I3 by IAI3 Feb-2018

Feburary 2018
Bridging the Gap
Monthly English Journal
Publication for Learning & Development by ‘International Association of Industry Institute Interface”
Edited & Designed by: Dr. Swati Verma ([email protected])
Edited & Designed by: Dr. Swati Verma ([email protected])
By Dr. Swati Verma
Page - 3
IAI3 Progression - Inside Story
By Dr. Swati Verma
Page - 4
Tourism - An anonymous Vocational Skill
By Bhavna Seth
Page - 5-9
The glass half empty
By Jyoti Malkani
Page - 10-11
Insolvency & Bankruptcy code - 2016
By CMA Mahendra Bhombe
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Page - 12-15
Page 2
Feburary - 2018
Edited & Designed by: Dr. Swati Verma ([email protected])
Dr. Swati Verma
“Advancing Globally” an awesome beginning of ‘I3’ Journal of IAI3 in the New Year with Visionary
association and collaborations
Second month of the year is full of energy and planning, approaching months of the year. Such an
excitement in team for more actionable applications which will definitely fulfilling aim of team &
we are more vibrant with higher exposure gradually.
I3 is regularly getting more focused and approachable to everyone who want to be a part of
professional voyage as it is out of any age limitation and any one and everyone with innovative
perspective can become a part of this group.
We are working beyond lines as our aim of Precision should never be given up at any time. More
awareness and logical factual gatherings are our biggest support for reaching industry experts.
I3 future editions are aiming for more breaking information of industries which will be practical
discussion about vulnerabilities and gaps for which many like minded professionals are putting
combine efforts and making learners life more simpler.
As we always like not only to discuss about IAI3 activities but also to provide accumulated info’s
to our readers which will help them to understand the challenges in market and other policy
provocations for those who are targeting various education globally.
So here I close by a small motivational piece
The Capacity to learn is a GIFT
The ability to learn is a SKILL
The willingness to learn is a CHOICE
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Edited & Designed by: Dr. Swati Verma ([email protected])
(International Association of Industry Institute Interface)
(Inside Story)
Dr. Swati Verma
IAI3 Strategy Head / Corporate trainer / Entrepreneur / PHD & Naturopathy Physician
Another month and we are on path of our achievements and next targets. There is a hunger of
more. no time for sigh of relief and we want to move in that way only with our Dream of Passion
and expression. Inputs are rising and we understand various hurdles and pull downs are path of
an achievers Success.
IAI3 in their fourth month is moving still with a supportive associates and stake holders. We are
self drivers and believe in our collaborative strength which is a direct representation of our
ongoing success.
The aim to have our own training product with lots of research and development methodologies ,
Surveys and discussions is initiated this month and soon the team will be in exact position after
data consolidations to strategies and design more accurate material, methodology driven which
will definitely fulfill our aim of providing Skilled training and raising bar in Professional
Our parallel aim to reach out to more Industries and help them understand reason of their drop
in figures and how the team performance is directly proportional to precise training regularly.
Our personal approach to each industry and sector is ongoing and designing their customized
modules is our goal.
In short Mission is magnified for
“Making Youth ‘Employable’ and employed employees, ‘Professional’”
This is an action oriented month as now is the time of teaming up and start implementing our
ideas with full force.
It's a long journey and we will be waiting for the time When we feel SUCCESS
SUCCESS for us is when we will start making difference in PEOPLE’S Lives.
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Edited & Designed by: Dr. Swati Verma ([email protected])
Tourism - ”An anonymous Vocational Skill”
Dr. Bhavna Seth
L&D IAI3, Academician & Entrepreneur
“Impact of Training and providence of Skill Education in development of Tourism: one of the
most important industries in India
Morgan: “Paradoxically, vocational higher education in tourism may need to rediscover these
humanistic values in order to fulfil its managerial objectives of creating successful business
Tourism is one of the world's largest employers and yet many communities are unsure of the
benefits of tourism. The economic benefits are often the easiest to measure and the most
effective; however the social and environmental benefits of tourism including protection of
natural and cultural assets, supporting local events and cultural practices and provision of services
and public facilities should not be overlooked. For this reason effective destination managers
should regularly engage in education and advocacy of the benefits of tourism with local
influencers and key community stakeholders. This includes elected representatives, leaders of
business and industry, community and environment groups, and residents.
