1. Dr Amit Rangnekar www.dramitrangnekar.com

2. India’s services sector 2007- $600b Contributes 69% of GDP growth Services exports $9b in 1997 $19b in 2002 $73b in 2006 Annual growth rate @ 28% 3% of global service export www.dramitrangnekar.com

3. Services – India v China Economic growth, 1992-2005- India 6%, China 10% Drivers- India IT, China manufacturing Services- India 54%, China 41% but manufacturing bigger Services share of employment- India -1%, China + India IT $87b- ITS, ITES, software, and e-business IT- India 70% exports, China 6% Piracy rampant China- majority software- producers & consumers- domestic Infrastructure, subsidy, incentives, benefits, SEZs- software India, service sector succeeded with limited GOI interaction India- entrepreneurship, China state support www.dramitrangnekar.com

4. HEFTI Hospitality & Healthcare E- Education & Entertainment F- Financial Services T- Telecom, Travel & Tourism I- Insurance Professional Services- counseling, consultancy, legal Utilities- Salons, pest control, plumbing, laundry Retail (world’s largest employer) Construction & real estate www.dramitrangnekar.com

5. 1947-2007- Sectoral Contribution % 194719772007Growth% (1991-2006) Agriculture7248183% Industry2422 5% Services430608% Economy4%3%8%6% “ IT and ITES can do for India what automotives did for Japan and oil for Saudi Arabia.” Noshir Kaka, Principal, McKinsey www.dramitrangnekar.com

6. 1991-Liberalisation Reforms- Deregulation, role reduction of PSUs Economy integration into international markets Unleashing India’s entrepreneurial spirit Result- GDP growth shifts from traditional 3 to 6 to 8% Asian economic success- Japan, Taiwan, S Korea, China BRIC- 2050, India 3rd-largest economy after China, US Economic centre of gravity shifts to Asia- Kissinger Key to success- Internal regulatory policy & environment Test- Ability to sustain momentum Reforms- Labour, privatisation & FDI- remain difficult Political- ensuring wide distribution of growth benefits is critical www.dramitrangnekar.com

7. Services Key to India’s economic expansion Asian economies’ driven by export-oriented manufacturing India- by services- high-end, knowledge-intensive services exports Services outgrow the economy in multiples, productivity also WTO definition of services includes construction Unusual- low PCI, but in services- middle-income developing countries Theory- Services develop after agriculture & manufacturing www.dramitrangnekar.com

8. Can services sustain growth Yes- if it benefits all strata Dilemma- Knowledge-intensive sector Unlikely to become mass employer of low-skilled labour Solution- Growth of dynamic services export sectors (IT-ITES) Generates income growth Stimulates domestic demand in other sectors- infrastructure development, construction, manufacturing and retail These sectors provides jobs for low-skilled labour www.dramitrangnekar.com

9. Sub sectors as enablers Sub-sectors- unregulated (IT–ITES) / open to competition (telecom and aviation) Growth drivers- Lowering FDI restrictions & SEZs Knowledge-based services (KBS)- IT–ITES- key growth drivers Least regulation, low investment, technology advances, low-cost educated workforce, English-speaking capabilities External demand- major $ earnings, burgeoning FDI, MNCs Fuel local demand- buildings, infrastructure, affluence, retail, manufacturing & logistics Increase sub-sector productivity- Telecom, financials, biotech consultancy & private healthcare Key- balance telecom, infrastructure, information & financials Support thro- transport, power infrastructure and labour www.dramitrangnekar.com

10. Issues Reforms in ‘enabling’ sub-sectors vary Services- less regulated wrt manufacturing FDI restrictions- financials, banking and insurance Transportation- mixed- Ports open to competition, but restricted in railways and roads, modernisation of airports under way Power shortages- major growth constraint Retail, legal, accountancy- protected from foreign competition Shopping mall revolution- insatiable demand Requirements- New skills in integrated distribution & SCM More Indians travel overseas & xp international service standards Complete FDI liberalisation fraught with political difficulty www.dramitrangnekar.com

11. India Energy, entrepreneurialism, optimism GDP growth till 2040- 6%(GS), 5% (PWC), 6% (Economist) To rival the largest EU economies(2020) & Japan(2030) www.dramitrangnekar.com

