was as thin as the homeopathic soup that was made by boiling the shadow of a pigeon that had starved to death.” That’s pretty good.

NANCY KOEHN: That is really good, and I can’t believe you picked that out because it’s one of my favorite Lincoln quotes.

ADI IGNATIUS: All right, so let’s do some quick context setting. Lincoln was born into fairly modest circumstances, suffered some tough blows as a child including the death of his mother. How did these early experiences shape his values and create the resilience that we would see throughout his life?

NANCY KOEHN: The death of his mother is just an incredibly traumatic event for him. They were living in Indiana. His father goes back to Kentucky to find a wife, and the two kids are left alone. He and his sister just kind of fend for themselves. They’re eating nuts. They’re trying to kill squirrels. That’s an important moment because he has to somehow figure out, “How do I keep going?” He doesn’t turn inward and into victimhood. He doesn’t say, “I’m going to let this get the better of me.” He finds a way to move forward, and that’s really a huge part the story of a lot of Lincoln’s life. I mean he failed so many more times than he succeeded. He suffered so much disappointment. And I just really believe that all those experiences, including the bouts with depression, were moments in which he developed muscles of resilience and grit that were critical to his ability to hold the line during the Civil War and continue to lead and really almost insurmountable circumstances.

ADI IGNATIUS: So, Lincoln made his career as a lawyer in Springfield, Illinois. He and his partner tried something like 4,000 cases which, I mean that’s really the essence of who he was as a professional. Then Lincoln was tempted by political office. What’s interesting to me is he lost a lot of elections, including a lot of critical ones. It’s easy in hindsight to say, “OK, those loses motivated him.” But my question, I guess for you, is what’s going on in Lincoln’s head? Those victories, those losses, his constant return to the political battle after these losses. What’s going on here?

NANCY KOEHN: So, he loses a number of really critical elections. He loses his first election for State Legislature when he was a young man in his early 20s. He loses a party battle in Central Illinois to get nominated for Congress. Eventually he would get to Congress for a term of two years in the 1840s, in which he will do anything but distinguish himself and he will come back depressed and sure that his political fortunes have fallen, which they had. He will then try and run for Senate a couple of times and get nowhere and lose the nominating battle. At each of these points, he’s discouraged. It’s not that the losses motivated him. It’s quite the opposite. He gets depressed. He says at one point, “I don’t expect anyone to ever remember me for anything.” And I think each loss and the corresponding time in the canyon of self-flagellation and depression — it’s both, in his case. Not all depression is self-flagellating, but his is. Gives him time to think and refine himself and he was always a great student of “what could I do better next time?” He was self-aware and he was a fabulous steward of his self-awareness to make himself better.

ADI IGNATIUS: So, Lincoln has this amazing reservoir of resilience and capacity for growth and self-improvement. Where does this drive come from?

NANCY KOEHN: One of the most interesting aspects of Lincoln’s making as a leader, and it’s a lesson of leadership as well, is Lincoln’s ability to teach himself all along his life’s journey. He has less than a year of formal schooling. And yet, he is constantly involved in a series of surgical strike, self-teaching adventures, or self-teaching missions. When he’s young it’s about reading and writing and arithmetic. When he gets to New Salem, which is the first place he goes after he leaves his father’s home, a small village outside of Springfield which is becoming the capital of Illinois, he teaches himself surveying to earn a living. He teaches himself geometry because he thinks it will help him think and reason better. He teaches himself the law. He teaches himself how to do public speaking by reading Shakespeare and reciting passages of Shakespeare out loud. He teaches himself the laws of debate because he joins the New Salem Debating Society. He keeps taking these issues or these aspects that he thinks will help him do something and teaches himself that. And that’s a lesson of leadership. So, when you don’t know something and you believe it’s critical to your mission, or critical to the next place you need to reach on your journey, you can teach yourself those things.

ADI IGNATIUS: I think one of the reasons people like reading about Lincoln so much is it’s partly his greatness and partly just the story, but partly the humanity. To what extent does depression define Abraham Lincoln?

NANCY KOEHN: Lincoln was a person and he is no more easily defined by one aspect of our particular preoccupations than he is by anything else. He was a very complicated person, like most of us. But depression was very important particularly in his young adult life because he didn’t just sort of slip into a dark place. I mean his early depressions, people were so worried about him, friends were so worried, that they’d take his razors away. They’d go on vigils watching him.

ADI IGNATIUS: The treatment then was, I was reading, was —

NANCY KOEHN: Leeches.

