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<keyword id="6359861" type="UNKNOWN" weightage="20" keywordseo="Veteran">Veteran</keyword> industrialist Adi Godrej will step down as chairman as well as from the board of directors of <keyword id="167591" type="COMPANY" weightage="20" keywordseo="Godrej-Industries-Ltd">Godrej Industries Ltd</keyword>, passing on the baton to his younger brother Nadir Godrej, effective October 1, according to a company statement. The 79-year-old industrialist will continue to serve as chairman of the <keyword id="133008" type="COMPANY" weightage="20" keywordseo="Godrej-group">Godrej Group</keyword> and chairman emeritus of GIL, said the statement. "Nadir Godrej, who is currently managing director of GIL, will take over as chairman and managing director of the company," it added. GIL is a holding company of the Godrej Group. It has significant interests in consumer goods, real estate, agriculture, chemicals and financial services through its subsidiary and associate companies, across 18 countries. Adi Godrej has served GIL for almost four decades. "It has been a privilege to serve <keyword id="113571" type="CITY" weightage="20" keywordseo="Godrej-Industries">Godrej Industries</keyword> for over four decades, during which we have delivered strong results and transformed our company," said Adi Godrej. He thanked the board for its support and guidance, his team members, business partners, shareholders, investors, and communities, for their continued partnership. "I am very confident that our best years are ahead of us, and I look forward to Nadir and our team achieving our exciting aspirations," Adi Godrej. In the statement, Nadir Godrej thanked his brother for his vision and leadership, which shaped the company. "On behalf of our team at Godrej Industries and our board, I want to thank our chairman for his vision, values and exceptional leadership that has guided and shaped our company. "Our leadership team is committed to building forward on these foundations; continuing to serve our people and communities, and creating long-term value for all our stakeholders," said Nadir Godrej said. On August 4, Adi Godrej announced to step down from the board of group's FMCG arm, Godrej Consumer Products Ltd (GCPL), effective next month. In GCPL, he already passed on the baton to his younger daughter Nisaba Godrej in 2017 as chairman. But, he will remain as chairman emeritus of the FMCG firm. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/india-now-has-four-edtech-unicorns-byju-unacademy-eruditis-upgrad/articleshow/85300757.cms">From Byju’s to Eruditus — India now has four edtech unicorns, thanks to a $4 billion funding inflow since 2020</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/realme-book-slim-laptop-launching-in-india-on-august-18-check-expected-price-and-specifications/articleshow/85299743.cms">Realme Book Slim laptop launching in India on August 18 – specs, expected price and everything we know so far</a>

Adi Godrej to step down as Godrej Industries' chairman and board of directors

<keyword id="303723" type="PERSON" weightage="100" keywordseo="Parmeshwar-Godrej">Parmeshwar Godrej</keyword>, age 72, philanthropist and wife of <keyword id="6369697" type="COMPANY" weightage="100" keywordseo="Godrej">Godrej</keyword> <keyword id="45472" type="ORGANIZATION" weightage="20" keywordseo="Group">group</keyword> chairman <keyword id="6364063" type="PERSON" weightage="100" keywordseo="Adi-Godrej">Adi Godrej</keyword> breathed her last yesterday at Mumbai's Breach Candy hospital following a degenerative lung disease. 
 
The highly private family has been shocked by her sudden deterioration sources said. Group officials were stunned to hear about the news but declined to comment. 
 The dynamic and active face of the Godrej clan, <keyword id="559099" type="PERSON" weightage="20" keywordseo="Parmeshwar">Parmeshwar</keyword> had an impact on family office and social fronts. She has had a huge influence on her children Tanya, Nisa and <keyword id="259304" type="ORGANIZATION" weightage="20" keywordseo="Pirojsha">Pirojsha</keyword> with her liberal but strong understanding of family, humour, and creativity. 
 She is best known huge contribution to creating awareness about AIDS with Hollywood’s <keyword id="2805" type="PERSON" weightage="20" keywordseo="Richard-Gere">Richard Gere</keyword> with whom she launched the <keyword id="18935" type="ENTERTAINMENT" weightage="20" keywordseo="heroes">Heroes</keyword> project to fight HIV-AIDS in India. 
 
