In 1937, Sylvan Goldman introduced the shopping cart, an innovation that transformed retail shopping by overcoming the capacity limits of hand-held baskets. Goldman, the owner of the Humpty Dumpty Supermarket Chain in Oklahoma City, sought to ensure that shoppers could continue browsing without needing to return frequently to the front of the store to empty baskets. Working with his employee, mechanic Fred Young, Goldman began experimenting with designs. Their first shopping cart consisted of a metal frame capable of holding two wire baskets. Inspired by the folding chair, Goldman named his invention the “folding basket carrier.” Another mechanic, Arthur Koestler later developed an assembly-line method to mass-produce the carts by forming and welding wire efficiently. The design received a patent titled Folding Basket Carriage for Self-Service Stores.

Initially, the invention was not widely accepted. Many men perceived the cart as effeminate, while some women associated it with baby carriages, leading to resistance. One woman reportedly remarked, “I’ve pushed my last baby,” expressing her reluctance to use the device. Goldman addressed this resistance by hiring male and female models to demonstrate the carts in stores, along with greeters to explain their use. Gradually, shopping carts gained popularity, and Goldman became a multimillionaire. In urban environments such as New York City, where shoppers often travel by foot or public transport, privately owned carts modelled after Goldman’s design are still widely used.

Beyond its mechanical innovation, the shopping cart also reflects powerful psychological drivers that influence consumer behaviour. Shopping itself can activate the dopamine reward system, producing feelings of pleasure like those experienced in gambling. Retailers intentionally design carts to be large because an empty-looking cart subconsciously encourages shoppers to add more items to create a sense of productivity. Research observations suggest that larger carts can increase sales by as much as 40 percent. In contrast, smaller baskets fill quickly, signalling the brain to stop shopping, whereas larger carts remove this cognitive stopping cue.

Once an item is placed into the cart, shoppers often develop a psychological sense of ownership, which aligns with the endowment effect—the tendency to value items more highly once they are possessed. Removing an item from the cart then feels like a loss, making customers more likely to complete the purchase. Impulse buying behavior is frequently driven by emotional states such as stress, boredom, or excitement, and is intensified by marketing strategies such as limited-time offers and discounts that trigger fear of missing out (FOMO).

The psychological principles behind the shopping cart have also extended into the digital marketplace. In online environments, consumers engage in “virtual window shopping,” often using digital carts as planning tools or wish lists rather than immediate purchasing mechanisms. Retailers design both physical and digital environments to encourage impulse buying through high-visibility checkout displays, appealing product packaging, and frictionless purchasing methods such as stored payment information and one-click ordering. These techniques reduce cognitive effort, making it easier for consumers to make quick decisions without careful deliberation.

Consumers also frequently purchase items to support an idealized future self or to satisfy a temporary desire for novelty. Such impulsive purchases are widespread and are estimated to account for up to 62 percent of buying decisions. Thus, the shopping cart represents not only a mechanical innovation but also a powerful psychological tool that continues to shape consumer behaviour in both physical and digital retail environments.

Conclusion

Overall, the invention of the shopping cart has transformed buyer behaviour in a positive way by making shopping easier, more comfortable, and more enjoyable. It encouraged customers to spend more time in stores, buy more products, and develop a more positive attitude toward self-service shopping. Shopping carts allowed customers to compare products easily by placing multiple items in the cart before making final decisions. This flexibility made shoppers feel more in control and confident in their choices.

Every song and movie often originate from a deep, personal, or imaginative story. These stories emerge from real-life events, emotional experiences, or creative inspirations that transform a simple idea into a memorable piece of art. Behind the melody of a song or the scenes of a film lies an invisible narrative that enriches its meaning.

One such fascinating story lies behind the iconic song “Khoya Khoya Chand” from the film Kala Bazar (1960). The lyricist Shailendra was under immense pressure from composer S. D. Burman to deliver the lyrics quickly. At that time, Shailendra was extremely busy and had not yet found the inspiration to write the song, even when approached by the film’s producer and lead actor, Dev Anand. Days passed, and the composer grew increasingly impatient. Finally, S. D. Burman sent his son, R. D. Burman fondly called Pancham to Shailendra’s office with strict instructions not to return home without the lyrics.

According to popular legend, Shailendra had not written a single word when Pancham arrived. Instead, he made him wait the entire day, driving from one location to another while smoking cigarettes. Hours passed, daylight faded into night, and still no lyrics emerged. Around 11 p.m., when Pancham was nearly ready to give up, Shailendra asked him for a matchbox to light another cigarette. Gazing at the moonlit sky, inspiration suddenly struck. He began writing the opening lines on the foil of a cigarette pack—an act often mistakenly remembered as writing on a matchbox.

Shailendra then asked Pancham to return home and inform his father that he would arrive the next morning with the completed lyrics. That spontaneous moment of inspiration led to the creation of one of Hindi cinema’s most unforgettable melodies. The song eventually became one of the most celebrated compositions of its era, beautifully sung by Mohammed Rafi, whose voice gave life to the romantic longing captured in the lyrics.

Emotion, Imagination, and the Artist’s Inner World

Artists frequently draw upon moments that shape their inner worlds. A simple tune may carry the memory of longing, separation, or love. Creative imagination also plays a vital role. Not all songs emerge from lived experience; many arise from an artist’s ability to imagine alternate worlds, characters, and emotions. Yet even these imagined creations often reflect universal human feelings, allowing audiences to connect deeply with them.

Understanding the story behind a song or film enriches the listening or viewing experience. It transforms art from mere entertainment into an emotional and intellectual journey. When audiences learn about the inspiration behind a work, they often discover new layers of meaning that make the experience more profound and memorable.

The Musical Soul of the Song –  Raag Bhimpalasi

The melody of “Khoya Khoya Chand” is based on Bhimpalasi, a soft, emotional, and deeply expressive raga associated with longing and romantic yearning.

Traditionally, Bhimpalasi is performed in the afternoon, typically between 1 p.m. and 4 p.m., rather than at midnight or early dawn. Its mood evokes introspection, love, and gentle melancholy, often resembling the emotional stillness of a warm afternoon breeze.

