Corporate wear for women has evolved rapidly in recent years. A special report.
Corporate summer wear trends indicate a heavy incline towards the new school of The Business Casual Dresser. This new development in corporate vogue has been strongly gaining momentum, so much so , several commercial establishments are setting business casual attire as their dressing code.
Business casual comprises the merger of the formal, tailored, dark and neutral colors of corporate wear with a slightly laissez-faire, cooler vibe. The look you’re aiming for is relaxed, well fitting and comfortable. It’s easy to confuse with casual wear for sport activities or for weekends, but a few easy pointers will help you keep your corporate style in keeping with the season.
1. For starters, your daily office attire should reflect the image and status of your place of employment, it should be in keeping with your company’s modes and values. Consider a situation where you need to meet your clients. Meeting the clients with a jacket handy is useful, stylish and businesslike all at once. A jacket instantly upgrades your look, and presents a polished, professional appearance.
2. Business casual attire goes well with a wide range of accessories, however a little discretion is advised. Simply teaming a nice shirt with a pair of trousers is barely enough; A well chosen pair of shoes help emphasize your corporate style. A classy pair of sling-backs in dark tones of beige, tan or black patent leather or even smart menswear inspired moccasins work well with this sort of attire. Needless to say, a good quality leather case or handbag to complement and complete the corporate casual attire is must.
Make sure to carefully coordinate colours to make sure that the casual attire, you are wearing does appear rushed or overtly casual. Try not to team too many bright colours together. Remember, your outfit should exude, class, style and quite confidence.
A business get-up conveys a sense of success and achievement. It helps build positivity towards the business. You can always add a dash of your own individuality in form of a pair of stud earrings or a signature scarf but you should at all times look like an able professional.
At the end of the day, corporate clothing is all about garnering success, so go forth and conquer. q
Special Feature
MUMBAI: ASIA'S FINANCIAL HUB
In a paper presented at the Institute of South Asian Studies, Singapore, Bakul Patel, Business Barons’ Director and a
leading citizen of Mumbai, analyses the city’s potential as a regional financial powerhouse.
PART - I
Background:
To analyse the prospects of Mumbai as a regional financial centre, it is necessary to understand the city’s origin and historical background. It is also imperative to understand its evolution as the commercial capital of India and the history of Asia’s oldest stock exchange namely, the Bombay Stock Exchange. One of the major factors contributing to Mumbai being at the heart of commerce and finance is its strategic location that has constantly attracted foreign traders from across the world. Being a port, historically, foreign powers and sea-faring adventurers have been lured by Bombay’s magnetism since times immemorial.
Evolution:
The history and evolution of Bombay can be traced back a thousand years. Originally, a cluster of seven islands, separated by marshy canals and swamps, in the Arabian Sea, it was virtually uninhabitable. Around this period, it was known to be under the reign of the Magadh Dynasty. However, a series of emerging dynasties were attracted to the island cluster due to its strategic location as a port. Around the 3rd century BC, the islands were captured by Emperor Ashoka of the Maurya Dynasty.
Subsequently, between 810 AD and 1240 AD, the islands belonged to the Silhara Dynasty and eventually by 1343 they came under the rule of the Sultan of Gujarat. By 1534 the Portuguese had captured the islands from the Sultan and established a flourishing trading centre there. They called it “Bom Bahia” which means “good bay” in Portuguese. Under Portuguese rule, a fairly vibrant economy was generated by local people who traded in silk, cotton, muslin, chintz, onyx, rice, tobacco, etc. By 1626 or so, the Portuguese had already
established the islands as a flourishing port with elaborate infrastructure consisting of a fort, a friary, warehouses and a shipbuilding yard and houses for people to live in.
