Samvaad October 2016 Final

Vol. 3 | Issue 4 | OCTOBER 2016
Q UA R T E RLY N E WS LE T T E R O F I B S G U RG AO N | FO R P RI VAT E CI RCU L AT I O N O N LY

B SAMVAAD | Vol. 3 | Issue 4 | OCTOBER 2016
Chief Editor
Prof. S. C. Sharma
Managing Editor
Dr. Shalini Khandelwal
Associate Editor
Dr. Nidhi Tak and Dr. Tavleen Kaur
Editorial Team
Akshita Maheshwari, Jiten Gupta, Rijun Sharma,
Sharu Jindal, Kumudi Arora, Tanjul Jain,
Kashish Leekha
Cover Design
Rudra Pratap Singh
Photo Credits
Mandeep Singh
Publisher
Mr. Prashant Singh
IN THIS ISSUE...CAMPUS CORPORATE MEET
(16TH
SEPTEMBER, 2016) Director’s Message 1
From The Editor’s Desk 2
Genesis of Brexit 3
Brexit -Impact on India 4
Campus Buzz 5
Knowledge Sharing Sessions 7
Global Immersion Program 2016 9
IBSAF AWARDS 2016 @ IBS GURGAON 10
Faculty Forum 12
Brexit: A British Revolution 16
Brexit-The Britannia on Stake 17
Celebrity Watch: Urijit Patel 18
Alumni Success Story: Sahil Sachdeva,
Class of 2009 19
Book Review: the EURO 20

Vol. 3 | Issue 4 | OCTOBER 2016 | SAMVAAD 1
DIRECTOR’S MESSAGE
BREXIT : IS IT THE REVERSAL OF GLOBALISATION?
On June 23, 2016 Great Britain decided through a nation-
wide referendum to quit European Union (EU), a supra national
body consisting of 28 member states, which it joined on
1st January 1973. Great Britain’s joining of EU was not free
from controversies until 1975 when 67% of British, through a
referendum, supported the decision to stay with EU.
Joining EU meant that British goods, services, capital
and people could move freely in to EU and all other member
states could enjoy the same freedom in UK. This relationship
had its ups and downs but survived all this time until majority of
British, particularly disadvantaged sections like aged, less skilled,
unemployed, low wage earners and masses living away from
metropolis felt that they were paying a heavy price and were
deprived of basic services like health and social security net
because of influx of people from European continent in to UK.
Annual net migration from Europe more than doubled
since 2012, reaching 183,000 in March 2015. Around seventeen million people were distraught that
advantages of National Health Scheme were going mostly to migrants who have no intention of ‘going
home’. This set the stage for referendum. Reports and research studies swelled to show that low paid
people in the UK had not witnessed any rise in their living standards since 2000.
Ten Nobel-Prize winning economists cautioned British people, around a week prior to the
referendum, regarding adverse impact of quitting EU on British economy. Their conclusion was:
“Brexit would create major uncertainty about Britain’s alternative future trading arrangements,
both with the rest of Europe and with important markets like the USA, Canada and China, and these
effects, though one-off, would persist for many years. Thus the economic arguments are clearly in
favor of remaining in the EU,”
Their predictions were that enhanced level of uncertainty in trading in financial markets and
global trade of goods and services would result in reduced investment, adversely affect employment
generation and cause extensive disruption to the British economy. Besides, pound could lose in relation
to dollar and other major currencies and the Bank of England could be forced to further reduce interest
rates and inject liquidity to avoid volatility in money and capital markets.
The advice of these experts was ignored and British voted for BREXIT, albeit with a thin majority
of 52.1:47.9
Some of the predictions made by Nobel laureate economists have already come true. British
pound has depreciated significantly from $1.47 (prior to Brexit) to $1.29 on 3rd October, 2016. The
investment climate is subdued. IMF has cut down the growth prospects of UK both in the short run
and in the long run.
Further, in its latest assessment of world economic situation (reported in World Economic
Outlook), after factoring in all relevant variables, IMF has concluded:
“Brexit has thrown a spanner in the works…with the event still unfolding; it is still very difficult to
quantify potential repercussions….The economies of the United Kingdom (UK) and Europe will be hit
the hardest.”
IMF has impressed upon UK and EU to work out “smooth and predictable transition to a new set
of post-Brexit trading and financial relationships that as much as possible preserves gains from trade
between the UK and the EU.”
Capital Markets in U K are also going to be impacted. It is noteworthy that 78% of all EU capital
markets activity and close to 40% of all EU initial public offerings are conducted in the UK, with the UK
playing a leading role in formulating market regulations and standards. Brexit could have far reaching
implications for international banks in terms the costing of their operations and profitability.

2 SAMVAAD | Vol. 3 | Issue 4 | OCTOBER 2016
FROM THE EDITOR’S DESK
The people of Britain voted for a British exit, or Brexit, from the EU in a
historic referendum on June 23, 2016. The outcome initiated celebrations
among Brexit supporters but also sent shockwaves through the global
economy, resulting into the pound falling to its lowest level since 1985 and
resignation of David Cameron as Prime Minister. Amid the world’s most
complex divorce, Britain has lost its top AAA credit rating and there is a
sharply divided opinion over the long-term economic impact of leaving
the EU. However, Brexiteers believe that Britain will be able to have financial
sovereignty, curb immigration and increase its security. With the uncertain fate of 64 million Britons,
the new Prime Minister Theresa May faces a big challenge involving a wide separation of labour,
product and financial markets.
The Brexit win has prompted calls for other national referendums and as the Euro-skeptic
movement grows, one wonders who will be next in line to leave the EU, will it be Frexit, Italeave, Nexit
or Auxit? The deliberations about the future of Europe lead to the question on how to manage the
international flow of goods, people and information to address the challenges of rising inequalities,
unemployment, human rights, arms control, cyber-insecurity and terrorism. As many countries of the
world voice similar protectionist and anti-global sentiments, economic growth may have to take a
back seat as political leaders endeavour to address the resentment of those who believe globalisation
has left them behind.
ResearchinSocialScienceshasshownagrowinginfluenceofbehaviouraltendenciesofimpatience,
risk aversion, reciprocity, altruism and distrust on cooperation between and among groups, especially
when collective benefit and self-interest are in tension. Coalitions are generally destroyed by the self
interest of strong groups, especially when the costs of working together seem to be more than its
benefits. However, the relative importance of economic, sociological and psychological determinants
of people’s propensities to support trans¬national cooperation needs to be further investigated.
At IBS, the students are motivated to keep updated with the current trends and voice their ideas
through the columns of Samvaad. I am sure you will find their articles informative and interesting.
We have also included expert opinions of our experienced faculty members on the theme. There
are regular columns of campus buzz, faculty forum, celebrity watch, alumni success story and book
review. Do write to us and let us know your comments and suggestions!
Dr. Shalini Khandelwal | Associate Dean (Research), IBS Gurgaon
E-mail : shalinik@ibsindia.org
There are several lessons coming out of Brexit and related developments. First, developed and
wealthy nations who have been championing the cause of globalization and advocating its wholesale
adoption by emerging nations withdraw from it when it does not suit them or when they find the going
tough or are not able to compete.
Secondly, globalization is acceptable as long as it does not threaten the social and cultural fabric,
on the one hand, and employment opportunities for the local population. In other words, globalization
in coming times is likely to be restricted to international trade and movement of international capital,
not manpower.
Finally, people, races and nations do not want to lose their sovereignty or pool it or place it in
the hands of someone else for uncertain gains. It proves that people are as much concerned with
distribution of gains as with growing size of cake made possible by combining more skilled workforce
with better technology and ever growing size of markets.