Bhimpalasi shares similarities with the Carnatic raga Abheri, which carries comparable melodic phrases and emotional depth. The origin of the name Bhimpalasi remains somewhat obscure. While scholars have explored linguistic and historical possibilities, there is no universally accepted explanation for its naming. What remains certain, however, is its enduring emotional power—songs composed in this raga often linger in memory long after they are heard.

Conclusion

“Khoya Khoya Chand” remains unforgettable not only because of its melody but also because of the moment of inspiration that gave birth to it. The story behind its creation reminds us that art often emerges from unexpected moments—when pressure, patience, and imagination converge. When we listen to such songs with knowledge of their origins, the experience becomes richer. The melody is no longer just music; it becomes a living story, one that connects artists, history, and listeners across generations.

https://www.youtube.com/watch?v=EsENO8IjmoY

Organizational structure shape how companies coordinate work, make decisions, and create value. Value creation is the process of making something helpful or better. Companies use time, tools, and labor to build items. Customers buy these items because they solve real problems. A company cannot last if it does not offer value; buyers will go for substitution.

A flat organizational structure is characterized by few or no layers of middle management between employees and senior executives. By reducing hierarchical levels, organizations can shorten communication channels, accelerate decision-making, improve coordination, and encourage greater employee involvement. A flatter structure can therefore enhance organizational agility, innovation, responsiveness, and employee engagement, particularly in rapidly changing markets.

As competitive and market dynamics have evolved, several established Indian companies have sought to make their organizational structures leaner and more responsive. Companies such as Cipla, Dr. Reddy’s Laboratories, and Apollo Tyres have undertaken initiatives to reduce hierarchical layers and simplify reporting relationships. In some cases, organizations have moved from traditional structures involving eight to ten reporting layers toward considerably leaner structures of approximately three to five levels. The objective is to improve organizational agility, reduce bureaucratic delays, control costs, and strengthen competitiveness in domestic and international markets.

Apollo Tyres: An Illustration of a Flatter Structure

Apollo Tyres provides an interesting example of how a traditional manufacturing organization can move toward a flatter organizational structure. Under the leadership of Managing Director Neeraj Kanwar, the company sought to reduce conventional bureaucratic layers and create a more streamlined operating model. Its high-technology manufacturing facility at Oragadam, Chennai, has been cited as an example of a highly streamlined, four-tier organizational structure.

The reduction of hierarchical layers can have important cost and operational implications. Maintaining multiple levels of middle management involves expenditure on managerial salaries, benefits, offices, administrative support, and other overheads. When unnecessary layers are removed, organizations can potentially reduce these administrative costs while simultaneously improving the speed of communication and decision-making.

However, the principal advantage of a flat structure is not merely the reduction of managerial salaries. Middle managers can perform important functions such as coordination, mentoring, performance monitoring, conflict resolution, and implementation of organizational strategy. Therefore, the objective of flattening should be to eliminate unnecessary bureaucracy rather than eliminate management itself.

The resulting savings and productivity improvements can be redirected toward strategic areas such as research and development (R&D), employee development and incentives, technology adoption, process improvement, and competitive pricing. At the same time, faster communication between employees and senior management can enable organizations to respond more quickly to customer needs and market changes.

Thus, a flat structure can create value through a combination of lower administrative overhead, faster decision-making, greater employee autonomy, improved communication, and organizational agility. Its effectiveness, however, depends on the organization’s size, technology, managerial capabilities, employee competence, and the nature of its operations.

Horizontal Organization Sturcture

A horizontal organizational structure emphasizes teamwork, cross-functional collaboration, and shared accountability rather than a tall hierarchy with multiple layers of management. By reducing hierarchical barriers, organizations can accelerate decision-making, increase employee autonomy, improve responsiveness, and reduce certain administrative and operational costs.

Unlike traditional functional structures, where employees are organized into specialized departments such as marketing, finance, production, and human resources, a horizontal structure organizes work around core cross-functional processes and customer outcomes. Employees from different functional areas work together in self-managed or empowered teams, with a shared responsibility for delivering a specific end-to-end outcome to the customer.

Reduction of Inter-Departmental Friction: Horizontal structures can significantly reduce inter-departmental friction and delays. In traditional organizations, a project may move sequentially from one department to another—for example, from Design to Engineering and then to Marketing. Each transfer can create communication gaps, duplication of work, delays, and conflicts over priorities.

In a horizontal structure, specialists from these functions can work together as one integrated team. This reduces unnecessary handoffs and enables problems to be identified and resolved collectively at an earlier stage.

Customer-Centric Focus: A major advantage of horizontal organization is its emphasis on customer value rather than departmental performance alone. Teams are evaluated according to the quality and effectiveness of the outcome delivered to customers.

For example, instead of measuring a technology team primarily by the number of lines of code written, the organization may evaluate the team on the quality of the customer onboarding experience. This encourages employees to look beyond their individual functional responsibilities and understand how their work contributes to the complete customer journey.

Continuous Skill Progression: Cross-functional teamwork also promotes continuous learning and skill cross-pollination. Employees work closely with colleagues possessing different professional expertise and consequently develop a broader understanding of the organization’s activities.

Over time, this can create “T-shaped” professionals—employees who possess deep expertise in one area while also developing a working knowledge of other functions. Such employees are better equipped to collaborate, solve complex problems, understand the wider business ecosystem, and adapt to changing organizational requirements.

Example Mahindra & Mahindra provides an interesting illustration of the movement toward cross-functional product-development teams in the automotive industry.

In a large automotive organization, vehicle development traditionally involves several specialized functions, including research and development, sourcing, manufacturing, engineering, design, finance, and marketing. If these functions operate primarily as independent vertical silos, coordination can become complex and product-development cycles can become lengthy.

Mahindra’s approach to vehicle development has increasingly emphasized integrated, cross-functional collaboration, bringing different areas of expertise together around specific vehicle-development objectives. Such an approach supports closer coordination between engineering, design, sourcing, manufacturing, and marketing teams.

The development of products such as the XUV700 and Scorpio-N, as well as Mahindra’s expanding electric-vehicle portfolio, demonstrates the importance of integrating diverse capabilities around a common product and customer objective.

The broader lesson is that horizontal organization does not necessarily mean removing functional expertise. Rather, it means connecting that expertise through cross-functional teams so that employees work collectively toward a common outcome. A horizontal structure shifts the organizational emphasis from “Which department owns the task?” to “Which team is responsible for delivering the outcome?” This shift can improve speed, collaboration, innovation, employee empowerment, and customer focus.