ADI IGNATIUS: Leeches, mustard —

NANCY KOEHN: Mustard. Plasters, yup —

ADI IGNATIUS: And cold baths –-

NANCY KOEHN: And cold baths. When he was President his Secretary of War, Edwin Stanton his second Secretary of War, with whom he formed a very close working relationship and Stanton thought of Lincoln as a good friend, was worried about Lincoln’s kind of self-image at certain moments, when he grew dark. He was like, “We gotta keep the President safe. We can’t risk that he’s going to jump into the Potomac or do something harmful.” That was a real conversation at a couple of junctures. Not a lot and not for very long. So, this was real. I think what’s important about it is not that it defines Lincoln in some sense more than any other particular aspect, it’s how he used it. A reporter who’s written about this, a journalist, Joshua Shenk, who’s written about this in a book called Lincoln’s Melancholy, I think makes a very good case. I agree with it completely. That because of his own experience and particularly the suffering, he develops great powers of empathy. And I think that’s exactly right. He was a sensitive person to begin with, always — as a young boy, as a young adult, as President. But he then develops a sense of empathy that we can see, say in these last paragraph of the Second Inaugural [speech] – “with malice towards none, with charity toward all.” And that becomes very, very important — not only in connecting people, not only in reaching out to individuals, but also in his political life of trying to influence others. That was, I think, very much related to his depression.

ADI IGNATIUS: So, Lincoln’s big opening politically came in 1858 when he was running against Stephen Douglas for Senator in Illinois. They had a series of debates where Lincoln became a national figure, and he was essentially arguing against slavery, I think more forcefully than he had. But I want to sort of talk about Lincoln and slavery now because his views evolved over time, they were nuanced, they were complicated. Help us understand Lincoln’s views on African-Americans and slavery.

NANCY KOEHN: Lincoln’s position on slavery, which evolved throughout his life, was all the way to the time he won the White House, including his first Inaugural, was what today we would consider tepid at best and immoral at worse because his public position was we can’t interfere with the law of the United States which says that slavery is legal in these places, and it should not be enlarged to other places. It should not be made legal in new territories that become States. It should not be expanded, but we cannot legally abolish it. That is the position Lincoln made his name on. That is the position the Republican Party was born on. Not that we’re going to eliminate slavery, but we’re going to restrict its territorial enlargement because we don’t believe it’s right and we can’t allow it to expand. And it’s protected in the Constitution.

ADI IGNATIUS: Lincoln also said things about Blacks that really identified Blacks as inferior to Whites.

NANCY KOEHN: I think Lincoln probably thought African-Americans, I think his views changed, but I think for most of Lincoln’s life he had no reason to think differently than most White Americans that he was exposed to, which were African-Americans were inferior. And he says at one point, “I would never marry an African-American woman and just because I don’t want slavery to expand doesn’t mean I think Blacks and Whites should intermarry.” So again, from our sensibilities today, this seems egregious. But it wouldn’t have seemed similarly egregious if we parachuted back into political debates of people that had office or had reasonable chances of assuming elected office locally at the state level or the national level, in America in the 1850s. Now, William Lloyd Garrison, Frederick Douglass, lots of other folks, Charles Sumner, the Senator from Massachusetts, were saying something very different and much more radical – that African-Americans are exactly equal in all ways to White Americans and we can’t possibly tolerate the morally reprehensible practice of enslaving Americans by other Americans.

ADI IGNATIUS: So, for all the nuance and equivocation on Lincoln’s part, by the time he’s elected President in 1860, the slave-holding South views that as a sign that the economy that is built on slave owning.

NANCY KOEHN: The social structure.

ADI IGNATIUS: The social structure that is built on slave owning, suddenly is a great risk.

NANCY KOEHN: Absolutely.

ADI IGNATIUS: And boom. What happens?

NANCY KOEHN: As soon as he’s elected President, states start seceding from the Union, saying we’re not playing on this tennis court anymore. We’re out.

ADI IGNATIUS: Coming up after the break, the American Civil War begins. We’ll analyze Lincoln’s leadership during that momentous political crisis.

ADI IGNATIUS: Welcome back to “Real Leaders,” a special series of the HBR IdeaCast. I’m Adi Ignatius with Nancy Koehn. Hello again, Nancy.

NANCY KOEHN: Hey, there.

ADI IGNATIUS: So, the Civil War begins in April of 1961. No one at that time could imagine that this will continue for another four Aprils. So, talk about what’s happening broadly and, in particularly for Lincoln, as the war starts.

