Mohammed Al Muallem, CEO & Managing Director, DP World, UAE Region and CEO of Jafza
The Confederation of Indian Indusrtries (CII), DP world UAE region and Jebel Ali Free Zone, Jafza together held a meet to discuss the bounce back of the auto industry. The Auto Resurgence Summit held on Thursday reflected upon the measures to be taken to ensure the revival of the sector, after being hit by the pandemic crisis.
Speakers highlighted the significance of creating a self-reliant, sustainable and stable market, emphasising the need to adopt measures like increased localisation, use of technology, new-gen mobility and increased participation in the global value chain.
“We were thrilled to be a part of the Auto Resurgence Summit 2020. Joining hands with CII was a great opportunity for us to tap the Indian market and reach out to our partners there. The pandemic has revealed the vulnerability of supply chains and demonstrated the need to have resilient ones,” said Mohammed Al Muallem, CEO & Managing Director, DP World, UAE Region and CEO of Jafza.
The DP world has got significant presence in India. DP World’s network spans a wide range of ports in the Indian subcontinent. It is the first global operator with a pan-India license in Indian freight rail industry.
Last year, DP World, UAE Region had launched the India-UAE Bridge, a major project that aims to attract Indian trade and investments to its flagships, Jebel Ali Port and Jafza.
(140213) -- WASHINGTON, Feb. 13, 2014 (Xinhua) -- A plane of American Airlines is seen in snow at Reagan National Airport in Washington, capital of the United States, Feb. 12, 2014. Snowstorm hitting south U.S. has extended to its east areas, causing many flights cancelled or delayed. (Xinhua/Yin Bogu) (bxq)
It would reverse the move if Congress reaches a deal to extend aid…said Doug Parker…Reports Asian Lite News
(140213) — WASHINGTON, Feb. 13, 2014 (Xinhua) — A plane of American Airlines is seen in snow at Reagan National Airport in Washington, capital of the United States, Feb. 12, 2014. Snowstorm hitting south U.S. has extended to its east areas, causing many flights cancelled or delayed. (Xinhua/Yin Bogu) (bxq)
At least 19,000 American Airlines workers will be furloughed from Thursday, the Texas-based airline said in a statement, adding that it would reverse the move if Congress reaches a deal to extend aid.
In the statement issued on Wednesday, CEO Doug Parker said that he spoke with Treasury Secretary Steven Mnuchin and that negotiations were continuing on an agreement that would include the extension of funds, The Hill news website reported.
“Unfortunately, there is no guarantee that any of these efforts will come to fruition. However, in an effort to encourage cooperation and keep hope alive or our team, I informed the Secretary that if these efforts to extend (the Payroll Support Program) are successful over the next few days, we will reverse our furlough processes and recall any impacted team members,” Parker was quoted as saying in the statement.
The CEO added that Congressional leaders were also discussing to pass a separate extension.
“I am extremely sorry we have reached this outcome. It is not what you all deserve. It is a privilege to advocate on behalf of the hardworking aviation professionals at American and throughout the industry, and you have my assurance that we will continue to do so in the days ahead.
“Please keep contacting your elected officials about the importance of reaching an agreement that will extend PSP. We are not done fighting,” he added.
The Securities and Exchange Board of India (SEBI) has decided to amend regulations for delisting of equity shares, stipulating that the shares of the parent listed company and the listed subsidiary entity should be listed for at least three years and should not be suspended at the time of the delisting process.
Further, the subsidiary should have been a listed subsidiary of the listed holding entity for at least three preceding years.
The SEBI Board, in its meeting also decided to grant exemption from the Reverse Book Building process (RBB) for delisting of listed subsidiaries, where it becomes the wholly-owned subsidiary of the listed parent pursuant to a scheme of arrangement.
“To be eligible to take this route, the listed holding company and the listed subsidiary should be in the same line of business. Both the companies should be compliant with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically, the regulations (no. 11, 37 and 94) pertaining to processing of the schemes of arrangement,” a SEBI statement said.
Further, to protect the interests of investors in the listed subsidiary, it has been stipulated that the votes cast by public shareholders of the listed subsidiary in favour of the proposal will be at least two times the number of votes cast against it in terms of the present delisting regulations.