Advent of the English:
The cluster of islands changed hands when, in 1662, King Charles II received it as part of a dowry following his marriage to Princess Catherene de Braganza of Portugal. However, considering the inclement climate and other hardships, King Charles II had little use for these islands. He therefore leased them to the well-known English trading firm – The East India Company – for a paltry sum of 10 pounds of gold per annum. Since the East India Company was already engaged in trade across the seas, it set about developing these islands further and converting them into a well-structured city under its administration between around 1670 and 1708. Recognizing its high potential as a port city, the Company connected the islands, built ports, forts, warehouses and other infrastructural facilities feasible at the time, and converted the island–cluster into a flourishing hub of commercial and trade activity. Thus, under the rule of the East India Company, the islands went through a rapid phase of development, with the establishment of textile mills and other industries like shipbuilding and the construction of roads and transport. Being a deep-water port, large vessels could dock there easily, with the result that the island-cluster developed into a major port city for trade and commerce.
“Bom Bahia” becomes Bombay”:
The English rechristened “Bom Bahia” as Bombay since it was easier to pronounce. The East India Company gradually established governance systems, including a well-trained naval fleet to defend the islands from foreign hostile forces, called the “Bombay Marine” (which eventually became the Indian Navy after independence). It also built a well-connected network of railways which could bring skilled workers from long distances and transport goods profitably. In fact, the first railway was established in 1853, and it connected Bombay with Thana, across the harbour.
By 1730, the shipbuilding industry was already well established with the advent of the Parsis in Bombay. In retrospect, historically, this was to be a major event, as Parsis subsequently were to play a significant role in contributing towards the industrialization of Bombay, establishing textile mills, steel factories, shipbuilding yards, automobile industries and other infrastructural facilities. The Parsi community, originally from Iran, was to later be in the vanguard of a group of Indians and Englishmen who laid the foundations for the Bombay Stock Exchange.
History of the Bombay Stock Exchange:
By 1708, Bombay had become the official headquarters of the East India Company in India. The rapid industrial growth in the city received a boost with the outbreak of the American Civil War in 1861. To meet the increasing demand for raw cotton and cloth in the West, a large number of cotton textile mills were set up, resulting in huge employment opportunities and prosperity. This also marked the beginning of the banking industry, as the trade required lending of money and deployment of investments into industry and commerce.
The rapid development of the economy through international trade and domestic industrialization in the 1800s saw the emergence of the stock exchange and stock trading in Bombay. In its most rudimentary form, the stock exchange was conducted from under a banyan tree, near the Town Hall, where stock brokers gathered and negotiated business. Eventually, by 1874/75, the stockbrokers organized themselves into a well-defined body and moved to Dalal Street and officially formed the “Native Share and Stock Brokers Association” (Dalal Street literally means the stock broker’s street). Thus Asia’s first and oldest stock exchange was founded in 1875. It flourished with growing demand and business in commodities like jute, cotton, tea, coal, etc. through the 1890s.
Post-Independence:
By 1956, nearly ten years after India gained Independence from British rule in 1947, the Bombay Stock Exchange became the first stock exchange to be recognized by the Indian Government under the Securities Contract Regulation Act. Since then, it has continued to gain both in momentum and in volumes. By 1986, it created an official benchmark index called the “sensex”, enabling it to monitor and measure the overall performance of a group of leading shares listed on the stock exchange. The market for derivatives and futures contracts opened up in the year 2000. It has since graduated to trading in equity derivatives as well.
The BSE has the distinction of not only being the oldest stock exchange in the region, but also the largest with an impressive market capitalization at nearly US$ 1.1 trillion, as per the last assessment in August 2009. It has as many as 6,000 – plus listed companies and it drives the vibrant Indian economy with its ability to raise capital, commanding total traded volumes of U.S. $ 980 billion as per the latest available statistics.
Liberalization of the Indian Economy:
Since the liberalization of the Indian economy and the resultant financial reforms in 1991, an apex body called the Securities and Exchange Board of India (SEBI) was established by the Government of India to regulate the functioning of various Indian stock exchanges as well as regulate the companies listed on them.
