The school hall was packed with excited students. Ramsharan, my opponent, was announcing his promises to the students: “I will ensure more playtime, improve the quality of the rice in the canteen, enlarge the dining hall, get new furniture in the classrooms, plant flowers on the path between the hostel and the school, ensure tapped water is brought to the school, get a stationery shop opened near the school.”
It was election time in 1940 in our school in Lyallpur, in undivided Punjab in British India (now in Pakistan). The entire school would be voting for a prefect for the next year. The prefect was responsible for improvements in the school infrastructure, acting as a bridge between the teachers and the students.
I had decided to contest, but by the time it was my turn to speak to the students, I was tongue tied. Ramsharan had stolen all my thunder. He had already expounded all my promises. So I just assured the class, that if elected, I promise to be an efficient and honest prefect. My friends wrote me off as a candidate.
It was a horrendous situation. In the evening, I sought time with Mr Sapru, our sagely principal whose counsel I trusted. “What do I do, Sir? Ramsharan has hijacked all the assurances I wanted to give to the students.”
“Look Hari,” explained my principal, “remember that less is more. Pick up a few points and work on them, rather than make a laundry list of deliverables.”
He added: “And always keep time on your side. Promise that you will get the garden replanted within eight months and do it in seven months. Then you will be respected. However, if you promise to do it in five months, and take six months instead, you will be considered a failure. Always promise little, deliver more.”
That night I could not sleep. I reflected on the advice given by my principal, and I realised that his words were pearls of wisdom. By next morning, my election strategy was clear in my mind.
I met my close buddies, Harbans, Pratap Singh and Nityan, and told them we were going to reduce our 10 promises to just three. We would focus on enlarging the dining hall, covering the walking path with grass and having a doctor visit the school once a week. Moreover, we would seek nine months time to deliver these promises.
Pratap Singh was furious: “You will never win the election. How can we take nine months for these tasks? Nobody will vote for you.” I explained: “Each task will require drawing plans, obtaining the school’s permission, selecting contractors and gathering funds, and the contractors will need three to five months to complete the work.” They saw my point, but were glum.
So at the next election meeting I announced that I would focus on just three points and would need nine months to deliver them. There was stunned silence. Ramsharan and his team were ecstatic. They wrote me off.
The atmosphere was electric on election day. Within three hours the entire school had voted through a secret ballot. I expected to lose. However, I was staggered to find that I had scraped through by one vote. We got down to executing our three promises and concluded each activity a month before schedule. The class was thrilled.
Fast-forward to today. Indian prime minister Narendra Modi has completed a year in office and there is already fervent debate about his performance. Managing India with its multifarious issues like religious diversity, economic disparity and regionalism, is onerous. The job requires a stout heart and tremendous sagacity.
Moreover, Mr Modi has promised generously: a corruption- free government, rapid economic growth, toilets for all Indians, improvements in urban infrastructure, 100 new cities, foreign direct investment, bank accounts for all villagers, and so on. He has travelled extensively –including, this week, to the UAE, trying to refurbish India’s image.
Perhaps Mr Modi should focus on basic deliverables that matter to the common man, such as ending endemic corruption, jobs for the young, toilets for all and building just five new cities per year. It would help him to split his ambitious agenda into yearly instalments over the next four years and deliver annually.
Seeing the mountain of problems confronting Mr Modi, I recollect the straightforward advice that my school principal gave me 75 years ago: promise little, deliver more.
Hari Chand Aneja is a former corporate executive who now keeps busy with charity work
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”