Varun Gujral, the head chef at the new and upmarket Manjits@TheWharf, presents an exciting modern take on age-old favourites, as foodies Instagram away. RAJNI ANAND LUTHRA and KIRA SPUCYS-TAHAR report
As a young boy experimenting with cocktails in the family kitchen, Varun Gujral scandalised his mum when he suggested sawing her rolling pin in half to make a muddler. He was looking for something to crush fruit for an ‘imli’ (tamarind) margarita.
This week, his family stood by and watched as Sydney foodies savoured Varun’s special brand of modern Indian cuisine at the family’s brand new restaurant, Manjits@TheWharf.
At the official launch of the up-market restaurant at Lime Street in Darling Harbour, Varun oversaw a menu that brought a whole new meaning to the world of Indian food. For the entrées, the fish malai with infused oils and bharrah kebab with beetroot and mint raita proved to be crowd favourites. For the main course, it was hard to go past the theatrics of the baingan taka tak, arriving at the table under a cloche filled with steam as the eggplant was smoked to perfection. The chicken biryani baked in a pie brought to life that old children’s nursery rhyme, while the Kochin bug curry had people squabbling over the last mouthfuls.
Guests were also treated to a naan making masterclass, able to ‘slap’ the dough against the inside of the traditional tandoor oven, and watch as it slowly baked under the heat of the scorching wood fire beneath. Everyone was able to embrace their inner desi, with women adorned with bindis and shawls, and the men encouraged to wear pagris atop their heads.
As guests ate their way through the extensive tasting menu, there was a lot of love in the room. Manjit paid an emotional tribute to his family, including sons Varun and Karandeep, daughter-in-law Natasha, wife Kanwal (who was at home taking care of new baby Nishka), as well as his committed team of wait and kitchen staff.
Sydney’s Indian community is more than familiar with the name Manjit, the Balmain-based restaurant launched by Manjit Gujral that has now gone on to become much more.
With Manjit’s Function Centre, and with its outdoor catering, the company has stamped its mark in as leaders in the field. But with the new venture, Manjits@TheWharf, they are pushing the boundaries of Indian cuisine.
And it’s 28-year-old chef Varun, who’s spearheading this innovation in the kitchen, creating his works of art for a new generation of Instagram-obsessed diners.
Pani puri with vodka? So last century! Over here, it comes with caviar.
Scallops, cooked ever so gently and served with an ‘artist’s palette’ spread of 17 different powdered spices to dip into.
Fish malai with yuzu and miso infusion.
Chicken tikka marinated in soy sauce and mirin.
Rogan josh improved with pomegranate molasses.
Chat papdi served in an ‘ice cream cone’ pastry.
Mango lassi, aerated.
A reconstructed Shahi Tukra (Indian-style bread pudding), and apple jalebi (inspired, apparently by the humble McDonald’s apple pie).
‘Malaya Prawns’, a modest tribute to the neighbour next door who has always been an inspiration.
The biggest naan you’ll ever see, which goes a quarter of the way round the tandoor, and can easily serve a table of six. (“It’s still a work in progress,” the young chef notes with hesitation. “We want to go all the way round the tandoor in one big splash!”)
Much effort goes into presentation – it’s all very Instagram-worthy!
Like with most chefs, it all started at home for Varun who lists his grandma as a major source of inspiration. From those early family influences, he honed his skills at Manly College, worked at Shangri La’s Blu Horizon Bar and Altitude, and at The Pullman, and then at his own family’s establishments Manjit’s at Balmain and the function centre at Concord.
The hard-working Varun, aka the most eligible bachelor in Sydney’s Indian community, impresses with his enthusiasm for invention and innovation.
“The Balmain restaurant is good old-school fare,” he states. “With Manjits@TheWharf, it’s my own interpretation.”
But it’s tough work. He claims to be experimenting constantly, and admits some dishes take three or four years to perfect.
“I wake up in the middle of the night with ideas! There have been many experiments that went wrong, of course. Coffee and lamb for instance is a sensational new combo, but with the Indian elements it all clashed badly.”
He’s just gone through a tamarind phase (even putting it into ice cream), and reveals lemongrass is the current flavour of the month in his kitchen.
He’s excited also at the prospect of getting his hands into native Australian ingredients like finger lime and Davidson plums. Balmain bugs in Indian style have already made it on to the menu, having passed the scrutiny of the senior Gujrals.
His favourite from all his preparations? Scallops, from the current menu. The dish came about as he tucked into an “over-masala-ed” preparation at an Indian restaurant interstate. “It was a beautiful piece of Australian produce, and I thought it deserved so much more respect.”
The restaurant won some acclaim for its ‘Roo Vindaloo’ on Australia Day, and this has urged Varun to consider camel and emu.
