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The <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government is planning to utilise almost 18 lakh acres of land, owned by different public sector undertakings (PSUs), for new manufacturing and infrastructure projects, The Economic Times has reported. 
 
"The idea is that since land acquisition is a very long-drawn process, we can identify the land available and then match it with the requirements of a new project," the newspaper quoted a senior official of the Ministry of Heavy Industries and Public Enterprises as saying. 
 According to the ministry's estimates, out of the 18 lakh acres of land available with <keyword id="44530" type="COMPANY" weightage="20" keywordseo="PSU">PSU</keyword>s, 8-10 lakh acres can be used soon. A senior official working with a PSU said, "We are in the process of compiling the data. Some land is free hold and other has been given by the respective state governments, so it is taking some time." 
 12 sick PSUs, which are not operational but have surplus land, have been identified for this purpose. Some of the companies are: Hooghly Dock &amp; Port Engineers Ltd, <keyword id="1367769" type="UNKNOWN" weightage="20" keywordseo="British-India-Corporation">British India Corporation</keyword>, <keyword id="2660977" type="UNKNOWN" weightage="20" keywordseo="Elgin-Mills-Company">Elgin Mills Company</keyword>, <keyword id="2660978" type="UNKNOWN" weightage="20" keywordseo="Hindustan-Vegetable-Oils-Corporation">Hindustan Vegetable Oils Corporation</keyword> and Birds Jute and Export Ltd. 
 
"We are examining these firms from both financial viability and HR issues. They have some land that can be utilised," the official added.

Modi Govt To Utilise Surplus PSU Land For New Manufacturing And Infra
Projects

<ul><li>The Indian government is selling one of its profitable oil companies – <keyword id="75662" type="CITY" weightage="20" keywordseo="Bharat-Petroleum">Bharat Petroleum</keyword> Corporation Limited. </li><li>The government will sell 53.29% stake in <keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword> to a strategic buyer, also giving up management control in the oil giant.</li><li>The Numaligarh Refinery in Assam will be carved out of the divestment, said Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>. </li></ul>The Indian government announced the divestment of five public sector undertakings (<keyword id="44880" type="CITY" weightage="20" keywordseo="PSUs">PSUs</keyword>), including that of Bharat Petroleum Corporation Limited. The others in line to be divested out of government control are Shipping Corporation of India, Container Corporation of India (CONCOR), THDC India and North Eastern Electric Power Corporation Limited (NEEPCO) The government will be selling its 53.29% stake in BPCL to a strategic buyer, also giving up management control of the oil retailer. However, the Numaligarh Refinery in Assam which is a part of BPCL, will be carved out of the divestment, said Finance Minister Nirmala Sitharaman. Mixed reaction from the public The government’s decision to sell one of the few profitable PSUs has seen mixed reactions from the public. BPCL had reported profits of ₹7,132 crore along with total sales worth ₹3.37 trillion in the last financial year. “This govt is now selling off the country's most profitable companies as well. This is a loot,” said Congress leader KC Venugopal today. The shares of BPCL too fell on Thursday morning to ₹532. However, BPCL also makes for an attractive sale unlike Air India which is still awaiting investor interest. A good sale will help Indian government meet its ambitious disinvestment target of ₹1.05 lakh crore for the current fiscal year. “It would also increase the free float available in the market which may have positive impact on Foreign Portfolio Investments in Indian capital markets and in the creation of wider investment space for retail and institutional investors and may increase in the market premium of CPSEs due to likely positive investors perception,” said the government’s press release. Started as the Rangoon Oil and Exploration company during the British rule, BPCL changed many hands and was finally purchased by the government at market price in 1976. Today, the BPCL has a capacity of 37 million tonnes per annum. It also has over 15,000 retail outlets in India.