The Board also decided to bring amendments to the SEBI (Debenture Trustee) Regulations, 1993, the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and the SEBI (Listing Obligations and Disclosure Requirements), 2015.
It approved the proposal of strengthening the role of debenture trustees so as to protect the interest of debenture holders. The debenture trustees shall exercise independent due diligence of the assets on which charge is being created.
“The DT(s) shall take required action by convening the meeting of debenture holders for enforcement of security, joining the inter-creditor agreement (under the framework specified by the RBI), etc,” the statement said.
Debenture trustees shall also carry out continuous monitoring of the asset cover, including obtaining mandatory certificate from the statutory auditor on half-yearly basis.
Further, the issuer company shall create a recovery expense fund at the time of issuance of debt securities that may be utilised by debenture trustees in the event of default, for taking appropriate legal action to enforce the security.
The board of the securities market regulator also approved the amendment of MF Regulations to introduce a Code of Conduct for Fund Managers including Chief Investment Officers and Dealers of AMCs.
Further, the Chief Executive Officer will be responsible to ensure that the Code of Conduct is followed by all such officers.
The Board also approved an amendment to MF Regulations to enable Asset Management Companies to become a self-clearing member of the recognised Clearing Corporations to clear and settle trades in the debt segment of recognised stock exchanges, on behalf of its mutual fund schemes.
It has also approved the proposal to facilitate setting up of a Limited Purpose Repo Clearing Corporation.
IT sector veteran and Happiest Minds’ founder Ashok Soota has made it to the Hurun India rich list for the first time, backed by a bumper IPO of his company.
With a wealth of Rs 3,700 crore, Soota’s ranking on the IIFL Wealth Hurun India Rich List 2020 stood at 282nd.
The IPO of Happiest Minds was oversubscribed 150 times. Shares of Happiest Minds, which got listed earlier this month, doubled on the day of listing.
“Backed by the post IPO performance of Happiest Minds, which got subscribed by 150 times, Ashok Soota, 77, registered a wealth of Rs 3,700 crore and debuted the IIFL Wealth Hurun India Rich List 2020 at the 282th rank,” said a statement by IIFL and Hurun India.
Soota, the Executive Chairman of Happiest Minds, was also the founding Chairman and Managing Director of MindTree, which also completed a successful IPO during his tenure.
Soota is the co-author of the national bestseller “Entrepreneurship Simplified”.
Meanwhile, retail tycoon Radhakishan Damani entered the top 10 with a wealth of Rs 87,200 crore, backed by a 51 per cent increase in D-Mart’s share price. Damani was ranked 6th in the list of richest Indians.
Mukesh Ambani, Chairman of India’s most valued firm Reliance Industries, continues to top the IIFL Wealth Hurun India Rich List 2020 for the ninth consecutive year, with a total wealth of Rs 6.58 lakh crore.
His total wealth has surged by 73 per cent in the last 12 months, propelling him to become the richest individual in Asia and fourth richest person in the world.
Indians with more than Rs 1,000 crore wealth cross the 828-mark in the 2020 edition of the rich list.
London-based Hinduja brothers (SP Hinduja, along with his three brothers) with a joint wealth of Rs 1.43 lakh crore bagged the second position. HCL Founder Shiv Nadar with a wealth of Rs 1.41 lakh crore ranked third, followed by Gautam Adani and family at fourth spot and Azim Premji at fifth spot. Radhakishan Damani, the founder of Avenue Supermarts, debuted in the top 10 wealthiest individuals ranking in the IIFL Wealth Hurun India Rich List 2020.
“A 28 per cent of the upswing in wealth on the list has been bestowed by Mukesh Ambani, bespeaking Ambani’s meteoric success post diversifying from oil to telecom and retail. A further 21 per cent of the additional wealth has been generated by pharma, mainly on the back of the rise in healthcare spends and a realigned priority towards personal healthcare stimulated by the Covid-19,” Anas Rahman Junaid, MD and Chief Researcher, Hurun India said.
With rising new wealth creators such as innovative startups, family businesses with strong professional management, investors who believe in the India story, and a demographic advantage that is inferior to none, the India’s wealth creation story is still yet to reach the half-way mark, the report said.
“Assuming that for every one Hurun rich lister we have found, we have probably missed two, it is likely that India today has 2,000 individuals with Rs 1,000 crore,” continued Anas Rahman Junaid, MD and Chief Researcher, Hurun India.