‘Outside the box’ and ‘pushing the boundaries’ are clearly Varun’s favourite phrases. Not surprising, given Ferran Adrià of El Bulli fame and Heston Blumenthal are his other inspirations, as is Atul Kochchar of UK who is developing Indian cuisine to a new level.
The reconstructed Shahi Tukra is a case in point. Some commentators claim the deconstruction takes away from the essence of the dish.
“I think it enhances the enjoyment of the dish,” Varun shoots back. “You can feel the textures in the fresh baked bread in my shahi tukra, and you pour over to the consistency you want. I’m constantly seeking ways to improve age-old preparations, and what better way to do it than by making them more interactive?”
You’d agree with dad Manjit when he says, “It’s time to let NextGen take over, with their special interests taking the company forward.”
And what are Varun’s own long-time plans?
“A smaller venue maybe where I’ll cook for maybe 30-35 people at a time. But that’s a fair way away. The Wharf is my life for now!”
He’s been on the phone at constant intervals throughout this interview talking plans for the upcoming Valentine’s Day rush…
Oh, by the way, the Imli Margarita from those teenage days is on the menu: give it a try, but only if you are an old hand at Indian cuisine.
Aerated mango lassi – now that’s more like your conventional Indian restaurant order, but in new clothes!
Plus for the ten best reasons to go to Manjits@TheWharf, click here
Photos: Kashif Harrison
New kid on the block impresses at debut
New Aus High Commissioner to India
Harinder Sidhu is the first Indian-origin woman appointed to a senior diplomatic position
Harinder Sidhu has been announced today as Australia’s next High Commissioner to India by the Foreign Minister Julie Bishop.
Ms Sidhu becomes the second person of Indian origin, and the first Indian woman, to be appointed to this post. Peter Varghese held the position from 2009 to 2012. Ms Sidhu’s family hails from Singapore but moved to Australia when she was a child.
The appointment is seen as significant for the increasing the role of women in top diplomatic positions. As well, the fact that Ms Sidhu is a senior climate change official, is seen as significant given India’s position on the issue.
“India is one of the most exciting places for a diplomat to be at the moment. India’s economic prospects are bright and it is becoming a more influential and active international player,” Ms Sidhu was quoted by the Tribune News Service.“The Australia-India relationship has grown substantially over the past few years and I will dedicate myself to building that relationship further. “At personal level, I have always been fascinated by the country of my heritage and am keen to learn more about India — its language, culture and history — while I am there.“Both sides of my family are from the Punjab — my father was born in India,” she said.
Ms Sidhu is a senior career officer with the Department of Foreign Affairs and Trade, most recently serving as First Assistant Secretary of the Multilateral Policy Division. She has previously served overseas in Moscow and Damascus. Ms Sidhu’s previous roles included First Assistant Secretary in the Department of Climate Change, Assistant Director-General in the Office of National Assessments and Senior Adviser in the Department of the Prime Minister and Cabinet. She holds a Bachelor of Laws and a Bachelor of Economics degree from the University of Sydney.
Ms Sidhu will also have non-resident accreditation to Bhutan.
She takes over from Patrick Suckling who has been posted in India since 2013.
Making the announcement, Ms Bishop said, “India is one of Australia’s closest and most significant partners in the Indo-Pacific region. It is our 10th largest trading partner and our two-way investment is worth over $20 billion. The Government will continue to push for the conclusion of a Comprehensive Economic Cooperation Agreement with India, designed to take our economic relationship to a new level. Australia also has strong strategic and defence ties with India, conducting our first bilateral maritime exercises in 2015. There are also over 450,000 people of Indian descent currently residing in Australia driving our strong education, cultural and tourism links.”
Keep calm and invest on
Canny investors will make money in these turbulent times, the naive ones will be those losing real wealth
The financial markets have had a rough start to the year and the volatility in various sectors has worried investors. Even the darling of most investors, the real estate market, is facing challenging times. With cash rates and term deposits floating around the 2 to 3% mark, there seems to be little hope of maintaining a positive real rate of return.
What triggered the market downfall was concern about China and the falling oil prices. The spectre of another global financial crisis, as evidenced in 2008, has raised its head. Furthermore, as the US Federal Bank raised its interest rates by 25 basis points late last year, it also worried investors that there will be capital outflow from the vulnerable economies of Asia as investors moved into US funds. All this and fears of underlying weaknesses in the markets, spooked investors who have been on more of a selling spree than a buying one.