Parmeshwar was active in the workings of the Godrej group till last couple years with her aesthetic and design contribution in Godrej Properties and Godrej Consumer. She was one of the first air hostesses for <keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword> before her marriage to Adi Godrej.

Philanthropist and Adi Godrej's wife Parmeshwar Godrej
passes away

<ul><li>Cousins Adi Godrej and Jamshyd Godrej are known to have differences in opinion on how to develop their massive land bank </li><li>Their grandfathers have founded the Godrej Group and have been acquiring this land since the 1940s. </li><li>Jamshyd has hired Nimesh Kampani of J M Financial while Adi and his brother Nadir have hired Uday Kotak and Cryril Shroff for negotiations.</li></ul>One of India’s oldest business families of India, Godrej has decided to split their enormous land holdings, tangled between themselves, to make way for real estate development, according to reports. Cousins Adi Godrej and Jamshyd Godrej are known to have differences in opinion on how to develop their massive land bank that extends over 3,400 acres in Mumbai. The Godrej family released a joint statement by Adi Godrej and Jamshyd Godrej, calling them ‘normal’ family discussions. 
 <div type="ExtQuote" text="We have been working on a long term strategy plan for the Group for several years. As part of this exercise, we have sought advice from external partners to help us think through options. The family regrets the sensationalist media coverage of these normal and private family discussions." auname="Statement by Godrej family"></div>

 Their grandfathers have founded the Godrej Group and have been acquiring this land since the 1940s. And a large chunk of it, around a 1,000 acres lies in the prime real estate areas of Vikhroli. While Adi heads Godrej Consumer and Godrej Properties, Jamshyd is the chairman and managing director of Godrej and Boyce. The closely held Godrej and Boyce is the owner of most of this land, while Adi’s real estate development company, Godrej Properties pays around 15% of the project revenue to them,<a href="https://economictimes.indiatimes.com/news/company/corporate-trends/godrej-family-may-rework-pacts-after-rift-over-land/articleshow/69966815.cms"> as per an ET report</a>. Now, however, both sides have hired investment bankers and lawyers to re-work family arrangements, in order to make way for Adi’s properties business to turn into the city’s largest real estate developer. Top investment bankers will be a part of tough negotiations to untangle the complicated family pacts. While Jamshyd has hired Nimesh Kampani of J M Financial while Adi and his brother Nadir have hired Uday Kotak the chairman of Kotak Mahindra Bank and Cryril Shroff of Cyril Amarchand and Mangaldas, as per a<a href="https://www.business-standard.com/article/companies/godrej-family-hires-top-law-firms-to-untangle-land-holdings-worth-rs-20k-cr-119062700056_1.html"> report by Business Standard</a>. The Godrej Group was founded by Ardeshir Godrej along with his brother, Pirojsha Godrej in 1987. Pirojsha’s sons formed the second generation as Ardeshir died childless. The third generation consists of Adi, Nadir and Jamshyd.

A 122-year old Indian business family has hired bankers and lawyers to split the land of their fathers

It is unlikely for <keyword id="6364063" type="PERSON" weightage="100" keywordseo="Adi-Godrej">Adi Godrej</keyword>, the chairman of <keyword id="133008" type="COMPANY" weightage="100" keywordseo="Godrej-group">Godrej group</keyword>, to wash his dirty linen in public, but the world saw him in a fierce mood when he publicly accused former employee and business partner <keyword id="2035974" type="UNKNOWN" weightage="100" keywordseo="Arumugham-Mahendran">Arumugham Mahendran</keyword> of ethical and legal breach. He said that Mahendran was planning to launch new products that will be in direct competition with popular Godrej brands Good Knight and Hit. 
 Mahendran had worked closely with Godrej for over 15 years, being the MD of the Rs 9,000-crore Godrej Consumer Products (<keyword id="6508589" type="COMPANY" weightage="100" keywordseo="GCPL">GCPL</keyword>) before he left the group in 2013 with an aim to start his own business. He also held some shares in at least four Godrej group companies. 
 
