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Transforming Legacies: The Visionary Journey of Manappuram Finance

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Centuries ago, the sage and philosopher Laozi, on the other side of the Great Wall of China, famously stated, “A journey of a thousand miles begins with a single step.” This timeless wisdom highlights how seemingly minor actions can trigger significant changes over time. The remarkable story of an entrepreneurial giant on this side of the Great Wall exemplifies this concept beautifully. When V.P. Nandakumar took over his late father’s modest, single-branch money-lending business in 1986, few could have predicted that it would mark the start of an extraordinary journey. Today, Manappuram Finance Ltd stands as one of India’s premier non-banking financial companies (NBFCs), boasting 5,200 branches across 28 states and Union Territories, an impressive Assets Under Management (AUM) of Rs 42,069 crore, and a dedicated workforce of over 50,000.

Unique Times chronicles the fascinating success saga of Nandakumar, the Managing Director and CEO of Manappuram Finance Ltd, who used his astute leadership skills, razor-sharp acumen and vision to steer his enterprise all through its high-octane journey to becoming a financial powerhouse in the country. The journey that began in modest settings in Valapad, a quaint village in Kerala’s Thrissur, has acquired a pan-India dimension today, which is nothing but extraordinary. Nandakumar has added more feathers to his cap by unlocking the portals of diversification through microfinance, home loans, vehicle finance and SME and personal loans thereby broadening the spectrum of his company. 

Wearing Many Hats With Elan

Born in 1954, Nandakumar holds a postgraduate degree in science and additional qualifications in banking and foreign trade, providing him with a strong foundation for his finance career. His expertise has been recognized by various trade and industry associations, including FICCI, ASSOCHAM, and FIDC, where he has actively contributed to policy shaping and the promotion of best practices within the sector. His commitment to education and professional development is further demonstrated by his appointment to the Board of Governors of the Indian Institute of Management, Kozhikode, in January 2019, highlighting his significant influence in the field of management education.

Nandakumar is a Distinguished Invitee to the All-India Management Association’s Council of Management, where he shares his insights to promote management practices nationwide. As Co-Chair of the State Council of FICCI Kerala, he demonstrates his ability to foster collaboration among industry leaders and improve the business environment in the region. Through these roles, Nandakumar continues to make a positive impact on both the educational and industrial sectors, guiding the next generation of leaders in the financial services industry.

How It All Began

Manappuram Finance Ltd traces its roots back to 1949 when it was founded by Nandakumar’s father, the late V.C. Padmanabhan, in Valapad. The initial operations focused on money lending. It was a modest beginning that laid the foundation for what would become a financial behemoth. Following the untimely demise of his father in 1986, Nandakumar took over the reins of the family business and there has been no looking back ever since.

Diversification and Growth

One of Nandakumar’s most significant contributions has been his proactive approach to diversification. Recognising the evolving needs of customers, he has steered the company into new territories. Today, a remarkable 49% of Manappuram’s total business originates from non-gold segments, a clear reflection of his strategic foresight.

Nandakumar’s efforts have not gone unnoticed. His exemplary leadership and remarkable achievements have fetched him recognition on coveted national platforms. In May 2018, ‘Business World’ magazine listed him among India’s 40 most valuable CEOs. The ‘Economic Times’ acknowledged Manappuram as the ‘chart-topper’ in their ET500 list of Top Wealth Creators of 2019. Furthermore, he received the Hurun Industry Achievement Award in February 2023, a testament to his enduring impact in the business world.

Commitment to Community Development

Beyond his business acumen, Nandakumar’s commitment to social responsibility is a cornerstone of his vision. In 2009, he established the Manappuram Foundation aimed at uplifting the community through various initiatives. The foundation’s reach extends to managing two schools, coaching centres for diverse skills, yoga centres, and wellness facilities. Notably, it also operates a sports complex with badminton and basketball courts, along with an aquatic complex featuring a state-of-the-art swimming pool.