NANCY KOEHN: Really quickly it’s clear that this war’s not going to be over anytime soon, and the casualty counts start growing. But you can chart the process of Lincoln’s growing capacity to think, to see the big picture, to consult lots and lots of people — not unlike JFK and the Cuban Missile Crisis. And then make his decisions with that kind of consultative material.

ADI IGNATIUS: So, let’s break down a little bit. So, Lincoln’s handling of the Civil War — to what extent does that look like other presidential crisis we’ve seen, like, say, JFK and the Cuban Missile Crisis?

NANCY KOEHN: So, one of the really important aspects that both John Kennedy and Lincoln shared in the moments of crisis leadership was what today we would call forbearance or emotional discipline. Even though my emotions and a lot of influence around me says I need to do something right now. So, what Kennedy does is to just slow everything down and say, “Wait a minute. Let’s not get too hot under the collar because if we do that, we’ll lose control of events and the repercussions of that are not fully well understand and they may be very, very dangerous.”

ADI IGNATIUS: So, what about Lincoln? Did he manage similarly to maintain his patience and self-control as he is conducting the Civil War?

NANCY KOEHN: With Lincoln, he learned this in his adult life. I’m not exactly sure when. But we see it in his presidency at lots and lots of junctures. The most striking one, or the most telling one is one that happens right around the Battle of Gettysburg, which occurs in the first three days of July 1863 in this Pennsylvania town. And it’s this crucial battle, so they knew it was crucial. Lee — Robert E. Lee, who led the Army of Northern Virginia, the biggest Confederate fighting force — had invaded the North. On the opposing side, in this small town in Pennsylvania, is George Meade, who’s the commander of the largest Northern fighting force, the Army of the Potomac. The two armies duke it out over two and a half extraordinary days of fighting. Lee loses, turns his army around, and immediately begins moving his men and a wagon train of Confederate wounded that was 17 miles long back South, heading South. Meade makes a critical decision that afternoon and confirms it the next day — that he’s not going to pursue Lee. So, the Northern General decides, “My soldiers are too exhausted. We can’t have another big military clash right now.” And Lincoln gets this news from Meade and he is absolutely enraged. He thinks that if Meade can pursue and squash Lee’s army the war will effectively be over — and there was good reason to think that. But [Lincoln is] furious. And he begins to write a letter. All of us can just imagine how we feel when we get a particular piece of news and we need to react by getting on our computer, or our phone and start tapping out a text or an email in response. And Lincoln starts writing this letter saying things like, “Your decision not to pursue General Lee’s army has extended the war immeasurably. Thousands more will die. You have made a huge mistake and I am immeasurably distressed and disappointed.” And then, here’s the kicker. He folds the letter up. He puts it in an envelope and he writes on the envelope: “To George Meade, from Abraham Lincoln, July 5th, 1863. Never signed, never sent.” And he puts in in a cubbyhole in his desk, where it’s found after he died. And that’s Lincoln. Lincoln used that power to discipline himself to think ahead, to just take a breath and let his emotions cool over and over and over again. And it’s such an important lesson for our time.

ADI IGNATIUS: Alright, but for a long time, and especially around the Battle of Gettysburg, the War is not going very well for Lincoln.

NANCY KOEHN: Right. This is being photographed for the first time in history. It’s being talked about. The casualty counts are telegraphed. The carnage and the outrage and the incredible criticism coming at Lincoln because the North can’t win, seemed to move the pendulum of military advantage decidedly to its own side, is extraordinary. The pressures on him.

ADI IGNATIUS: So, this one is fair to say Lincoln is proving to be an unsuccessful President, unsuccessful war leader.

NANCY KOEHN: Unsuccessful decision maker. Unsuccessful politician. I mean it’s not really until the summer of 1864 at the beginning of August that it looks like the Union will truly win the war. Because that happens Lincoln is constantly under a barrage of attack, not to mention all these other pressures he’s dealing with. I mean he is, during his presidency, the most hated person in American history. No question. Hated by friends, hated by foes, hated by everyone in the South — hated by every White person in the South.

ADI IGNATIUS: So, all right. Let’s look for a lesson here. I mean this is leading a country, in this case. But leading an enterprise in an extended, dark, often hopeless seeming moment. How do you prevail? How do you continue? How do you lead in a situation like that?