Vertical organizational structure

A vertical organizational structure is a traditional, hierarchical structure in which authority flows from the top management downward through clearly defined levels of management. It is characterized by a formal chain of command, specialized roles, centralized decision-making, and clearly established reporting relationships.

Vertical structures create value primarily through control, accountability, specialization, consistency, and operational stability. They are particularly appropriate for organizations that operate on a very large scale or in environments where precision, regulatory compliance, risk management, safety, and standardized procedures are critical.

A major advantage is the clear chain of command. Employees know whom they report to, what their responsibilities are, and who has the authority to make final decisions. Decisions may pass through several levels of supervision, allowing organizations to review risks, maintain quality standards, and ensure that established procedures are followed. This can reduce operational errors, strengthen regulatory compliance, and provide greater consistency in execution.

Vertical structures are also valuable when an organization has tens of thousands of employees. Without clearly defined roles and reporting relationships, such large organizations can experience confusion regarding authority and responsibility. A hierarchical structure establishes boundaries, simplifies performance evaluation, and creates accountability at every level.

Another important source of value is functional specialization. Employees generally work within specialized departments such as finance, human resources, marketing, operations, or technology. They are guided by managers who possess deep expertise in their respective functions. This enables organizations to develop specialized knowledge and maintain professional standards.

Example: State Bank of India: A prominent Indian example of a large-scale organization using a hierarchical structure is State Bank of India (SBI). Given its enormous scale, extensive branch network, large workforce, and responsibility for managing financial transactions and risks, the bank requires well-defined authority, standardized procedures, regulatory controls, and accountability.

For example, a branch manager cannot independently alter fundamental banking policies, risk parameters, or regulatory procedures. Such matters are governed through established organizational and regulatory hierarchies. Decisions therefore move through appropriate levels of authority, ensuring that risk, compliance, financial control, and accountability are maintained.

Matrix Structures

A matrix organizational structure combines the advantages of functional and divisional or project-based structures. Employees typically report to two managers—a functional manager responsible for technical expertise and professional development, and a project or product manager responsible for achieving specific project objectives.

The matrix structure creates value by integrating specialized expertise with project flexibility. Instead of keeping employees within isolated functional departments, organizations can share specialized talent across multiple projects according to changing strategic priorities. For example, a senior software developer may work on Project A for several months and subsequently be assigned to Project B, allowing the organization to utilize scarce expertise where it creates the greatest value.

The major value-creating features of a matrix structure includes: Better utilization of specialized talent across different projects. Greater flexibility in allocating employees according to business priorities. Cross-functional collaboration between technical and business teams. Faster response to changing customer and market requirements. Balance between technical expertise and project outcomes. Reduced duplication of specialized resources, which can improve cost efficiency.

However, the matrix structure also creates challenges. Dual reporting can produce role ambiguity, conflicting priorities, and managerial tension if the functional and project managers do not coordinate effectively. Therefore, clear authority, communication mechanisms, and performance expectations are essential.

Example: Tata Consultancy Services (TCS): Tata Consultancy Services provides a useful example of how matrix-like arrangements can operate in a large global IT-services organization. Its scale requires employees with specialized technological expertise to work across different industries, clients, and projects.

For example, a technology specialist may remain connected to a technology or functional community while simultaneously being deployed to a client engagement or industry-focused project. This enables TCS to combine deep technical expertise with industry and customer knowledge. Thus, the fundamental value proposition of a matrix structure can be expressed as: Functional expertise + project flexibility + shared resources = higher organizational adaptability and resource utilization. In simple terms: a functional structure asks, “What are you an expert in?” A project structure asks, “What project are you working on?” A matrix structure asks both questions simultaneously.

Asset specificity refers to an investment in assets whether tangible or intangible that are specialized and valuable only for a transaction or relationship, making them difficult to redeploy to alternative uses without losing value. Investments with high asset specificity create a “lock-in effect.“ For example a multispecialty hospital’s investment in MRI machine which costs one crore twenty-five lakhs; this investment makes the organization feel vulnerable, as switching costs become substantial.

Key Types of Asset Specificity are Site Specificity in which equipment or resources are installed at a specific geographic location that cannot be moved without losing massive value. An excellent example of site specificity in project management is installing a commercial MRI machine in a hospital’s radiology department. Site specificity refers to project requirements, constraints, and risks that are entirely unique to the geographic, physical, or operational location of the project. You cannot change the machine installation plan because the physical environment dictates the execution.

Physical asset specificity

Tools, machinery, or software customized and designed for a single, unique task or product. An example of a physical asset site specificity in a beauty parlour is a custom-installed shampoo station with specialized plumbing and built-in drainage basins. Once installed, this equipment cannot be easily moved or repurposed for another business without losing a massive amount of its value due to high uninstalling, relocating, and remodelling costs.

Human asset specificity

Specialized skills and knowledge that workers gain which are valuable to a specific employer or task, but less transferable elsewhere. A team of senior research scientists hired by a pharmaceutical firm to develop a proprietary cancer treatment using a unique, patented gene-editing platform owned exclusively by the company. Over the years, these scientists spend countless hours mastering the nuances of the company’s proprietary lab equipment, internal data tracking systems, and specific molecular compounds. Their deep expertise is deeply tied to this specific firm’s infrastructure and project.

Dedicated Assets

Investments in general plant or capacity made for a specific buyer cannot easily be repurposed if that buyer leaves. Dedicated fibre-optic cables or hardware assigned strictly to one enterprise client. Dedicated fibre-optic cables or hardware assigned strictly to one enterprise client.

What is asset deployment?

Asset deployment is the process of making a new or developed asset, such as software, hardware, machine, or financial capital, available for active use or investment to achieve a specific business objective. The process involves planning, logistics, installation, configuration, testing, and monitoring to ensure the asset is efficiently integrated into a live environment and effectively supports the organization’s goals.

The deployment process consists of Identification of Requirements – understanding what the asset needs to do in its active state. Planning – developing deployment routes, schedules, and types (e.g., online, batch, or detached). Execution – the physical or digital process of installing, configuring, and making the asset operational. Testing which means verifying the deployed asset works correctly with test data or other methods. Monitoring which includes tracking the asset’s performance in the live environment and adjustments as needed.