BPCL divestment opens up to mixed reactions, but the company’s shares takes a hit

New Delhi, Jan 20 () Fair trade regulator CCI has approved divestment of Reliance Jio's telecom tower assets to Canada's Brookfield Infrastructure Partners LP and other investors.
 The other investors include British Columbia Investment Management Corporation, GIC Infra Holdings Pte Ltd's subsidiaries Anahera Investment Pte Ltd and Valkyrie Investment Pte Ltd.
 In a tweet on Monday, the regulator said it "approves subscription of the units of Tower Infrastructure Trust by BIF IV Jarvis India Pte., British Columbia Investment Management and GIC Investors."
 The proposed transaction involves the acquisition of indirect control of Reliance Jio Infratel Pvt Ltd (RJIPL) by Jarvis, the Competition Commission of India (CCI) noted in a combination notice filed with it.
 Tower Infrastructure Trust, an InvIT, currently holds 51 per cent of the outstanding equity share capital of RJIPL. Current Sponsor of the InvIT is Reliance Industrial Investments and Holdings Ltd (RIIHL).
 The deal, as per the notice, is subject to receipt of requisite approvals from markets regulator Sebi. Jarvis would execute the "deed of accession" to the trust deed and be designated as one of the sponsors to the InvIT in addition to RIIHL.
 Besides, Jarvis would subscribe to the majority of the units to be issued by the InvIT.
 "Jarvis, subscribing to the units of the InvIT, subject to receipt of necessary approvals from SEBI, will discuss and mutually agree with the Parties on suitable mechanism, in accordance with the provisions of SEBI InvIT Regulations, for change of the current investment manager to an entity nominated and controlled by Jarvis," the notice said.
 The parties are Jarvis, British Columbia Investment, GIC investors, InvIT, and RJIPL.
 From the proceeds of the issuance of units, the InvIT proposes to acquire the remaining 49 per cent of the outstanding equity share capital in RJIPL.
 Additionally, GIC Investors and British Columbia Investment propose to acquire a minority interest in the InvIT by either directly subscribing to units of the InvIT, or by indirectly acquiring an interest in the InvIT through acquisition of shares in BIF IV India Holdings.
 In December 2019, RIL said its unit, Reliance Industrial Investments and Holdings Ltd (RIIHL) has inked binding agreements with Brookfield Infrastructure Partners LP and its partners for the tower business deal.
 Brookfield will buy out 100 per cent equity of the operating tower company.
 RIIHL "has entered into binding agreements with Brookfield Infrastructure Partners LP, and its institutional partners, for an investment of Rs 25,215 crore in the units to be issued by the Tower Infrastructure Trust," the company had said in a statement.
 Under the deal, RIIHL, the sponsor of Tower Infrastructure Trust, would issue units in the trust to Brookfield affiliate BIF IV Jarvis India and some co-investors.
 After the deal is closed, the Canadian alternative assets manager, Brookfield and its partners would become sponsors of the trust, holding 100 per cent of India's largest telecom tower company with 1,30,000 towers through Tower Infrastructure Trust, while the RIL subsidiary would become a co-sponsor, but will hold no units.
 This is the single largest foreign investment in an Indian infrastructure vehicle. SRS ANU
ANU

CCI approves Reliance's divestment of Jio tower assets

Mumbai, Dec 17 () Hinduja Group co-chairman Gopichand Hinduja on Tuesday said that while the USD 5 trillion target of 2024 is achievable, Prime Minister Narendra Modi-led government needs to shed the British style of bureaucracy to move faster.
 The industry veteran also said that the company has been willing to invest more than USD 20 billion in India, but it wants the obstacles to be removed and provide ease of doing business.
 "USD 5 trillion economy is an achievable target. The initiatives taken by Modi are great and his vision is excellent but his team has to be fast," Hinduja said at the India economic conclave 2019.
 He noted that the British style of bureaucracy still exists in India, while Britain has already modified their bureaucracy.
 "The first step we have to see is how our bureaucracy will be modified. Some 6-7 years back, we wanted to invest USD 20 billion more in India. When we started getting in, we could see so many obstacles and was not easy to do business. But when Modi announced the initiative of ease of doing business, we thought things will change. But the speed of change should be faster," he said.
 Hinduja further said his company would love to invest more and more in the country because India has the maximum opportunities to invest from all over the world.
 "Our only expectation is that the government should honour what it has committed," he added.
 Speaking at the event, Hinduja Group of Companies chairman Ashok Hinduja noted that system processes need to change.
 "There is a lot of criticism from SME and corporate sector about the fear and psyche, but I think this has to be there. We have to change the seven decade-old system processes and there has to be a stick approach and we need more transparency. But at the same time, there should be a limit to it and everything cannot be criminalised," he added. PSK MR
MR