Prof. S C Sharma | Director, IBS Gurgaon

GENESIS OF BREXIT
Prof Ashish K Mitra*
Brexit refers to the mandate given by UK voters to ‘leave’ European
Union (EU) in the referendum held on 23 June, 2016. Brexit is seen as
an ‘economic’ issue with high potential for adverse impact on world
economy and probably the globalization process (especially anti-
‘outsider’ sentiments). However, dwelling deeper into the developments
in UK over the last decade, ‘Brexit’ is an outcome of a cocktail of (i)
politics & personal ambitions of leaders (ii) un-addressed genuine
economic hardship of relatively poorer/less educated masses, especially in the non-urban areas (iii)
sociological factors (iv) arousal of emotions of masses through deliberate misrepresentation and
fear mongering during the campaign.
European Union of 28 countries is a single market, guaranteeing free movement of goods,
services, capital and people across them. Member countries follow common EU laws related to
trade/ taxes, labour, environment, human rights etc. Each country contributes approximately 1% of
its GNI to the EU budget. EU spends this money for sustainable development in poorer regions,
subsidies to farmers, R&D in medicines/science etc. Poorer counties generally get back more than
they contribute, while it is the opposite for richer members like Germany, UK.
UK’s national politics has been dominated by two major parties viz; Conservatives and Labour.
A small party called UKIP (UK Independence Party), with a single “exit EU” agenda started rearing its
head, especially since Nigel Farage, took over its leadership in 2006. With 13 relatively poor European
countries (like Poland, Bulgaria) joining EU post 2004, immigrants from Poland etc started pouring
into UK in search of higher wages (eg: construction workers, drivers, agricultural industry workers).
Less educated locals in semi urban / rural UK were hit the hardest. Unlike people in large cities, they
hadn’t experienced benefits of globalization. UK’s manufacturing had been dwindling, since PM
Magaret Thatcher’s time and now services constitute 78-80% of UK economy. Global meltdown in
2008 further led to massive job losses. Globalization / single EU market brought benefits to richer
segment of population but standard of living was on downward spiral for the middle & poorer
sections.
Nigel Farage reinforced UKIP’s “exit EU” agenda by demanding total immigration control, tax cuts
for non-affluent, restoring British nationalism, sovereignty through independence from EU’s policies
& laws. By late 2012, many ruling Conservative party MPs panicked that publicly opposing Nigel
Farage’s ‘leave-EU’ cause would make them unpopular, that may lead to losses in the next parliament
elections due in 2015. These thoughts pushed Conservative PM David Cameron, to promise a
referendum on EU, if they were voted
to power in 2015.
Cameron’s conservative party did
get voted to power in May 2015. UKIP
also garnered 16% of popular votes
indicating significant support for its
cause. Cameron’s class mate, Boris
Johnson, a flamboyant conservative
party leader, who nursed a life-long
ambition of becoming UK PM, saw a
great political opportunity for himself.
Boris Johnson dropped a bombshell by
announcing in early 2016, that he will
be spearheading “Leave EU” campaign

with some cabinet ministers, alongside number of conservative party MPs. A stung David Cameron
had already fixed 23rd June, 2016 as the date of referendum.
Next few months had a “war of propaganda” between “Leave” vs “Remain” Camps. Boris and
his team, and separately Nigel Farage, distorted statistics, said outright lies and made unsustainable
commitments at election forums. Xenophobia and fear factors were the order of the day, to sway
sentiments & emotions. They linked many of the public sufferings to UK’s membership of EU.
Economist’s/ financial expert’s prediction of severe adverse economic impacts of “Leaving EU” was
not understood or cared for by large sections of people.
“Leave” camp won by a narrow 52:48 margin. Polling % amongst voters who were 65yrs and
above (mostly pensioners) was 83%, while only 36% of voters in the age group 18-25 years casted
their votes. The younger people, who will be most impacted by the economic impact of exiting EU
and loosing future job opportunities in 27 EU countries, participated thinly in the referendum. In two
of the four regions of UK, viz; Scotland & Northern Ireland, majority voted to “Remain” in EU.
Soon after the results were announced, “leave camp” leaders started making U- turn on their
campaign commitments. Lacking clear understanding of the full economic impact, including
complexity of leaving EU, they had no game plans to move forward. PM David Cameron, who
championed ‘Remain’ camp resigned. Worst, Boris Johnson who orchestrated the ‘Leave’ camp to
fulfill his personal Prime Ministerial ambition, was back stabbed by his campaign manager Michael
Gove, stating that Boris was not the right person to lead UK. Nigel Farage on the other hand, said
“now I intend to enjoy my life, having achieved my ambition of UK’s independence from EU”. A new
conservative party PM and her cabinet is in place. However, no concrete progress has been made till
date for initiating negotiations with EU. Uncertainty looms large on UK as a nation and also the world
economy.
A question lingers on – Is a simple majority through a referendum, the right way to decide on
such a complex issue like leaving EU , when many voters may not be equipped to make an educated
judgment?
*Prof Ashish K Mitra is a Faculty Member in the area of Strategy at IBS Gurgaon
Panel Discussion on BREXIT
The entire world economy has been affected by BREXIT (2016-17) with the biggest economies
of the world suffering the most. A Panel Discussion on the same was organized on the IBS
Gurgaon campus on 23rd August, 2016 to explore the horizons of the impact of BREXIT on the
world. The panel consisted of Prof. S.C. Sharma, Prof. A. K. Mitra, Prof. Arun Kumar Agarwal, Dr.
Bhavna Chhabra, Dr. Jyothi Ahluwalia and Prof. Venkat Raman.
Prof. Arun Agarwal initiated the discussion by providing the possible reason for BREXIT from
the point of Britain which was further carried forward by Prof. A. K. Mitra who talked about UK’s
political spectrum and electoral system. Taking it further, Prof. Venkat discussed about liquidity,
interest rates and the world of financial markets. Adding to it, Dr. Jyoti Ahluwalia highlighted the
impact of BREXIT on UK and Europe and Dr. Bhavna Chabra focused on its impact on India. Prof.
S.C Sharma moderated the discussion. The panel discussion was organized by Samvaad Cell and
coordinated by Dr. Shalini Khandelwal and Dr. Bhavna Chabbra.