The deployment process is a complex process. It consists further of preparation and assembly – unboxing physical hardware, checking for defects, and setting up initial configurations. Tagging and Tracking – attaching barcodes, asset tags, or digital serial numbers to record the item in your asset management system. Software Provisioning – installing required operating systems, security tools, and authorized applications. User Assignment – allocating the asset to a specific employee, department, or cost centre, and updating ownership records. And, inventory reconciliation.

Fungibility of assets

Fungibility is the quality of being interchangeable, where individual units of an asset are identical in value and can be readily substituted for one another without loss of utility or value. Key characteristics include interchangeability, equal value, and identical units.

For example, gold is generally considered a fungible asset, meaning each unit of pure gold (by weight and purity) is interchangeable and has the same value as any other unit, regardless of its origin or shape.

Crude oil is a fungible commodity, meaning oil of different grades and origins is largely interchangeable.

Relationship-specific Investment

The distinctive feature of relationship-specific assets is the fact that their value is specific for maintaining a relationship than outside it.

Asset specificity is a term related to the inter-party relationships of a transaction. It is usually defined as the extent to which the investments made to support a transaction have a higher value to that transaction than they would have if they were redeployed for any other purpose.

Example, HUL hiring a lawyer for arguing a case about one of its patents is very much a relationship-specific endeavour, as a strong and trusting client-lawyer relationship built on open communication and compatibility is essential for a successful outcome. You need to feel comfortable being completely open with your lawyer, and they must be able to explain complex legal matters clearly and keep you informed throughout the stressful litigation process.

A component manufacturer buying a machine specifically for a client can be described as a Make-to-Order (MTO) or strategy, where the machine is an investment to fulfil a specific client’s requirements. This scenario involves procurement of equipment based on a needs analysis to ensure the machinery meets the client’s technical and performance needs.

Conclusion

Asset Specificity helps explain whether a company should buy a service/component from the open market or build it internally (vertical integration), as high specificity creates risks of supplier exploitation. When an asset has little to no value outside a specific partnership, the investing party becomes vulnerable to “hold-up,” where the partner alters terms knowing the investment is a sunk cost. Firms with high asset specificity face lower liquidation values during bankruptcy, which restricts their access to traditional debt and drives up external financing costs. Specialized investments allow firms to differentiate their products and build competitive advantages, though they also require specialized relational governance like long-term contracts to ensure stability.

A corporate entity is a legally recognized organization such as a corporation, limited liability company (LLC), or partnership that exists separately from its owners or shareholders. As a distinct legal person, it possesses its own legal rights and responsibilities, enabling it to enter into contracts, own property, incur debts, sue or be sued, and pay taxes independently of its owners. One of the primary advantages of this structure is limited liability, which protects the personal assets of shareholders or members from the debts and obligations of the business.

In the Indian context, corporate governance is guided by the Companies Act, 2013, particularly Section 166(2), which requires directors to act in the best interests of the company while considering stakeholders such as employees, the community, and the environment. This provision reflects a stakeholder-oriented approach to corporate governance. However, in practice, many large Indian corporations those are especially promoter-driven firms operate within a hybrid governance model, where shareholder value often remains a dominant priority alongside broader stakeholder considerations.

Insider ownership refers to the percentage of a company’s outstanding stock held by its officers, directors, and major stakeholders (typically those with >10% ownership). It acts as a key corporate governance metric indicating how aligned management’s interests are with shareholders, generally suggesting confidence in the firm’s future.

Companies such as Adani Enterprises and Adani Ports and Special Economic Zone indeed have high promoter ownership, often above 60–70%. High promoter shareholding generally implies strong alignment between promoters and shareholders, because promoters’ wealth is tied to company performance. However, governance scholars note that very high promoter concentration may also reduce minority shareholder influence, which can create governance concerns. Thus, these firms are often cited as examples of promoter-driven shareholder value models, where growth and market capitalization are strongly emphasized.

The governance structure of the Tata ecosystem is somewhat different. The holding company Tata Sons is majority owned by philanthropic trusts such as Tata Trusts. This structure traditionally promotes a stakeholder-oriented philosophy, balancing shareholder returns with social responsibility. In Cyrus Mistry v. Tata Sons, the Supreme Court of India emphasized that directors must act “in the best interests of the company”, which legally includes but is not limited to shareholder value. Therefore, Tata companies are usually described as hybrid or stakeholder-oriented rather than purely shareholder-centric, even though listed companies must still deliver returns to shareholders.

Azim Premji and the promoter entities historically held very high ownership stakes in Wipro. Promoter control exceeding ~70% can create strong alignment with shareholder wealth maximization. At the same time, Wipro also has a strong ESG and philanthropic orientation through the Azim Premji Foundation, showing that high insider ownership does not always mean a purely shareholder centric approach.

High promoter ownership in companies such as Adani Enterprises, Adani Ports and SEZ, and Wipro reflects a governance structure where promoters retain significant control, often aligning managerial decisions with shareholder value creation. However, corporate groups like the Tata Group illustrate a hybrid model where shareholder interests coexist with broader stakeholder considerations due to trust-based ownership structures.

High Promoter Ownership: More than half of the firms in the Nifty Index have insider ownership of over 50%, with 21 private-party promoters and 6 government-promoter companies in this category as of 2013, creating a, structure where shareholder interests (specifically promoters) are dominant. Banks and insurance companies, such as SBI Life Insurance Company (55.4% ownership) and HDFC Life (50.4% ownership), often focus on maximizing investor returns.

Shareholder primacy is a shareholder-centric form of corporate governance that focuses on maximizing the value of shareholders before considering the interests of other corporate stakeholders, such as society, the community, consumers, and employees.

Insider ownership refers to the percentage of a company’s outstanding stock held by its officers, directors, and major stakeholders (typically those with >10% ownership). It acts as a key corporate governance metric indicating how aligned management’s interests are with shareholders, generally suggesting confidence in the firm’s future. Includes shares held by executives, directors, founders, and entities with significant control over the company. High insider ownership is often viewed positively, suggesting that management has “skin in the game” and is invested in the company’s long-term success, potentially leading to better performance.

The debate between a shareholder approach and a stakeholder approach has been going on for a long time. Advocates of the shareholder approach stress that corporations should focus on shareholder wealth maximization, while proponents of the stakeholder approach highlight the importance of corporations as employment resources, sources of higher-quality products for consumers, and for social responsibility improvements within the general community.