Modi govt needs to shed British-style bureaucracy, move faster: Hinduja

More and more Indians now prefer travelling business class while going abroad and the international <keyword id="44023" type="ORGANIZATION" weightage="20" keywordseo="airlines">airlines</keyword> have decided to bank on this trend. 
 International airlines such <keyword id="6368386" type="COMPANY" weightage="20" keywordseo="Singapore-Airlines">Singapore Airlines</keyword>, <keyword id="52088" type="COMPANY" weightage="20" keywordseo="British-Airways">British Airways</keyword>, Jet Airways, etc are increasing more seats in the business class on their India flights. 
 
The business class bookings increased 75% and are proving to be one of the growth drivers in the aviation industry. 
 Singapore Airlines’ new Airbus A350 aircraft, which will added to Mumbai next year, will have 66 business and premium economy seats compared with 38 business class seats in the current <keyword id="6357957" type="CITY" weightage="20" keywordseo="Boeing">Boeing</keyword> 777 aircraft. 
 
Meanwhile, British Airways is also planning to introduce first class seats on both its flights from London to Mumbai, whereas, Jet Airways introduced first class and business class on short-haul international routes, which were earlier all-economy flights. 
 
As per a report by MakeMyTrip, business class bookings on foreign carriers increased by 37% to 88% year-on-year every month from January to August. Bookings in August grew by 88% over a year earlier. The portal compiled data on the basis of an average of spot and prior bookings. 
 
"It is the corporate travellers who are driving this demand for more premium seats as there is a renewed confidence in the state of our economy. Airlines have sensed there is an opportunity and have deployed larger aircraft that has more business class and first class seats," John Nair, head of business travel at Cox &amp; Kings, told ET. 
 Sharat Dhall, president of travel portal Yatra.com, told ET that with a rapidly emerging market for premium business and leisure travel, the competition will shift to the front end of the aircraft, especially for international flights. India's annual international air passenger traffic is about 55 million. About 60 domestic and foreign airlines ferry flyers in and out of the country. Of India's seven major local carriers, four fly international and only two - Jet Airways and <keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword> - sell business and first-class seats.

International airlines know how you travel; they have increased business class seats on India flights

Mumbai, Jun 4 () British lender Standard Chartered Bank's local unit has started operations from the International Financial Services Centre, becoming the first global bank to commence operations from the special economic zone in Gandhinagar. Presence at the newly built IFSC GIFT City can help the lender expand its business in trade, lending, financial market transactions and other structured products, a statement said. A slew of Indian lenders have operations at the IFSC, which helps them operate like a foreign unit, even though located within the geographical limits of India, and gives access to cheaper funds and also provides products for the global needs of Indian corporates. "The value propositions offered at IFSC GIFT City have given us an opportunity to set up our offshore banking unit (OBU) and further enhance our India franchise," its head of strategy Prakash Subramanian said. He added that it will focus on External Commercial Borrowings, Export Trade Finance and Financial Market Products from the OBU. The statement from the lender said over the last few months, the Reserve Bank of India (RBI) has enabled more products at IFSC, including raising liabilities from non-individuals with no tenor restrictions. The most recent addition was trading in non-deliverable derivative products starting June 1, 2020. The bank participated in non-deliverable derivative products and successfully closed multiple non-deliverable forward (NDF) and non-deliverable option (NDO) deals with several private sector banks and a corporate amounting to a volume of more than USD 100 million on the first day itself, the statement said. AA MR MR