NANCY KOEHN: So, it’s like a great change leader in an organization — where you’re not just trying to make the changes, restructure the business, reorganize your workforce, transform your organization while keeping it alive. You’ve also got to tell people what you’re doing and why because if you don’t do that, no one will keep fighting because it’s just too hard. No one will keep changing. The Gettysburg Address is the greatest change leadership speech ever given in English.

ADI IGNATIUS: How so?

NANCY KOEHN: So, what’s he doing in those 200, depending on which draft, 200 and 74 words. He’s framing the stakes of the change and he’s convincing people why it’s worth to doing. So, the first paragraph is, who are we and where did we come from and why do we exist? The second paragraph is just a brilliant kind of movement of the camera, the narrative camera, to say now we are engaged — we’re engaged in a great civil war and we’re testing whether we really believe that and we can continue to exist based on that. Then he takes the lens and he clicks it down closer to the ground and he says, we’ve met on a great battlefield, to dedicate a portion of the field for the men who died fighting for that. We’re doing that because it’s fitting and proper, but the most important thing is not that we consecrate this land — they’ve already done that. The most important thing is that we try to understand what this struggle has been about. It is rather for us to be here dedicated to the great task remaining before us. So, these men died. They died for a big deal. It’s an important deal. It’s who we are. And by the way, even though they died, it is up to us to commit ourselves to continue that fight because it’s so important. That’s what that critical fourth paragraph really is. That this nation, we commit ourselves, we dedicate ourselves to the proposition that these men will not have died in vain and that this nation under God will have a new birth of freedom. He doesn’t say we’ll return to where we were. He doesn’t say, we’ll rediscover the power of the original proposition. He says, “This nation under God will have a new birth of freedom.” And that democracy, government of the people, by the people and for the people shall not perish. So, he’s framing the stakes. He’s saying this is terrible this change process, but we have to, in spite of the obstacles, in spite of the tradeoffs, we all have to carry on.

ADI IGNATIUS: So, he’s basically changing the definition of the struggle, what’s at stake. In hindsight it seems brilliant. There’s no guarantee that anyone is going to be listening and is going to allow the debate to be reframed because of his oratorical skills.

NANCY KOEHN: Well Lincoln was a master calculator, politically. He’s always calculating, calculating, calculating. He would never have made that speech if he didn’t think the political capital was growing and viable in the North. He has enough capital to say, this war is about slavery, and we’re going to end slavery. So, that was incredibly important. It was incredibly important. The war stopped being a war solely to save the Union on the basis in which it entered the war with the territorial, with the legal —

ADI IGNATIUS: With the South, North —

NANCY KOEHN: With the South, North, and the legalization of slavery in certain places. And now became a war to fundamentally change the terms of the American experiment and to restore what Lincoln believed to be its true defining principle, as codified in the Declaration of Independence — that all men are created equal and all men are free.

ADI IGNATIUS: So, it meant compromise was probably impossible, or —

NANCY KOEHN: It meant that there could never be a brokered peace. Slavery would be over and the war would be over, or the Southerners would win and they would have their own country.

ADI IGNATIUS: So, that’s an interesting question about leadership because there were also articulate voices saying, “Too many people are dying.” The final total I think was 600,000 killed. Insane number and people saying, “We have to stop the fighting.” And in essence Lincoln had come up with this position that was tactical, that was principled — but was sort of absolute. What does that say about leadership? I mean you could say he won so it was a good thing. But you could say he also kind of limited his flexibility at that point.

NANCY KOEHN: He certainly did. He thought that’s where the nation had arrived — that it was that stark. And by the way lots and lots of other people did it on both sides of the issue. So, there were people in 1863, lots of folks in the North that thought we got to end the bloodshed. But there were just as many people and, I think perhaps more, who thought this war’s got to be about more than saving the Union. It’s got to be about transforming the Union and ending the moral cancer, which was a common term for slavery.

ADI IGNATIUS: So, when thinking about the deepest leadership lessons we can all draw from Lincoln, part of it is holding firm. But part of it seems in his life is that he evolved. He evolved as a thinker, as a human, as a leader, as a tactician. We don’t all do that.

NANCY KOEHN: But we all have the opportunity to do it. It’s given to us by our free will. A powerful leadership lesson from Lincoln is how he moves from “my life is about Abraham Lincoln’s political career” to “Abraham Lincoln is about saving and transforming the nation.” That’s why his death is so truly tragic because if he had lived — a man who saw the big picture, who himself had been transformed and chastened and irrevocably changed in the experience of leading the nation through the Civil War — I think he was absolutely trying to knit the nation together with “malice toward none, with charity for all.” These words don’t come from just a skilled wordsmith, just a man who became a master of rhetoric. They come from a person whose soul had been truly tormented and transformed in the extraordinary crucible of what he experienced at the center of the perfect storm.