"I am extremely disappointed with Mahendran," Godrej told ET. "Him launching household insecticides is both a serious ethical and legal breach." 
 While accusing Mahendran, Godrej also spoke about his surprise over <keyword id="6361649" type="CITY" weightage="100" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>, the investor backing Mahendran's venture. 
 
"I am also very surprised that global investors like Goldman Sachs are allowing this to happen under their watch," he said. 
 
Mahendran, on the other hand, maintained that he was under no contract to not enter the insecticide business. "In spite of my not having a non-compete agreement with Godrej, it was on ethical grounds I chose not to enter the insecticide business for three years," Mahendran said. "I hold Mr Godrej and the family in high esteem and am very surprised to hear their comments," he added. 
 
Mahendran is busy launching insecticides under the brand name DND through his new venture Global Consumer Products, which is backed by Goldman Sachs. He would be controlling 20% of Global Consumer Products along with his family while the rest would be held by Goldman Sachs and Japanese investor Mitsui.

Friends turn foes? Adi Godrej accuses former MD of legal breach over plans to launch competing products

NEW DELHI: The high-profile composition of the business delegation set to accompany Prime Minister <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> to <keyword id="6355311" type="COUNTRY" weightage="80" keywordseo="Japan">Japan</keyword> points to new vistas of cooperation between the two nations, in areas ranging from manufacturing to hydrocarbon and technology. 
 <keyword id="3820" type="PERSON" weightage="80" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, Kumar Managalam Birla, Sunil Bharti Mittal, Gautam Adani, Dilip Shanghvi, <keyword id="6419840" type="PERSON" weightage="80" keywordseo="Azim-Premji">Azim Premji</keyword>, S Ramadorai, Chanda Kochhar and Kiran Mazumdar-Shaw are some of the prominent names on the list. 
 
“This is the most-high-powered delegation that has travelled with any Indian PM in recent years,” said a government official who did not wish to be named. “It will bring new energy in India-Japan ties. The delegation represents all corners of the country and covers almost all aspects of the economy. 
 
These business leaders will help to realise the PM’s dream of taking India-Japan ties to the next level.” 
 According to sources, the Prime Minister’s Office has pruned the list, dropping at least <keyword id="6364063" type="PERSON" weightage="80" keywordseo="Adi-Godrej">Adi Godrej</keyword>, S Gopalakrishnan and <keyword id="33275" type="PERSON" weightage="80" keywordseo="Deepak-Puri">Deepak Puri</keyword> from it. An official downplayed dropping of the names, saying that with any change of guard at the Centre there are changes in the composition of delegations travelling with the PM. The idea is to get additional Japanese business to India and to see who can partner major Indian business firms to make entry here, another official said. 
 The business delegation will attend the the India Japan Business Forum. The PM said he sees the trip as an opportunity to take India’s ties with Japan “to a new level” and increase cooperation in various fields. “I will visit <keyword id="4741" type="COMPANY" weightage="80" keywordseo="Tokyo">Tokyo</keyword> and Kyoto, and will interact with all sections of the Japanese society, from students, political leaders to captains of industry,” he said on Tuesday.

Narendra Modi To Take Top Business Honchos To Japan

Which Zodiac signs do the biggest billionaires belong to?