Standard Chartered Bank starts operations at IFSC GIFT City

<ul><li><keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> today beat the British oil company BP Plc to enter the elite oil club. </li><li>Reliance Industries is now valued at $138 billion.</li><li>Having already become the first Indian company to have a ₹9.5 lakh crore market valuation, <keyword id="6484187" type="COMPANY" weightage="20" keywordseo="ril">RIL</keyword> is on its way to have a ₹10 lakh crore valuation. </li></ul>Asia’s richest man is only getting richer. <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s Reliance Industries beat the British oil major British Petroleum to enter the elite and high stakes oil club. Currently, Exxon Mobil Corp tops the list of most valuable oil companies, and has Chevron Corporation, Royal Dutch Shell, Total in the list. Exxon’s position can be challenged with Saudi Aramco’s IPO in the works. Reliance is also moving closer to the Chinese giant PetroChina which is also a part of the club. The stock of Reliance Industries has been on a fast lane for the last few months, and the company is now valued at $138 billion, according to <a href="https://www.businesstoday.in/current/corporate/reliance-industries-overtakes-bp-plc-to-become-world-6th-largest-oil-company/story/390683.html">reports.</a> Even with the challenges in the oil industry due to crude prices, RIL’s market value increased by <a href="https://www.business-standard.com/article/companies/mukesh-ambani-s-ril-beats-bp-to-make-elite-club-of-6-global-energy-giants-119112000004_1.html">35% </a>in the current financial year. The share price of Reliance Industries hit a record-high ₹1,548.50 today. Having already become the first Indian company to achieve ₹9.5 lakh crore market valuation, RIL is on its way to have a ₹10 lakh crore valuation. Currently, Ambani is Asia’s richest man and holds the 14th rank in the list of world’s richest, with a net worth of $56.7 billion. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/cyrus-poonawalla-indias-vaccine-king-multiplied-his-wealth-nearly-5-times-in-a-decade/articleshow/72139237.cms">Cyrus Poonawalla, India’s vaccine king, multiplied his wealth nearly 5 times in a decade</a>

Mukesh Ambani’s RIL is inching close to ₹10 lakh crore market value – but already a part of elite global oil club

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Jianan Yu/Reuters</div></div></div><ul><li>China's money printing industry is running at "full steam" for foreign clients including Thailand, Bangladesh, Sri Lanka, Malaysia, India, Brazil and Poland, according to reports.</li><li>The printing is linked to China's Belt and Road Initiative which has seen China build infrastructure and invest in around 60 countries from Europe, Asia, and Africa.</li><li>"A nation must have considerable trust in the Chinese government to allow it to print its banknotes," Hu Xingdou, a professor of economics at the Beijing Institute of Technology told the South China Morning Post.</li><li>Beijing has been concerned that its enemies could use fake notes to disrupt its economy and has viewed the money printing capability as important as its atomic bomb programme.</li></ul>China is printing more foreign money as it seeks to expand its influence on the global economy.Money printing plants across the country are running at close to full capacity to meet an unusually high quota set by the government this year, multiple sources from the China Banknote Printing and Minting Corporation <a href="https://www.scmp.com/news/china/society/article/2158782/why-other-countries-are-giving-china-licence-print-money">told the South China Morning Post.</a>Chinese yuan notes made up "a small proportion of the orders," with most of the demand coming from foreign countries participating in China's Belt and Road Initiative, one source who asked not to be named told the South China Morning Post.Until recently China did not print foreign currency at all, but in 2013 Beijing launched the Belt and Road Initiative, a plan that seeks to stimulate economic growth in around 60 countries from Europe, Africa and Asia through investment and infrastructure projects.Two years later China began printing money for Nepal, and today foreign customers of China's industry now also reportedly include Thailand, Bangladesh, Sri Lanka, Malaysia, India, Brazil and Poland and possibly many others that have not yet been disclosed, a source in the corporation said.The state owned China Banknote Printing and Minting Corporation corporation which is headquartered in Beijing's Xicheng district describes itself as the world's largest money printer by scale with 18,000 employees and 10 plants for printing paper notes and coins.In comparison to its US counterpart, the US Bureau of Engraving and Printing employs less than 2,000 people.China's attitude towards printing currency marks a change from previous low demand for printing as Chinese citizens have turned to using their phones rather then cash.Hu Xingdou, a professor of economics at the Beijing Institute of Technology told the South China Morning Post that a nation must have considerable trust in the Chinese government to allow it to print its banknotes."The world economic landscape is undergoing some profound changes. As China becomes bigger and more powerful, it will challenge the value system established by the West. Printing money for other countries is an important step," Xingdou said."Currency is a symbol of a country's sovereignty. This business helps build trust and even monetary alliances."Leverage over currency can also be a powerful weapon. During the destruction of Libya and Muammar Gaddafi by the West seven years ago, the British government seized $1.5 billion Libyan dinars originally produced for the the dictator by British currency printer De La Rue, which sparked shortages in the country and put pressure on the regime.Beijing has been concerned that its enemies could use fake notes to disrupt its economy and has viewed the money printing capability being as important as it's atomic bomb programme. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/chase-cards-ceo-on-her-success-and-working-with-jamie-dimon-2018-7">The Chase Cards CEO on working with Jamie Dimon and her own success</a></h3> <div> </div> </div>