His dedication to community welfare is evident in the foundation’s services, which are provided to people falling under the Below Poverty Line (BPL) category at subsidized rates. Additionally, the foundation has a fleet of ambulances equipped with advanced medical support systems, further solidifying its role as a pillar of support for the local population. He staunchly believes that these efforts to uplift the community will have a butterfly effect over the years as his empire grows.

Leadership Beyond Borders

In addition to his responsibilities at Manappuram Finance, Nandakumar has done yeoman service to international organizations. His journey with Lions Clubs International began in 1981, and over the years, he has held various leadership positions, including multiple district council chairperson and member of the LCIF Corporate, Foundation & Government Gifts Committee. His dedication and service culminated in his election as an international director during the 102nd International Convention in Milan, Italy, in July 2019, marking a significant milestone in his commitment to community service.

Currently, he is serving as the Chair of LCCIA and Chairperson of the ISAME Area Leadership. Through these roles, he continues to foster collaboration among Lions Clubs worldwide, advocating service projects that address pressing social issues. His leadership not only strengthens the organisation but also reinforces his commitment to making a positive impact beyond national borders, embodying the spirit of global citizenship and community empowerment.

Promoting Financial Inclusivity

Nandakumar’s influence reaches far beyond the confines of Manappuram Finance. He has been a driving force in promoting financial inclusivity through his involvement in several key ventures. Notably, he played a pivotal role in establishing Equitas Small Finance Bank Ltd., India’s first small finance bank that provides affordable financial solutions to the underserved. His efforts also contributed to the formation of Aptus Value Housing Finance India Ltd., both of which were successfully listed on the stock exchange, marking significant milestones in the Indian financial landscape.

Additionally, Nandakumar’s promotion of Five Star Business Finance Ltd., an NBFC specialising in MSME finance, further emphasises his commitment to enhancing access to financial services for marginalised sectors. By focusing on micro, small, and medium enterprises, he has championed initiatives that empower entrepreneurs and drive economic growth. Through these endeavours, Nandakumar continues to champion financial inclusivity, ensuring that diverse segments of society have the opportunity to participate in the economic mainstream.

A Legacy of Leadership and Vision for the Future

As Nandakumar continues to lead Manappuram Finance Ltd., his vision is firmly anchored in innovation, community service, and financial inclusivity. With plans for further expansion and diversification, he is well-positioned to navigate the changing financial landscape while remaining dedicated to the values that have guided him since the company’s inception.

In an era where financial services are increasingly crucial, Nandakumar’s journey exemplifies the power of leadership, resilience, and a sincere commitment to making a positive impact. As he looks ahead, it is clear that his influence will continue to shape the future of financial services in India and beyond.

Picture Courtesy: Pegasus Photography/images are subject to copyright

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Europe heatwave: Hot weather sweeps across southern Europe

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A scorching heatwave continues to affect several European countries, with temperatures expected to break records in the coming days. Parts of Spain, France, Greece, Croatia, Turkey, and Italy may experience temperatures exceeding 40°C (104°F), with Italy potentially reaching up to 48°C (118.4°F), which could be the highest ever recorded in Europe, according to the European Space Agency. A red alert warning has been issued for 10 cities, including Florence and Rome. Last month was reported as the hottest June on record by the EU’s climate monitoring service Copernicus.

The World Meteorological Organization (WMO) has warned that extreme weather events resulting from climate change are becoming the new norm. While periods of intense heat are part of natural weather patterns, they are increasingly becoming more frequent, intense, and prolonged globally due to global warming.

The heatwave has impacted tourists in Europe, with visitors experiencing symptoms such as nausea and dizziness in Athens. Efforts have been made to provide information on air-conditioned places for people to seek relief from the heat. Tragically, a man in Italy died from heat-related causes, and several visitors, including a British man in Rome, have suffered from heatstroke.

Authorities are advising people to stay hydrated by drinking at least two liters of water per day and to avoid dehydrating beverages like coffee and alcohol. Tourists in Rome expressed surprise at the extreme heat and stated they were trying to avoid going out during the hottest hours of the day. Some individuals emphasized the need for collective action to address climate change, urging governments and individuals to take responsibility and make changes such as reducing plastic usage, limiting air conditioning, and using electric cars.