Shareholder Primacy Issue

One of the primary issues in the shareholder primacy debate revolves around the idea of who owns these corporations and whether corporations are capable of being “owned.” The generally accepted view is that corporations are owned by their shareholders, who ultimately could control the company. Therefore, employees, directors, and executives are part of the corporation that must produce work to maximize shareholder wealth.

A shareholder-centric model, while providing a clear metric of success through shareholder wealth maximization, has also been widely criticized for several inherent limitations. One of the most significant concerns is that corporate decision-making may shift toward the pursuit of short-term financial gains rather than long-term sustainability. When management is evaluated primarily on stock price performance or quarterly earnings, there is a strong incentive to prioritize immediate results. This can lead to hasty decision-making, excessive risk-taking, and the adoption of strategies driven by short-term incentives such as performance bonuses or stock-based compensation.

Such short-termism attitude may discourage investments in research and development, employee training, environmental responsibility, and long-term innovation, as these initiatives often require significant upfront costs and produce benefits only over an extended period. As a result, companies may sacrifice sustainable growth and long-term value creation in favour of meeting immediate financial targets.

Another limitation of shareholder primacy is that it may overlook the interests of other important stakeholders, including employees, customers, suppliers, communities, and the environment. Corporations operate within a broader social and economic ecosystem, and decisions that solely prioritize shareholder returns may negatively affect these groups. For instance, cost-cutting measures aimed at improving short-term profitability may result in layoffs, reduced product quality, or environmental harm.

Furthermore, excessive emphasis on shareholder value can increase pressure on corporate executives to manipulate earnings or engage in aggressive accounting practices to meet market expectations. This pressure has been linked to several corporate scandals and financial instability, which intensified criticism of shareholder primacy following the 2008 global financial crisis.

In response to these concerns, many scholars and policymakers now advocate for a stakeholder-oriented approach to corporate governance, where companies balance the interests of shareholders with those of other stakeholders. This approach emphasizes long-term value creation, corporate responsibility, and sustainable business practices, aiming to ensure that corporations contribute positively to both economic growth and societal welfare. Lack of willingness to take on risks and invest in new technologies may limit the growth of corporations and the potential to improve overall well-being with better products.

More dividends paid out by corporations to provide income to shareholders instead of using the generated cash to make more and better strategic investment decisions, e.g., research and development.

Looking forward

Although numerous suggestions have been put forth to implement more of a stakeholder approach from corporations, in the end, it is a change that can only start from within. A few recommendations include reforming the countries’ codes of corporate governance and stewardship to focus more on the long-term success of companies, overhauling legislation to enforce the social and environmental duties of corporations or improving the diversity of board members. However, no matter how many regulations and laws are put in place, a genuine change away from the shareholder primacy approach can only start from within a company through its internal culture, environment, and overall business strategy. The external stakeholders of a company are customers who rely on the company for products or services and are impacted by quality and pricing. Suppliers/Vendors who depend on the company for business, revenue, and partnership. Creditors are institutions that lend money and require repayment. Community/Public at large who get affected by the company’s environmental impact, job creation, and local economic influence. Government/Regulatory Bodies are interested in tax compliance and adherence to laws and regulations.

Faith has been one of the most enduring and influential forces in human civilization. Across cultures, regions, and historical periods, faith has shaped individual beliefs, social institutions, moral values, cultural traditions, and economic systems. In India, a country celebrated for its spiritual diversity and religious heritage, faith occupies a unique position that extends beyond personal devotion into the realms of society, culture, governance, and economic development.

This book explores the multifaceted relationship between faith and the economy, a phenomenon increasingly referred to as the “Faith Economy.” While religion is often viewed primarily through theological or sociological lenses, its economic dimensions have received comparatively less attention despite their significant impact on livelihoods, tourism, philanthropy, employment generation, social welfare, and community development. Temples, mosques, churches, gurudwaras, monasteries, pilgrimage centres, spiritual organizations, and religious festivals collectively contribute to a vast ecosystem that influences economic activities at local, regional, national, and global levels. India offers a particularly fascinating context for studying the faith economy. The country is home to some of the world’s oldest religious traditions, most visited pilgrimage destinations, and largest spiritual gatherings. Religious institutions have historically served not only as centres of worship but also as providers of education, healthcare, charity, cultural preservation, and social cohesion. In contemporary India, the expansion of religious tourism, digital donations, spiritual entrepreneurship, and faith-based organizations has further strengthened the economic significance of religion.

The purpose of this book is to provide readers with a comprehensive understanding of the evolution, structure, and impact of faith-driven economic systems. The chapters examine the historical development of religious economies, the role of temples and religious institutions in community development, the contribution of pilgrimage tourism to economic growth, the influence of gurus and spiritual leaders, the emergence of religious markets, and the growing interaction between faith, technology, and globalization.

While discussing faith as an economic force, this book does not seek to evaluate religious beliefs or spiritual doctrines. Rather, it aims to analyse how faith-based institutions function as socio-economic entities that mobilize resources, create employment opportunities, influence consumer behaviour, preserve cultural heritage, and contribute to national development. The discussion is grounded in historical evidence, academic research, policy reports, and contemporary examples from India and around the world.

Special attention has been given to the Indian context, where religious traditions continue to shape social life and economic activity in profound ways. From the ancient temple economies of South India to the modern transformation of pilgrimage destinations such as Ayodhya, Varanasi, Tirupati, Shirdi, and Vaishno Devi, the faith economy demonstrates how spiritual motivations can generate tangible economic outcomes. At the same time, the book also examines challenges relating to governance, transparency, commercialization, sustainability, and inclusiveness within faith-based economic systems.

This work is intended for students, researchers, academicians, policymakers, tourism professionals, economists, sociologists, religious scholars, and general readers interested in understanding the dynamic relationship between faith and development. It seeks to bridge the gap between spirituality and economics by presenting faith not merely as a matter of personal belief but also as a powerful institutional and economic phenomenon.

This Book has been published by Kabdawal Book International Publisher.

The Swedish people believe in the Lagom Philosophy which means to have just enough of everything; not too much, not too little. In Sweden, people follow ‘lagom’ which is a uniquely Swedish concept that embraces balance, moderation and contentment.