BREXIT – IMPACT ON INDIA
Dr. Bhavna Chhabra*
Brexit refers to a Referendum – where Britain voted to leave
the European Union on June 23, 2016.
Though at present India is facing several problems such as
subdued global demand, weak rural income, higher food inflation,
leverage debt for large corporates, increase in level of NPA, low credit take off, etc, still
Brexit is unlikely to have a notable impact on India’s GDP growth in the fiscal year 2017.
Uncertainty in global markets will impact the Indian economy, however, India’s growth
prospects are more dependent on domestic factors. Good rainfall is expected to improve
agriculture sector, the seventh pay commission is also expected to boost the demand for all
sectors specifically automobile sector, consumer goods sector etc. GDP forecast at 7.7% by
economic outlook for FY 2016-17 and introduction of GST will also have positive impact on
GDP. Besides these, Make in India, Ease of doing Business in India, Stand up India, Jan Dhan
Yozna, Mudra Yozna etc. are some of the many measures taken by government to boost the
Indian economy in the global markets. Moreover the budget allocation to Agriculture sector,
Rural sector, Education and Infrastructure sector, increased flow of FII witnessed in the last
2 years, etc are the other factors which will support Indian Economy in future.
The negative outcome of Brexit is likely to be nominal. The sectors affected mostly
by Brexit shall be; IT, Automobile, Textiles and Metals. Brexit is likely to affect the Indian IT
Companies the most and ambiguity of doing business in UK may increase. Immigration and
transfer of professionals and other resources could become difficult now. Slowdown impact
of investments by Indian corporates in UK could be expected in the medium term. There
shall be increase in compliance cost in the event of merger and acquisitions and separate
entities may be requiring additional investments. Companies that have operations in the
UK and in the EU, both may have to face significant translation losses with the probability
of volatility in currencies remaining high in future. The exposure on account of un-hedged
borrowing abroad may also impact the company’s balance sheet in the future.
Though Brexit is not an event but a process which will unfold in two to three years to
come, there is little evidence that the UK will become less attractive to Indian investors and
that the spectacular growth witnessed in the past like – ties with the world class universities,
vibrant business sectors, long term infrastructure investment, favorable tax rates will bypass
the clouds and bad weather. Therefore, UK will remain an economy that appears to be very
much open for business in the foreseeable future. In a nutshell, UK outside the EU will
remain an attractive destination for Indian companies.
*Dr. Bhavna Chhabra is a Faculty Member in the area of Accounting and Finance at IBS Gurgaon

CAMPUS BUZZ
ART BEATS 2016 - The Painting Competition
Students’ Council at IBS Gurgaon organized a two day event- Art Beats 2016 - The Painting
Competition on 11th & 12th August 2016. The event was inaugurated by Director, Prof. S. C.
Sharma who encouraged the students to “Be Creative”. The event witnessed participation from
students of Class of 2017 & 2018, faculty members and administrative staff with total 252 entries.
Akshay Kirti (Class of 2018) secured the first position; Deepakshi Jain (Class of 2018) grabbed
the second position; and Srishti Jaiswal (Class of 2018) secured the third position. Consolation
prizes were awarded to Jyotsna Mishra (Class of 2018), Sumita Chatterjee (Class of 2018) and
Rudra Pratap Singh (Class of 2017).
Independence Day Celebration
The Social Responsibility Cell of IBS Gurgaon coordinated the
celebration of Independence Day on the campus on 12th August, 2016.
Director, Prof. S. C. Sharma hoisted the national flag and enlightened
the students about the sacrifices made by our great leaders to make
our nation independent where every individual could breathe in free
air. The entire campus had an aura of patriotism with the students and
the faculty members all dressed up in the colors of our tricolor.
Campus Entrepreneur 2016
Entrepreneurship Development cell of IBS Gurgaon organized
Campus Entrepreneur-2016 under the guidance of Dr. Anubhav
Anand Mishra on 9th September, 2016. The event invited students
to showcase their entrepreneurial skills by setting up stalls of
commercial items and earn money out of it. A total of 30 Stalls were
set up of food, drinks, games and music. Students participated and
enjoyed the variety of offerings by their classmates and made this
event a huge success.
English Language Proficiency Training
English Language Proficiency Training was started with the aim to help the students become
confident to express their views freely. A total of 20 hours of activity based classes were conducted
for 60 students in two batches from 13th – 25th June, 2016 by
dedicated trainers, Dr. Deepa Diddi & Dr. Shikha Gupta. The sessions
were planned with special focus on Reading, Listening, Speaking
Skills and Functional Grammar. The students were evaluated on a
day to day basis and given a regular feedback. On 15th September,
2016 a small ceremony was conducted to felicitate 33 shortlisted
students on the basis of their attendance and performance during
the sessions in the presence of Director, Prof. S. C. Sharma, Academic
Coordinator, Dr. Renu Verma and Prof. Sangeeta Shahane (Soft Skills & Language Lab Coordinator)
and Prof. Monica Bajaj (Coordinator of the ceremony).
Akshay Kirti Deepakshi Jain Srishti Jaiswal