Whether it is just this tendency to transcend a life and job of drudgery or just sheer wanderlust,
the tourism industry is today the fastest growing industry in the world and India, which is a
tourist's paradise, also has a promising and developing tourist sector.
It is questionable whether the goal of tourism education is reducible to solely vocational education
directly applicable to daily operations in the tourism industry. Whether skill development and
field experiences are successful or not, these vocationally focused tourism education programme
raise questions regarding the role of tourism education. In the midst of the vocational focus of
tourism programme, schools are sending out professionals who could influence the host
communities' culture and society.
Is training a primary purpose of tourism education?
As tourism educators, should our only responsibility be simply preparing and training students
for their future careers
?Educational institutions should serve a society that does not yet exist. That is,
we should educate students who can create and manage the future.
Educators should guide students “to go beyond their 'native' predispositions”, and
the curriculum should be “a bundle of
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planned meanings, a package of values”, rather than skills. We should guide students in a way to
create meanings from and about what they learn through reflection. So how is that possible?
How can we influence students to think reflectively? In Bruner's ( words, it is about enabling
students to see themselves 'outside in' not inside out', it is about providing a toolkit to
critically examine what constitutes their culture.
Tourism in the classrooms
West Bengal Tourism Minister Krishnendu Narayan Chowdhury has always maintained that the
state has immense potential as far as the tourism sector is concerned. He has suggested that
tourism be introduced into the school curriculum.
He has gone on record stating his intention to develop “school tourism” or organized excursions
for students to places of interest and historical sites as an attempt to increase their awareness
about the state of West Bengal.
Prabir Singha Roy shares a similar opinion and believes that the government should introduce
tourism in the school curriculum. He says, “Often the candidates who apply for jobs are keen to
work in this sectorbut are not trained in the manner that we would like. Some of them have
pursued diplomas but most haven't pursued academic courses in tourism. In my company, I
have to train most of my recruits.”
Aditi Pal of Wheels Tours and Travels also agrees, “I recruit trainees who are coached under the
tutelage of the more experienced ones. Initially they assist experienced guides and coordinators
and are allowed to function on their own only after I am sure that they have learnt. “The
various departments include front office, booking confirmation desk, accounts including
auditing, travel coordinator and manager. Now, each of these roles requires speaking skills.”
Tourism is a dynamic and pervasive industry that provides a range of benefits and value to
organizations, communities and regions that participate in the industry.
Tourism can provide value for a destination in a number of ways:
Economic – increased and diversified economic activity; flow-on economic
benefits through a community; stimulus for economic development and
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Social / Cultural – enhanced quality of life, community development, employment and income,
conservation of cultural heritage, increased amenity, community pride;
Environmental – awareness of environmental significance, conservation of natural and built
environments, implementation of sustainable practices.
Many destinations have previously focused only on the economic value of tourism. However
integrating both economic and non-economic impacts provides a more holistic view of tourism
and better informs destination management decisions.
A number of tools have been developed to assist destinations to measure and communicate the
economic, social and environmental value of tourism. What is clear from the research is that a
consistent, transparent and robust method is needed and that Tourism should be considered in
the context of other industries in areas such as contribution to Gross Domestic Product, Quality
of Life and environmental sustainability.
As described at the National Portal of India, “Travel and tourism is the largest service industry in
India. It provides heritage, cultural, medical, business and sports tourism. The main objective of
this sector is to develop and promote tourism, maintain competitiveness of India as tourist
destination and improve and expand existing tourism products to ensure employment generation
and economic growth.”
IITTM , the Indian Institute of Tourism and Travel Management (IITTM), an autonomous
organization of the Ministry of Tourism, Government of India, is one of the premier institutes in
the country offering education, training, research and consultancy in sustainable management of
tourism, travel and other allied sectors committed to developing quality human resources for
tourism and allied services. The target groups of its educational/ training programme extend
much beyond the organized sectors of the economy. IITTM endeavors to nurture professional
and managerial excellence, social and cultural sensitivity, moral and ethical responsibility with
concern for the environment and strive for latest techniques to develop decision making abilities
with a resolute approach towards productivity, excellence, innovation and value for others to
enable its participants to keep pace with the changing scenario of the economy and its environs.
