My wife is wonderful; I love staring at her: Anand Mahindra on 90-hr work week debate
New Delhi, Jan 11: Focus on the quality of work and not on the quantity, as one can change the world in 10 hours, Mahindra Group Chairman Anand Mahindra said on Saturday, joining the debate on a 90-hour work week.
Speaking at the National Youth Festival in the national capital, Mahindra asserted that he is on social media not because he is lonely and quipped, "My wife is wonderful. I love staring at her".
Larsen & Toubro (L&T) Chairman SN Subrahmanyan has sparked an online outrage with his comments, asking, "How long can you stare at your wife" while advocating a 90-hour work week and suggesting that employees should even give up Sundays.
Responding to a query on the 90-hour work week, Mahindra, while reiterating his respect for Infosys co-founder Narayana Murthy and others, said, "Let me not get this wrong, of course, but I have to say something. I think this debate is in the wrong direction because this debate is about the quantity of work".
"My point is we have to focus on the quality of work, not on the quantity of work. So, it's not about 40 hours, it's not about 70 hours, it's not about 90 hours. What output are you doing? Even if it's 10 hours, you can change the world in 10 hours," he added.
Mahindra further said he "always believed that you have to have leaders and people in your company who make wise decisions, wise choices. So, the question is, which kind of mind makes the right choices and right decisions?"
He also stressed the need to have a mind that is "exposed to holistic thinking, that is open to inputs from around the world" and also the need for people from different backgrounds like engineers and MBAs to study arts and culture to be able to make better decisions.
"...because I think you make better decisions when you have a whole brain, when you are informed about arts, culture, that's when you make a good decision," Mahindra said.
Highlighting the need to spend time with family and friends, he said, "If you're not spending time at home, if you're not spending time with friends, if you're not reading, if you don't have time to reflect, how will you bring the right inputs into making a decision?"
Taking the example of M&M, which makes automobiles, he said, "We have to decide what a customer wants in a car. If we are only in the office all the time, we are not with our families, we are not with other families. How are we going to understand what people want to buy? What kind of car do they want to sit in?"
He further said, "I'm not going to say you need to work so many hours of that. I don't want it to be. Ask me what's the quality of my work. Don't ask me how many hours I work".
Referring to his followers on X, who often ask how much time he has and why he spends so much time on social media instead of working, Mahindra said, "I want to tell people I'm on X on social media not because I'm lonely... My wife is wonderful. I love staring at her. I spend more time. I'm not here to make friends. I'm here because people don't understand it is an amazing business tool, how in one platform I get feedback from 11 million people..."
Last month, billionaire Gautam Adani also waded into the work-life balance debate when he said the spouse would leave if one was to spend eight hours with the family.
He had reportedly stated that work-life balance is a matter of personal choice.
"Your idea of work-life balance should not be imposed on me, and my idea shouldn't be imposed on you. Say, someone spends 4 hours with family and finds joy in it, or if someone else spends 8 hours and enjoys it, that is their work-life balance".
"Aath ghanta family ke saath bitayega tho biwi bhaag jaayegi (Wife will leave if one spends eight hours with family)," he had said.
Last year, Infosys co-founder Narayana Murthy stirred up a storm on the internet when he suggested the need for a change in India's work, stating youngsters should be prepared to work for 70 hours a week.
Murthy had found support from Ola founder Bhavish Aggarwal.
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Los Angeles county wildfires could be costliest in US history, early estimates say
Los Angeles, Jan 11: The wildfires that erupted this week across Los Angeles County are still raging, but already are projected to be among the costliest natural disasters in US history.
The devastating blazes have killed at least 11 people and incinerated more than 12,000 structures since Tuesday, laying waste to entire neighbourhoods once home to multimillion-dollar properties.
While it's still too early for an accurate tally of the financial toll, the losses so far likely make the wildfires the costliest ever in the US, according to various estimates.
A preliminary estimate by AccuWeather put the damage and economic losses so far between USD 135 billion and USD 150 billion. By comparison, AccuWeather estimated the damage and economic losses caused by Hurricane Helene, which tore across six southeastern states last fall, at USD 225 billion to USD 250 billion.
“This will be the costliest wildfire in California modern history and also very likely the costliest wildfire in US modern history, because of the fires occurring in the densely populated areas around Los Angeles with some of the highest-valued real estate in the country,” said Jonathan Porter, the private firm's chief meteorologist.
AccuWeather factors in a multitude of variables in its estimates, including damage to homes, businesses, infrastructure and vehicles, as well as immediate and long-term health care costs, lost wages and supply chain interruptions.
The insurance broker Aon PLC also said Friday that the LA County wildfires will likely end up being the costliest in US history, although it did not issue an estimate. Aon ranks a wildfire known as the Camp Fire in Paradise, California, in 2018 as the costliest in US history up to now at USD 12.5 billion, adjusted for inflation. The Camp Fire killed 85 people and destroyed about 11,000 homes.
The LA County wildfires, which were fuelled by hurricane-force Santa Ana winds and an extreme drought, remained largely uncontained Saturday. That means the final tally of losses from the blazes is likely to increase, perhaps substantially.
“To put this into perspective, the total damage and economic loss from this wildfire disaster could reach nearly 4 per cent of the annual GDP of the state of California,” AccuWeather's Porter said.
In a report Friday, Moody's also concluded that the wildfires would prove to be the costliest in US history, specifically because they have ripped through densely populated areas with higher-end properties.
While the state is no stranger to major wildfires, they have generally been concentrated in inland areas that are not densely populated. That's led to less destruction per acre, and in damage to less expensive homes, Moody's noted.
That's far from the case this time, with one of the largest conflagrations destroying thousands of properties across the Pacific Palisades and Malibu, home to many Hollywood stars and executives with multimillion-dollar properties. Already, numerous celebrities have lost homes to the fires.
“The scale and intensity of the blazes, combined with their geographic footprint, suggest a staggering price tag, both in terms of the human cost and the economic toll,” Moody's analysts wrote. The report did not include a preliminary cost estimate of the wildfire damage.
It could be several months before a concrete tally of the financial losses from the wildfires will be possible.
“We're in the very early stages of this disaster,” Porter said.