12. Services % of GDP- Wrt Asian Giants United Nations Statistics Division 2006 www.dramitrangnekar.com

13. Services trade ‘ The aphorism “In a desert one should find camels not hippopotamuses” is a good guide to analyse the economic growth pattern. If rain is scarce, then find animals adapted to water scarcity, not those reliant on water. In an economic environment where, transport infrastructure is scarce, find “infrastructure camels”- industries & firms that thrive should be less than usually reliant on infrastructure. ’ (World Bank ’06) Services- less dependent on major investments, so lesser investment-related regulatory hurdles Transport infrastructure shortcomings tend to have lesser bearing on most services sectors (Bangalore, Gurgaon) Exports US$61b @ 20%- 10Y CAGR Imports US$38b Technology development- key enabler www.dramitrangnekar.com

14. India’s Services Trade Source RBI 2006 Includes travel & transportationSans travel & transportation www.dramitrangnekar.com

15. India- Services FDI inflows-2002-06 Source RBI 2005 Computer services Finance, insurance, real estate Construction Transport Media Trade, Hotels, Restaurants Others www.dramitrangnekar.com

16. Changes Increased outsourcing of services- Software devt, design, testing, back-office and post-sales service Increased private consumption of services- High 64% of GDP domestic consumption fuels growth-(EU58%, Jap55%, China42%) New growth drivers- 2003- 30% increase- Hotels & restaurants, medical care & health services, transport, communication, education, movies & theatres, vacations- (KSA Technopak Consumer Outlook 2004) Buoyant middle class- (NCAER 2003, based on 2001 census) In 2003- 53m households, 280m people AHHI-90k+ 11m households, AHHI Rs2L-10L+ Relatively low cost of most goods and services, growing By 2010- 108m households AHHI Rs90K+ (>double 2003) 28m households, AHHI Rs2L-5L+ www.dramitrangnekar.com

17. Indian Household Incomes (Rs 000 pa) Source- NCAER 2005 www.dramitrangnekar.com

18. How growth in services leads to development www.dramitrangnekar.com

19. Driver “The advent of the internet proved to be the most important turning point. New technology meant that at last India could reap the benefits of its long-term investments in education, and inadequacies in infrastructure were less of a hindrance.’ Joseph Stiglitz, Making Globalization Work www.dramitrangnekar.com

20. IT-ITES- Key driver Growth, huge forex earnings, created high-quality jobs Triggered productivity-enhancing technology thro linkages with other industries & PSUs Driver- International demand- IT, Y2K, BPO, KPO, analytics Supportive policy environment Large pool of professionals, English, cost advantage Legal, engineering, R&D, medical, education, training 2005- Industry- $28.2b (NASSCOM 2005), IT services & software- $16.5b, ITES-BPO- $5.7b, Hardware- $6 billion 4% of GDP in 2005, 5% in 2007 Top10 account for 60% total computer services exports (2003) India’s share of global IT software ITES- 3% Domestic growth 30% Around 2m employees www.dramitrangnekar.com

21. Telecom- Enabler Efficient telecom infrastructure generates significant spill-over Info- exchange, 2 way communication, economies lower costs Connect labour, tech, products & services- local & global Extensive deregulation & liberalisation, driven by tech & IT Communications sector CAGR 24% 5% of GDP Mobiles- 350m mobiles @ 82% pa, tele-density 35/100 Internet use- 51m (2005), Broadband 5m (2008), low penetration Rural penetration & internet convergence will sustain growth, address regional inequalities & ensure broad development Telecom & information access can enable delivery of basic services- medical care, financials, education, agri-biz www.dramitrangnekar.com

22. How policy drove IT Software- Y2K-driven demand 1984- Software ‘industry’- investment, low duties, incentives 1990s- Software Technology Parks(STP) like EPZ- physical & communication infrastructure, EOU benefits, tax holidays FDI with 100% per cent foreign equity permitted 40 STPs by 2004 1997- Software import duty 0%, software firms can invest abroad 1998- Plan to bolster telecom & other infrastructure 1999- Included in ‘priority sector’ for bank lending Labour laws enable 24*7 working (Few states) www.dramitrangnekar.com

23. Telecom Policy 1992- Cellular phone & paging opened to private competition 1994- Opened basic telephone services to the private sector 1997- TRAI to drive policy and progress 1999- Revenues fell short of expectations Enabling policy to drive convergence of telecom, IT & media 2002- International long distance & Internet telephony opened Tata M&A VSNL 2005- FDI raised from 49 to 74% (With security conditions) www.dramitrangnekar.com