Looking at all these factors in isolation, the Chinese market has indeed been growing at a very rapid pace and any correction now gives the market a chance to clean itself. As to how much more needs to be done is anybody’s guess, but the important part is that while the economy may not grow at 8 or 9%, it needs to grow at over 5-6% simply to sustain itself. If 6% growth becomes the new paradigm, then the markets will need to move from there. Interestingly enough, China’s woes have become India’s boon as Indian GDP growth hovers over 7%. India seems to be the only brick standing in the BRICS economies of Brazil, Russia, India, China and South Africa. The investment sentiment will be in favour of India over the short to medium term.
The oil crisis is a self-inflicted one, with Saudi Arabia bringing down the prices to put pressure on not only Iran, but also the United States. There are a whole lot of religious and political factors for the oil war between the Saudis and the Iranians and other issues about fracking, against the US and while the prices continue to come down, the boon to Australian households is a saving of about $14 per week on petrol costs as opposed to two years ago. Those with a more 360 degree vision are fully aware that the oil price downfall is more cyclical rather than long term and permanent.
The biggest driver of the world economy is the US economy. After its meltdown in 2008, the interest rates were down to almost zero and over the past few months, the underlying indicators such as housing, employment and growth in the economy have been strong, such that the Federal bank increased rates in 2015, a decision which was not unexpected. The markets, always nervy about rate increases, have reacted negatively to this decision.
What is indeed encouraging is that the world’s biggest economy is growing. India is taking its rightful position on the global platform as another super economy to China. For investors, the opportunities are there if they keep their nerve and keep in mind the long term value of investing. As a famous investor has said, investing should be like watching paint dry; if you like speculation, try the casino.
Canny investors will make money in these turbulent times, the naive ones will be the ones losing real wealth.
Singing in the RAIN
Community seniors forum celebrates tenth anniversary with a string of achievements behind it
When Sudha Natarajan teamed up with Saro and Veda Srinivasan to lay the foundation for the Resourceful Australian Indian Network (RAIN) in March 2006, she paved the way for an ethno-specific, multi-lingual seniors’ movement that would foster dignity, engagement and self-reliance. More importantly, it rekindled a sense of belonging in their adopted homeland.
Sydney seniors, who were hitherto travelling considerable distances just to meet fellow Indians at parks and shopping centres, found new meaning and purpose in their life. Exactly ten years on, RAIN is spearheading new collaborations within the community, through collective lobbying.
Growing considerably in size and stature from its humble beginnings as a social group, RAIN has successfully forayed into an array of recreational and aged care services. Funded through memberships, generous philanthropic contributions and government grants, its aim is to improve quality of life and re-enable elders by fostering self-confidence.
Acknowledging expertise developed through years of experience, their sense of independence, and self-determination, RAIN’s organisational culture is defined by strong core values.
Its twin goals are to be inventive and inspirational – not merely have good intentions, but adapt purposeful systematic analysis of opportunities and create new dimensions in performance as well as catalyse community members to serve and engage with partners to multiply impact.
Since the acquisition of a modest property at Forest Road in Hurstville in 2011, RAIN launched its own centre-based day care services. It is licensed to care for 12 seniors each week in the St George area and 10 from the Sutherland region every fortnight. Funding for this project includes community transport and four full-time staff. Registered with My Aged Care portal as a service provider, it also offers home-based care through Commonwealth Home Support Programme to help frail or elderly people to continue living independently in their own homes. In addition, RAIN has a Memorandum of Understanding with the Hurstville Community Food Services to provide traditional Indian vegetarian meals (non-funded) on days of group activities.
RAIN’s forte has been its strong leadership, strategic planning and consumer-directed content.
Cultural performances, in-house presentations, festival showcases, inspirational talks, specialist demonstrations, thematic events and picnics are just some of the activities in their busy calendar. A lifelong learning activity and training room is to be added to current lounge facilities. Food being a great drawcard, the newest addition is a $40,000 community kitchen initiative that fully complies with OH&S guidelines.
“RAIN has a unique role and obligation to our seniors. From a core group of three, we have built an effective, entrepreneurial and passionate volunteer team, a strong and diverse donor base as well as a foundation of scalable programming. Here at RAIN, we are an extended family. Embracing individuality and diversity, we constantly learn from each other’s experiences,” Sudha told Indian Link.
Finding a huge vacuum in the market, the inspiration for a seniors’ network was born when Sudha relocated to Sydney to care for her father, then afflicted with Parkinson’s disease. A decade on, she is still brimming with ideas to make their lives more meaningful.
“My mother, Radhamani, is my constant source of inspiration. A multitasking skilful person, even at the age of 85, she continues to be actively involved in day-to-day management. I often call her my best marketing manager,” she quipped.
