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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.

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Vladimir Putin removes Sergei Shoigu from Russian defence ministry

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The Kremlin has announced the removal of long-time ally Sergei Shoigu from his position as defense minister, replacing him with Deputy Prime Minister Andrei Belousov, who lacks significant military experience. Shoigu will be appointed secretary of Russia’s Security Council. This move, a rare reshuffle in Russian politics, is seen as reflecting President Putin’s decision-making authority, particularly regarding the conflict in Ukraine.

Belousov’s appointment surprises many due to his background as an economist. However, analysts suggest this decision aligns with Putin’s aim to integrate the Russian economy more closely with military efforts. Kremlin spokesperson Dmitry Peskov emphasized the need for innovation in the defense ministry, comparing Russia’s situation to the mid-1980s Soviet Union when a large portion of GDP was allocated to military spending.

The decision to appoint a civilian to such a significant military role underscores the changing priorities within the Kremlin and the necessity to improve efficiency in the armed forces amid ongoing conflicts. Recent events, including the arrest of one of Shoigu’s deputies on corruption charges and prolonged military engagement in Ukraine, likely contributed to speculation about Shoigu’s weakening position.

While Shoigu will retain influence as secretary of the Security Council, his reassignment may be interpreted as a demotion. The future of Nikolai Patrushev, the council’s current head, remains uncertain. Shoigu, who has a civil engineering background, gained prominence in the 1990s as head of the emergencies and disaster relief ministry.

Belousov, described as a staunch defender of the state who believes Russia faces numerous external threats, shares a close relationship with Putin and the Russian Orthodox Church. He has practiced martial arts, including karate and sambo, and previously served as an aide to Putin. His support for the annexation of Crimea in 2014 aligns with Putin’s policies.

Putin’s recent reelection for a fifth term with an overwhelming majority solidifies his leadership position in Russia, which he has held since 2000.

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Prada Chosen to Create NASA’s Next Lunar Space Suit

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Prada, the renowned luxury fashion brand, is collaborating with Axiom Space to design space suits for NASA’s 2025 Moon mission. Axiom Space announced this partnership, citing Prada’s expertise in materials and manufacturing as valuable contributions to the project. While Prada is known for its fashion prowess, its involvement in the America’s Cup sailing competition has also honed its skills with composite fabrics, making it a fitting choice for the task.

Despite their fashion credentials, Prada’s focus remains on the technical aspects of the space suits. Astronauts won’t be donning paisley or fancy patterns; instead, the primary goal is to ensure a stable thermal environment within the suits. These space suits, akin to miniature spacecraft, must provide pressure, oxygen, and temperature regulation to support astronauts during their lunar missions.

Axiom Space had previously unveiled a 55kg spacesuit designed to offer a better fit for female astronauts during the upcoming Artemis 3 mission. The collaboration between Artemis, Prada, and Axiom aims to incorporate innovative technologies and design to facilitate more extensive lunar exploration, marking a significant milestone as it will be the first crewed Moon landing since Apollo 17 in 1972 and the first time a female astronaut, Christina Koch, will set foot on the lunar surface.

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Elon Musk says he withheld Starlink over Crimea to avoid escalation

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Elon Musk has stated that he refused Kyiv’s request for access to his Starlink communications network over Crimea to avoid being complicit in what he viewed as a significant act of war. Kyiv had urgently requested to activate Starlink in Sevastopol, a major Russian naval port. This decision came to light following claims in a biography by Walter Isaacson that Musk had deactivated Starlink to thwart a drone attack on Russian ships, which a senior Ukrainian official argued allowed Russian attacks on civilians.

According to the official, Musk’s refusal to allow Ukrainian drones to use Starlink led to Russian naval vessels launching Kalibr missiles at Ukrainian cities. The official questioned why some people were defending Musk’s actions, which he deemed as promoting evil and assisting war criminals.

The controversy emerged alongside the release of Walter Isaacson’s biography, which suggested that Musk had deactivated Starlink in Ukraine due to concerns that an ambush of Russia’s naval fleet in Crimea could trigger a nuclear response from Russia. Ukrainian forces had reportedly targeted Russian ships in Sevastopol with submarine drones carrying explosives, but they lost connection to Starlink, resulting in the drones washing ashore harmlessly. Starlink terminals connect to SpaceX satellites and have played a crucial role in maintaining internet connectivity in Ukraine amid the conflict.

Musk countered the book’s claims by stating that SpaceX had not deactivated anything, as Starlink had not been activated in those regions to begin with. He explained that there was an emergency request from government authorities to activate Starlink all the way to Sevastopol, with the clear intention of sinking most of the Russian fleet at anchor. Musk believed that complying with this request would make SpaceX explicitly complicit in a major act of war and conflict escalation.

Dmitry Medvedev, Russia’s former prime minister, supported Musk’s stance, suggesting that Musk was the last reasonable mind in North America if Isaacson’s account was accurate.

In the past, Musk had emphasized that Starlink was not intended for use in wars and had been primarily designed to provide internet access for peaceful purposes, such as education and entertainment. He called for a truce, expressing his belief that Ukrainians and Russians were sacrificing their lives for small pieces of land, which he considered not worth the cost of human lives.

Musk had previously generated controversy by proposing a plan to end the conflict, which included recognizing Crimea as part of Russia and allowing residents of seized regions to vote on their preferred country. This proposal received criticism from figures like Russian chess grandmaster Garry Kasparov, who called it morally flawed.

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