While there’s no direct English translation, ‘lagom’ roughly means “just the right amount”. It’s about finding harmony in everyday life whether decorating your home, planning your meals, travelling, amusement, leisure, social life or managing your workload. For Swedes, ‘lagom’ isn’t about doing less  but it’s about doing things mindfully and avoiding excess.

The word ‘lagom’ stems from an old form of ‘lag’, meaning “law” or “common sense law”  hinting at what’s appropriate or suitable. A more colourful (though debated) theory traces ‘lagom’ back to the Viking (sea pirates) expression ‘laget om’, meaning “around the team” a nod to passing on the robbery to everyone so that each one gets a fair portion. Swedish people are practical, polite, and well mannered.

That Lagom spirit of balance explains Sweden’s custom of serving exactly seven types of cookies at social gatherings. They call it “Sju sorters kakor” tradition features classics like melt-in-your-mouth Drömmar, jam-filled Hallongrottor, pink-sugar-coated Brysselkex, crispy oat Havreflarn, chocolate-drizzled Chokladsnittar, spiced Finska Pinnar, and buttery Syltkakor, all often made from a versatile shortbread base for elegant fika (coffee breaks).  Fewer types would be stingy, and more would be showing off. Fortunately, most of these traditional Swedish cookies are made from the same dough which is perfect for a ‘lagom’ baking session.

‘Lagom’ in modern life

‘Lagom’ runs through Swedish society so much ingrained that Swedes often refer to their country as “the land of ‘lagom’  often affectionately. Importantly, ‘lagom’ isn’t a strict rule. It’s more of a compass guiding daily decisions from parenting styles to office dynamics. Examples are taking one cinnamon bun, not two so there is enough for everyone. And if there’s one left over, you split it. Hanging out just enough to enjoy each other’s company, without overdoing it. Decorating with simplicity and function, rather than flashiness and conspicuous. Working hard enough to be productive, without burning out. It also includes wearing just the right amount of clothing for the weather.

A mindset for well-being

Science backs up what Swedes practice. balance is good for you. Studies show that cultures valuing moderation and sustainable rhythms report lower stress levels and higher life satisfaction. A ‘lagom’ approach to life can help with emotional regulation, reduce the risk of burnout and promote a more profound sense of well-being. Rather than chasing extremes, ‘lagom’ invites you to find joy in enough. It’s a shift in focus  from outward achievements to inner contentment.

Conclusion

A lifestyle based on moderation and balance is associated is good for healthier emotional regulation and reduced risk of burnout. Internal peace comes with resilience, real happiness in small things, self-awareness, self-growth and not by not showing off to external world with wealth and status. This Swedish ideology applies to health, work, home, relationships, money, respect for nature, consumption habit, leadership, punctuality, responsibility and charity.

Sweden holds a strong global position as a highly developed, prosperous, innovative, and stable nation, consistently ranking high in quality of life, for innovations among top three, social welfare, democracy, and environmental sustainability. It’s known for its advanced welfare system, strong economy  with a high GDP per capita, trusted brand image like world-class companies like IKEA and Volvo, H&M, Atlas Copco, Ericson, Fjällräven. Lagom has made Sweden prosperous.

Some people enter our lives not as permanent companions, but as turning points. Their role is catalytic rather than continuous. They disrupt patterns, introduce new ways of thinking, or simply reflect us back to ourselves in a way we had not seen before. In psychology, this connects to ideas like transformational relationships and even the self-actualization process described by Abraham Maslow. Such individuals often help us move from survival or routine living toward growth, meaning, and purpose. These catalysts tend to influence us in a few powerful ways.  Sometimes gently, sometimes abruptly. This can feel uncomfortable, but it breaks inertia. They expand our identity by showing us possibilities we hadn’t considered for ourselves. And, they mirror truth which we never thought about ourselves.

Rasipuram Krishnaswami Narayanaswami was a pioneering Indian author who wrote in English, best known for creating the fictional South Indian town of Malgudi. His celebrated works, including Swami and Friends (1935) and The Guide (1958), are characterized by simple, humorous, and poignant depictions of ordinary life.  Rasipuram failed in his university entrance exam in English at age 18, a surprising setback for the future literary giant. Although English was his strongest subject, he failed that portion while passing subjects he expected to fail, like science. This gap year allowed him to focus on reading and writing, setting the stage for his celebrated career. The forced gap year allowed him to dedicate his time to writing. Despite the failure, Rasipuram  was an avid reader of Victorian novels, authors like Charles Dickens, and poets like Keats and Byron. He used constantly read novels in the school library where his father was headmaster.

Rasipuram had a close friend named Kittu Purna, also known as K. Purna who was a close friend and neighbour and his role was pivotal at a time when Rashipuram was struggling to get published one of his novels in India. Here’s what happened: Rasipuram had written his first novel, Swami and Friends, but couldn’t find a publisher locally. Kittu Purna, who was studying at Oxford, took responsibility of helping Rasipuram to find a publisher. He carried the manuscript to England and tried to get it noticed. Eventually, the manuscript reached Graham Greene, already an established novelist. Greene recognized its originality and charm, and personally recommended it to a publisher. With Greene’s endorsement, the novel was published in 1935 and Rashipuram’s literary career began. Graham Greene immediately recognized the originality and quiet charm in Rashipuram’s writing. He famously remarked that the fictional town of Malgudi felt “more familiar than Battersea or Euston Road,” highlighting how vividly Rashipuram brought it to life.

Greene didn’t just admire the manuscript, he actively supported Narayan’s career. He helped place the novel with the publishing house Hamish Hamilton, leading to its publication in 1935. He also suggested refining the title from Swami, to the more engaging ‘Swami and Friends’. This mentorship proved pivotal, marking the beginning of Rashipuram’s enduring literary journey and the global recognition of his uniquely Indian yet universally relatable storytelling. Greene didn’t just help once; he became a long-term supporter and even helped coin the shortened name “R. K. Narayan” to Rasipuram Krishnaswami Narayanaswami for publication purposes. So, in a very real sense, Kittu Purna acted as the bridge between an unknown Indian writer and the British literary world, while Graham Greene became the powerful advocate who opened the final door. This is a great example of how literary history often turns on quiet acts of friendship and belief.