Subsequently, the Indian economy increasingly began opening its doors to foreign markets and free trade. Foreign direct investment into most sectors of industry followed. Several multinational companies are listed on Indian stock exchanges, including the Bombay Stock Exchange.
Economic reforms and freedom from the “Licence Raj” saw a dramatic growth of the industrial and corporate sector. Liberalisation also unleashed the entrepreneurial spirit of Mumbai, driving up volumes in the BSE. The unprecedented rise in stock trading enabled companies to raise large amounts of Indian and foreign capital from the Mumbai market, providing a crucial impetus to India’s industrial growth in the 1990s and 2000s.
PART – II
Banking:
Mumbai is home to one of the world’s most highly developed and well- regulated banking sectors, including a large number of private and foreign banks as well as major public sector banks. Several dozen co-operative banks collate rural wealth and fund the grassroots economy. That the banking industry is the backbone of the country’s economy and financial system was sharply evident during the recent global economic crises when the banking industry in the U.S. nearly collapsed. Because of the in-built regulatory mechanism of its banks, the Indian economy was one of the least affected by the meltdown compared to developed economies.
Indian banks are safe by international standards because they have a high cash reserve ratio (CRR) and statutory liquidity ratio (SLR) which together make it mandatory for banks to park about one-third of their total funds in sovereign – and therefore safe – debt instruments.
The Central Bank:
Mumbai is also the headquarters of the Reserve Bank of India – the Central Bank that regulates monetary policy, interest rates and the functioning of banks operating in India. As the Indian banking and financial sectors gain greater strength and integrate with the global economy, the Reserve Bank of India has announced that it proposes to move India gradually towards full capital account convertibility. Foreign exchange controls have already been greatly relaxed over the past five years and the Indian rupee is convertible on the current and trade account. With foreign exchange reserves now exceeding U.S. $ 250 billion and foreign investment burgeoning, the Reserve Bank of India is adapting itself to play the role of an increasingly independent, liberal but disciplined financial regulator similar to America’s Federal Reserve.
Finance:
The presence of a robust financial sector, alongwith the flourishing banking industry and a diverse trading community, has given Mumbai the distinction of being one of the leading centres of business, industry and commerce in the country. The confluence of factors, allied with its strategic geographical location, has enabled Mumbai to secure its position as the financial capital of the subcontinent. It has also laid the foundation for playing a potentially global role as a hub of transnational finance.
The financial sector, consisting of the mutual fund industry, the insurance industry and other financial institutions, has seen outstanding growth since the liberalization of the Indian economy and the opening up of markets to foreign direct investment in these sectors. Nearly 50 major mutual funds contribute towards garnering public investments with average assets under management from all mutual funds put together amounting to nearly US $ 162 billion as in January 2010.
Similarly, the insurance industry has opened its doors to a large number of private players, offering insurance cover in various fields and on various assets, as part of economic reforms. Until now, the Government of India permitted insurance on life. Since the opening up of the insurance sector to private players, the Government has also set up an Insurance Regulatory Development Authority – the IRDA – which monitors and regulates private and public insurance companies. Besides life, private and public sector companies now insure a broad swathe of products – from medical and healthcare to automotive and niche segments such as fire, keyman and commercial risk. As the Indian economy becomes more sophisticated, the number and nature of policies insurers offer is set to grow exponentially. The insurance industry adds yet another dimension to the financial importance of Mumbai.
PART - III
1) Infrastructure:
A key ingredient of a modern regional financial centre is high-quality infrastructure.
There are three principal types of infrastructure: physical, technological and human. To determine the success of Mumbai as a regional financial centre – both today and in the future – let us examine all three.
Physical Infrastructure: Mumbai has a high population density and limited land (Mumbai 603.4 sq. km). Its financial and business centres are located along a fairly narrow strip from South Mumbai (where the BSE is located) through to North Mumbai (home to the rapidly developing Bandra-Kurla Complex, from where the NSE, several large banks, financial institutions and multinational companies operate).
