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WHERE/THE MONEY
IS IN INDIA
AND HOW TO GET IT


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WHERE THE MONEY
IS IN INDIA
AND HOW TO GET IT


by
G. Vee, Ph.D.


A.
IBH
IBH PUBLISHING COMPANY
Bombay


Copyright © Dr. G. Vee 1979


All rights reserved including the right of reproduction in whole
or in part in any form or by any means, electronic, mechanical,
photocopying, recording or otherwise, by the copyright owner.


First published September 1979


Printed in India by M. N. Palwankar at the Tata Press Limited,
414 Veer Savarkar Marg, Bombay 400 025.

Published by P. C. Manaktala for IBH Publishing Company, 249 Dr. D. N.
Road, Bombay 400 001.


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19.
20.
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CONTENTS


MESSAGES FROM INTERNATIONAL MASTERS OF SUCCESS
FOREWORD

PREFACE

Success HAS MANY SPLENDOURS -

THE MIRACLE OF MONEY

RAISING FUNDS—AN ART AND A SCIENCE
IFCI—First IN THE FRAY


. THe ABC OF FINANCING


FUNDING ENTREPRENEURIAL ASPIRATIONS
YOUR OPTIONS, OUR FUNDS


. SICOM Sows THE SEEDS

. Tur Roap To RICHES: YOU CAN BANK ON THEM
. SMALL Is BEAUTIFUL

. THE ANATOMY Or A WRITTEN PLAN

. ASSISTANCE AT YOUR DOORSTEP

13.
. THE FUTURE LiES HERE

. WoorNG FOREIGN INVESTORS


BACK To Tug *BACKWARD AREAS”


THE RED CARPET ROLLS For You!
MULTI-FACETED MULTINATIONAL CORPORATIONS


. WELCOME BACK, BROTHERS AND SISTERS!


(NON-RESIDENT INDIANS)

ITC—CENTRE OF GRAVITY

Focus ON FRANCHISING

AFTERWORD

THE MAJOR FINANCIAL INSTITUTIONS AT A GLANCE


. THE STATE FINANCIAL CORPORATIONS b


BIBLIOGRAPHY
ABBREVIATIONS
APPENDIX
INDEX


188
196
202
205
206
207
210
212
216
217


MESSAGES FROM
INTERNATIONAL
MASTERS. OF
SUCCESS





Commitment to Success


Among the characteristics most frequently observed in successful
people are creativity and initiative. I know of no one who exhibits
these characteristics more clearly than my friend G. Vee.

Dr. G. Vee regards an obstacle as a challenge and a problem as an
opportunity. He assumes persona] responsibility for achievement
of the personal and business goals that are important to him.
When he needs additional information, he seeks it out and then
applies it to his situation. He recognizes the possibility that many
solutions are available for every problem and uses his creativity
to find those best suited to his own needs.

This book is a demonstration of Dr. G. Vee's commitment to
the belief that success is possible for anyone who is willing to
exercise creativity and initiative to attain it.


Successfully and Positively,


bul n


PAUL J. MEYER
Founder President
Success Motivation Institute, U.S.A.


vi


ee EE UNT





MESSAGES FROM
INTERNATIONAL
MASTERS OF
SUCCESS





Seeking New Worlds


Dr. G. VEE is one of those men who grows with the years. In over
the ten years since I have been associated with him, I have never
seen his enthusiasm flag, his energy lessen, his desire to grasp and
grapple with new challenges diminish. He is always seeking for
new worlds to conquer, and when he gets into something new,
he hugs it to him with hoops of stecl, and will not let it go until
he has found a way to fulfill it.

To the above abilities and characteristics, one other, of paramount
importance, must be added: integrity. No amount of success in
an association between people would be worth the feeling that
can only come with trust. On this score of integrity and trust, I
would rate Dr. G. Vee one hundred per cent.

It is with the utmost personal pleasure that I contribute to
Dr. G. Vee's book this message, which is a reflection not so much
of my words as of the true essence of what he is as a person
and as a motivator.