<ul><li><keyword id="2623347" type="PERSON" weightage="20" keywordseo="Biocon-chief-Kiran-Mazumdar-Shaw">Biocon chief Kiran Mazumdar Shaw</keyword> and former Infosys Director <keyword id="6491998" type="PERSON" weightage="20" keywordseo="mohandas-pai">Mohandas Pai</keyword> told a newspaper that they were told hold back their criticism of the Modi government by an official.</li><li><keyword id="33278" type="PERSON" weightage="20" keywordseo="Rahul-Bajaj">Rahul Bajaj</keyword>, chairman of Indian conglomerate Bajaj Group, said that the auto industry’s going through a rough patch because of lack of demand and no private investment. </li><li>Over the months, more and more stock market investors have taken to Twitter to talk about the government’s unfriendly market policies. </li><li>Adi Godrej, chairman of the Godrej group, had said that the Budget presented by Finance Minister Nirmala Sitharaman is not “growth-oriented”.</li></ul>Indian companies have been betting big on PM <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>. And why not? In 2017-18, a lion’s share of <a href="https://www.business-standard.com/article/economy-policy/data-shows-bjp-bagged-92-of-corporate-donations-to-political-parties-119011701405_1.html">corporate</a> political donations went to his party, BJP. Now, they are livid. The latest to join the bandwagon of angry corporates is Kiran Mazumdar shaw who made a shocking revelation on Sunday. A government official reportedly told her not to speak of harassment by tax officials in relation to <a href="https://www.businessinsider.in/rip-vg-siddharthas-death-and-why-former-prime-minister-hd-deve-gowda-cried/articleshow/70464431.cms" data-type="tilCustomLink" target="_blank">the unfortunate death of VG Siddhartha</a>, the founder of <keyword id="46195" type="COMPANY" weightage="20" keywordseo="Cafe-Coffee-Day">Cafe Coffee Day</keyword> outlets. "“He just said that ‘please don’t make such statements. Even Mohandas Pai should not. I am telling you as a friend’,” the Biocon chief told The Telegraph. Even Mohandas Pai, the former Infosys director who is currently a private investor who backs startups, chimed in. "Lots of people get such threats," he told the newspaper. Both of them have been avid supporters of Narendra Modi in the past and bitter critics of the Congress-led United Progressive Alliance government that ruled from 2004 to 2014. “I used to speak out always. It doesn’t matter if UPA is in power or the NDA,” Shaw said urging the corporate world to speak up. Earlier, Rahul Bajaj, the chairman of Indian conglomerate Bajaj Group. During his company’s Annual General Meeting, he spoke of the government’s role in the weak sales of the auto industry. Fall from Heavens “There is no demand and no private investment, so where will growth come from? It doesn’t fall from the heavens. The auto industry is going through a very difficult period. Cars, commercial vehicles and two-wheelers are going through a rough patch,” Bajaj added. The Budget has not cheered them either. The government imposed a tax on super rich, and <a href="https://www.business-standard.com/article/markets/sebi-s-separate-fpi-registration-plan-draws-flak-from-investors-119061901134_1.html">Business Standard</a> had reported that market regulator SEBI mandated separate registrations for Foreign Portfolio Investors. The resentment against these rules is rising. The slow pace of economic growth, and their credibility isn’t helping either. Until now, corporate giants stayed out of the debate over credibility of government's growth data between <a href="https://www.businessinsider.in/131-cas-respond-to-letter-from-economists-disputing-govt-gdp-data/articleshow/68463411.cms">108 economists</a> and 131 chartered accountants. But, now they are not holding back. “The government may or may not be saying this but there are clear cut markings from the International Monetary Fund (IMF) and World Bank, which shows a decrease in growth in the last three-to-four years. Like any government they would like to show a happy face, but reality is reality” Rahul Bajai <a href="https://www.moneycontrol.com/news/technology/auto/angry-rahul-bajaj-criticises-centre-for-falling-demand-private-investment-4259711.html">said.