The turning point for RAIN came when Sydney Bhajan Mandali joined forces in August 2006. “Since then there has been no stopping us,” Sudha observed. “Several of my ‘aunties’ and ‘uncles’ from the RAIN family have showered me with kindness and love for the past ten years. They have helped to maintain equilibrium throughout the difficult patches of my journey and helped me derive a lot of personal satisfaction.”
Sudha is particularly grateful to Saro and Veda who have been a sounding board for her innovative schemes. “They often water down my over-enthusiasm and offer sane, level headed support,” she stated.
A practising psychologist, Saro has built up the mental health profile of its members, while Veda manages the physical wellbeing aspect, though yoga, breathing exercises and meditation. The RAIN team has also learnt to navigate the complex world of funding.
As the core committee now embrace the autumn of their own lives, new initiatives like Seniors-Juniors have been launched to tap into the experience and expertise of the generations. Sustaining the strong momentum gained over the decade, besides extending current achievements and impact with greater clarity, is their continued goal.
Meanwhile, establishing an ethno-specific nursing home, where cultural, religious and dietary needs are catered for, is next on RAIN’s ambitious agenda. RAIN has also been training South Asian women in aged care services, with 16 of them now fully accredited.
Historic Republic Day
Adelaide’s Indian community marks its inaugural Republic Day celebrations
In Australia, 26 January is known as Australia Day, while in India it is celebrated as Republic Day. This year, the Indian Australian Association of South Australia (IAASA) celebrated India’s Republic Day by raising the Indian flag for the first time in Adelaide. The event was planned by President Adi Reddy Yara and Vice President Narayana Rai.
To raise the flag, there was a lot of preparation ahead of the occasion. Since there is no flag post outside the Indian Hall, Narayana Rai literally constructed a temporary flag pole with light materials; it was very ingeniously made. He also had to hunt down and buy an Indian flag of a lighter material as the one they had was too heavy. After many a trial and error, Narayana Rai worked out the best way to tie the ropes, roll up the flag with flower petals in it, and make sure it unfurled right.
On 26 January, some 70 people assembled at the Indian Hall, thrilled to be participating in this historic event. Everyone gathered and chattered excitedly inside, until they were asked to go outside where the flagpole had been erected, with flag waiting to be unfurled. As the flag was raised, flower petals fell to the ground, and the Indian and Australian national anthems were sung.
It is traditional for India to host a head of state or government of another country for Republic Day celebrations, like the US President, French President, and Japanese Prime Minister. For this significant event, the Mayor of Port Adelaide Enfield Council was invited, and the deputy mayor, Michael Iammarrone attended on his behalf. Narayana Rai welcomed everyone, and many speeches were given by important community members.
“As you know we are celebrating the 67th Republic Day, and this is when the Indian Constitution was introduced,” Adi Reddy said. “We are so lucky to be celebrating Republic Day as well as Australia Day.”
Mr Iammarone, who is of Italian background, said, “I know how much my community has contributed to this country, and I know your community is doing the very same thing. I just wanted to give you the message that Australia Day is just as much your national holiday as it is mine, or any other Australian’s.”
The national song Vande Mataram was sung by Seema Sreekumar. And also the flag song, Jhanda ooncha rahe hamaara. Everyone joined in singing these national songs with joy. Refreshments were served and everyone enjoyed samosa, biscuits, tea and coffee.
It was definitely agreed that all who attended thoroughly enjoyed meeting up and reminiscing about India, Republic Day, and Australia Day parades. Republic Day represents the true spirit of independent India. It is the hope of the community to continue acknowledging Australia Day as well as Indian Republic Day every year.
Keeping calm and carrying on
Iconic restaurant continues to operate despite strife
Finally Elizabeth Quay is open in the Perth CBD. It is exciting having a new place to visit in the city, but it isn’t without controversy and it isn’t really finished. Costing $440 million at a time when the state government is racked with debt, it may not have been the best spend.
Initially, Elizabeth Quay was certainly a development that most Perth residents didn’t really want, but people with power did. “Perth is very dull and we need a precinct on the river like our eastern states brothers and sisters,” was a common theme that was heard in the media at the time. Of course, money talks and the development proceeded. Roads were redirected, the river scape altered, parking spaces ripped up. With office vacancy rates in the city at around 24% and rising, and Chevron delaying the onset of their new office building at the Elizabeth Quay, the bulk of the development, its towers full of office workers and luxury apartments, is yet to be built or even designed. This means little has come back into the government coffers.
It also means more uncertainty for already established businesses in the area. Some special places have suffered during the development, namely Annalaksmi.
The entirely vegetarian restaurant is unique – you eat delicious food, dine with million-dollar views of the Swan River and no bill is brought to the table when you complete your meal. Founded under the inspiration and guidance of the group’s master Swami Shantanand Saraswathi (1934-2005), Annalakshmi operates with the ethos of “Eat as you like and pay as your heart feels”. This allows the ones who can to share with the ones who can’t. At any time you can walk into the restaurant and see high class city business men and women dressed accordingly and talking shop or travelling backpackers enjoying the ambience.