MICHAEL LOMBARDI
President
Success Motivation Institute of Japan and the Far East


vil


Foreword
A MATTER OF JOY...


Ir ıs a matter of profound pleasure for me to see that Dr. G. Vee,
who is known to me as a man of calibre and integrity, has placed
before the public in general and students of finance in particular,
this extremely readable, informative and thoroughly practical book,
Where The Money Is In India And How To get It. Many an
enterprising young man often appears to pass anxious moments
in his efforts to mobilise money for his venture; and even if it
be granted that at the present juncture it is motivation more than
finance that limits development in India, it cannot be denied that
finance continues to be the major problem. Management institutes
continue to place as much emphasis in their training programmes
on problems of business finance as before.

From all these angles, the present book by Dr. G. Vee, written
in a light literary style, should be considered not merely topical
and relevant, but an asset as a source of valuable information to
existing and potential entrepreneurs and young businessmen.

My hearty congratulations and best wishes to Dr. G. Vee for
opening, to everyone who cares, his gold mine of experience in
the world of finance.


€ Á—MÓ—


G. L. ABHYANKAR

Principal

Sydenham College of Commerce
and Economics, Bombay


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Preface


HOW THIS BOOK WAS WRITTEN
AND WHY


THROUGH AEONS of time the study of money—particularly various
modes and methods of raising money—has intrigued and fascinated -
mankind. With the passing of each age, the mode has undergone
a change. Along with it, the interest in money has increased.
It was John Kenneth Galbraith who very pertinently observed :
“There is nothing about money that cannot be understood by
a person of reasonable curiosity, diligence and intelligence." No
wonder there have been treatises on money, but very few studies
on how to raise money. If this has resulted in gaps in knowledge
about the art of raising money, it is understandable. The need
for a comprehensive study on how to raise money has been felt
acutely, not only by scholars but also by administrators, planners
and financial experts at various levels. To meet this long-felt need,
this book is presented.

Particularly in a developing country like India, raising money
is not an easy task and that is why one should be discriminating
in one's selection. Economic life is unthinkable without finance. (Its
terms and conditions of availability for specific activities determine
the direction and nature of industrial growth and economic
prosperity. |Enabling the entrepreneur to get adequate finance is ©
only a part of the whole problem. Once the necessary finance is


made available, the real challenge lies in the efficient planning and ©
management of finance and optimum use of whatever is available

at the lowest possible cost. It is this missing element to which this -
book directs its focus.

Writing a book, like anything we perceive, is greatly aided
by friends and colleagues in the profession who are willing to
tell you what they believe, regardless of what you want to hear.
Many friends and wellwishers—too numerous to mention here—
read, criticized and even pushed me and my manuscript to keep
me going. Here I must confess that the impetus to initiate this
virgin venture has been provided by my three close friends—





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Principal G. L. Abhyankar, Paul J. Meyer, Founder and President
of the Success Motivation Institute, Waco, Texas, USA, and
Michael Lombardi, President of the Success Motivation Institute
of Japan and the Far East, Tokyo. Principal Abhyankar not
only inspired me to put my thoughts in print, but even agreed
to write the Foreword. My gratitude to him is beyond words.

I am again at a loss for words to express my gratefulness
to Mr. Meyer, who provided me with the courage and deter-
mination to complete this book. I must say he added a new
dimension to my life, He has been my master motivator, who
believes that human potential is so unlimited that man's capacity
is never used up. It would not be irrelevant if I touch upon
Meyer’s philosophy in short. According to him, opportunities
never come to those who wait. They are captured by those who
dare to attack. To complete the picture of Mr. Meyer's basic
principles, he outlines what he calls “The Million Dollar Personal
Success Plan" (see Appendix, page 216).