</a> Meanwhile, his son Rajiv Bajaj had said government’s policies on<a href="https://www.moneycontrol.com/news/technology/auto/governments-policy-on-electric-vehicles-has-left-everybody-confused-rajiv-bajaj-4252151.html"> electric vehicles</a> had left everyone confused. Complaints in chorus The Bajajs, Kiran Mazumdar Shaw, and Mohandas Pai are not alone. Adi Godrej, chairman of the Godrej group, too <a href="https://www.firstpost.com/business/industry-leaders-reaction-on-budget-2019-adi-godrej-says-budget-is-not-growth-oriented-stock-market-comes-down-considerably-6940161.html">said</a> that the Budget presented by Finance Minister Nirmala Sitharaman is not “growth-oriented”. <a href="https://www.ndtv.com/india-news/adi-godrej-rising-intolerance-hate-crimes-can-seriously-damage-growth-2068996">Godrej also touched upon a sensitive subject </a>saying that rising intolerance in the country is also affecting growth. Investor and author Basant Maheshwari recently took to Twitter to say, “Lowering GST and other charges on Electric Vehicles won’t create demand. There is just no infrastructure. People won’t change preferences like that plus EVs aren’t cheap. However, it will surely lead to a fresh bout of short selling in the frontline auto names? That’s all.” This is an unexpected move for top corporates who had stayed away from government bashing even during demonetisation in 2016. Clearly, the tables have now turned. Porinju Veliyath, founder and CEO of Equity Intelligence, after the Budget said, “India dreams a $5 trillion, graft-free, double-digit, free-market-driven, rule-based and liberal economy by 2025! This is very much doable, but I am afraid parts of the Budget - the direction it points, can take us back to 4% GDP growth rate!” Center of the Left Veliyath had even written a letter to his investors, explaining the poor performance of his portfolio. "Some of the budget provisions did not acknowledge the cardinal principles of a free-market economy," Veliyath said in his letter on Thursday (July 18) adding that the positives of the continuity in government <a href="https://www.businessinsider.in/india-market-news-porinju-veliyath-blames-the-budget-for-bear-market-in-smaller-stocks/articleshow/70277012.cms">has been lost with the market unfriendly provisions in the Budget. </a> When big money backed Modi with hopes of market reform, they made a bad bet on a party whose ideology is rooted in ‘Swadeshi’, which can be loosely translated to home-grown conservatism. As the commentator and author <a href="http://www.newindianexpress.com/opinions/columns/shankkar-aiyar/2019/jul/21/the-bjps-socialistic-conservatism-2006971.html">Shakar Aiyar argued recently</a>, “In popular perception, the BJP was seen as the home of right of centre economics. And the centre continues shifting to the left.” SEE ALSO: <a href="https://www.businessinsider.in/rip-vg-siddharthas-death-and-why-former-prime-minister-hd-deve-gowda-cried/articleshow/70464431.cms" data-type="tilCustomLink" target="_blank">A former Prime Minister cried on national TV for VG Siddhartha-- the untold tales of politics and privilege may die with India’s coffee baron</a> <a href="https://www.businessinsider.in/cafe-coffee-day-founder-vg-siddhartha-letter-to-board-of-directors/articleshow/70443951.cms" data-type="tilCustomLink" target="_blank">Full text of the letter written by Cafe Coffee Day founder VG Siddhartha before he went missing</a>