China is printing foreign money at 'full steam' as it tries to expand its influence on the global economy

<ul><li>One of India's top three telecom operators is crashing fast.</li><li>The share price fell another 9% on Friday after a shocking loss in the second quarter.</li><li>The ₹50,000 crore plus loss posted by Vodafone-Idea is the highest in the history of corporate India.</li></ul>One of India's top three telecom operators is crashing fast. The share price fell another 9% as trading opened on Friday, spooked by a shocking loss in the second quarter. The ₹50,000 crore plus loss posted by Vodafone-Idea is the highest in the history of corporate India. While the stock manage to recover from the lows it has already lost a lot of sheen. 
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 A day before Vodafone Idea posted India’s largest ever quarterly net loss of ₹50,000 crore, its stock had crashed 20%. The stock which has been taking a beating ever since Supreme Court gave a verdict which went against them in the aggregate gross revenue case, it has little to lose after yesterday’s loss announcement. The market capitalisation of Vodafone-Idea was just about ₹8,476 crore ($1.2 billion) before trading opened on Friday (November 15). That is barely a tenth of the ₹₹44,150 crore that it owed Department of Telecommunications which it has to pay p in three months. "We have accounted for the estimated liability of Rs 27,610 crore related to licence fee and Rs 16,540 crore billion related to spectrum usage charges up to September 30, 2019, including the interest, penalty and interest thereon of Rs 33,010 crore," the company said on a filing on the stock exchanges. Added to that, the British parent of the company Vodafone Plc also went deep into red because of its flailing India business. Two days back, the CEO of the parent Nick Read said that India business might be liquidated if the government does not offer any relief over the spectrum dues. In late October, both Bharti Airtel and Vodafone Idea have lost a decade old case on the definition of AGR dues. While the telecom companies had claimed that the definition should not include non-telecom earnings, DoT said it should. Supreme Court also agreed with DoT leading the sector into a fresh crisis, amongst the many it is battling. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/vodafone-idea-posts-a-historic-50000-crore-loss-over-agr-dues/articleshow/72064458.cms" data-type="tilCustomLink" target="_blank">Vodafone Idea has to pay ₹44,150 crore to DoT in 3 months -the liability that made it post a historic loss</a>