25. Policy driven growth Dr Amit Rangnekar NMIMS Tariff Rs/Min Subs Mn In 10 years, Tariffs declined from Rs 16 to Re 1, subscribers surged from 2 mn to 280 mn www.dramitrangnekar.com

26. SMS- Price Impact on Volumes Dr Amit Rangnekar NMIMS 75% price reduction over 3 years, 600% surge in volume www.dramitrangnekar.com

27. Exports of other commercial services India’s IT–ITES & telecom sectors dynamism is widely recognised 2001–05 Exports of other commercial services (excluding software services) quadrupled to $13.8b 2005–06 grew 64% to $22.6b to rival software services exports (RBI 2006a) Most growth from ‘miscellaneous other commercial services’ sub-sector- 20 professional services www.dramitrangnekar.com

28. Services Exports 20012006 Software6451 Insurance32 Communication115 Construction52 Financials34 Management38 Others1128 Total$10b$46b www.dramitrangnekar.com

29. Emerging services exports Architectural, engineering & technical services- $5b Maintenance of offices abroad-$1.5b Trade services- $0.9b R&D services- $0.5b Merchanting services- $0.5b Advertising / trade fair- $0.4b Legal services $0.4b News agency services- $0.35b Accounting & auditing services- $0.2b Others- Medical tourism, biotech and films www.dramitrangnekar.com

30. Finance – work in progress Vital role in investment Vehicle to channelise savings to individuals & businesses Banking(1993) & insurance(2000)- opened to private competition 1993- Private sector mutual funds permitted Stock market reforms- NSE world’s 3 rd largest, BSE 5 th Indian borrowers pay more for capital & depositors receive lower return in comparable economies ‘Addressing shortcomings thro’ integrated reforms could raise India’s GDP growth by 3%’- McKinsey www.dramitrangnekar.com

31. Banking Tradition- poorly performing public sector banks (PSBs) Outdated practices and technology 1993- RBI guidelines to establish new PSBs Foreign banks permitted more liberal entry, modest equity Interest rates deregulated Banks- more freedom to invest a assets outside cash/govt 1994 PSBs to raise capital through IPO Foreign investment remains severely constrained RoA- from 0.4% (1992) to 1.2% (2004) NPA to gross advances- 14.4% (1998) to 7.2% (2004) Bad loan- 2% of all loans, China 20% Significant inprovement in PSBs www.dramitrangnekar.com

32. Banks June 2008 (ET 26Nov P1) Commercial banks- 171 Total branches- 76003 Rural- 30955 Semi urban- 17771 Urban-14412 Metropolitan-12865 Top 6 Banks Total ATMs 21147 (2007) SBI- 5600- 27% ICICI- 2209- 11% UTI- 2100- 10% HDFC- 1471- 7% Corporation Bank- 901- 4% PNB- 830- 7% www.dramitrangnekar.com

33. FDI FDI policy- severe resistor 2005- Foreign banks allowed to establish own subsidiary Limit on investment/ shareholding/ control in PSBs M&A and consolidation Union concerns over retrenchments stalled M&A Financial services- low rural penetration, access will benefit rural businesses, raise living standards Bank a/c- 42% rural households Credit access from formal source- 21% ICICI- innovation in technology- No 2 bank, now rural thrust ATM revolution www.dramitrangnekar.com

34. Insurance Enhance financial intermediation, create liquidity & mobilise savings Cover risks, enable firms to expand, pursue new opportunities State monopoly till 1999, IRDA opened private competition Private firms-product price control, guidelines for fund investment Non-life sector- GIC, 4 subsidiaries, ECGC; Life- LIC 2000- 26% foreign equity limit, 49% proposed in 2008 Life- LIC + 14 private insurers 2007- 60% LIC, 40% Private Health insurance- fastest growing segment of non-life sector Most private insurers have foreign equity partners www.dramitrangnekar.com