Narendra Modi has a new problem – big corporates and moneybags are angry

Mumbai, Jan 17 () E-commerce giant Amazon's chief executive and world's richest person Jeff Bezos on Friday concluded his three-day India visit with meeting captains of Indian industry.
Among those who met included Reliance Industries chairman and richest Indian Mukesh Ambani, who is also into retailing, and a host of other c-suite honchos.
The meeting was held at a star hotel in South Mumbai this morning.
Others who were present included SBI chairman Rajnish Kumar, Godrej Group chairman Adi Godrej, Zarin Daruwala of Standard Chartered Bank, Xiaomi's India Head Manu Jain, Infosys co-founder NR Narayana Murthy and Bank of America's Kaku Nakhate.
Retail and Fast Moving Consumer Goods players, including Kishore Biyani of Fture Group (where Amazon has an investment), Hindustan Unilever's Sanjiv Mehta, Nestle India's Suresh Narayanan and Proctor and Gamble India's Madhusudhan Gopalan were also present.
Sunil Mittal of Bharti Airtel was also present for the meeting wherein Bezos was accompanied by the head of Amazon in India, Amit Agarwal.
Among others were Infosys' Salil Parekh, HSBC's Surendra Rosha and Ola's Bhavish Agarwal.
 The business leaders posed for a group photo on the hotel's stairs before departing.
Bezos visited Rajghat in New Delhi on Tuesday, followed it up with a meet with small businesses on Wednesday and spent time with Bollywood celebrities on Thursday evening as part of the visit.
He has announced investments of USD 1 billion over the next few years and also create 1 million new jobs in India by 2025.
Bezos could not reportedly get an audience with Indian Prime Minister Narendra Modi, while Union Commerce Minister Piyush Goyal stoked a controversy by stating that the e-commerce giant which is being investigated for predatory pricing is not doing India any favour by the investment. AA MKJ

Jeff Bezos meets industry captains, concludes 3-day India visit

<ul><li>With their sales being hit, the Indian business community which has so far been an active supporter of the Indian government, has been raising its voices.</li><li><keyword id="6359432" type="UNKNOWN" weightage="20" keywordseo="britannia">Britannia</keyword>’s MD Varun Berry said there is some serious issue in the economy.</li><li>He’s not alone, leaders from the auto industry have raised their concerns as the segment is witnessing its worst sales slowdown.</li></ul>Questions are being raised by top Indian businessmen about the economic health of the country. The latest one to cry foul is fast moving consumer goods company Britannia. In the <a href="https://www.dnaindia.com/business/report-consumers-thinking-twice-before-buying-a-rs-5-pack-britannia-2781047">latest earnings call</a> of Britannia, the company’s MD Varun Berry raised some serious concerns about the <keyword id="6356076" type="DEFINITION" weightage="20" keywordseo="indian-economy">Indian economy</keyword>. "We've grown only 6% and the market is growing slower than that. And that's a little bit of a worry, because even for a ₹5 product if the consumer is thinking twice before buying it, then there is some serious issue in the economy,” he said. This comes in even though Britannia holds one-third of market share in the Indian biscuit industry. With their sales hit, the Indian business community which has so far been an active supporter of the Indian government, has been raising its voices. India’s GDP has slumped to 6.8% in FY19, whereas <a href="https://www.businesstoday.in/current/economy-politics/india-economy-9-per-cent-gdp-growth-pm-modi-5-trillion-dollar-economy-target-ey/story/370433.html">analysts </a>say that for India to reach its dream of being a $5 trillion economy, the country’s GDP needs to grow steadily at 9%. The industry that has been worst hit has the auto industry which has seen a massive slowdown in sales has seen. Auto industry leaders like Pawan Munjal of HeroCorp, RC Bhargava of Maruti, Anand Mahindra of Mahindra &amp; Mahindra, have all been rallying for reduction of GST to boost growth in sales. Rahul Bajaj, the chairman of Indian conglomerate Bajaj Group. During his company’s Annual General Meeting, he spoke of the government’s role in the weak sales of the auto industry. “There is no demand and no private investment, so where will growth come from? It doesn’t fall from the heavens. The auto industry is going through a very difficult period. Cars, commercial vehicles and two-wheelers are going through a rough patch,” Bajaj added. Earlier, Adi Godrej, chairman of the Godrej group, too <a href="https://www.firstpost.com/business/industry-leaders-reaction-on-budget-2019-adi-godrej-says-budget-is-not-growth-oriented-stock-market-comes-down-considerably-6940161.html">said</a> that the Budget presented by Finance Minister Nirmala Sitharaman is not “growth-oriented”. <a href="https://www.ndtv.com/india-news/adi-godrej-rising-intolerance-hate-crimes-can-seriously-damage-growth-2068996">Godrej also touched upon a sensitive subject </a>saying that rising intolerance in the country is also affecting growth. However, there are also some who believe this is just a phase. HDFC Chairman <a href="https://www.businesstoday.in/current/economy-politics/indias-economic-slowdown-driven-by-lower-consumption-temporary-in-nature-says-hdfcs-deepak-parekh/story/370229.html">Deepak Parekh</a> in the recent annual general meeting of the bank said, “While there has been an across-the-board slowdown in consumption, given the inherent demand and low penetration levels, I believe this is temporary in nature.”