Vodafone-Idea is now a ₹3 stock after a shocking quarterly loss

<ul><li>In March, 2017, the Uttarakhand High Court declared that rivers, Ganga and Yamuna, would be legally treated as “living people,” and enjoy “all corresponding rights, duties and liabilities of a living person”.</li><li>However, in September 2018, Justice Chandrachud of India’s Supreme Court said that while a deity or an idol can own property and have other legal rights, but it cannot granted fundamental rights.</li><li>So in the case between those who want a temple for Lord Rama in Ayodhya and those who want to restore a demolished mosque, one of the parties to the case is Lord Rama himself⁠.</li></ul>One of the important questions in front of the Supreme Court’s Constitution Bench led by Chief Justice <keyword id="245445" type="PERSON" weightage="20" keywordseo="Ranjan-Gogoi">Ranjan Gogoi</keyword> is the following: Is the Ram Janmabhoomi (the birthplace of Lord Rama) a juristic entity, independent of the presence of idols? And if so, is it immune from possession claims as a juristic entity? A juristic person, as opposed to a “natural person” (that is, a human being), is an entity whom the law vests with a personality. The practice began under the British administration of India. The British administrators held that the legal owner of a temple’s land and wealth was the deity, with a shebait or manager acting as trustee. Much like a corporation and its directors. However, one cannot place a deity and bestow it with wealth and property. For a deity to be considered a legal entity only “when it is consecrated and installed at a public place for the public at large,” according to the judgement in the Yogendra Nath Naskar vs Commissioner Of Income-Tax (1969) case. This entails a Hindu ritual called the ‘prana pratishta’ after which the deity is believed to have come alive. However, a mosque, a church or a gurdwara cannot be considered as juristic entities because these are places where people gather to worship and are not objects of worship themselves, according to a Supreme Court verdict in 2000. 
	
	
	
	
	
	<div type="Slideshow" msid="71948744" hostid="261" title="In India, Gods, rivers, and animals can pay taxes, hold property, sue, and get sued⁠— and that’s an important factor in the Ayodhya case" firstImageMsid="71948747" slideCount="3"></div>

In India, Gods, rivers, and animals can pay taxes, hold property, sue, and get sued⁠— and that’s an important factor in the Ayodhya case

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters / Stefan RousseauTheresa May arrives in India as part of a state visit, November 7</div></div></div>Theresa May has backed down on a leadership pledge to put workers on the boards of their companies after widespread opposition from business figures and the Treasury, <a href="http://www.thetimes.co.uk/article/companies-will-not-be-forced-to-put-workers-in-boardrooms-wkz6xkgtq?shareToken=b63fc2e9750435e6ef5fe3fd4bbc7053">according to The Times.</a><a href="http://press.conservatives.com/post/147947450370/we-can-make-britain-a-country-that-works-for">May made the pledge in July, weeks before she took over as Prime Minister, saying:</a> "Big business needs to change. If I'm prime minister, we're going to have not just consumers represented on company boards but employees as well."Business groups including the Confederation of British Industry (CBI) raised concerns that the proposals would undermine corporate effectiveness, and the Treasury supported the objections.Companies will now be "encouraged" to involve workers more, which could involve issuing them more company shares, but the government will not be "prescriptive" when it launches a consultation in a few weeks.The guidance is now likely to be issued in the form of a "green paper," which means the policy will be issued as guidance rather than as a legal mandate.The Times reports that May was influenced by <a href="http://www.retailgazette.co.uk/blog/2016/11/john-lewis-slams-mays-corporate-governance-plans">a statement from retail giant John Lewis,</a> which said that a system of workers on boards would not create a "strong system of corporate governance."The statement said: "The partnership's approach to corporate governance is effective due to the wider system of accountability which results from the business's ownership structure."Business secretary Greg Clark also intends to crack down on abusive working practices, such as those uncovered at Mike Ashley's Sports Direct warehouse in Derbyshire.<a href="http://uk.businessinsider.com/mike-ashley-mp-accuse-sports-direct-of-spying-after-visit-to-shirebrook-warehouse-2016-11">MPs yesterday paid a "surprise" visit to the warehouse, where it was discovered that staff had been paid below the national minimum wage.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/twitter-shutting-down-vine-donald-trump-old-account-2016-10">Vine is shutting down - check out Trump's incredible account from 2013</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="RtbG9sdjpZE-Z3SmLTrsCk6KUBZZyN22" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Theresa May has backed down on one of her key leadership pledges