Faculty Interaction with Prof. Y. K. Bhushan
IBS Gurgaon faculty members had the privilege of an interaction with Prof. Y. K. Bhushan,
Senior Advisor and Campus Head, IBS Mumbai on 20th September, 2016. During the interaction,
Prof. Bhushan talked about “Management by Excitement” where he mentioned that excitement
is important to keep people moving, involved and going. Once
they are excited, they get out of routine and make efforts and do
better. He also emphasized on the “Why Not” approach to motivate
people to come up with new ideas. Unless the change is planned
from the top, it cannot succeed and management should induce
and extract best from the people. On being asked about ways
to engage the faculty in research, Prof. Bhushan suggested that
teaching cannot be effective without research. A teacher should
promote questioning in class and engage the students in the learning process. He further stressed
that actionable research by our faculty is necessary for building an effective relationship with the
industry. His interaction was quite instrumental in enhancing motivation level and enthusiasm
among the faculty members.
Campus Corporate Meet
IBS - Gurgaon organized a Campus Corporate Meet on 16th September 2016 at Hyatt Place,
Gurgaon. More than 150 corporate executives from Nestle, Wipro, Google, IBM, Panasonic, CSC,
Future Group, Genpact, HSBC Bank, Expedia, Hindustan Times Media Limited, American Express,
Ramco Systems, India Bulls, Videocon, Fox International, SAP
Labs, Indusind Bank etc. attended the meet; some of them were
accompanied by their spouses. Faculty members and administrative
staff also joined the meet.
Prof. S. C. Sharma, Director - IBS Gurgaon and Prof. Gautam
Kaul - Deputy Campus Head welcomed the guests. Student
representatives engaged the esteemed gathering with many
activities like Party Poppers where guests posed for a photograph
with various fun props, Groupie contest, B-Quiz-a Bollywood Quiz, and interactive quiz like Aa
Dekhen Zara which saw great participation from the guests. The meet was followed by Dinner. Prof.
Sharma thanked the guests for sparing their valuable time, active involvement and participation in
the meet.
Alumni Meet in Chandigarh
The Annual Alumni Meet at Chandigarh, Confluence, was held on 24th of September, 2016.
A total of 57 IBS alumni present in and around Chandigarh gathered at Park Plaza, Zirakpur to
be part of the evening.
The evening commenced with a formal welcome address from Mr. Shashaya, Director, IBS
Hyderabad. Alumni, from different campuses, shared their IBS experience and post IBS journey
with everyone. They also got a chance to interact with the faculty members present, Dr. Vibha
Arora (Faculty and IBS Alumni Federation Coordinator) and Dr.Shalini Khandelwal (Associate Dean
and Research Coordinator).
Alumni enjoyed food, drinks and didn’t miss out having fun on
the dance floor either. The photo-booth (made by Alumni Team IBS
Gurgaon) was very popular with guests.
Alumni expressed their appreciation to IBS for organizing
alumni meets. They also told us that they were already looking
forward to Confluence 2017!

GLOBAL IMMERSION PROGRAM 2016 - SINGAPORE &
MALAYSIA
Sanchita Makkar & Shivam Manchanda
We have always enjoyed traveling and having experience with
different cultures and different people. But it’s also amazing to be able
to benefit and enable research, not only in our country but around the
world. The Global Immersion Program - Trip to Singapore & Malaysia
has been mesmerizing, educational and the most cherished moment of our MBA diaries.
Our Journey started from Singapore city where we visited Marina Bay Sands Hotel, Singapore
Flyer and Malian. At the dusk came the most awaited moment, the Night Safari which comprised of
30 minutes toy train ride into the night - life of the jungle.
Second day started with a visit to New Water Plant where we attended a workshop on the
various sources of water in Singapore, working of the plant and explored the techniques used by
New Water Plant to make water clean. It was an interesting journey of exploration and discovery
around the plant. The second half of the day was spent at Sentosa Island which is a popular resort
in Singapore comprising of beach and different water shows.
On the third day, we went to the Tiger Beer Factory where the team helped us to understand the
history of beer, the procedure of making it and its packaging process.
It was a great experience visiting the factory and getting the exposure.
We also visited Hay Dairies Factory where we got to know about goat
milk extraction procedure, its benefits and its supply chain process.
Next day was a visit which we had been waiting for from the
day one - visit to the famous Universal Studio. It is one of the best
places to visit and had different sections for enjoyment comprising
of different rides like Transformers section, The Mummy, The Sesame
Street, Jurassic Park, Queens Castle etc. The day ended with an
amazing cruise ride which filled our eyes with breathtaking picturesque view of city embezzled in
colored lights.
Bidding goodbye to Singapore city, the next destination was Malaysia - truly Asia! Our journey
started with Genting Islands - a city of entertainment comprising theme parks, rides, casinos etc.
Staying there for a night was an amazing experience as it is 6000ft
above ground level. We thoroughly enjoyed at Snow World where the
temperature was -6 degrees and had freezing experience.
Then we moved on for city tour of Kuala Lumpur, Malaysia. We
started the tour with Batu caves and also visited Chocolate factory
where we relished variety of chocolates like mint, cashew, alcohol,
coconut etc.
Next stoppage was Yakult Factory, where we got to know a lot
about Yakult probiotic drink and its benefits. At night, we visited
famous Twin Towers and shopping malls.
On the last day at Kuala Lumpur, we visited another factory called as Pewter’s Factory. Pewter
is a metal prepared with copper and tin. The factory was started in 1885 and there is a large women
workforce working in it.
The trip gave us deep insights into the different cultures and lifestyles of people
and we learnt how businesses are run and managed in these countries. It was trip
filled with fun, knowledge and we returned home with lot of memories, new friends,
new experiences and moments to cherish for lifetime.
Sanchita Makkar & Shivam Manchanda are students of Class of 2017 at IBS Gurgaon