The cut-off for the top 10 rose by 6 per cent to Rs 76,000 crore this year, a 10 per cent increase compared to the previous year. The cumulative wealth of IIFL Wealth Hurun India Rich Listers have increased by 20 per cent compared to that of last year. 84 individuals have migrated from India and are NRIs. 19 saw their wealth double year on year.
All three of Udaan founders became the highest gainers in terms of wealth as compared to the 2019 edition — with increase of 274 per cent in each of their wealth.
Chigurupati Krishna Prasad of Granules India, also registered a 218 per cent jump in the wealth to Rs 3,500 crore. With a wealth of Rs 4,500 crore, Ritesh Agarwal (26) of Oyo Rooms is the youngest person on the list and with a wealth of Rs 5,400 Crore, Dharam Pal Gulati (96) of MDH is the oldest on the list. Nearly 5 per cent of the list (40 individuals) is comprised of women. 10 out of these 40 women are self-made.
The richest woman in the list is Smita V Crishna, of Godrej with Rs 32,400 crore, followed by Kiran Mazumdar-Shaw, of Biocon with a wealth of Rs 31,600 crore.
The International Air Transport Association (IATA) has downgraded the traffic forecast for 2020 to reflect a weaker-than-expected recovery.
“IATA now expects full-year 2020 traffic to be down 66 per cent compared to 2019. The previous estimate was for a 63 per cent decline,” the association said in a statement.
According to IATA, August passenger demand continued to be hugely depressed against normal levels, with revenue passenger kilometres (RPKs) down 75.3 per cent compared to August 2019.
“This was only slightly improved compared to the 79.5 per cent annual contraction in July. Domestic markets continued to outperform international markets in terms of recovery, although most remained substantially down on a year ago,” the statement said.
“August capacity (available seat kilometres or ASKs) was down 63.8 per cent, compared to a year ago, and load factor plunged 27.2 points to an all-time low for August of 58.5 per cent. Based on flight data, the recovery in air passenger services was brought to a halt in mid-August by a return of government restrictions in the face of new COVID-19 outbreaks in a number of key markets.”
As per the data furnished by IATA, India’s domestic air passenger traffic de-grew by 73.6 per cent on a year-on-year basis.
The de-growth in India’s domestic air passenger volume — measured in revenue passenger kilometres — was the second highest amongst major aviation markets such as Australia, Brazil, China, Japan, Russia and the US.
The country’s domestic available passenger capacity – measured in ASKs – declined 66 per cent on a YoY basis.
ArcelorMittal chairman and CEO Lakshmi Mittal. (File Photo: IANS)
ArcelorMittal chairman and CEO Lakshmi Mittal. (File Photo: IANS)
ArcelorMittal has signed a definitive agreement to sell 100 per cent stake in ArcelorMittal USA to Cleveland-Cliffs Inc for around $1.4 billion in both cash and stock.
ArcelorMittal, in a statement on Monday, said that around one third of the consideration is in upfront cash – $505 million and the remaining two-third of the consideration is in the form of equity.
Further, Cleveland-Cliffs will assume the liabilities of ArcelorMittal USA, including net liabilities of approximately $0.5 billion and pensions and other post-employment benefit liabilities which Cleveland-Cliffs values at $1.5 billion.
Cleveland-Cliffs said in a statement that it will acquire ArcelorMittal USA on a cash-free and debt-free basis, with a combination of 78.2 million shares of Cleveland-Cliffs common stock, non-voting preferred stock with an approximate aggregate value of $373 million, and $505 million in cash.
With the transaction, ArcelorMittal USA has achieved “favourable” valuation due to the high synergistic potential of the combined company, the ArcelorMittal statement said.
Lakshmi Mittal, Chairman and CEO of ArcelorMittal, said: “This transaction is a unique opportunity for ArcelorMittal to unlock significant value for shareholders while retaining exposure to the North American economy through our high-quality NAFTA assets alongside a participation in what will be a stronger, better integrated, US business.”
“I would like to thank all employees of ArcelorMittal USA for their hard work in ensuring the business maintained its reputation as a trusted, quality supplier of steels for American manufacturing. I am confident you will have a bright future with Cleveland-Cliffs,” he said.