I remember the restaurant’s original premises in the Perth CBD and was upset one day when I went to dine there and it had gone. “I guess not having any set prices isn’t the best way to survive as a restaurant,” I thought to myself. I was very wrong. They had moved to an incredible, sought after spot near the Barrack Street Jetty.
Annalaksmi was born under inspiring and guiding principles and the restaurant depends on volunteer cooks and workers and the patrons and their generosity. Annalakshmi certainly has bills to pay. It was 2012 when the City of Perth commenced construction on Elizabeth Quay. During construction around 250 guests were served every day at Annalaksmi, well down on its usual 600. Operating on prime real estate with rents that reflect this, times were tough and I am sure it has only survived through the generous self-giving of the group’s members.
The timelines for construction projects are huge. When the further developments do eventually start in Elizabeth Quay it will mean more excavation, more traffic problems and more parking difficulties.
I don’t have a problem with progress. Elizabeth Quay is spectacular and will, I believe, eventually bring more people to the restaurant door – the area is child and tourist friendly, and easily accessible by train and bus, but sometimes the smaller people and important groups are forgotten in situations like this. Annalakshmi’s reason for existence is spiritual not commercial. This certainly isn’t the priority of developers.
The management of Annalakshmi have been extremely happy since the Quay opened. It is probably as much as relief as it is the upturn of visitors, as large numbers of tourists and locals have flocked to the area. I sincerely hope the development interruptions are over.
Patrons can continue to support Annalakshmi in several ways. Utilise the space for special functions like birthdays, weddings and fundraisers and give accordingly. Attend when you need to meet colleagues and eat there. Dine regularly and give generously or spread the word amongst your friends. Annalaksmi is an important cultural and spiritual precinct for Perth to have and will really help visiting people experience Indian culture. Its closeness to Elizabeth Quay has added to its importance.
Bhakti music for the Grammys
Melbourne-based bhajan singer heads to LA. SAHANA GHOSH reports
For Madi Das, scoring a Grammy nomination for his album of bhajans Bhakti Without Borders alongside the likes of singing sensation Taylor Swift and rapper Kendrick Lamar, is a “completely strange” feeling.
But Das, who spent eight years learning kirtans and bhajans (Hindu devotional music) in India, believes it’s time the genre gets its due recognition as an important tradition.
“It is completely strange, yes (to be featured as a nominee alongside Taylor Swift and others),” he admits. “But then again, this music has so much more history than pop or R&B. This music has been around for centuries; so is it not time for it to be recognised as a rich and important tradition?”
Bhakti Without Borders is the debut album from Das, a former Hollywood entertainment executive now working in the Australian film and TV industry.
He grew up in the Vaishnava tradition of Bhakti yoga.
Up for Best New Age Album (a category of non-Christian sacred music) for the 58th Annual Grammy Awards to be held on 15 Feb, the record marks only the third time that a kirtan album has been nominated; the emerging genre has never won yet.
Featuring 11 bhajans, it is produced by well-known kirtan artist Dave Stringer. Das sings a duet with a different female vocalist on each track.
“I describe my music as world music with sacred origins, like the Hindu equivalent of gospel music,” Das says.
Born in Germany to an American mother and German father, Das’s upbringing was an assimilation of different music genres.
At the age of seven, he went to boarding school in India (in Vrindavan and Mayapur). He spent eight years learning kirtans and bhajans and becoming fluent in Hindi. He subsequently lived in Ireland, where he was exposed to traditional Celtic music. Film school took him to the US.
It is this mixture of Irish and Indian music that comes through in his album. Western music influences in the US added to his repertoire to create a blend of country and eastern sounds in the album.
But what about the tag of ‘hippie music’ that is often shoved on western artistes who pick up such spiritual sounds?
“Perhaps because the first influences of Indian music integrating into the West harks back to the Beatles and Ravi Shankar, which took place during the hippie explosion, there is a tendency to categorise it like that,” Das concedes. “And indeed there are still some strong hippie influences in some practitioners of modern kirtan”.
But he also acknowledges there is also a “growing movement of authentic western artistes who have taken the time to study and learn the eastern traditions”.
“And they are now creating something that has strong foundational roots in the East while still adding the more commercial broad strokes appeal to people who like Western music,” he elaborates.
At the moment, the popularity of kirtan music is “exploding” in the US what with bhakti festivals, radio shows and retreats, says Das, adding everyone can enjoy the music.