IBSAF AWARDS 2016 @ IBS GURGAON
Prof. S.C. Sharma, Director, IBS Gurgaon, addressing the
audience
Chief Guest, Dr. S.P. Narang, Member, Board of Governors,
MDI Gurgaon, expressing his thoughts
Guest of Honor, Mr. Rajan Bhalla, CMO, HT Media Limited,
sharing his insights
Prof. S.C. Sharma felicitating alumnus Mr. Yogesh Sardana,
Sr Business Analyst, S& P Global
Prof. S.C. Sharma receiving the ‘IBSAF Best Teacher Award for
Institutional Builder’
Prof. Gautam Kaul, Dean IBACO & Dy Campus Head receiving
the ‘IBSAF Best Teachers Award for Institutional
Building Activities’
Prof. Sangeeta Shahane receiving the ‘IBSAF Best Teacher
Award for Institutional Building Activities’
Prospectus Launch of Internship Cell of IBS Gurgaon

Ms .Sanchita Makkar Ms Triveni NegiMr Vishal Dhankar
SIP Gold Medalist Students
with the Faculty Guides
IBSAF AWARDS 2016 @ IBS GURGAON
BEST SIP AWARD WINNERS
Mr.Akash Panwar Ms. Urvashi VashishtMr.Prateek Logani
Mr. Prashant Singh, Manager –
Administration, receiving ‘Certificate of
Appreciation in Recognition of Exemplary
Zeal and Dedication’
Mr. Surendra Singh, Administrative
Officer, receiving ‘Certificate of
Appreciation in Recognition of Exemplary
Zeal and Dedication’
Ms. Archana Menon, Senior Manager -
Corporate Relations, receiving ‘Certificate
of Appreciation in Recognition of
Exemplary Zeal and Dedication’
Mr.Harmanjeet Mr.Himanshu JainMs Roopali Rawat

BREXIT: A BRITISH REVOLUTION
Ashima Jain*
The term “Brexit” is a portmanteau of the words “British” and
“exit”. Brexit is the intended withdrawal of the United Kingdom
(UK) from the European Union (EU). In the June 2016 referendum,
52% population voted to leave the EU, leading into a complex
separation process implying political and economic changes for
the UK and other countries.
The force that turned Britain away from the European Union was the greatest mass
migration since perhaps the Anglo-Saxon invasion. 630,000 foreign nationals settled in
Britain in the single year 2015. Britain’s population has grown from 57 million in 1990 to 65
million in 2015, despite a native birth rate that’s now below replacement. Brexiteers also
claim that now there will be an employment boom without the fetters that EU regulations
impose. Another reason is that the EU, British markets and individual trade deals with
European countries can be easily negotiated.
Brexit will impact on member states through some channels, such as international
influence, to largely uniform extent. For others, the impact will vary depending on relations
with the UK, alignment with UK policy objectives, or underlying vulnerability to shocks. The
extent of exposure is revealing not only about the risks to member states, but also how
much they have invested in keeping the UK in the EU.
Three countries stand out for having the highest exposure – the Netherlands, Ireland
and Cyprus. Ireland is no surprise, given its proximity to the UK. The Netherlands and
Cyprus, like Ireland, share very strong trade, investment and financial links with the UK.
These countries also tend to be closely aligned with the UK in terms of regulatory and trade
policy objectives.
There are 800 Indian companies in the UK - more than the combined number in the rest
of Europe. Britain’s exit from EU may affect Indian companies’ appetite for investing in the
U.K., particularly those seeking access to the European market. Moreover, markets across
the world will tank. The pound will depreciate against most major economies. India cannot
remain immune to this. Sensex and Nifty will tumble in the short-run. India is presently the
second biggest source of FDI (Foreign Direct Investment) for Great Britain. But now, it will
not be as attractive a destination for Indian FDI as before. India will also lose its gateway to
Europe. This might force India to forge ties with another country within the EU, which would
be a good result in the long run.
However, with the world class universities, vibrant business sectors, long term
infrastructure investment, favorable tax rates and an economy that appears to be very much
open for business in the foreseeable future, one might expect to see more Indian companies
emulating the success of their peers on our 2016 list. Whether a London and a UK outside
the EU will remain an attractive destination for Indian companies remains to be seen.
*Ashima Jain is a student of Class of 2017 at IBS Gurgaon

BREXIT - THE BRITANNIA ON STAKE
Vaishnavi Gupta, Akshay Kirti and Aryan Singh*
“The sun never sets on the British Empire” was a poetical
way of saying that the British Empire was sufficiently global
that at any given point in the 24 hour cycle, it was daylight
somewhere in the Empire. Such was the lethal extravagance of
the political, economical, and cultural power of Britain.
On June 24th of this year, this extravagance was tarnished
when Britain chose to leave the EU. Pound sterling hit a 30 year low, the world stock markets
saw bloodbath and the domino effect roared in the Eurosceptic regions of Europe.
The formation of the EU was one of the most successful political experiments as
poorer countries such as Ireland and Spain have made significant degree of economic
development and reduced regional disparity leading to a wider market for its rich countries
such as Germany and the U.K. The single market of EU is considered to be one of the largest
and affluent markets in the world. Before the Brexit, United Kingdom, for many countries,
was the ‘English channel’ to access the single market of EU. Many American and Asian firms
established their European headquarters in London. Because of this, both the U.K. and EU
economies enjoyed huge inflows of FDIs.
Then what went wrong with the U.K. - EU relationship? Months before the voting day,
there were chants of ‘take control’ throughout the British Isles. It was the main slogan of
the ‘Vote Leave’ Campaign. This was so because there were arguments that Britain lost its
sovereignty by being in the European Union. But to save such sovereignty, Britain has to
cost its economy. The EU now wants to severely punish the U.K. for its exit from the union
so that no other European nation could do so in the future. If Brexit proves less painful than
expected for the U.K. economy, then Frexit, Nexit or Czexit will look more appealing and
thus expecting easy Brexit negotiations are not possible.
In the 2016 G20 Hangzhou summit, many world leaders have warned the British Prime
Minister Theresa May that the U.K had lured corporations to invest in Britain as it had the
passport to access the EU single market and that if a ‘soft’ Brexit would not be practiced, the
foreign firms will shift their operations to the continent. Even the U.S., which has a ‘special
relationship’ with the U.K., gave harsh warning when its president Barack Obama said that
the U.K. would not be a priority for a U.S. trade deal.
Does this mean Britain has no other option but to tradeoff between sovereignty and
economics? There are countries which are not part of EU, but still have wide ranging access
to the single market, such as Switzerland (through bilateral agreements) and Norway, Iceland
and Liechtenstein (through European Economic Area). And if the U.K. wants to have access
to this market, it has to fulfill some of the EU wishes such as net financial contribution to the
union, net inflow of EU immigrants and adoption of EU law.
Journey ahead of the Brexit is not an easy sail for both the U.K. and EU. Punishing Britain
to an extent will give huge economic pains to EU as well because Britain contributes 6%
of the European economy. Hence, in the coming days to come, it is vital to see how this
complicated divorce takes place.
*Vaishnavi Gupta, Akshay Kirti and Aryan Singh are students of Class of 2018 at IBS Gurgaon