The current heatwave, named Cerberus after the mythical three-headed dog from Dante’s Inferno, is expected to continue intensifying in the coming days. Spain has already experienced temperatures reaching 45°C (113°F), and the European Space Agency has predicted potential temperatures of 48°C (118.4°F) in Sicily and Sardinia, which could be the hottest ever recorded in Europe.

Additionally, other regions outside Europe, including parts of Canada, the United States, India, and China, have also witnessed record-breaking temperatures this summer. Sea temperatures in the Atlantic have reached record highs, while Antarctic sea ice is at its lowest extent on record. Furthermore, the development of El Niño, a weather pattern in the tropical Pacific, is expected to contribute to rising temperatures by an average of 0.2°C, exacerbating the effects of climate change, which has already increased average temperatures worldwide by approximately 1.1°C.

To put the current heatwave in historical context, scientists can analyze air bubbles trapped in ancient Antarctic ice, which suggests that the first week of July was the hottest week in around 125,000 years. During the Eemian period, which occurred over a million years ago, temperatures were estimated to be significantly higher, resulting in hippos inhabiting the Thames and sea levels being approximately 5 meters (16.4 feet) higher.

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SCO summit: Putin says sanctions making Russia stronger

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Russian President Vladimir Putin has reiterated his country’s opposition to Western sanctions following the invasion of Ukraine.

Speaking at the virtual Shanghai Cooperation Organisation (SCO) summit, his first international address since the recent mutiny in Russia, Putin expressed defiance towards the West, stating that Russia would counter external sanctions and pressures while continuing to develop. He emphasized the importance of trade agreements between SCO nations in local currencies, seen as a measure to mitigate the impact of sanctions. Putin also welcomed Belarus’s application to become a permanent member of the SCO. Indian Prime Minister Narendra Modi, hosting the summit, called for increased trade, connectivity, and tech cooperation among member states.

However, he did not directly address the war in Ukraine or China’s assertiveness in the Indo-Pacific, reflecting India’s delicate diplomatic position as it strengthens ties with both the West and China. Instead, Modi urged SCO members to cooperate on countering cross-border terrorism, with his statements commonly interpreted as aimed at Pakistan. China’s President Xi Jinping emphasized the importance of regional peace and security and called for solidarity and mutual trust among SCO members. All members agreed on the need to maintain stability in Afghanistan following the Taliban’s takeover.

The SCO, formed in 2001 by China, Russia, and four Central Asian countries, has gained relevance as relations with the West deteriorate for Russia and China. With around 40% of the world’s population and over 20% of global GDP, the SCO holds significant potential, and the inclusion of Iran as a full member further enhances its energy portfolio.

However, India’s ability to strike a diplomatic balance between its global partners, including Russia, China, and Pakistan, will impact the future of the SCO. Indian diplomats assert their commitment to an independent foreign policy without favoring any particular group.

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The Paris Air Show begins with a record order from IndiGo in India

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The largest single-aisle aeroplane contract ever, valued at several billion dollars, was obtained by Airbus.

On the first day of the Paris Air Show on Monday, as the industry’s supply chain issues and the high demand for jets and missiles competed for attention, Airbus announced a record 500-plane agreement with the Indian airline IndiGo.

The multibillion-dollar contract for single-aisle aircraft, which was the highest ever in terms of the quantity of aircraft, surpassed Air India’s earlier this year preliminary purchase of 470 Airbus and Boeing aircraft.

After the 2021 edition was cancelled due to the coronavirus epidemic, the largest air show in the world, which alternates with Farnborough in Britain, is in Le Bourget for the first time in four years.

Airbus’s newest plane, the A321XLR, and air power, notably the French Rafale fighter, were featured in a flying display that the French President Emmanuel Macron saw while travelling by helicopter to the crowded aerospace bazaar.

As airlines attempt to meet demand while also working to achieve industry targets of net zero emissions by 2050, planemakers entered the market with rising demand expectations.