Mumbai, Jan 26 () The Indian government is responsive to concerns expressed by businesses but needs to do more to attract investments into sectors such as e-commerce, the UK India Business Council (UKIBC) has said.
 The comments from the lobby grouping come after there was a sharp criticism of Goyal for saying Amazon was not doing India a favour by the investment announcement. India's GDP growth is set to slow to a decadal low of 5 per cent for 2019-20 and all eyes are set on the strategy deployed by the government in the upcoming Budget.
 Amazon CEO Jeff Bezos has said the e-commerce major will invest USD 1 billion (over Rs 7,000 crore) in digitising small and medium businesses in India.
 Declining to comment specifically on the impact on investors because of Goyal's comments, UKIBC Chief Executive Officer Richard Heald told here that the e-commerce sector has a tremendous potential, especially for the smaller businesses, who get a platform to sell their wares.
 "I am a great fan of e-commerce and I think that e-commerce is misunderstood to a certain extent and it benefits the general public and those people who operate within the supply chain in ways that are not popularly understood," he said.
 Heald said Mukesh Ambani-promoted RIL also has plans to enter the e-commerce segment through a different business model and one can have her own preferences on business models.
 "Encouraging investments into India is important, encouraging the e-commerce sector is important because it benefits small businesses disproportionately to large businesses," he said adding that British businesses may not be "startled" at the posturing.
 India represents a large opportunity for the British businesses and even a slower 4.8 per cent GDP growth is much faster than what the UK or Europe is witnessing, he said.
 When asked if the government is responsive in India, he answered in the affirmative and said, "What I found striking (in conversations with government officials) was that increasingly, it is a two-way dialogue. The Indian government wants to understand and engage, it wants to understand what the operating issues are and get those addressed, positives as well as negatives."
 Welcoming the cut in corporate taxes, Heald advocated a relaxation in fiscal deficit targets in the upcoming Budget and added that the UKIBC will keenly watch the narrative on growth being set by the Indian government and look for specific measures on rural poverty alleviation and infrastructure spends.
 When asked about social sector troubles experienced in India, which have made billionaire George Soros to speak out at Davos last week, Heald said the UKIBC members will not be too perturbed by those concerns.
 He reasoned that commercial success is the most important aspect for a business when it makes a call to investment and not other "optics".
 "From the business point of view, I am not going to say it (social issues) is not relevant, but not high up the list," he said.
 When asked if there is over-pessimism about India, he initially said it would be "presumptuous" to say so.
 "I have huge admiration for India. Since 1947, you have survived and prospered as a country which is secular, is diverse. Your history is extraordinary. Clearly, there is something there that you have to foster and you have to develop," he said. AA HRS

You Searched For "British India Corporation" and got 12 results

Modi Govt To Utilise Surplus PSU Land For New Manufacturing And Infra Projects

BI India Bureau

BPCL divestment opens up to mixed reactions, but the company’s shares takes a hit

Sanchita Dash

CCI approves Reliance's divestment of Jio tower assets

PTI

Modi govt needs to shed British-style bureaucracy, move faster: Hinduja

PTI

International airlines know how you travel; they have increased business class seats on India flights

BI India Bureau

Standard Chartered Bank starts operations at IFSC GIFT City

PTI

Mukesh Ambani’s RIL is inching close to ₹10 lakh crore market value – but already a part of elite global oil club

Sanchita Dash

China is printing foreign money at 'full steam' as it tries to expand its influence on the global economy

Michael Selby-Green,Michael S…

Vodafone-Idea is now a ₹3 stock after a shocking quarterly loss

Katya Naidu

In India, Gods, rivers, and animals can pay taxes, hold property, sue, and get sued⁠— and that’s an important factor in the Ayodhya case

BI India Bureau

Theresa May has backed down on one of her key leadership pledges

Thomas Colson

Goyal-Amazon row: UKIBC says e-commerce sector misunderstood, India should welcome investments

PTI

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