CELEBRITY WATCH – URIJIT PATEL
Mr. Urijit Patel was born in Kenya on 28th October, 1963. He
is an M.Phil. from Oxford and Ph.D. in Economics from Yale. He
joined RBI as Deputy Governor in 2013.During his Oxford life, he
enjoyed leafing through the satirical magazine, Private Eye and
bumbling Mr Bean was his favourite characters.
On 20th August, the Narender Modi Government signalled continuity by naming Mr.
Raghuram Rajan’s key deputy Mr. Urijit Patel as the 24th Governor of Reserve Bank of India.
Apart from continuity, his knowledge of the monetary policy and his synchronisation with
the government’s growth aspiration favoured him through the designation.
He is given a three year tenure and was elected from among five contenders with
his predecessor, Mr. Subir Gokarn being the other strong candidate. Also in the fray were
Mr. Arvind Subramaniam (Chief Economic Advisor), Mr. Shakinta Das (Economic Affairs
Secretary), Mr. Kaushik Basu (Former Bank Chief Economist) and Mr. Rakesh Mohan (Former
RBI Governer), who opted out due to other commitments.
Mr. Patel, during his tenure at IMF as an executive director, has been involved in all
crucial decisions at the central bank from reworking the way key policy rates to modernizing
the RBI functions. He is also the member of the panel to review the Fiscal responsibility
and Budget Management. He has been a member of several committees constituted by
the finance ministry, competition commission and industry bodies like CII and was also on
the board of Gujrat State Petroleum Corp. He also headed the panel that recommended
landmark changes to monetary policy in India, including a switch to inflation targeting and
creation of committee to set interest rates.
According to Deputy Governor Mr. SS Mundra, Mr. Patel is focused, detail oriented and
independent minded. He is a cut from the same cloth as Mr. Rajan as far as ideology is
concerned. Mr. Patel is not one to boost in government capital spending at the risk of higher
fiscal deficit. One area where he is completely different from Mr. Rajan is his introvert nature.
Unlike Mr. Rajan, Mr. Patel rarely speaks in public.
RBI governors in the past have been a combination of bureaucrats and economists. But
no one has experienced an all rounder as Mr. Patel. The challenge remains on how well he
is able to continue with Mr. Raghuram Rajan’s war on Inflation and Bad loans.
Compiled By:- Aditi Shukla, Class of 2017, IBS Gurgaon

KNOWLEDGE SHARING SESSIONS BY IBS ALUMNIThe Alumni Association of IBS Gurgaon organized a series of knowledge sharing sessions for students
by the proud alumni of IBS. The Alumni Coordinator, Dr. Vibha Arora
invited alumni who shared their experiences, informed students
about the expectations of the corporate world and guided them on
how they can develop skills for employability.
Mr. Karan Bhujbal, Manager, Global Corporate Marketing, Vuclip on
“Communication Imperative for Business Success” on 4th July, 2016
Ms. Geetika Maheshwari, Regional Business Head, Optimise Media
Network on “Different Ways of Marketing Digitally” on 5th July, 2016
Mr, Sunil Choudhry, Associate Director – Sales, Mortgagae Guarantee Corporation on “Channel
Sales in Retail Asset” on 6th July, 2016
Mr. Onkar Nath, Deputy Manager, Branding, Tata Chemicals Ltd. on “Segmentation, Targeting,
Positioning and Communication.” on 7th July, 2016
Mr. Yogesh Sardana, Senior Research Analyst, S&P Global Market Research Intelligence on “Investment
Banking” on 8th July, 2016
Mr. Manish Pharasi, Director- Business Excellence & Innovation, Aon, on “Self Development” on 12th
August, 2016
Mr. Ankush Arora, Research Manager, IMRB International, Alumnus, IBS- Gurgaon on “Understanding
the Dynamics of Market Research” on 11th July, 2016
Mr. Abhishek Shah, Regional Credit Manager- Mortgage Loans, Indiabulls Housing Finance Ltd.,
Alumnus, IBS – Gurgaon on “Understanding of Banking Services and Financial System” on 12th July
2016
Mr. Tarun Sharma , Nucleus Software Exports Ltd. , Lead Business Analyst, on “ Disruptive Innovation”
on 13th July, 2016
Ms. Manvi Pant, Senior Marketing Professional, A.T. Kearney on “Important Aspects of Communication
& Social Media Communication” on 30th August, 2016

FACULTY FORUM
Faculty Development Programs Conducted:-
Dr. Vipin Khurana on “Business Analytics” at North Cap University on 5th July, 2016
Dr. Tavleen Kaur on “Emotional Intelligence and Time Management” at Khalsa College for Women,
Jalandhar on 16th July, 2016.
Dr. Shalini Khandelwal on “Innovative Teaching Methodology” at Ashoka Institue of Technology and
Management, Varanasi on 23rd July, 2016.
Dr. Vipin Khurana on “Statistical Package for Social Sciences” at Teerthankar Mahaveer Institute of
Management & Technology, Moradabad on 27-28 July, 2016.
Dr. Anubhav A. Mishra on “Research Methodology” at J.P. Institute of management, Meerut on 11th
August, 2016.
Dr. Reshmi Manna on “Research Methodology” at Shri Vaishnav College of Commerce, Indore on 26th
August, 2016
Dr. Reshmi Manna on “Research Methodology” at Holkar Science College, Indore on 27th August, 2016.
Prof. Sangeeta Shahane on ‘Enhancing Experiential Learning in Teaching through Innovative Methods
in Management’ at Hotel Seven Hills Tower, Agra on 28th August, 2016.
Dr. Shalini Khandelwal on “Time Management” at SS Jain Subodh Girls College, Jaipur on 29th
August, 2016
Training and Placement Officers (TPO) Meets Conducted:-
Dr. Anupama Raina and Dr. Nidhi Tak on “Enhancing Employability and Networking Skills” at “Training
and Placement officers’ Meet” at Lee Grand Hotel, Greater Noida on 23rd August, 2016.
Dr. Anupama Raina on “Enhancing Employability and Networking Skills” at “Training and Placement
officers’ Meet” at Hotel Sayaji, Indore on 9th September, 2016.
Dr. Reshmi Manna on “Enhancing Employability and Networking Skills” at “Training and Placement
officers’ Meet” at Residency Hotel, Bhopal on 10th September, 2016.