35. Transport Infrastructure- vital to growth, most affects manufacturing Feeble attempt at upgrading & modernising infrastructure Public Private Partnerships (PPPs) Infrastructure- traditionally with public sector Government funding in transport infrastructure, power and physical infrastructure- water supply and sewerage Projects on a build-operate-transfer (BOT) basis 1995- ‘Golden Quadrilateral’ & N-S & E-W corridors- 4 laning and 6 laning of 14 000 km of the existing roads, 70% complete 2007 1999- Port connectivity project www.dramitrangnekar.com

36. Railways Traditional government control driven by political compulsions Recent improvements in financial performance not service Modernising is the key Freight & wagon turnaround times drove profitability Complex passenger & freight pricing policies simplified Focus on port connectivity 2006- privatised railway container licences Profits www.dramitrangnekar.com

37. Ports 2005, 13 private-sector port projects Additional capacity 47mtpa- 10%+ existing cargo throughput Investment of Rs26 billion (US$600m) Significant investment in ‘minor ports’ (state responsibility) Terminals at state-owned ports leased to private operators, for container handling Allowed JV between major, minor & foreign ports Plan- corporatise India’s 12 major ports, handling 75% traffic www.dramitrangnekar.com

38. Airports & air services Modernisation critical Government leased India’s 4 principal airports to private players Foreign companies in consortia bid for Delhi & Mumbai airports 1994- Domestic air services liberalised, private carriers allowed 2006- Private carriers allowed to fly abroad, consolidation Booming demand- 12 players, 33m passengers (50m N3Y), FDI in domestic airlines raised to 49%, direct participation of foreign airlines not allowed www.dramitrangnekar.com

39. Services employment India’s workforce 337m- (2000) IT, finance, insurance, transport, retail, infra-create new jobs Can services growth generate 200m jobs (existing un/under- employed) + 170m (new workforce) by 2020? Services- 60% GDP share but only 40% employment share Services- largest employer in unorganised sector- trade, hotels, restaurants But services largest source of employment growth since 1991 www.dramitrangnekar.com

40. Retail Retail- fragmented, almost exclusively in unorganised sector Dominated by small,nfamily-owned shops with unpaid labour India- world’s highest retail outlets density- 15m (US 9L) Retail industry- largest jobs provider after agriculture 6-7% of employment, 10% of GDP (The Economist 2006) 2003- New shop- 15 licences from 11 government bodies, took 6 months, cost Rs 5L (The Economist 2006) States- APMC forbids farmer to sell produce directly to retailers www.dramitrangnekar.com

41. Retail India retail business $322b(2007)-$590b (2011) @ 13% Organised retail- 86% in 6 biggest cities Unorganized retail $309b(2007)- $496b(2012) @ 10% Organized retail 4% of total retail (2007), 16% by2012 @50% Unorganized & organized retail to coexist & grow Unorganized retailers would prefer to compete than exit Organised retail employ significant low-skilled people www.dramitrangnekar.com

42. Retail India $500b www.dramitrangnekar.com

43. Large-organised retail Constraints- real estate prices, poor transport infrastructure, policy & unavailability of land Change- Retail chains, 200 large malls/shopping centres (2007) Reliance- From 806 now, N2Y invest $2.2b to scale up to 1800 supermarkets & hypermarkets, 60 supply centres, employ 5L Customers benefit- lower price, better quality, informed salesmen Suppliers benefit- reduction in intermediaries, improved storage & transportation practices and technologies through value chain www.dramitrangnekar.com

44. Retail Policy 2006- Policy to open up sector in a limited way FDI upto 51% in retail trade of ‘single brand’ products ‘Multi-product’single brands– but with own branded goods or private labels allowed to invest Policy restricts global majors entry FDI would intensify competition, bring best international practices, create opportunities to export Generate retail and small scale ( agri, foods) employment Food processing- India adds 7% to agri-output value, China 40%, Thailand 60 per cent (The Economist 2006) www.dramitrangnekar.com

45. Organised v Unorganised Services sector 2002 Planning Commission 2002 www.dramitrangnekar.com

46. Logistics Modern retail- efficient distribution systems & integrated supply chains. Handicaps- perishables storage, transport delays, poor infrastructure & regulatory disincentives ‘Due to inadequate cold storage, 35-40% fruit & vegetables grown in India rot where harvested or in transit (The Economist 2006b) “On a typical 2150 km journey between Kolkata & Mumbai, a freight carriers must negotiate restrictions on travel times for heavy vehicles, traffic jams, limited opening hours on interstate borders and numerous toll booths. The journey takes around 8 days at an average speed of 11 kmph with around 32 hours spent waiting at toll booths and checkpoints.” The Economist (2006) www.dramitrangnekar.com