In addition, suppliers are having trouble keeping up with demand due to growing costs, a lack of components, and a lack of competent workers in the wake of the epidemic.

The Ukraine crisis is looming large over the air show, and unlike the previous event four years ago, there is no Russian representation in the chalets or display halls.

Some Ukrainian government representatives and aerospace companies were anticipated at the event.

Despite disagreements amongst industrial partners over whether to expand the project, Belgium announced it will submit an application to participate as an observer in a new fighter-jet project that may serve as the eventual replacement for the Rafale and the international Eurofighter. The project, known as the Future Combat Air System (FCAS), comprises collaboration between France, Germany, and Spain.

According to industry sources cited by Reuters news agency on Sunday, the planemaker is also close to a potentially significant order for narrow-body planes from Mexican low-cost airline Viva Aerobus.

They said that there were more than 100 planes under discussion, however on Monday, some sources claimed that the number in the final agreement may be closer to 60.

Boeing and Airbus have been engaged in a bitter war over the Mexican airline for a long time.

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UK PM to visit India

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The Prime Minister of the United Kingdom, Boris Johnson, is set to visit the Asian country of India in the near future.

Mr. Johnson is expected to reach the Asian country in the coming January.

The visit has many angles. The visit is vital in many ways. The announcement has come at the time the UK is preparing to leave the European Union.

The visit is expected to decide the depth of the relation between the European powerhouse and the Asian superpower post the Brexit.

At this moment, there is no clarity about the topics that will be discussed in the scheduled meeting between the leaders of the two powerful countries. It is said that climate change, and trade and investment will be the main areas of the said discussion.

India is one of the close partners of the UK in the Asian region. It is vital for the UK to improve its relation with India to address the post-Brexit crisis brilliantly.

This is the first time Mr. Johnson has announced his decision to visit the Asian country since he was appointed to the seat of power.

Mr. Johnson is the successor of Theresa May, who lost her position as she failed to get her Brexit plan cleared in the UK Parliament.

It is yet to be seen how the UK will address the uncertainties of the post-Brexit Kingdom.   

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News Politics

India all set to be ruled again by PM Narendra Modi’s BJP Party

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PM Narendra Modi and his party BJP has won the world’s largest democratic election in India.

Earlier calculations and public opinion clearly showed the victory of Bharatiya Janatha Party (BJP).

Results showed that BJP has won 282 seats, leading the NDA to a tally of 336 seats in the 543-seat Lok Sabha.

Narendra Modi also owns the title of third prime minister of India who has been able to retain power for a second term with full majority in Lok Sabha.

PM thanked the Indian people after confirming his victory. He said that the polls showed the world the commitment of Indian voter. In his speech, he said that it is the victory of people and democracy.

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‘Drink’ some Indian Spice

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Indian spices are aromatic and flavorsome. While looking through the authentic Indian cuisine, Masalas (spices) are always included in the recipes. Here is an aromatic Indian Masala Chai recipe!

Ingredients

  • 6 cloves
  • 2 star anise
  • 7.5 cm cinnamon stick
  • 5 cardamom pods
  • 1 tbsp black Assam Tea
  • 400 ml whole milk
  • 3 tbsp sugar or honey for taste

Preparation

Put the spices listed above (excluding sliced ginger) in a mixer grinder. Crush and grind them with a pestle until they break into small pieces and produce a striking aromatic scent. Place the crushed spices, sliced ginger, and tea leaves in a saucepan and warm on a medium heat for 3-4 minutes. Using a wooden spoon, stir frequently to ensure the mixture does not burn.

Add 650 ml water to the pan and bring to boil on a high heat. Reduce the heat and let the tea simmer, all the while stirring with the spoon. Add the milk and sugar and continue stirring. Simmer for further 2 minutes, allowing all the ingredients to blend. Remove the pan from the heat and strain the tea into a teapot. Pour into mugs or cups from a little height to create foam on the surface. Apart from these ingredients, you can add 1 tablespoon of unsweetened cocoa powder or chocolate at the end of simmering, right before the tea is strained.

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