Need for Sociological Understanding
While tourism is widely perceived as a set of business activities or movements
of people, it is also a social phenomenon; people travel from place to place, and
so do their cultures. At the same time, tourists' and hosts' activities, behavioral
patterns, and motivations are situated in socially specific contexts. Tourism
influences, and is influenced by, macro level societal ideology, that is, “culturally
determined expectations and attitudes”, as said by Shaw. The economic focus of
tourism education can
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Need for Philosophical Foundations
Tourism educators and industry professionals are aware of the interconnectedness between
education and the tourism industry. They appear to agree that industry needs and expectations
dominate, since they are rooted in practice and application. However, this perception that
education is to suit only the employment requirements of the industry may not be the most
effective or desired purpose of a college education, nor provide qualified individuals as
contributors not only as tourism professionals, but also as thoughtful participants in a global
Illich warns that both society and schools confuse “teaching with learning, grade achievement
with education, a diploma with competence and fluency with the ability to say something new”.
Putting this in the context of tourism, teaching the packaged tourism education course appears to
promise that our students learn the knowledge. A high grade point average means that they are
educated, a tourism degree means that they are competent to work, and those who can talk
about tourism have a broad body of knowledge.
Conclusion – Rethinking Tourism Education
Tourism is a relatively new field of study that emerged from vocational education. The nature of
tourism education seems to contribute toward tourism pedagogies, driven by business and
economic considerations. At the same time, this makes tourism education susceptible to social
manipulation by these same forces. However, most discussions by educators and developers of
tourism curricula tend to centre on a balance between a vocational and an academic focus. The
discussion is often merely about efficient and effective transferability of school curricula to daily
operations, overlooking the value of learning and the intangible impacts of tourism. It is clear
that a focus on employability is at odds, or in conflict with, the goal of producing graduates
capable of critical thinking.
Tourism development and marketing have the potential to reinforce ideological images of the
sites and result in stereotyped gender roles. In pursuit of sustainable tourism development,
epistemological inquiry should play an increasingly important role in future of tourism education.
tourism programme are geared toward creating managers, lack of critical inquiry may lead to
managers who Unintentionally employ gender images that are damaging and oppressive in the
interests of marketing.
Students are “concrete persons with whom they have real ties in the process of
cultural and economic reproduction”.
Hence, the role of tourism education is clearly more thanprocessing or enabling
students so that they are employable. The sociology of tourism should be
integrated into tourism curriculum. Philosophical foundations of tourism would
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provide students with the basis to address epistemological issues by thinking critically
about tourism. Such knowledge would be valuable to practitioners in articulating existing social
issues related to tourism, and foreseeing potential consequences of their practices.
As educators, we are partners in the process of tourism development. We do not exist in
vacuum; our knowledge and activities represent our own ideological configurations of a
preferred society.
Without reflective consideration on our priorities, we can easily be reduced to a reproductive
force for existing ideologies in society .Apple further argues that educators are political beings,
and thus they should determine where to stand and understand the influence and the consequ
-ences of their actions; it is the hidden curriculum that poses moral questions.
Educators may take a natural stance that supports common sense, or they could take a theoretic
stance that studies the nature of common sense and our understanding of it/ Giroux recommen
-ds educators provide students with intellectual and moral leadership. Taking the natural stance,
our role as educators should be in preparing students to be employable, while the theoretic
stance would require educators to facilitate critical thinking and moral decision making in our
Educators are more than skilled experts in classrooms; they are “social leaders, cultural advoca
-tes, and moral visionaries, spiritual directors who choose to do their leading, advocating, vision
-ing and directing”
Relevance of Tourism industry in this Century
Liberalization and opening of the Indian economy have created a new businessenvironment in
Indian in the post 1991 era. A large number of business travelersfrom the different countries of
the world are visiting different metros and cities of India. A large number of Indian professional
are also visiting different touristdestination within for business purpose. The Indian middle class
with huge pay packets and leave travel facilities along with their working wives have emerged
asone of the important tourist segments for the tourism planners in India. The Indianyouth with
the opening of media and economy have become more adventure loving-outdoor-activities-orien
ted ones as their western counter parts.In this fast changing socio-economic scenario in India at
the dawn of the 21stcentury; the tourism planners both in the private and government sectors of
the country, cannot ignore the benefits of tourism business.