Aditya Mittal, President and CFO, ArcelorMittal, said that the transaction also completes the steel major’s $2 billion asset portfolio optimisation target and enables it to return cash to the shareholders.
Lourenco Goncalves, President and CEO of Cleveland-Cliffs, said: “Steel-making is a business where production volume, operational diversification, dilution of fixed costs, and technical expertise matter above all else, and this transaction achieves all of these. ArcelorMittal is a world class organisation that we have long admired as our customer and our partner, and we know for a fact that they have taken good care of their US assets.”
The prestigious ‘Great British Entrepreneur Awards’ has chosen the founder of Skin HQ, Haroon Danis, as the first Fashion & Beauty Entrepreneur of the Year for the north west. The announcement was made at the regional finals, which was held virtually due to the pandemic situation.
The Fashion & Beauty Entrepreneur of the Year award, a new category for 2020 celebrates the entrepreneurs who stand out in the category with truly unique products or the way they do business.
Chancellor Rishi Sunak congratulated the award winners and also expressed his strong backing for the country’s entrepreneurs.
“Entrepreneurs are creating new businesses and adapting to the crisis, as seen in this year’s entries. And that’s what we need to happen if we want our economy to bounce back. We need all of you to keep inventing, keep taking risks, keep creating new businesses,” he said.
“It’s my job as Chancellor to celebrate, champion and support you,” Sunak added.
Commenting on Haroon’s achievement, Francesca James, founder of the Great British Entrepreneur Awards, said: “Haroon has a wonderful entrepreneurial story and I’m delighted for him to win this award. I’ll be keeping a very close eye on what he does in the years to come and look forward to welcoming Haroon to the community.”
Skin HQ, led by the award winner, is an affordable, modern, inclusive and accessible provider of skincare clinics. The clinics offer an alternative to surgical improvement clinics and beauty parlours, designed to cater to the specific skin conditions and purchasing needs of a diverse customer base.
Haroon has also won two prestigious Stevie International Business awards, also known as the Business Oscars.
Napoleon is normally associated as citing Britain as a nation of shopkeepers when in fact the phrase was first coined in the late 18th Century by Bertrand Barère de Vieuzac, the French revolutionary. Little did they both know that eventually, Britain would become a nation of Asian shopkeepers!
Point being that it is long accepted South Asians have a much higher propensity to own and run independent retail shops and outlets, certainly within the Grocery, CTN sectors alongside a host of various other professions in which South Asians have proven to be resourceful and ambitious in demonstrating how they have a natural flair at succeeding as entrepreneurs.
I distinctly recall joking as a kid how Asians were never any good at football because every time they received a corner, they would open up a shop! In such politically correct times, I’m not sure I can cut such wise cracks anymore! Back to the present day, the UK’s South Asian community over the decades has matured with many penetrating senior positions in the Corporate world, often internationally, again exhibiting higher incidence in Law, IT and Finance work disciplines to name but a few when compared vs the White Caucasian average base.
Though as with all other industry sectors, none have been immune to the economically debilitating effect of the pandemic on the wider Business community in terms of their motivation, movement and outlook. It is this area I would like to hone in on by providing a snap shot of the observed effects of Covid-19 impacting Business audiences globally and how they may interact with the world within a media perspective.
Shorter term switch to domestic/short haul business travel raises in-market media scope
International businessmen are long renowned for travelling by air, hence the evolution of Business Class! Airports therefore have become a endemic second home for business people and their reliance on air travel has resulted in acute market changes during the pandemic. Looking Far East, China’s easing of air travel restrictions between Chinese provinces has led to business travel demand being the first to rebound, recovering by 50% overall.
Some of China’s cities with the highest abundance of migrant workers, like Guangzhou, Shenzhen and Chengdu, have already surged close to this level. Albeit generally, Asia is culturally geared more towards physical face-to-face dealings. Still, this points to a blueprint for replication across the West, whilst broadening out to encompass short haul travel bubbles as air bridges come into fruition between UK and the rest of the EU.
Similarly, Skit’s most recent research highlights how US domestic market, as restrictions start to ease in certain states, has reported 5% uptick in passenger traffic during May, which includes business passengers. Notwithstanding switch envisaged to using more in-country and/or cross boarder train services serving main business hubs already well connected, e.g. London-Paris gateway onto Frankfurt-Amsterdam. While train modes offer business targeting opportunities, they may not provide the prestigious, stature building sites and endorsement afforded by airport environments.