Mr. Lombardi is another friend to whom I owe much for my
personal development ideas. He has amply proved by his friendship
with me, lasting for over a decade, that he is much more than a
friend. He is a guide. He has lived by the principle of the concept
of success as it is so aptly defined at SMI. Here is the definition:
“Success is the progressive realization of worthwhile predetermined
personal goals." Success is therefore a journey—not a destination.
I hope that this book proves a further step, however modest, in
the efforts to promote the essential skill.

I have received considerable help in the collection and analysis
of data from my friend Subash J. Rele, Editor of a prestigious
fortnightly—the Industrial Times. He also provided valuable
editorial assistance. I would like to place on record my apprecia-
tion to him.

I have been able to devote time to this book—thanks to my
wife Indu, who has shown great patience and forbearance, as many
a time, I was near her but not with her.

I wish to express my deep gratitude to all those persons and
organizations, but for whose direct and indirect help the completion
of this study would not have been possible.


1979 | G. VEE










TO INDU,

without whose cooperation and motivation — :
the book would not have seen —
the light of day







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Chapter I


SUCCESS HAS MANY SPLENDOURS


Success has many colours and connotations, definitions and
dimensions, though everybody spells it with a capital 'S'. My
father, who influenced me considerably in my early life, spelt
success with ACTION. He used to quote scriptures and affirmed
clearly, *Action is thy care, not the fruits thereof." He always
inspired me to action and often warned me against daydreaming.
Success comes to those who do things. Nobody achieves success
by a stroke of good luck. Any new idea, to become a reality,
needs to be put into action. This action could be either in business,
industry, service, or in any other human endeavour. There are
examples in the lives of great people which should inspire men
of all ages. It is a blend of action and idea that has brought them
success. It is the philosophy of action which forms the mainspring
of their life's course.

I am always reminded of a story of two brothers to illustrate
this point, They were both brought up in Flint, Michigan. When
they went to work they took jobs in the paint shop of the Fisher
Body Division of General Motors in Flint. The years passed.
When the older brother was ready to retire at the age of 65, he was
asked by a reporter, *Why didn't you get any further in General
Motors than the paint shop where you started?" He replied, "I
didn't have time and money to do things essential to get any
further." The reporter was slightly puzzled and asked: “Where
did your brother Harlow Curtice get the time and money to
become President of General Motors?” With a shrug of his
shoulders he replied: “Oh, he was always ambitious.” What
really happened was this. When Harlow Curtice decided that he
wanted to get more from life than he could find in a paint shop
he took all the steps to learn. He went to local business schools
aud graduated. He looked for the classified advertisements and
found that the Spark Plug Division of General Motors needed
a book-keeper. He applied and got the job. Of course, this did
not prevent him from going further. He raised his sights till


2 WHERE THE MONEY IS IN INDIA AND HOW TO GET IT


he was appointed General Manager of the Spark Plug Division.
When later, the Buick Division was having trouble, he was made
its General Manager. He put this division on a firm footing and
from there he became the President of General Motors. Here
is a great example of a man of action. There is a saying, "An
enterprise is built around a man." The growth and potential of
an enterprise are both determined by the characteristics, outlook
and action of men helping the organization.


PAUL MEYER: A PERSON TO PERCEIVE


Another person who influenced my thinking and became my
guide, friend and philosopher is Paul J. Meyer, the founder of
the famous Success Motivation Institute. It is easy to fall under
his spell. For myself, Paul J. Meyer has given a new dimension
to my life. Whatever little I have achieved in my life can be
attributed to my strict adherence to his five principles of Personal
Success Plan (see Appendix). Here is a man whom you cannot
resist and who impresses you at the first meeting, whatever may
be your disposition. He possesses rare qualities of power of
perception and has the courage of his convictions. According to
him, *Success is a journey, not a destination." Its achievement
is a result of attitudes and hopes. Success is not so much the
product of unusual talents or abilities as it is the product of a
greater utilization of average ability through personal motivation.
In a TV interview Lord Thomson of Fleet Street said: "I am
not an intellectual, I haven't any great brain. But I have a burning
desire to succeed." The person who is motivated—who uses more
of the abundant God-given potential—is the man who achieves
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