Forget cars, Indian consumers are wary of buying a ₹5 biscuit packet

NEW DELHI: As the Modi government completes 100 days, there are more reasons to cheer than get disappointed, but it’s a long way to go before we attain our full potential in terms of economic activity and attain higher <keyword id="35050" type="CITY" weightage="60" keywordseo="gdp">GDP</keyword> growth. 
 The Indian markets witnessed their best period in the past 100 days after the NDA government took charge on 26 May 2014. However, the next 180-365 days will be crucial for the government and the <keyword id="34412" type="ORGANIZATION" weightage="80" keywordseo="economy">economy</keyword>. 
 
“They (Modi government) have taken many steps to improve ease of doing business. Obviously, you cannot do everything and change everything within 100 days. But the trend is good,” said Adi Godrej, Chairman, Godrej Group. 
 
“I am confident about India’s GDP growth accelerating going forward and this year itself the GDP growth should be much better than in the previous year,” he added. 
 Both the <keyword id="6484188" type="CITY" weightage="80" keywordseo="Sensex">Sensex</keyword> and the <keyword id="6354813" type="COMPANY" weightage="80" keywordseo="nifty">Nifty</keyword> have managed to hit fresh record highs almost on a daily basis, supported by strong global liquidity and robust macro numbers. 
 Tuesday marks the 100th day since <keyword id="6354477" type="PERSON" weightage="60" keywordseo="Narendra-Modi">Narendra Modi</keyword> was sworn in as India’s 14th <keyword id="71" type="POSITION" weightage="80" keywordseo="Prime-Minister">Prime Minister</keyword>. The S&amp;P <keyword id="53232" type="COMPANY" weightage="60" keywordseo="BSE-sensex">BSE Sensex</keyword> has rallied nearly 9 per cent since then. 
 
GDP growth breaches above the trend line (%) 
 
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Here is a list of five factors which have aided the market rally in the past 100 days: 
 
Business confidence is back 
 
One of the major factors which have aided a strong rally in the markets was the revival of confidence among investors. 
 
“Business confidence is back, investor confidence is back and the capital markets are in a buoyant mood as one would expect them to be,” said Jayant Sinha, Spokesperson, BJP. 
 
“We have seen that in terms of announcements and people are making fresh investments. So as far as confidence is concerned, that has come roaring back,” he added. 
 Prime Minister Narendra Modi has encouraged Japanese corporates to set up manufacturing bases in India. Addressing corporates at the <keyword id="137200" type="CITY" weightage="80" keywordseo="Tokyo-Stock-Exchange">Tokyo Stock Exchange</keyword>, Modi said there is no place better than India for Japanese investors. 
 
“They (Modi govt) have improved the sentiment in the country. They are taking steps to improve the ease of doing business in India,” said Adi Godrej, Chairman, Godrej Group. 
 
“The Prime Minister, in his speech to the Japanese businessmen, said that he will ensure the ease of doing business in India will improve and I suppose, he would not do anything that is solely for the Japanese. So overall, very good steps,” he added. 
 
Revival seen in GDP growth 
 
GDP data released last week also fuelled optimism in the markets that the economy might have bottomed out and is set to gain momentum from here on. 
 
India’s economy expanded at its fastest pace in more than two years in the April-June quarter. India’s GDP grew at 5.7 per cent in the first quarter of 2014-15, exceeding expectations. 
 