Smarter, more efficient techniques to track n’ trace Business audiences
Future mobility is likely to be increasingly influenced by ongoing global pandemic, potential recurrences, various geopolitical tension and impacts continuing to take hold. This requires greater flexibility in ways in which business audiences are typically engaged.
Burgeoning digitisation of out of home inventory (namely digital billboards) with application of advanced audience data will enable purer audience-led implementational methods outside of airport environments. Such programmatic approaches are delivering significant efficiencies by zoning in on key times and areas where there is likely to be a higher propensity for business audiences to persist.
This ties in with the aforementioned in-market emphasis where role of key financial city hubs and central business districts will provide fertile ground to minimise wastage when following and reaching business audiences, to compliment and work alongside any in-airport activations targeting this group.
Forecasted rise of extreme business travel segment creates new, focal media pit stops
Even with virtual communication tech prevailing, face-to-face meetings are still deemed irreplaceable, e.g. US’s National Car Rental survey, 81% said business travel helps build key business relationships that otherwise cannot be had. The role of airline rewards programmes, currently under-developed commercially, could provide fresh ways to hone in on a more concentrated level of Business practitioners taking essential, necessary travel that shape business travel recovery.
Within this, how will Business users further meld tightening leisure trips when travelling on business? 51% of C-suites already travel 1st or Business during leisure trips. This segment are purportedly driving private jet usage too which has soared +40% YOY since March – 70% of users were already business according to Private Jet Media, though it is reported just over 4% of Global C-suite use private flying methods (skewed US @ 7.8%, 3.5% Europe).
Even APAC’s C-suite, where just 2% use personal planes, Singapore-based My Jet Asia has witnessed an c. 90% upswing. However, its viability as a media channel remains challenging, i.e. de-centralised vendors, chiefly static inventory, low dwell time, splash n’ dash use, nominal reach volumes and much higher cost to reach audience. Sustainability angle may need consideration too given pressure this puts of Corporate Social Responsibility obligations.
Flying privately does little to reduce carbon footprints! That aside, reported correlations suggest private jets attract super-high business performers, e.g. those that use private aviation out of S&P’s 500 outperform those that don’t by 70%. Reducing entry costs relatively may also fuel further usage, e.g. ”very light jet” for up to four now costs “just” $2,400 (Paramount Business Jets).
Sources used where not quoted: Forward Keys 2020, TGI GBI 2019, Private Jet Media in-house data.
Last week while visiting my sister-in-law Jenny and her husband John at their home in Suffolk the talk turned to sport as it often does. Both Jenny and John have a keen interest in sport, and it is always enjoyable to talk to them about sports. What surprised me was when Jenny asked me about IPL. The first match of the IPL was about to be played and that Jenny and John living in the depths of Suffolk should be interested in this tournament showed how IPL has taken over this quintessential English game of cricket.
Indeed, so powerful is it that a domestic Indian cricket tournament means more to international cricket than a World Cup. Estimates suggest that IPL generates $600 million (£464.5 million) of revenue, 30 per cent more than the 2019 World Cup held in England did. The result of this is that IPL takes precedence over the World Cup. The Twenty20 World Cup was due to start next month but with the IPL originally scheduled for the summer but postponed due to Covid and moved to the UAE, it was IPL which took precedence.
There is a great irony here and also a very Indian story. The twenty over game was an English invention that the Indians shunned. The then secretary of the Indian board initially refused to take part in the first T20 World Cup in South Africa in 2007 snorting in derision, “What next, five overs a side cricket match?”
India reluctantly send a side to South Africa with its greatest star Sachin Tendulkar dropping out. But led by rookie captain Mahendra Singh Dhoni it unexpectedly won the tournament. The T20 triumph in South Africa triggered a revolution not only in India but also world cricket.
Abu Dhabi: Mumbai Indians players celebrates the wicket of Eoin Morgan of Kolkata Knight Riders during match 5 of season 13 of the Dream 11 Indian Premier League (IPL) between the Kolkata Knight Riders and the Mumbai Indians held at the Sheikh Zayed Stadium, Abu Dhabi in the United Arab Emirates on the 23rd September 2020. (Photo: BCCI/IPL)
Now sponsors cannot get enough of IPL. Last month IPL lost its tournament sponsor, Vivo, but soon Dream11, an online gaming company stepped in. Online fantasy cricket is the nearest India has to legal gambling in India and it can make a lot of money for IPL as cricket exploits India’s digital explosion. In 2012 India was said to have had 30 million smartphones in India. It could rise to 829 million by 2022.