Student Seminars Conducted:-
Dr. Tavleen Kaur on “Communication Skills” at Career Launcher, Jaladhar on 16th July, 2016
Dr. Shalini Khandelwal on “Roads to B-School” at Career Launcher, Varanasi on 22nd July, 2016
Prof. Gautam Kaul on “Career Opportunities after Graduation” at Govt.College, Ambala Cantt and SA
Jain College, Ambala City on 4th and 6th August, 2016
Prof. Gautam Kaul on “Personality Enrichment” at AIMT, Ambala City; Career Launcher, Karnal and
Arya College, Ambala Cantt on 4th , 5th and 6th August, 2016
Prof. Sangeeta Shahane on “Enhancing Employability Skills” at DIRD College, Nangli Poona, Delhi on
22nd August, 2016
Prof. Ekta Rani Chauhan on “GD and PI Skills” at Kamal Institute, IP University, Delhi on 23rd August, 2016.
Dr. Reshmi Manna on “Importance of Employability Skills and Resume Writing” at Shri Vaishnav
College of Commerce, Indore on 26th August, 2016
Dr. Reshmi Manna on “Career Counselling and Emotional Intelligence” at DAV College, Jalandhar;
Khalsa College for Women, Jalandhar; Apeejay College of Fine Arts, Jalandhar and Govt College,
Sector1, Panchkula on 29th August and 2nd September, 2016 respectively
Prof. Sangeeta Shahane on “Effective Communication Skills for Employability” at B. D. Girls Degree
College and Anand Engineering College, Agra on 29th August, 2016
Dr. Nidhi Tak on “Personality Enrichment” at Career Launcher, UIET and Neki Ram College, Rohtak
on 1st and 2nd September, 2016 and on “Career Opportunities after Graduation” at Jaat College,
Rohtak on 1st September, 2016.

Dr. Reshmi Manna on “Resume Writing and Interview Skills” at Govt. College, Sector 46, Chandigarh
on 1st September, 2016 and on “Personality Enrichment” at Govt. College, Sector 14, Panchkula on
2nd September, 2016
Prof. Sangeeta Shahane on “How to Enhance Employability Skills of Students” at Kasturi Ram College
of Higher Education, Narela on 7th September, 2016
Dr. Nidhi Tak on “How to Enhance Employability Skills of Students” at Trinity Institute of Professional
Studies, Dwarka on 7th September, 2016
Prof. S. C. Sharma on “Impact of GST Bill on Indian Economy” at Shri Ramswaroop College of
Engineering & Management, National PG College and Amity University, Lucknow on 7th and 8th
September, 2016
Prof. Gautam Kaul on “Grooming Soft Skills for Empowering Youth” at A. N. D. College and on “Career
Opportunities after Graduation” at P. P. N. College, Kanpur on 9th September, 2016
Prof. Gautam Kaul on “Knowing yourself, Employability skills, Group Discussion & Personal Interview”
at Virendra Swaroop Institute of Computer Science and on “GD PI Skills” at IBS Marketing Office,
Kanpur on 10th September, 2016
Prof. S. C. Sharma on “GST Bill” at SS Jain Subodh Girls College and Poornima University, Jaipur on
10th September, 2016
Dr. Tavleen Kaur on “GD and PI Workshop” at DAV Institute of Management, Faridabad on 16th
September, 2016.
Dr. Vipin Khurana on “Business Analytics and its Impact” at Shri Venkateshwara College, New Delhi
on 19th September, 2016

Faculty Seminar on “Goods and Services Tax” by Dr. Mandeep Mahendru,
Dr. Govind Patra and Prof. Rajesh Mishra on 23rd September, 2016.
Dr. Mandeep Mahendru presented the seminar on GST as a Game Changer. She discussed
how uniformity of tax is going to bring change in business environment of the country
and create win- win situation for Industry, Government and customer. Dr. Govind Patra
highlighted the advantages and disadvantages of GST by mentioning that implementation
of GST will eliminate the cascading effect of taxes. He also shared how services cost will
increase with implementation of single tax rate for goods and services under GST. Prof.
Rajesh Mishra discussed the present and proposed indirect tax structure under GST. He
elaborated how GST which is a tax on value addition at each stage would be beneficial
for consumers. Director, Prof. S. C. Sharma summarized the presentations and shared his
insights with the faculty members.
Papers Published :-
ƒƒ Dr. Reshmi Manna & Dr. Shalini Khandelwal’s case study “Yes to Human Capital Optimization
and Engagement for Achieving Business Excellence” in Corporate Citizen, Vol 2, Issue 11, 1-15
August, 2016, page 44-51.
ƒƒ Prof. Rajesh Mishra’s paper, “Performance Evaluation of Indian Mutual Funds during Bull and
Bear Periods” in Indian Journal of Finance, August 2016
ƒƒ Dr. Vipin Khurana & Prof. Sudarshan K Baurai’s paper “Eco-System of Internet of Everything
(IoE): Focus on India” in Internet of Things – IUP Publications, August 2016
ƒƒ Dr. Vipin Khurana’s paper “Assessment of Technologies for Quasi Govt and Govt Discoms in
National Capital Region and Development of Power Distribution Technology Implementation
Index” in ZENITH International Journal of Business Economics & Management Research,
September, 2016
ƒƒ Dr. Vipin Khurana’s paper “Application of Diffusion of Innovation theory to understand the
factors impacting Discoms staff acceptance and use of Geospatial Technology innovations: a
Case Study of Public Private Partnership Discom in Delhi” in International Journal of Technical
Research & Science (IJTRS), October 2016
ƒƒ Dr. Devika Vashisht’s paper “Are they really persuaded with the brand embedded in the game?
Analyzing the effects of nature of game, brand prominence and game-product congruence”
in Journal of Research in Interactive Marketing 2016, Vol. 10, No. 3.
ƒƒ Dr. Devika Vashisht’s paper “Advergame speed influence and brand recall: The moderating
effects of brand placement strength and gamers’ persuasion knowledge” in Computers in
Human Behavior 2016, Vol. 63, pp. 162-169.