Greene was key to publishing Narayan’s first four books, he also motivated Narayan for his degree ‘The Bachelor of Arts’ and later becoming an English Teacher. Their friendship lasted for many years, with Narayan crediting Greene for his career by stating, “But for you, Swami would be in the bottom of Thames now”.

Greene helped publish Narayan’s first four books and became a mentor, supporter, and dear friend, despite them not meeting in person for many years. Greene was a huge supporter of Narayan’s work for over 50 years, helping to find publishers for his first four books, although the two men only met once in person in 1964.

R.K. Narayan’s script ‘The Guide (1958)’ is a landmark in Indian English literature, celebrated for its unique narrative structure, blend of irony and profound human insight, and its exploration of the transition from moral ambiguity to redemption. The novel, which won the Sahitya Akademie Award, is structured around the transformation of Raju from a corrupt tour guide to a reluctantly revered holy man in the fictional town of Malgudi. The story does not move chronologically. It alternates between Raju’s present life as a “swami” sitting in a temple, interacting with his disciple Velan, and flashbacks that reveal his past as a “Railway Guide,” his affair with Rosie, his stint as her manager, and his imprisonment for forgery.

Narayan uses a dual narrative perspective, shifting between first-person confessions from Raju and an objective third-person narrator. This allows the reader to experience Raju’s internal justification while also seeing the cold reality of his actions. The novel ends in ambiguity; whether Raju dies at the end, just as the rains finally arrive to end the drought. This reflects Narayan’s belief in the uncertainty of life and the nature of spiritual awakening, a recommendation strongly influenced again by his friend Graham Greene. When Narayan met Greene in 1956 and discussed the plot of his upcoming novel, The Guide, Greene suggested that Raju, the main character, should die at the end.

Raju is not a typical hero. He is flawed, opportunistic, and a liar, yet the story guides him towards sincere action for the first time in his life. The turning point is his decision to fast, which turns from a deceitful tactic into a genuine act of sacrifice. Narayan portrays Rosie as a complex character both empowered by her dancing talent and trapped by societal constraints. Her ambition and transformation into the dancer “Nalini” form a parallel story of empowerment. While Greene helped shape the original novel, the major changes made to the film script such as shifting the setting from Malgudi to Udaipur were made by the director Vijay Anand, which led to Narayan describing the Hindi movie as a “Misguided Guide”

Mulk Raj Anand, R.K. Narayan, and Raja Rao, known as the “Big Three” or “Trio” of Indian English fiction, pioneered modern Indian storytelling in the 1930s. They established a distinct Indian English idiom, shifting focus from colonial narratives to authentic Indian social, philosophical, and personal experiences, paving the way for modern Indian literature.

RBI Treasury Bills (T-Bills) are considered a good investment primarily because they offer an exceptional combination of safety, high liquidity, and predictable, short-term returns, making them ideal for risk-averse investors and for managing short-term financial needs.

Treasury Bills (T-bills) are short-term money market instruments issued by the Government of India through the Reserve Bank of India (RBI) to meet the government’s short-term funding requirements. Considered one of the safest investment options in the financial market, T-bills are backed by a sovereign guarantee and offer high liquidity with predictable returns. These instruments are issued at a discount to their face value and redeemed at full face value upon maturity. The difference between the issue price and the redemption value represents the investor’s return.

This article explains the meaning of treasury bills, their types, features, benefits, limitations, and working mechanism.

Treasury Bills Meaning

Treasury bills are short-term debt instruments issued by the RBI on behalf of the Government of India in the form of promissory notes. They do not carry any coupon or interest payments and are therefore classified as zero-coupon securities.

The primary objective of issuing treasury bills is to meet the short-term financial requirements of the central government. For investors, T-bills are among the safest investment avenues, offering the highest level of liquidity among government securities.

Types of Treasury Bills in India. Treasury bills in India are issued in four fixed tenures:

1. 14-day Treasury Bills
2. 91-day Treasury Bills
3. 182-day Treasury Bills
4. 364-day Treasury Bills

While the tenure of each category remains fixed, the issue price and yield fluctuate depending on factors such as total bids received, prevailing interest rates, RBI’s monetary policy stance, and the government’s funding needs.

Features of Treasury Bills:

1. Zero-Coupon Instruments

Treasury bills do not offer periodic interest payments. Instead, investors earn returns through capital appreciation—the difference between the discounted purchase price and the face value received at maturity.

2. Short-Term Tenure

With maturities ranging from 14 days to 364 days, T-bills are ideal for investors seeking short-term parking of funds with high liquidity and minimal risk.

3. Low-Risk Investment

Backed by the Government of India, treasury bills carry virtually no credit risk. They are considered safer than fixed deposits and often provide better post-tax efficiency for similar tenures.

4. High Liquidity

T-bills can be easily sold in the secondary market before maturity, making them highly liquid instruments.

Who Issues Treasury Bills? In India, treasury bills are issued by the Reserve Bank of India, which has been conducting T-bill issuances since 1917. These bills are issued through periodic auctions held on RBI’s electronic platform known as E-Kuber. Participants in these auctions include banks, primary dealers, financial institutions, mutual funds, trusts, and individual investors.

Banks also use treasury bills to: 1. Raise funds through repo transactions with RBI 2. Fulfil their Statutory Liquidity Ratio (SLR) requirements 3. Minimum Investment in Treasury Bills 4. The minimum investment amount for treasury bills is ₹10,000, and additional investments must be made in multiples of ₹10,000. Upon maturity, the maturity value is automatically credited to the investor’s linked bank account.

Conclusion

Treasury bills are an excellent investment option for conservative investors seeking safety, liquidity, and predictable short-term returns. With sovereign backing, flexible tenures, and ease of access, T-bills play a crucial role in both government financing and investors’ short-term financial planning.

The combination of a product and a service is a product-service hybrid. For example, the iPod and iTunes were a famous example of this approach. Yet, they were complementary hybrids – it was possible to use an iPod without iTunes and vice-versa.

Goods are the material items that the customers are ready to purchase for a price. Services are the amenities, benefits or facilities provided by the other persons. Goods are tangible items i.e. they can be seen or touched whereas services are intangible items.

