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India Inc on Saturday termed the Budget as "growth provoking and welfare inducing" but said that urgent implementation of the measures proposed will be crucial for achieving desired outcomes, while acknowledging that Finance Minister Nirmala Sitharaman had "little room" to manoeuvre. Soon after Sitharaman unveiled the Union Budget for 2020-21 in Parliament woven around the themes of aspirational India, and economic development for all and caring society, India Inc took to Twitter to share views on the announcements.
 The finance minister proposed new slabs and reduced tax rates under them for an individual income of up to Rs 15 lakh per annum, if a taxpayer opts for foregoing exemptions and deductions.
 She also proposed to remove dividend distribution tax on companies, and henceforth the tax will be shifted to recipients at the applicable rate.
 "Amidst global turbulence and nations dealing with bushfires &amp; corona virus, FM Sitharaman has looked to craft a granular long-term strategy to focus on vital issues. The nation was requesting kuch 'caro na' to her, however she had little room to manoeuvre! (sic)," RPG Enterprises Chairman <keyword id="52673" type="PERSON" weightage="20" keywordseo="harsh-goenka">Harsh Goenka</keyword> tweeted. "FM promises end to tax harassment to India Inc. correcting companies act to decriminalise many non-compliances. A much needed message to infuse trust," Biocon CMD <keyword id="55796" type="PERSON" weightage="20" keywordseo="Kiran-Mazumdar-Shaw">Kiran Mazumdar Shaw</keyword> tweeted. PHDCCI President D K Aggarwal said the focus on economic development is the need of the hour to rejuvenate the growth momentum of the country.
 "Right areas of thrust for manufacturing - to be part of GVC, attract investment in electronics, focus on quality and facilitate export. Urgent implementation will be the key," Mahindra &amp; Mahindra Managing Director <keyword id="156418" type="PERSON" weightage="20" keywordseo="Pawan-Goenka">Pawan Goenka</keyword> tweeted. "Budget has put more disposable income in the hands of the common man by the rationalisation of the personal income tax slabs. Secondly, the removal of the dividend distribution tax is a welcome move and has great benefit for all those mutual fund investors who rely on dividend income from their mutual fund investments," Mahindra Mutual Fund MD &amp; CEO <keyword id="961366" type="PERSON" weightage="20" keywordseo="Ashutosh-Bishnoi">Ashutosh Bishnoi</keyword> said. Olectra Greentech Limited Executive Director Naga Satyam said the allocation of Rs 4,400 crore towards promoting clean air in the cities with 1 million plus population and steps to close the thermal power stations surpassing the permissible emission limits, reaffirms the government's commitment towards curbing pollution.
 "Sector specific allocations and reforms in direct tax will firmly handhold industry and startups in their economic pursuits. Budget envisages creating a caring society, greater trust in citizens and transparency in administration which is a sign of a matured economy," said Suraj Malik Partner, BDO India LLP.
 "DDT removal is good as it increases dividends received in the hands of the taxpayer - however, such receipts to now are taxable in their hands. Those above 20 per cent tax slab - will now face more tax on their dividend income," Archit Gupta, Founder, and CEO, <keyword id="2763190" type="PERSON" weightage="20" keywordseo="Cleartax">ClearTax</keyword> said.

India Inc acknowledges that FM had little room to manoeuvre

Mumbai, Apr 29 () Mahindra &amp; Mahindra Financial Services Ltd (Mahindra Finance) on Wednesday said global financial services group Manulife has acquired 49 per cent stake in its wholly-owned subsidiary Mahindra Asset Management Company. Under the agreement, which was announced in June last year, Manulife has invested USD 35 million or Rs 265 crore to pick up 49 per cent stake in Mahindra AMC, a company statement said. The Singapore arm of Manulife, Manulife Investment Management (Singapore) Pte. Ltd, has bought 49 per cent stake in the joint venture where Mahindra Finance will now own the balance 51 per cent. "I am confident that this partnership will help accelerate our efforts towards increasing mutual fund penetration, through innovative products and solutions and best in class service standards," Mahindra Finance vice-chairman and managing director Ramesh Iyer said. Mahindra AMC's managing director and CEO Ashutosh Bishnoi said Manulife Investment Management naturally fits as the right strategic partner for Mahindra Mutual Fund, as they bring over 150 years of fund products experience across all types of economic cycles and scenarios. "Besides, their global best practices and processes will help Indian investors manage risk more sensibly," he said. Mahindra AMC's annualized average assets under management stood at Rs 5,217 crore as of March 31, 2020. It has more than 2.12 lakh customer accounts and is offering over 13 investment schemes. Manulife provides wealth and asset management and life insurance solutions for individuals, groups and institutions around the world, with assets under management and administration of over USD 915 billion as of December 31, 2019. HV MRMR