ADI IGNATIUS: Next time on “Real Leaders,” Nancy Koehn and I will be talking about Oprah Winfrey. She’s not just a tremendously successful businesswoman, she’s probably one of the most influential people on the planet. And Nancy, you actually know her.

NANCY KOEHN: Yes. I met her by surprise when she paid an unexpected visit to my class many years ago — the first time I taught the Harvard Business School case that I’d written about her. My students, and many students who heard about it from outside my classroom, who just poured into the classroom to see her, were incredibly impressed with her — her warmth, her intelligence, and a piece of the extraordinary story of her life.

HANNAH BATES: That was Harvard Business School historian Nancy Koehn – in conversation with HBR editor-in-chief Adi Ignatius on HBR IdeaCast. Koehn is the author of the book, Forged in Crisis: The Making of Five Courageous Leaders.

 

We’ll be back next Wednesday with another hand-picked conversation about leadership from Harvard Business Review. If you found this episode helpful, share it with your friends and colleagues, and follow our show on Apple Podcasts, Spotify, or wherever you get your podcasts. While you’re there, be sure to leave us a review.

When you’re ready for more podcasts, articles, case studies, books, and videos with the world’s top business and management experts, find it all at HBR.org.

This episode was produced by Curt Nickisch, Anne Saini, and me, Hannah Bates. Ian Fox is our editor. Music by Coma Media. Special thanks to Rob Eckhardt, Maureen Hoch, Erica Truxler, Nicole Smith, Ramsey Khabbaz, Anne Bartholomew, and you – our listener. See you next week.


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Marlabs expects to grow its data and AI biz by 50% in 2-3 years: CEO | Company News

Marlabs expects to grow its data and AI biz by 50% in 2-3 years: CEO | Company News


With a major push from its India centres, US-based IT firm Marlabs is expecting to grow its data and Artificial Intelligence (AI) segment by 50 per cent in the next two to three years. 


“A majority of our case studies are engineered in India. We might be front-ended in the US, but the core of AI engineering or data engineering takes place in India at Marlabs. For our new project, most of the employees are from our core locations – Bengaluru and Pune,” Thomas Collins, CEO, Marlabs, said,


In line with the expectations, the firm aims to become an AI-first company by 2027.




Marlabs’ business model is divided into four segments – data and AI, product engineering, infrastructure and plants, and talent services, where it provides resources. The company’s data and AI continue to grow double-digit, while the product engineering side is witnessing a single-high-digit increase.


In January, Collins announced Marlabs’ plans to hire about 500 employees in India to churn out double revenue growth in the next three years. At present, the company has about 1,500 employees in the country.




With a focus on India, Collins emphasised the importance of the nation in terms of its talent pool. A major chunk of AI engineers are from India across four locations – Bengaluru, Mysuru, Kochi, and Pune.


“In terms of operations, India is the heart and core of the company. We run the company globally from India. The support functions such as finance, HR, marketing, IT, etc., are specifically based in Bengaluru. We plan to grow those teams as we grow our company,” Collins said.


Talking about the macroeconomic tailwinds, Collins said that the impact of global macroeconomic uncertainty is major in the last two segments as the first two are based on our client’s innovative products. 


“AI has had a big boost in the previous 18 months. However, many clients want to save costs on daily operations. Hence, it is mostly a wash for us –  growth on one side and reductions on the other side,” he said.


Furthermore, on the operations front, Collins emphasised that life sciences and healthcare are key verticals for Marlabs. He noted that the firm is assisting a major life sciences client in developing AI solutions for clinical trials and enhancing efficiency in one of the world’s largest hospital chains.




Marlabs expects the impact of global tailwinds to improve in the third quarter of financial year 2025. “Q3 would be one of our strongest quarters in a long time. We expect significant growth. It is not necessarily tied to the economy, but has a lot to do with our shift of focus in terms of data AI, and product engineering. At present, we see the merits and benefits of the Onebridge acquisition propelling into synergies, capabilities, and growth.”


About the India plan, Collins said, “We have offices in three locations in Bengaluru and would want to utilise our existing location. We want to get people to move back into offices so we can collaborate more. We intend to grow the teams in the existing ones and not add locations.”

First Published: Aug 19 2024 | 12:02 AM IST


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