“If we can enjoy each other’s music regardless of faith or culture, perhaps we can gain some understanding and empathy for each other… then that will put an end to intolerance,” he concludes.
All profits from the sales of Bhakti Without Borders are ear-marked for helping underprivileged girls in Vrindavan, India, the hometown of Lord Krishna.
Banking with trust
ARUN TIWARI, Chairman and Managing Director, Union Bank of India was recently in Australia and caught up with PAWAN LUTHRA to talk about the strength of the Indian economy, issues facing the global economy and future growth plans for Union Bank of India
What brings you to Australia?
We’re setting up an office in Sydney; we will be up and running in the next few
Why did it take so long for Union Bank to come to Australia? What do you hope for the business?
It didn’t take that long! We’ve had a representative office here for a few years now. To graduate from a rep office to a fully operational banking unit takes time. I think the time now is just right, given the growing relationship between India and Australia. We operate out of Hong Kong, Dubai, Beijing, Shanghai, Abu Dhabi and Antwerp. Going forward we will also be testing the waters in the African continent.
Our hope is that Union Bank of India becomes the first choice for the community in Australia, on all counts.
What makes overseas offices so exciting? Is there a growing trend of trade from India to Australia?
We’re always seeking opportunities in overseas markets, thanks to globalisation and the borderless trade it brings. We look particularly for centres where there are migrant populations, good government and trade relations, and ease of doing business. Today, it is less about politics and more about economics, and economics should make the politics.
It’s been three years since you assumed your position as CMD at Union Bank of India. Can you share with us some highlights and challenges?
I firmly believe in competition as it always brings the best out of an organisation. It also gets the best deals for the customers! It keeps us on our toes. You are able to test your abilities and strengths when you go through tough times. I say these are not tough times, these are exciting times for the banking industry, globally. Regulation, compliance, these are the challenges. Risk management capabilities, capital requirements, in times to come, these issues will be sorted.
For us in banking, as a critical part of the service industry, trust is sacrosanct. Whatever we do, it must be in a transparent manner. In the competitive market we have been operating out of for the past few years, the differentiating factor is what we call in the Union Bank of India the three pillars of BASEL: human capital of the organisation, digital capabilities, and risk management practices. The things that differentiate us, are the quality of our product, the ease of using our products, and how competitive we are in terms of our financial charges.
You have recently said the bank will focus on retail, agriculture and MSMEs (Micro Small Medium Enterprises) but demand from the corporate sector has been low. Is there a change in direction from the bank’s point of view?
We didn’t quite expect that the economy would not be doing well for so long, it was a global phenomenon. Back in India, if we have 4096 brick and mortar branches across India and it is a country of 1.26 billion people, our forte should be retail, MSME and agriculture.
Let’s look at agriculture first. More than 60% of India’s population still lives in areas where the mainstay is agriculture. The share of agriculture in GDP is dwindling now, and the government wants to improve by a few notches.
On MSMEs, there’s much hope for Prime Minister Modi’s mission of Make In India. Globally, in the developed economies, the contribution of MSMEs has been the greatest in terms of GDP. It also contributes towards employment, so this is a sector which gives us lots of scope.
And with 1.26 billion people back in India, retail is another area where we have, as of today, about 800 million Indians under 35 who are aspirational, motivated, and gung-ho about their future so this is another area where we see the market growing.
Putting these together, we have what we call the RAM factor: Retail, Agriculture and MSMEs. In the past one year, the contribution of these three segments has gone up from 44% on the balance sheet to 52%. The quality is good, risk-weight is less, return is better, and we have a larger client base so there are more opportunities to cross sell and up sell.
Any movement forward in the corporate sector?
It has been slow for the past few years but in times to come, as the kind of efforts governments have put in over the past 18 months or so get the corporate sector back on track, I see some green shoots where demand from that sector is concerned. In the next two quarters or so I think there will be perceptible demand from the corporate sector.
You have said that ‘digital banking will replace branch banking’. Is the bank well positioned in that area?
I take absolute pride in the digital sector where our bank is concerned, we are ahead of the curve among our peers. As of today, 63% of our transactions are e-transactions, which is one of the highest rates back in India. We have top-of-the-line products and with some of them we have been the first on the block to deliver these customer-centric products. Let me give you the simplest example, a ‘selfie’ account. Following the trend of selfies today, we provide a facility where you take your photograph, a photograph of your documents, upload them and there you go. That’s quite unique. Union Bank has been working ahead of the curve and they have reaped the benefits of that.
Click banking will not replace brick banking, there will be a hybridisation. Even if you look at the United States, people are coming back to the branches. Back in India, with the education levels, there are still many people who are not very literate. We have a client base, being a government bank, in the remote areas of India, where a customer may come with A debit card, use it at the ATM, but they’ll still go inside to make a passbook entry. We have to take care of all stakeholders.