Tourism is going to emerge as one of the most important industry in India at the dawn of the
century. However, to cope up with the growing demand for trained manpower requirements to
run the tourist offices, hotels, travel agencies, air lines effectively and efficiently; a carefully
drawn tourism education plan has emerged asthe primary need of the nation.In order to achieve
this aim the tourism planners in India, both in private and public sectors, along with the experts,
academicians and NGO's should sit downtogether; and develop the mission of creating trained
manpower resources to manthe Indian tourism industry at the beginning of the
this century in a socially meaningful way.
Special Contribution by esteemed IAI3 member
Dr. Bhavana Seth - [email protected]
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Edited & Designed by: Dr. Swati Verma ([email protected])
The glass half empty”
Jyoti Malkani
Head Legal & Finance - IAI3 &
Prop: Jyoti Malkani & Co. Chartered Accountants
India after 70 years of independence has moved from traditional ways of doing things to the
modern technological driven Society. Indians have modified the ways of doing business by
bringing in innovations. Innovations refers to a new idea, device or a method of doing things.
Indians by and large have been entrepreneurial in nature and in the past 5 years, India has
digressed to a digital era with innovations in way of doing things. Being an agricultural economy,
Indians have always been enterprising with small scale industries contributing to almost 70% of
our GDP.We have applied better solutions that meet the new requirements, enhance existing
market demands and accomplish through more-effective products, processes, services,
technologies or business models that are readily available to markets, governments and society.
Bringing out innovations refers to creating something original, more effective and as a
consequence breaking the old methods by exploring different new ways of accomplishing things.
How has education transformed over these years? The advanced use of technology has definitely
enhanced this sector, but are we producing sufficient employable individuals to take over the job
Let us look into our lives here and the people we meet in our day to day lives. We understand that
there are few things common between all of them: Drive, Determination and Passion.
“The difference between who you are and who you want to be, is what you do.”
So how does one resolve this difference. What to do?
Most people lack the drive to do something over and above the routine. It is easy to stay the
course in your life; it is much harder to harness your drive and take the leap. However, once you
take the first step the journey begins. No matter what your journey is, it all begins with drive.
Once you take the first step you want to stay determined to succeed. Some are more determined
than others, but determined nonetheless.Success in life can be measured in many ways: money,
family, loved ones who care but it is the determined individual that doesn't admit defeat on their
goals, their relationships, and their challenges. That person is truly successful. Life isn't easy, and
it certainly isn't fair. But if you are determined to make a difference, in any way, you will. Without
determination to attain higher goals, life will pass you by.
You can be a driven and determined individual, but without passion you will never be able to
make that mark. Passion is visible to others. But how does one get passionate about something.
Does it mean “what I Love to do the most” or is it “Love what you do”
Let us look at passion from a nation's prospective. Macroeconomics talks about a nations
wellbeing and this is through its people, as its these people who bring about
change, innovation, advancement etc thereby leading to GDP growth. So, we
as well-educated citizens of our country must be proud of our coming
generations- The youth. How do they feel, what are their needs and desires?
Well they all do have the drive, determination and the passion to achieve more
and be successful but are they truly independent and feels secure in terms of
getting a well settled job? Well, the answer is known to most of us and is definitely
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“no”. Is it because a simple graduate is nothing but “Jack of all but master of none”.Its' only the
professional courses in our country that give you technical expertise and bring out employable
professionals. A doctor, an MBA, an engineer, or a CA etc are the few professions where the job
market absorbs them directly. They are generally never unemployed. Have you ever wondered
why? Well the answer is simple, its because they hold professional specialisation. They are
specialised in the degree they carry. However, a large part of our population does not belong to
this breed as there are various other roles also in an industry which some individuals play over
and above these professionals.
Now here is where the glass is half empty. If we look at this we understand that the practical
applicability and the industry demands need to be kept in mind in making of these graduates.
Graduates need to be specialized to meet the industry standards. Let us enumerate few ways
in which this can be done.
1.Focus on demands of the industry: - Education should look at what the industry wants.
For eg: if a graduate applies for the post of reception, he/she may be capable of speaking in
good English etc and also will have the basic computer skills however the industry needs
someone who can easily work on the given ERP or be excellent in Microsoft office, good in
written and oral communication skills to perform better in that role. This can be called as a
specialization to the role. We can dissect industry roles into various categories and define
specifics for each role and equip the youth towards specific job roles.