47. Legal & accountancy Vital role in supporting & facilitating business, encouraging FDI Both subject to significant domestic regulation Limitations on size of firm, barriers to foreign entry India- 1m lawyers, 2 nd to US (1.1m) Foreign lawyers, law firms, legal services not allowed Indian lawyers can share profits only with other Indian lawyers Accountancy services- highly fragmented ICAI- regulates, does not recognise foreign qualifications Firms can only operate as partners/ sole proprietors Foreign accountants cant be equity partners Foreign firms can practice only if home country reciprocates Internationally-based accounting firms can operate as consultants Barriers preclude exposure to best-practice legal www.dramitrangnekar.com

48. Construction Highly fragmented ULCRA prevents people from buying large tracts of land Reforms can precipitate large-scale construction & employment www.dramitrangnekar.com

49. Reforms BPL- 36% (94) to 26% (2000) to 22% (2005) Economic growth in services, mainly in urban areas- particularly in larger cities More in some states than others Poor finances- constrain education, healthcare & infrastructure www.dramitrangnekar.com

50. Education Expanded, but constraints hinder economic growth Universality of elementary education not met Literacy rates- 18% (1951) to 65% (2001) to 75% (2007) Encouraging growth in higher education enrolment (5%) Not vocation based, graduation does not impart skills "Human capacity is not going to fall short - we have 15m people coming into the job market every year. Within that are about 2.5m new graduates and 500,000 postgraduates. What we find is that skill-sets are not matching a lot of the jobs. What is being taught is a disconnect from what we require. Last year, to recruit 10,000 people we had to see 300,000 resumés." KV Kamath, CEO ICICI Bank www.dramitrangnekar.com

51. Education India- 350 universities, 16,000 colleges, 60m graduates 100% education FDI allowed, but GOI doesn’t recognise qualifications Lack of vocational education, specialisation, infrastructure Large, qualified, English speaking- scientists & engineers pool To catch up each university has to cater to 2.5-3L students (Mumbai / Delhi University)- but there are only few that size Average students / college should be 5k, difficult ‘India graduated 250,000 engineers a year, China 600,000 and the US 137,000 but, only 10% Chinese engineers & 25% Indian engineers could compete globally’ McKinsey Global 2005 ‘Extremely capable students rejected by IIT / IIM study abroad’ www.dramitrangnekar.com

52. Indian entertainment & media 2007- 99 million newspaper copies (2 nd) largest) 60m internet users 5m broadband users, but ad revenues 300cr @50% 2006 Indian entertainment & media industry- 35,300cr, Rs 83,740cr by 2010 @CAGR 19% Drivers- economic growth, rising incomes, consumerism, policy, technology (DTH, IPTV), low media penetration & ad spends TV, Print, Outdoor media to treble Radio to quadruple Live entertainment 2.5x Music- dogged by piracy, low growth Entire music industry is 750cr in 70 years of existence but mobile music is 2500cr in < 10 years! www.dramitrangnekar.com

53. Indian entertainment & media industry 2006 Media20062010CAGRDriver / Resistor (Rs Cr)% Entertainment & Media 35,30083,74019Eco growth, affluence, tech, low penetration, consumerism, policy TV150004300024Subscriptions, DTH, IPTV Print70002000012FDI, boom, content, policy Radio300120032FDI, private players, penetration OOH9001,75014Fragmented, likely to evolve Event Mgt8001,80018Affluence, westernisation Music7007401Piracy; mobile music & licensed digital distribution may revive Internet10070050Already viewed > TV

54. India Environment Strong growing economy, booming external trade, reforms Huge middle class, growing affluence FDI- service opportunity Shortcomings- Power & transport infrastructure Onerous regulations, corruption, e-governance, improved accountability, activist media and NGO community. Key to success- research, political will, preparation, long term approach, careful selection of partners / customers www.dramitrangnekar.com