Connectivity: Significantly, Mumbai’s refurbished international airport will see further development in 2013 when an integrated international and domestic terminal shaped in an ultra-modern X is completed. This futuristic airport, which will cater to over 40 million passengers a year, epitomizes Mumbai’s growing role as a financial hub at the intersection of the world’s most dynamic Asian and Pacific economies, with full global connectivity.
Lack of a world-class public transportation system and over-clogged roads – while a boon to India’s automobile industry – have long been the bane of Mumbai. This problem is being addressed by the specially instituted Mumbai Metropolitan Region Development Authority (MMRDA) which is building an advanced Monorail, Metro and Sea Link. A small part of the Sea Link between North and Central Mumbai became operational in July 2009 and the MMRDA proposes to connect the Southern tip of Mumbai (Nariman Point) with the Northern suburbs (Andheri) by way of a sea-skirting bridge link by 2015. When this marvel of advanced engineering is completed, Mumbai will have among the world’s most technologically sophisticated surface transportation systems.
Along with the Metro (which will run partially underground and partially overground) and the elevated Monorail – both expected to enter service between 2011 and 2013 – Mumbai’s physical infrastructure will finally be world-class. It will attract increasing numbers of global financial institutions along with senior expatriate and Indian managers.
Hospitality: The steady growth of the hospitality industry in Mumbai, with the number of hotel rooms set to increase significantly over the next three years, adds to Mumbai’s credibility as a regional financial hub with world-class hotels and restaurants to give professionals working in the city, or visiting it, an international experience. Global chains like Four Seasons have recently established hotels in midtown Mumbai while several new business hotels are coming up in the northern suburbs and in the vicinity of the international airport.
Power & Water: Additionally, two challenges Mumbai confronts and must overcome are the supply of adequate power and water to meet the growing demand, both from industrial and domestic consumers.
Technological Infrastructure: Mumbai already has a fairly sophisticated IT backbone and telecommunications network. The BSE, NSE and MCX (Multi Commodity Exchange) offer trading to global standards with outstanding back office operations. The recent extension of trading hours on the BSE and NSE by one hour (from 9.00 am to 3.30 pm ) has made Mumbai more competitive regionally. The MCX trades late into the night in commodities and derivatives, which allows traders in London, Frankfurt, Paris and New York to access the Indian markets during their own trading hours. The early morning start enables Tokyo, Hong Kong and Singapore to trade in stocks in Mumbai.
The advent of high-speed broadband and mobile telecommunications – India has over 500 million mobile phone subscribers – makes Mumbai globally accessible on a real-time basis. The recent introduction of foreign currency trading by the Bombay Stock Exchange has sharpened Mumbai’s regional edge as a full-service financial centre.
Human Infrastructure: The professionally skilled workforce in Mumbai allows banks, financial institutions and brokerages to hire from a large talent pool. The availability of chartered accountants, MBAs and financial and legal specialists across a swathe of disciplines – from insurance to mutual funds – has made Mumbai attractive for global financial firms looking for high-level skills at reasonable wage levels. All of this adds to Mumbai’s competitiveness as a regional financial centre.
Above all, the presence of a large and growing domestic market of investors and consumers of financial products makes Mumbai a sweet spot in the increasingly fragmented global financial system.
2) Political Advantage – An Enabling Democracy
Mumbai is the mirror image of India’s multi-cultural, multi-linguistic, multi-ethnic and multi-religious profile in microcosm. Mumbai reflects India’s pluralistic character and its strategy for inclusive growth. It enjoys all the advantages of a multi-party democratic system of governance, possessing a huge advantage over its peers in the Asian region. Unlike in countries like China, India has a fair and transparent judicial system that provides legal recourse in the event of a corporate dispute or commercial fraud to all stakeholders, including multinational companies operating in India.