What do you feel is the state of the world economy?
It’s tough times across the globe. In the recent few months we have seen an uptake in the US economy, but otherwise, most of Europe or Japan, they’re reeling under tough times. Having said that, India still remains the sweetest spot.
What do you think is going to be the circuit breaker? What’s causing these tough times? Is it still a hangover from the GFC?
It will remain so for some more time. Again, we always look at the US as that driver or pull factor. Perhaps, with their economy on the uptake, it will turn around.
Maybe it will, but the US has recently increased its interest rates which could impact emerging economies. How will this effect India?
It’s a 25 basis point rate. It was being talked about for some time, the timing was the issue. Markets usually normalise much before with only a 25 basis point rate change. From an Indian economic point of view, it will not make an impact, none whatsoever.
Why Gandhi is still relevant today
The Mahatma’s message can guide everyday life as well as global affairs
This year marks the 67th anniversary of the assassination of Mahatma Gandhi. For the past four years, the University of NSW and the Australia India Institute at the University have marked the day with a Remembrance Ceremony and an invited speaker to present the Gandhi Oration. Seeing the bust of Gandhiji on one side and Nelson Mandela on the other side of the UNSW library lawn brings a feeling of immense pride and inspiration that the principle of non-violence can achieve lasting results.
The invited speakers come from a broad spectrum of society. Pat Dodson, the well-known Aboriginal elder; Tom Keneally, the award winning author, and Michael Kirby, the outspoken and sometimes controversial judge were speakers during previous years.
Last year, the oration was delivered by Ela Gandhi, a soft voiced lady who spoke with firmness and conviction echoing the life of her grandfather. She is convinced that more than ever, that Gandhiji’s example is relevant in everyday living as much as it is in global affairs.
This year, Peter Greste was the speaker. He is the journalist accused of spying and was imprisoned in Egypt until global pressure made the Egyptian government relent and release him. Journalists are the medium through which the world learns about the atrocities perpetrated in the name of religion or ideologies at home and abroad. Greste’s examples of freedom of expression based on facts should be a wake-up call to many journalists to check their facts and their authenticity before writing.
His exposition of three Gandhian principles – non-cooperation with anything that is humiliating, self-expression, particularly freedom of speech, and the over-riding principle of truth – was brilliant. The rapt audience in the full hall were spellbound as Greste’s talk flowed effortlessly.
How does one apply the principles of non-violence in everyday life? The most effective teaching of Gandhiji is in his status as a role model. The importance of translating one’s belief into action is so vital in everyday life. Without the living proof illustrated by each one of us, values stand to be discounted.
“When someone slaps you on one cheek, show him the other.” Metaphorically, this could be taken to mean one should not retaliate using violence against violence. As responsible adults, we may follow this advice in simple ways every day, such as by ignoring hostile verbal remarks, by not using sarcastic and vilifying language, by listening more attentively and, above all, by showing respect to all irrespective of age, religion, colour of the skin or gender.
These days, society as a whole is very conscious of protecting animals, whether in the wild or as pets. We go to great lengths to protect endangered species. Yet, in many instances, we ignore the plight of our own fellow humans. The disparity in wealth between the haves and have-nots is getting wider. The sense of selfishness is growing exponentially and a sense of powerlessness pervades the millions who comprise the ‘have-nots’.
Human values are dropping off at the wayside. No more does the selfless, compassionate helping hand reach out to the poor and disadvantaged. Yes, at an individual level, many are generous and altruistic, but there are those who do not share, even within their own families. At the systemic global level, exploitation of the disadvantaged is prominent. The given wealth of the world, be it minerals, fuel or water, is more than enough to share, but the spirit of sharing is sadly non-existent on the world stage. Countries, sects and geographical borders divide and rule.
Great men like Gandhiji and Mandela lived their values of non-violence, compassion, non-sectarianism in their daily life. Gandhiji was adamant that everyone followed the same rules, be it his wife or daughter or son or a high ranking official.
An adult’s behaviour in a domestic situation is a most powerful lesson. Education of the younger generation to behave with compassion and respect begins at home. Role-modelling is the best teacher.
‘Do as I say and not as I do,’ is a commonly illustrated example in many homes. Sadly, the lesson learnt is perpetrated generation after generation because what is said is not what is shown in action. If children have to show respect, they need to see adults practising such respect. Giving has to be shown in the sharing they see around them.
Living by the principles of non-violence, truth and fairness can be followed if we put our minds to it. In simple, every day actions and words we can express these ideals very effectively. It requires conviction, courage and the readiness to defend these principles. Far too many of us, for far too long, have shied away from acting on these principles ‘to keep the peace’ or the notion that ‘one person acting in isolation is not going to change the world.’ It can. A journey of a thousand miles begins with the first step.