The macro-economic data is looking positive, the economic activity is expected to gather steam by 2015 and GDP growth rate may go near the 7 per cent mark in the next two years, say analysts. 
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	&#xa0;</div> “We had expected GDP growth to hit 5.1 per cent in the three months to June. However, this is still well short of potential GDP growth, which is currently around 6 per cent, but could easily lift towards 7 per cent with some modest economic reforms,” said Glenn Levine, Senior <keyword id="6365396" type="POSITION" weightage="80" keywordseo="Economist">Economist</keyword>, Moody’s Analytics. 
 
Global brokerage firm Nomura, which sees nearly 15 per cent upside in the Sensex in the next one year, has revised its FY16 real GDP growth forecast to 6.8 per cent YoY vs. 6.5 per cent previously. 
 
“We expect the economy to fire on all cylinders in 2015-16 with a pick-up in private consumption, investment and export demand," stated a Nomura report, authored by Sonal Varma and Aman Mohunta. 
 
More FDI/FII flows to boost investment activity 
 
Notwithstanding the fear of policy tightening in the advanced country, India’s attractiveness as an investment destination has improved on revived growth prospects (FY15 expected at 5.8% and FY16 at 6.5%) and a slew of measures initiated by the new stable government. 
 “We expect FY15 to witness a capital flow of USD80b. This would allow the RBI to raise the <keyword id="6358355" type="ORGANIZATION" weightage="100" keywordseo="forex">forex</keyword> reserves to around USD350b by Mar15 from USD304b in Mar-14,” Motilal Oswal said in a report. 
 Back in August, the government approved raising <keyword id="44528" type="ORGANIZATION" weightage="60" keywordseo="FDI">FDI</keyword> limit in the defence sector to 49 per cent and opened up the railway infrastructure segment for foreign direct investment. 
 
“Over the past decade, gross FDI inflows into India have averaged less than 2 per cent of GDP and coincidentally also are just under 2 per cent of world FDI flows - about one-third of India’s share of world GDP,” Deutsche Bank said in a report. 
 “This could be expected to at least double as the government’s commitment to a more attractive stance towards <keyword id="136566" type="UNKNOWN" weightage="80" keywordseo="foreign-capital">foreign capital</keyword> becomes understood,” added the report. 
 
Fall in Fiscal Deficit, down 65% YOY 
 
Thanks to a sharp compression in expenditure and a marginal pickup in revenues, the July fiscal deficit narrowed to Rs 27000 crore vs Rs 77800 crore in July'13. The improvement in fiscal trends partially allays fears following the sharp increase in the 1QFY15 fiscal deficit, Citigroup said in a report. 
 
“This in line with our expectations and we expect the momentum to continue on the back of (1) economic recovery aiding tax collections, (2) fuel subsidies in check, and (3) concerted efforts on the divestment front - all of which bode well for India’s sovereign credit profile,” added the report. 
 
While the cumulative deficit during Apr-July is currently at 61% of full year targets, the global investment bank expects the improved momentum seen in July to continue on the back of better revenues and containment in expenditure. This bodes well for the government meeting its 4.1% fiscal deficit target and India’s sovereign credit profile. 
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Analysts gung-ho on markets, see Sensex doubling in 3-4 years 
 
Analysts at top brokerage firms see the markets and earnings doubling in the next 3-4 years, supported by reforms and economic revival. The macro-economic data is looking positive, and the economic activity is expected to gather steam by 2015. The GDP growth rate might hit the 7 per cent mark in the next two years, say analysts. 
 
They expect that the next leg of the rally may be led by increase in earnings growth and with the economy expected to bounce back, the estimates might not be unreasonable. 
 
“We continue to reinforce our message that earnings are set to double over the next 4 years to FY18 and the market returns could mirror earnings growth,” said Jyotivardhan Jaipuria, Research Analyst at DSP Merrill Lynch (India) and Anand Kumar of DSP Merrill Lynch. 
 
“We continue to be bullish in the long term on the Indian market and believe that buying on dips is a particularly compelling strategy. Our bullishness is driven by the bottoming of the earnings cycle,” added Jaipuria.

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