2.Focus on the changes in the international front: - India today plays a major role in global
economy and thus this aspect cannot be ignored. When we look at industry taking shape in the
world economics our youth should be at par with that in the world.
3.Groom for the future.:-Change the way we see today. In this everchanging fast environment
change is the only one thing that is constant. Making youth flexible to adopt change is one key
element in bringing about specialisation in the way we do things.
Thus, with this we can create a large amount of passion in our youth. Passion to do more and
also the industry will also be able to get the right match for the job position. So, when you look
for the “glass-half-full” you'll find it. Let us look for making this glass full.
Special Contribution by esteemed IAI3 member
CA Jyoti Malkani - [email protected]
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Insolvency & Bankruptcy Code - 2016
CMA Mahendra Bhombe
Quick resolution in case of debt Overhead
IAI3 Head Legal & Finance, CA & Entreprenuer
Brief of Bankruptcy & Insolvency code, 2016
The Insolvency and Bankruptcy Code, 2016 has been introduced with the primary objective of
increasing lender’s confidence and facilitating expansion of the credit market in India. The code
offers a way out to the creditors by allowing them to identify and resolve the financial hurdles
and failures at an early stage.
When an individual or a business entity is unable to meet its outstanding debts to the investors,
creditors or lenders that person or business entity is termed as insolvent and this whole state
is called insolvency
Bankruptcy is more or like insolvency but when a person declares himself as
an insolvent and submits same to the juridical authorities. On being bankrupt it
is the responsibility of the court to liquidate the assets and distribute the sale
proceeds to the creditors.
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Insolvency Resolution Process:
When any corporate or business entity is not able to pay back the amount to its creditors or
investors or lenders on time and this goes on for a very long period of time, this leads to the
process of insolvency for which the application of insolvency is submitted to the National
Company Law Tribunal (NCLT).
The insolvency resolution process can be initiated by any one of below:
• Financial creditor
• Operational creditor
• Corporate debtor himself
Provided operational creditor has to send a prior notice of demand for 10 days to the corporate
debtor before the initiation of insolvency resolution process.
Process flow chart for Insolvency Resolution
The Code will apply to companies, partnerships, limited liability partnerships,
individuals and any other body specified by the central government.
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Insolvency Resolution:
The insolvency resolution process (IRP) for individuals varies from that of companies.
These processes may be initiated by either the debtor or the creditors.
Resolution process for individuals and partnerships:
Before going in for insolvency resolution, the debtor may apply for forgiveness of a specified
amount of debt, provided that his assets are below a limit set by the central government. This
process will have to be completed within six months.
In case of insolvency resolution, negotiations between the debtor and creditors will be
supervised by an insolvency professional. If negotiations succeed, a repayment plan, agreed
upon by a majority of the creditors, will be submitted to the adjudicator. If they fail, the matter
will proceed to bankruptcy resolution.
Insolvency professionals and agencies:
The IRP will be managed by a licensed professional. The professional will also control the assets
of the debtor during the process.
Information Utilities:
The Code proposes to establish information utilities which will maintain a range
of financial information about firms. These utilities will collect, collate and
disseminate this information to facilitate insolvency resolution proceedings.
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Insolvency regulator:
The Code seeks to establish the Insolvency and Bankruptcy Board of India, to
oversee insolvency resolution in the country. The Board will have 10 members,
including representatives from the central government and Reserve Bank of India.
It will register information utilities, insolvency professionals and insolvency
professional agencies under it, and regulate their functioning.
Offences and penalties:
The Bill specifies that for most offences committed by a debtor under corporate insolvency
(like concealing property, defrauding creditors, etc.), the penalty will be imprisonment of up
to five years, with a fine of up to one crore rupees. For offences committed by an individual
(like providing false information), the imprisonment will vary based on the offence. For most
of these offences, the fine will not exceed five lakh rupees.
Bankruptcy bill provides for creation of an Insolvency and Bankruptcy Fund, an Insolvency and
Bankruptcy Board of India to regulate insolvency professional, agencies and information
utilities. The code allows a corporate debtor itself to initiate insolvency resolution process
once it has defaulted on a debt. The code provides for time limit of 180, days extendable by
further 90 days, for completion of insolvency resolution process. Financial creditors can also
initiate corporate insolvency resolution process.
Special Contribution by esteemed IAI3 member
CMA Mahendra Bhombe - [email protected]
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“IAI3” R
Expert Association
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