The Year of the Monkey
Bring in the Chinese New Year with this stylish Indo-Chinese dish
We Indians love fusion food; it is our way of embracing the food of another country and making it our own. Indo-Chinese cuisine, also known as ‘Chindian’ cuisine, is a great example.
During the times of the Sino-Indian war, a lot of migrants from China came across the border and settled in the North Eastern states including West Bengal. The community soon realised that food can be a source of livelihood but the traditional Chinese cooking would not work in India due to lack of certain ingredients and also preference for bolder flavours given the obsession with spices.
This was the beginning of the modern fusion cuisine which came to be known as Indo-Chinese or ‘Chindian’. The earliest Indo-Chinese restaurants opened in Calcutta and other parts of West Bengal and soon this cuisine spread like wildfire all across the country. Today, Indo-Chinese food is very popular and restaurants serving this cuisine can be found far and wide, Australia included.
The spicy, sweet and tangy chilli garlic sauce is an all-time Indo-Chinese favourite. Usually chicken or an assortment of vegetables is used in this dish, but here we are using oats to make delicious koftas to dunk in this sauce.
The crucial part of the dish is handling the koftas – some tender loving care is called for! Since there is no heavy coating, the koftas have to be shallow fried with care to avoid breakage. And like all other Indo-Chinese dishes, this one too has to be served warm immediately after preparation or the koftas will disintegrate in the sauce.
If you do eat egg, then you can coat the koftas in an egg wash, followed by breadcrumbs and then fry them instead of rolling in flour and shallow frying.
So come along and celebrate the Lunar New Year with this delicious preparation. May 2016 be a prosperous year for you with lots of happy tidings!
Oats Kofta in Chilli Garlic Sauce
Ingredients
For the koftas:
1 ½ cups raw oats
1 large potato
1 medium onion; finely chopped
2 garlic cloves, finely chopped/grated
½ inch ginger, finely chopped/grated
2 green chilli; finely chopped
¼ tsp turmeric powder
5 raw almonds; finely crushed
2 tbsp cornflour
3 tbsp all-purpose flour
Salt, to season
¼ tsp red chilli powder
6 tbsp vegetable oil, to shallow fry the koftas
For the sauce:
12 medium garlic cloves; finely chopped
1 inch ginger; finely chopped
6 long dry red chilli
1 ½ tbsp red chilli paste
½ tbsp Kashmiri chilli powder
1 tbsp soy sauce
2 tbsp tomato sauce
1 tbsp sweet chilli sauce
½ tsp sugar
1 large onion; cubed
1 yellow bell pepper; cubed
1 tbsp cornflour, dissolved in ½ cup cold water
Salt, to season
3 tbsp vegetable oil
1 spring onion, both white and green part chopped
Method
To prepare the koftas:
Boil the potato, mash and keep aside.
In a flat pan, heat 1 tbsp oil and sauté the onions, garlic, ginger and green chillies along with the turmeric powder till the onions are lightly browned.
Add the crushed almonds and oats; mix well and sauté on low heat for about 2-3 minutes. Season with salt.
Remove from heat and allow to cool.
Add the cooled oats mixture to the mashed potato and mix well to combine.
Shape into small koftas; keep aside.
In a plate, mix the cornflour, all-purpose flour, chilli powder and season lightly with salt.
Coat the koftas lightly with the flour mixture (it should be a light dusting on the koftas; excess flour will affect the taste of the koftas making it doughy).
Heat the remaining oil in a flat pan and shallow fry the koftas; make sure you turn the koftas carefully to avoid breakage.
Drain on a kitchen towel.
To prepare the chilli garlic sauce:
Heat oil in a large wok and add the cubed onions. Stir fry on high heat for a minute and remove.
Next, add the cubed bell peppers to the wok and stir fry for 30 seconds; remove and keep aside.
In the same wok (add more oil if necessary), add the dry red chillies, garlic and ginger. Sauté on low heat till the garlic is just starting to brown. (Do this on low heat to infuse the oil with maximum flavour from the garlic).
Next, add the red chilli paste and Kashmiri chilli powder, sauté for about 30 seconds and then add all the sauces along with a pinch of sugar.
Mix well and taste. The measurements given for the sauces must only be a guidance as the taste can vary according to the brands used. So taste and adjust balance of flavours.
Next add 1 cup water and bring to boil; add the dissolved cornflour and stir in to thicken the sauce.
Add the onions and bell peppers and mix well.
Finally add the koftas and mix through without breaking. Season with salt if necessary.
Remove and garnish with spring onions.
Serve warm with fried rice or noodles.