The Service Quality Model or SERVQUAL Model was developed and applied by the American marketing gurus Valarie Zeithami, A. Parshuraman and Leonard Berry in 1988. It is a method to capture and measure the service quality experienced by customers. They developed it to provide a structured way for businesses to assess and understand potential problems in service quality. The core idea of the model was built on the concept that service quality is a function of the gap between what a customer expects and what they perceive to be delivered.  The model was conducted across four different service industries: Banking, Credit Cards, Repairs and Maintenance and Telecommunications.

The reliability depends on to what extent the service is accurate and honest. Responsiveness is about promptly and adequately responding to customer questions or complaints. Competence relates to the expertise an organization has, and the access determines if a customer can quickly and efficiently contact the right department.

The first studies according to the SERVQUAL Model, were carried out exclusively for the services of a telecommunications, a banking and a maintenance company. The previously mentioned researched surveyed consumers and their perceptions of the experienced service quality of these three organisations. The model was later refined to the five dimensions commonly known by the acronym RATER (Reliability, Assurance, Tangibles, Empathy, and Responsiveness). The application of SERVQUAL to electronic commerce and online services (e-service quality) occurred much later, with researchers developing adapted scales like E-S-QUAL in the 2000s to address the specific characteristics of the electronic service environment. To clarify the model I am giving hereby Indigo Airlines example.

Five Dimensions of SERVQUAL Model:

Reliability

The ability to perform the promised service dependably and accurately. Indigo Airlines’ reliability is a mixed bag, with opinions divided on its punctuality and service quality. The airline’s focus on punctuality is a key operational attribute, which, while a process, provides a consistently reliable, almost “tangible”, result for customers in the form of on-time arrival. IndiGo has a reputation for a solid safety record with well-trained pilots.  While recent reports suggest a decline, some travellers have experienced on-time flights. IndiGo also claims a strong record in this area. The airlines have maintained its operational efficiency. Their domestic check-in and boarding are efficient. It’s a no-frills, low-cost airline.

Assurance

The knowledge, courtesy, and competence of employees that instil trust and confidence. Indigo Airlines’ assurance includes optional add-on services like Domestic TravIensure insurance for medical emergencies and trip cancellation and Delayed and Lost Baggage Protection for compensation if checked-in bags are delayed or lost. However, “assurance” can also refer to the airline’s overall commitment, which, according to some consumer reports, has led to recent legal action due to service deficiencies and broken promises, particularly concerning flight cancellations and compensation. Assurance in aviation services is a continuous process of monitoring, evaluating, and verifying that safety and quality standards are met across all operations, including flight operations, maintenance, and ground services. It involves activities like audits, data analysis, and corrective actions to ensure that safety management systems are effective and that the organization complies with regulatory and internal requirements. The goal is to ensure consistent safety and quality to protect passengers, maintain customer trust, and drive continuous improvement.

Tangibles

The physical appearance of facilities, equipment, and personnel. Tangibles are the physical elements of a service, providing visible cues about its quality. IndiGo Airlines, like any service-based company, uses tangibility to provide physical evidence of its service quality and brand promises. This helps customers evaluate the intangible service they are purchasing (air travel).  Key tangible elements of IndiGo’s service include modern and well-maintained fleet. IndiGo is known for operating a single, modern fleet type (primarily Airbus A320s and A321s, with A350s on order). The physical aircraft, their clean interiors, and consistent appearance provide a strong tangible cue of reliability and professionalism. Appearance: Staff wear neat and professional uniforms, which contributes positively to customer perception of the airline’s tangibility and service quality. Every physical touchpoint is consistently branded, from the airport counters and boarding passes to in-flight materials like seat headrests and air sickness bags. This consistency reinforces the brand image and promise. The user-friendly website, mobile app, and self-check-in kiosks are considered tangible aspects of the service, providing a seamless and efficient experience. On ground facilities include clearly identifiable check-in counters, baggage handling systems, and other airport facilities that help manage the physical process of travel.

The airline’s focus on punctuality is a key operational attribute, which, while a process, provides a consistently reliable, almost “tangible”, result for customers in the form of on-time arrival.

Empathy

The degree of caring, individualized attention provided to customers. Indigo Airlines’ reputation for empathy is mixed, with recent viral stories highlighting positive customer interactions, particularly with differently abled staff members, while other passengers report negative experiences of inflexibility and lack of compassion in difficult situations. While some customers and observers have praised the airline for employee empathy, a 2024 study also found empathy to be a contributing factor to their service quality, suggesting a perception of empathy is present, even if inconsistent. A passenger shared a heartwarming experience with a hearing and speech-impaired staff member who provided an exceptionally smooth check-in and went above and beyond with extra perks, leading to praise for the airline’s “true inclusion in action”.

Responsiveness

The willingness to help customers and provide prompt service. IndiGo Airlines’ responsiveness is a mixed picture, as it is known for its strong on-time performance but receives criticism for its customer service responsiveness in areas like communication and handling complaints. While the airline emphasizes its commitment to punctuality and customer satisfaction, some studies have highlighted gaps between customer expectations and the airline’s responsiveness, particularly regarding keeping passengers informed and resolving demands promptly.

How is the model used?

Questionnaire

A survey is used to ask customers about their expectations and perceptions of a service.

Gap analysis

The difference between the perception score and the expectation score for each dimension is calculated. A negative gap indicates that the perceived service is worse than expected, while a positive gap indicates it is better. Actionable insights are studied by analysing the gaps across the five dimensions, businesses can pinpoint specific areas that need improvement, such as investing in customer service training (to improve empathy) or updating physical facilities (to improve tangibles). The gaps are based on following parameters:

Knowledge gap

A gap arises when an organisation’s knowledge of customer expectations is lacking, preventing them from approaching consumers in the right way.

Standards gap

The organisation has already formed its own idea about what the customer expects from their service. If this idea is wrong from the start and does not correspond to what customers expect, there is a significant risk that the organisation will translate it wrongly into a quality policy and corresponding rules.

Delivery gap

A gap can also occur when the organisation offers service that is different from what the consumer had expected. This also involves an incorrect implementation. For instance, in the way employees carry out policy.

Communications gap

Sometimes, the external (marketing) communication that the organisation sends out, can create the wrong expectations among customers. It also happens that the organisation communicates and promises things that are not in line with what they can deliver.

Satisfaction gap

Dissatisfaction results from a (significant) difference between the service a customer expects and the service they experience. Eventually, this will lead to the biggest gap in the experience of quality.