Manulife picks 49pc stake in Mahindra AMC for Rs 265 cr

<ul><li>Canada-based global investment firm <keyword id="172205" type="COMPANY" weightage="20" keywordseo="Manulife">Manulife</keyword> forms a 51:49 partnership with <keyword id="6428152" type="UNKNOWN" weightage="20" keywordseo="mahindra-finance">Mahindra Finance</keyword>. </li><li>Manulife will invest $35 million for 49% stake in the JV. </li><li>Mahindra Finance stock tumbled nearly 3% after the announcement. </li><li>Mahindra Finance does not rule out the possibility of entering general insurance.</li></ul>Mahindra Finance on Thursday announced a joint venture with Canadian fund Manulife, with its subsidiary Mahindra Asset Management Company. The 51:49 joint venture aims to expand the depth and breadth of fund offerings and retail fund penetration in India. Manulife will invest $35 million for 49% stake in the JV, which would value the Mahindra AMC at about $71 million. The investment from Manulife will go into the asset management company, not Mahindra Finance, according to Ramesh Iyer, Vice Chairman and Managing Director, Mahindra Finance. "General insurance is an opportunity we are looking at," he added. The mutual fund business in India is a crowded place and the top few players control a lion's share of the market. "Even if we double our market share from the current 4%, the business will grow substantially," Ashutosh Bishnoi, MD and CEO of Mahindra AMC said, adding that the company is looking to create new segment of investors, and not looking to snatch from other players. "Our desire is to become a top tier mutual fund in India," said Michael Dommermuth,head of Manulife AMC in Asia. The firm has $849 billion funds under management globally. About 28% of Mahindra AMC's retail assets are outside the top 30 cities in India. Of the ₹5000 crores, nearly ₹3000 crores are institutional investments.

Global financial services major Manulife enters India in a joint venture with Mahindra Finance

New Delhi, Jun 21 () With the world celebrating International Yoga Day on Sunday, leaders of Indian industry reiterated the significance of the ancient practice, especially during the coronavirus pandemic. While the practice of 'Namaste' has become the international symbol of maintaining physical distance and staying safe, the power of yoga in boosting mental fitness has also become significant, they said. "Namaste, in this time of COVID-19, has become not just an Indian but an international symbol of maintaining physical distance and staying safe. Namaste when combined with yoga, which is a way of life and part of our culture and heritage becomes one of our weapons to fight against the invisible virus," Ficci President Sangita Reddy said. Expressing similar views, Biocon Chairperson Kiran Mazumdar Shaw tweeted, "As we celebrate the virtues of yoga on physical fitness, Covid19 reminds us of the power of yoga in mental fitness too. Let's celebrate International Yoga Day 2020 with the strength of body and mind to fight the virus." "Yoga is a good way to keep the mind and body in a good healthy rhythm. In an ageing body yoga keeps one flexible and functioning well," Mahindra Manulife Mutual Fund MD and CEO Ashutosh Bishnoi said. Sharing his personal experience on the benefits of yoga, Jindal Steel and Power Ltd (JSPL) Chairman Naveen Jindal said, "Yoga has had a great effect on my life. It has given me calmness and flexibility, and has helped me improve my performance in shooting and polo. Embrace Yoga, stay healthy." Oil Minister Dharmendra Pradhan tweeted, "Yoga furthers the spirit of oneness. It is not just meditation but a way of life. Celebrated #InternationalYogaDay - Yoga at home, yoga with family. Sincere gratitude to Hon. PM Shri @narendramodi for popularising the ancient Indian science of yoga." "Yoga has emerged as a force for unity and deepens the bonds of humanity - PM @narendramodi ji. Yoga in everyday life helps harmonise body and mind," he said in another tweet, sharing pictures of him doing yoga at home. Oil and Natural Gas Corp (ONGC) Chairman Shashi Shanker and Indian Oil Corp (IOC) Chairman Sanjiv Singh also performed yoga routines at home. "Yoga boosts fitness by improving sleep, busting stress, building immunity and strengthening heart. Practicing yoga everyday can lead to better mental and physical fitness," ONGC tweeted. "Join the IndianOil family as we further the Hon'ble PM's vision of 'Yoga at home and Yoga with family', this #InternationalDayOfYoga and practice safely at home. A few glimpses of how @ChairmanIOCL took up the challenge," IOC tweeted, sharing pictures. Assocham Secretary General Deepak Sood said the International Yoga Day is a good reminder of staying fit for the large number of corporate personnel who have been working from home for almost three months with least physical activity. ''We need to ensure that the COVID-19 imposes the minimum of a cost on India's precious human resource; and the Yoga can be an effective shield," he added. Coal and Mines Minister Pralhad Joshi said in a tweet, "#Yoga helps in boosting our immunity and is most effective way to fight against #COVID19. Let's make yoga a regular part of our life and build a healthy nation. #InternationalYogaDay." "A simple and convenient means to attain overall fitness &amp; well-being, Yoga not only energises our mind &amp; body but also helps us heal from stress &amp; anxiety. On 6th #InternationalYogaDay, let us make make Yoga an integral part of our lives for a healthier tomorrow," Minister for Women and Child Development and Textiles Smriti Irani tweeted. RSN RKL ANZ ABM ABM

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India Inc acknowledges that FM had little room to manoeuvre

PTI

Manulife picks 49pc stake in Mahindra AMC for Rs 265 cr

PTI

Global financial services major Manulife enters India in a joint venture with Mahindra Finance

Sriram Iyer

India Inc leaders reiterate significance of yoga in COVID-19 times

PTI

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