120-150 million viewers in India are expecting to watch this year’s IPL matches, with companies paying $60,000 for 30 seconds of advertising time on Star Sports.
Credit must also be given to the organisers. 1,500 people have been locked down in Mumbai and the United Arab Emirates, whose three grounds in Dubai, Sharjah and Abu Dhabi, is where the cricket is being played. With IPL impossible in India UAE’s venues, all easily accessible by road for teams sealed in hotels and buses, made absolute sense.
Abu Dhabi: Jofra Archer of Rajasthan Royals appeals unsuccessfully during match 4 of season 13 of the Dream 11 Indian Premier League (IPL) between Rajasthan Royals and Chennai Super Kings held at the Sharjah Cricket Stadium, Sharjah in the United Arab Emirates on the 22nd September 2020. (Photo: BCCI/IPL)
The economic power of IPL keeps confounding most experts. In 2008 when the IPL had its first season broadcast rights were sold for ten years to Sony-World Sports Group for $ 1.5 billion. In September 2017, the IPL rights were sold to Star India for five years for Rs 16,347 crores which was more than the worth of all the other T-20 leagues which have mushroomed in the wake of the IPL in the last decade.
But while these figures are impressive the IPL story is best told in the impact it has had on the world of cricket and why India once the pariah of the cricket world is now the place cricketers cannot keep away from. The pre-IPL world revolved round an English summer. The moment the English cricket season started in late April cricket all over the world effectively ceased. Such was the power of the English game that cricketers from all over the world came to play in England. India was a bit player in this English summer garden party. Unlike West Indians and Pakistanis not many Indians played county cricket.
When IPL was launched in 2008 English cricket unable to believe that the Indians could match their cricket expertise scoffed at it. Its efforts to beat IPL proved a disaster and English cricket has long bowed to the power of IPL. So, despite the fact that IPL overlaps with the English cricket season their best players are allowed to miss part of the season to take part in this great Indian gold mine. Two centuries ago, British came to India to make money and found an empire. Now their cricketers are willing to miss part of their cherished season to make the sort of money they could never make anywhere else.
Abu Dhabi: Devdutt Padikkal of Royal Challengers Bangalore brings up his fifty during match 3 of season 13 of the Dream 11 Indian Premier League (IPL) between Sunrisers Hyderabad and Royal Challengers Bangalore held at the Dubai International Cricket Stadium, Dubai in the United Arab Emirates on the 21st September 2020. (Photo: BCCI/IPL)
What the IPL has also developed are bonds between Indians and foreigners. This can be seen when IPL matches are played as during the match earlier this week between Mumbai Indians and Kolkata Knight Riders. At a crucial stage in the match the outcome seemed to hinge on whether KKR’s two great foreign stars could turn the match around. They were Eoin Morgan, captain of the England limited over cricket team and one of the best batsman in this format, and the West Indian Andre Russell widely regarded as one of the greatest T20 players. They threatened to do so but were snuffed out by Jasprit Bumrah India’s great pace bowler who took both their wickets in one over. Patrick Cummings, the most expensive overseas star of IPL ever, who is principally a bowler, smashed a few sixes but by then Mumbai Indians had done enough to win. This show cased the IPL wonderfully well. An Englishman, a Jamaican, an Australian on one side and an Indian on the other all performing on the same stage with the Indian winning.
True, this is very specialised form of the game that will never match the complexity or provide the drama and game within game conflict almost mirroring real life that a five-day Test can. Tests will always be seen as the highest benchmark of the game. Yet, IPL is cricket turned into a Bollywood show, Indian tamasha presented to the world in such an enticing manner that Jenny and John are gripped by it.
For the first time a major team sport is not controlled by the west, and IPL is the ultimate expression of modern Indian soft power. It may not be as powerful an Indian soft power tool as yoga, but it took yoga a long time to reach its present position of eminence. That IPL has risen so far so quickly is testimony to the inventive powers of modern Indians.