The Indian parliamentary system provides built-in checks and balances for governance. For example, a Parliamentary Committee consisting of members belonging to the ruling as well as opposition parties would have powers to examine the working of any part of government – ranging from monetary policy, finance, foreign relations and corporate governance to agriculture, trade, education, healthcare, law and internal security.
The system provides conducive conditions to ensure justice and fair play, which go a long way towards building confidence in India amongst the international and national business community. India has enjoyed, by and large, stable and vibrant political conditions since independence and earned high credibility in the comity of nations.
While multiparty parliamentary system of governance is eminently desirable, it has its infirmities. Unless handled with political maturity, it can sharpen inherent contradictions, lead to political instability and hamper the independence of key constitutional functionaries in the democratic framework.
3) Multiplier Effect of the Demographic Factor:
With its present population of nearly 18 million, Mumbai enjoys a distinct demographic advantage as more than 50% of this population is below the age of 25 years. These young men and women are well educated and possess expertise in diverse fields, providing a huge skilled workforce, which has a multiplier effect in two ways:
a) They form a large section of potential consumers, creating an impressive market for consumer goods, financial products and services.
b) They also provide a significant human resource workforce as managers and facilitators for managing financial products, services and industries. This phenomenon creates a symbiotic relationship between young India and its rapidly maturing economy in a win-win situation.
4) Language :
The knowledge of English amongst these young, educated, middle- level entrepreneurs as well as amongst support staff provides a competitive edge to Mumbai over other contenders in the region. English is the internationally accepted language of business and fluency in it is a huge asset for any international enterprise engaged, especially, in the financial sector. As a result, Mumbai has attracted major international business houses which have established their offices in the city.
5) High Software Skills:
An added critical edge Mumbai enjoys over other Asian countries, as mentioned earlier, is the availability of high software skills and a large, young skilled workforce at affordable budgets for business and commercial activities.
6) Time Zone:
Mumbai also enjoys a unique geographical advantage, of being situated at an equidistance time zone between London in the West and Tokyo in the East, making it convenient for trading internationally. Considering this as well as all the above factors, the BSE has a clear edge over other major regional trading centres like Dubai, Singapore and Hong Kong.
PART IV
Governance:
In order to capitalize fully on these advantages – current and evolving – and turn them into tangible assets, local governance must be firm and fair. Besides, it needs a strong political will to make Mumbai a world-class city. Politically and administratively, Mumbai needs better stewardship so that law enforcement is transparent and swift. There is a case for setting up separate courts for financial disputes. Just as civil, criminal and family courts function in independent streams, commercial courts, which deliver justice quickly and fairly, would enhance global confidence in Mumbai as a key city to do business in.
Through centuries of development, migration and colonization, Mumbai has embraced and absorbed diverse cultures, nationalities and lifestyles to acquire a unique identity. This dynamic plurarility has contributed to the magnetic pull the city still exerts.
Recently, though, a small section of divisive, intolerant and undemocratic elements championing the cause of regional chauvinism have surfaced. However small in numbers, these dangerous forces need to be thwarted by determined political leadership with zero tolerance from civil society to such divisive philosophies. The inclusive character of the city can only be preserved by proactive leadership and enlightened governance.
Summing Up:
In conclusion, it is quite clear that Mumbai scores high marks as a putative regional financial hub, with advantages significantly outweighing the disadvantages. The advantages, in brief, are a centuries-old history of trading, a stable political system, enabling democratic governance, a well-defined legal and judicial system, strong banking and financial sectors and modern physical infrastructure enhanced by a skilled, young, educated workforce well-versed in English, a well-regulated financial sector, a vibrant and surging corporate sector, high industrial growth and a strategic time zone location.
These clear advantages have already made Mumbai a dynamic regional financial hub and could transform it into one of the five great market trading cities of the world – alongwith New York, London, Tokyo and Singapore – by 2020.
With stronger, more progressive political leadership, administrative reforms and a responsive bureaucracy, Mumbai’s evolution as a global centre for business, finance and trade will gather unstoppable momentum. q