ALUMNI SUCCESS STORY
Sahil Sachdeva, Class of 2009
SUCCESS… is a very tricky word. Much like one man’s food is
another man’s poison, success is a very personal and often over-
simplified, not to mention, over-glorified term. We all like stories,
don’t we? Stories of dragon slayings, of winning against a thousand
odds, of exhilarating adrenalin-gushing heroic feats; leading to
a final place of eternal happiness or meeting some desired goal,
where you think you have made it.
Success is a journey, not a destination. The doing is often more important than the
outcome. With this in mind, Sahil Sachdeva started his IBS journey in 2007 and graduated
in 2009. He was a strong believer that marks alone cannot make you successful. It’s a
combination of a lot of hard work, dedication, having a plan and sticking to it.
2009 was a bad year to graduate mainly because of the economic recession. As a natural
consequence, companies were not hiring aggressively and there was a dearth of well paying
‘you-made-it’ jobs in the market. He joined a small company called studyplaces.com, where
he did his internship, as Assistant Manager, Online Marketing and it was exactly the work he
wanted to learn. However, there was a catch, the company wouldn’t pay him anything except
for free lunches. He worked hard for three months and as a reward for his good work, the CEO
decided to give him INR 7,000 and from the fourth month onwards, a INR 20,000 per month
paycheck, which was barely enough to stay afloat.
The company provided a great platform for him to learn Google, Facebook advertising and
Web analytics. He started looking for high paying jobs and he got a job offer with a 50% pay
hike but his then CEO decided to retain him and offered more than that. The company was
later acquired by Educomp Solutions and as it happens in every merger, Educomp started
laying off Studyplaces employees. Sahil again started looking out for a job but jobs in Digital
were far and few in 2010. He finally was selected in Exponential (previously Tribal Fusion) as
Account manager for SEA (South East Asia) market.
This was his first chance to work in International markets and look after marketing campaigns
for international brands. Needless to say the learning curve was steep and strewed with
hurdles, painful mistakes, substantial learnings and essential people skills. Firmly believing
that the only way was up, giving in his everything to the job, after 2 years he was promoted
to Senior Account Manager and was now taking care of all SEA market and their Mobile
Division.
Sahil had a keen interest in knowing the ‘Whys’ and ‘Hows’ of things, these questions fueled
his rigor to learn and this is something he still considers the single most important quality in
himself (or any other person for that matter). Soon, he was the go-to person for answers for
the entire team. He was given the responsibility to manage the entire client facing team of
Exponential in 2014, rising through ranks to become the Account Director, leading a team
of 20+ employees, which he built with great care and dedication. His hunger to learn and
explore new things didn’t stop there; he decided to move on from Exponential after 6 years
and joined Adobe as an Industry lead for Digital Marketing Cloud.

BOOK REVIEW
THE EURO- HOW A COMMON CURRENCY
THREATENS THE FUTURE OF EUROPE
Author : Joseph E. Stiglitz
Publisher : W. W. Norton & Company.
Release Date : August 16, 2016.
The 448 page book talks about the drastic effects of the
common currency, “EURO”, on the Eurozone - Monetary Union
of 19 out of the 28 member countries of the European Union
(EU).
This book explains the causes of the sovereign debt crisis
of Europe and the policy response of the European Union to it.
Accordingtotheauthor,theEuroaugmentedfinancialinstability;
triggered economic divergence instead of convergence;
increased inequality across countries and within countries. The Euro was supposed to be
the means of monetary and political integration but the reverse is happening.
Stiglitz argues that Europe needs a redivision of currencies to rebalance trade. Although
Stiglitz would like to see “more Europe” - that is, common rules and institutions and even
a common tax framework so the euro can work. In its absence, he would splinter the euro
into, say, two or three currencies, perhaps trading freely.
According to Stiglitz, the failure of the Euro reverberated in the recent UK’s referendum
on membership of the EU-Brexit. Therefore, some of the reforms advocated for the
Eurozone should extend to the entire EU, especially in the wake of Brexit, which is discussed
in this book later. Stiglitz warns against a “messy divorce”, and points out two extreme
alternatives: a “real Brexit” with a stubborn Europe refusing to grant the UK any special
status and a “reform and remain” option like Brexit never happened.
The author has remained former chief economist at the World Bank and adviser to
President Clinton for several years. He has also won a NOBEL PRIZE in economics. This
book is a must read for those who want to gather knowledge about the Sovereign
Debt crisis of Europe and the reasons behind it.
Reviewed By: Jiten Gupta, Class of 2018, IBS Gurgaon
At Adobe, he closely works with the eCommerce and travel companies to help them solve
their Business problems. For the budding managers, Sahil gives his message that they should
not let the definition of someone else’s successes limit their drive. Each bruise is a lesson
and each lesson makes us stronger. Sahil truly believes in this philosophy and never looks
back. As per him, he is not successful yet, because success can truly be a limiting term as
Robert H. Schuller puts it “Success is never ending and failure is never final”.
In Sahil’s own words “Life is a long journey and full of struggles but it’s worth it”. He is an
avid cricket aficionado; Marvel, DC fan; loves going to the gym and is happily married to
Kanupriya (an IBS alumni, but this is a story for another time). He can be reached at sahil.
aryan@gmail.com.

AAGMAN - FRESHER’S WELCOME FUNCTION 2016

IBS, Gurgaon
IDPL Complex
Old Delhi Gurgaon Road
Dundahera
Gurgaon–122016
Haryana
Tel : 0124-4980950 (Board)
Fax : 0124-4980999
Printedat:www.sitafinearts.com
All rights reserved. No part of this publication may be reproduced without
prior permission in writing from IBS Gurgaon. The views expressed by the
authors are purely personal and do not reflect the views of the institute or the
organization with which they are associated.

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