55. IPR 1994 WTO TRIPS Developing country- Transition period 5Y to implement Further 5Y to extend patent protection to technology areas Patent obligations wef Jan 2005 deadline Amendments to Patents Act, 1970- Process patents Transitional facility in pharma & agriculture- EMR Patent term extended to 20 years Copyright (Amendment) Act 1994- protection to original literary, dramatic, musical & artistic works, cinematography, films and sound recordings Satellite broadcasting, computer software & digital technology, also under copyright protection www.dramitrangnekar.com

56. Healthcare $35b market Public healthcare spending constrained,urban-rural imbalance Public healthcare spend 1% of GDP, developing nations 3% 1.5 hospital beds / 1000 people (China, Brazil, Thailand >4) Public health infrastructure- Majority population- but under- equipped, under-financed, shortage of doctors, nurses & drugs Private healthcare booming- Private practitioners & hospitals Private hospitals also exporting services to foreigners www.dramitrangnekar.com

57. Tourism India- world's highest mountains, miles of coastline, forests and wildlife, ancient monuments, World Heritage Sites, forts and palaces, and the Taj Mahal India 2 nd in the value-for-money index N5Y travel & tourism- 6% to GDP Medical tourism- ‘First World treatment at Third World prices’ Medical tourism- $350m (2006) to $2b (2012)- McKinsey-CII @25% 180,000 medical tourists treated in India in 2004 Modern treatment + cost effective + tourism attractions www.dramitrangnekar.com

58. Hospitality Tourism boom percolated to hospitality Hotel and restaurant industry (2007)- $6b @ 22% Current hotel rooms only 90,000- demand 240,000, gap 150,000 2011- $10b investment,40 international hotel brands, 400,000 jobs Large-scale local expansion plans Alternate hospitality formats- residential hotels, destination resorts, condo hotels, vacation ownership and private residents' club 11% hotel demand from long stay guests www.dramitrangnekar.com

59. Tourism 2007 IndiaAsia-PacGlobal Foreign tourist arrivals (Mn)5 (14%)184 (10%)903 (7%) Tourism business ($Bn)11 (24%)189 (21%)856 (15%) Share of global business %1.25%5.68% Rank in global business %206 Share of arrivals0.56%2.76% Rank in arrivals4211 www.dramitrangnekar.com

61. Initiatives Incredible India campaign- domestic & international tourism "Incredible India Bed & Breakfast Establishments”- 'Gold' & 'Silver’ "Medical Visa" ('M'-Visa) category introduced for foreign tourists for medical tourism Tie-up with UNDP to promote rural tourism www.dramitrangnekar.com

62. Broad- Services FDI Policy (AT Kearney 2005 FDI Confidence Index) SectorEquityComments Construction100%Hotels, resorts, NOT in Housing & real estate TradingNOT in Retail trading, 51% in single brand retail 100% in cash & carry Transport49% 100% Airlines- Domestic 49%, Foreign not allowed Road and transport, Railways- not permitted Telecom74%Basic, cell, national, intl long distance, VAS Pvt Banks Insurance26%FDI permitted NBFC100%Merchant, underwriting, portfolio, consultancy, AMC, VC 100%Ad, Films, R&D, Architecture, travel www.dramitrangnekar.com

63. Reforms since 1991 Liberalisation- licensing abolished, except 8 (now 6) PSU industries Manufacturing SSI reservation to 50 industries Privatisation and corporatisation of PSUs, autonomy Forex controls relaxed, openness to FDI Market determined interest rates & petrol rates, AMP disbanded Competition Act 2002 replaced MRTP, regulates M&A Independent regulators in many sectors Tax reforms to broaden tax base, service focus, CST introduced CENVAT, uniform state level VAT replaces state sales tax Tariffs / duties slashed, lower input costs enhanced competitiveness SEZs- superior infrastructure, tax benefit- stimulate FDI, exports EOUs- benefits, duty free imports Duty exemptions on import www.dramitrangnekar.com

64. FDI inflow www.dramitrangnekar.com

65. Consumerism, growing middle class Business Standard 2005 Rapidly increasing middle class Growing consumer affluence Demographic shifts, risk averse Greater media exposure Population increasingly travelling abroad Western trends, tastes and brands- growing High aspirations Population 47% < 20 years (55% by 2015), 160m teens More working women, double-income families common Spur to consumer spending Finance- easy credit & access- credit cards, banks, ATM, EMI 2004- 43 m credit cards www.dramitrangnekar.com

66. Ease of doing Business in Asia (WB 2006) www.dramitrangnekar.com