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If you think <keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword>’s prolonged search for the next <keyword id="5645" type="POSITION" weightage="100" keywordseo="CEO">CEO</keyword> is getting a bit nutty, especially with a disgruntled <keyword id="62333" type="PERSON" weightage="60" keywordseo="Steve-Ballmer">Steve Ballmer</keyword> waiting on the sidelines to hand over the mantle, you are not far from the truth. But then, that is the actual state of the coveted C-Suite nowadays – volatile is the right word if you want to sum it up. There is no job security at the top and even the best performer for years can get redundant within the span of a few weeks. The issues could be many – right from <keyword id="646347" type="UNKNOWN" weightage="100" keywordseo="poor-performance">poor performance</keyword> to <keyword id="610960" type="UNKNOWN" weightage="100" keywordseo="business-restructuring">business restructuring</keyword> to alleged <keyword id="6375736" type="UNKNOWN" weightage="100" keywordseo="corruption-charges">corruption charges</keyword>. But the biggest factor is relevance, a perfect future-fit that can take companies ahead, according to <keyword id="67736" type="UNKNOWN" weightage="100" keywordseo="Industry-experts">industry experts</keyword>. In a difficult <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, companies are compelled to twist and turn to keep track of profitability and their requirements change accordingly. Hence, their leaders have to adapt, shape up or ship out, as the case might be. 
 India is no exception and business leaders across the country have been frequently ‘released’ by industry giants. Many of them leave with ‘immediate effect’ while others are on garden leave or worse still, waiting for their predecessors to turn up (just like Ballmer). Yet, most of the C-Suite executives are tight-lipped about their departures, at least here in India. We are yet to come across an announcement like the one made by <keyword id="384914" type="PERSON" weightage="60" keywordseo="Groupon">Groupon</keyword>’s founder and former CEO <keyword id="488139" type="PERSON" weightage="60" keywordseo="Andrew-Mason">Andrew Mason</keyword>. But exit happens all the same – be it discreet or blatant. Here’s a quick look at some of the top-notch C-Suite executives from India who parted ways with their respective companies in 2013, their official exit lines and what happened behind the scene.

Strife At The Top: These
11 C-Suite Execs From India
Were ‘Let Go’ In 2013

Being able to bear the cost of critical illness drugs is still a big issue in India. Biosimilars (approved version of complex biological drugs) and other life saving drugs have had a little reduction in prices over the years. Even the government hasn’t taken any big measures to bring the price down. 
 Notably, ceiling prices are fixed by <keyword id="312730" type="ORGANIZATION" weightage="20" keywordseo="NPPA">NPPA</keyword> based on a simple average of price to retailer of products of companies with over 1% market share. 
 "Given this methodology, wherever the innovator has had an almost monopoly position, the price reduction before and after price control has not been significant. Therefore, given the same methodology being in force, a ceiling price revision after two years can be expected to bring about a further reduction consequent to more players participating in the market and offering products at competitive prices. Ceiling prices help focus on competitiveness, and also facilitate growth of the market, driven by greater affordability for patients," K V Subramaniam, president and CEO, <keyword id="6672294" type="COMPANY" weightage="20" keywordseo="Reliance-Life-Sciences">Reliance Life Sciences</keyword>, said. 
 
In many cases, innovator price and ceiling price are very similar indicating the methodology which is based on average MRPs of the brands and is faulty, according to industry experts. 
 "The system devised by NPPA of fixing prices encourages companies to artificially keep prices high, and hence, works against patients and consumer interests, leaving essential <keyword id="6375143" type="ORGANIZATION" weightage="20" keywordseo="medicines">medicines</keyword> out of reach for most. Pharma companies charge high premiums for branded biological medicines, such as anti-cancer drug trastuzumab to maximise profits. Ironically, the benefits of generic production are not trickling down. The government has allowed both multinational and generic countries to profiteer out of the disease of people, driving millions of patients to death," <keyword id="161330" type="PERSON" weightage="20" keywordseo="Leena-Menghaney">Leena Menghaney</keyword>, treatment activist and lawyer, told ET. 
 "The cost of biosimilars needs to be viewed in the context of global prices of these expensive biologics which are being provided in India at a fraction of their original cost. The cost of developing a biosimilar ranges between $50-150 million in comparison to a generic which costs around $3-5 million. The scale-up of manufacturing is extremely difficult and expensive unlike small molecule generic. In such a scenario, it will not be fair to expect a price fall in the range witnessed in small molecule generics. More importantly, companies offer further discounts for bulk orders through tenders which makes them cheaper than the ceiling price as well," Kiran Mazumdar Shaw, CMD, <keyword id="6358361" type="CITY" weightage="20" keywordseo="Biocon">Biocon</keyword>, told ET. 
 
Many countries like the US are now persuing legislation which will force companies to either disclose their R&amp;D cost or explain pricing. This would be really helpful in making the pricing transparent. 
 However, there is a section which feels that price control alone cannot improve access. "Competitive pricing, local production and compulsory licensing will drive down prices", says <keyword id="138097" type="ORGANIZATION" weightage="20" keywordseo="Indian-Pharmaceutical-Alliance">Indian Pharmaceutical Alliance</keyword> secretary general D G Shah. 
(image: indiatimes)

Most Indians are still unable to buy critical illness drugs, here’s why

<keyword id="6358361" type="CITY" weightage="100" keywordseo="Biocon">Biocon</keyword> CMD <keyword id="6413985" type="PERSON" weightage="100" keywordseo="Kiran-Mazumdar-Shaw">Kiran Mazumdar-Shaw</keyword> today took a huge step to enable the pharma sector to build scale to be globally competitive she asked the government to refrain from 'ad hoc' measures and sought a five year exemption from drug price control. 

	Mazumdar-Shaw, who was here to attend the meeting of Board of Trade, said: "When we are trying to invest in expansions, scale up and creating global scale, we need exemption from price control at least for a period of five years." 
 

	Explaining the rationale for such a demand, she told PTI: "This will incentivise investments in our sector because I really believe that this sector is trying to build global scales." 
 

	Criticising the manner in which the government has tried to bring more medicines under price control, she said: "The moment you introduce price control on products that we are investing in a very ad hoc way, I think this also disincentivises investment." 
 

	Later on speaking to reporters after the meeting, she said: "How do you incentivise the pharma sector if you are going to bring in drug price control (in an ad hoc manner)?" 
 

	She further said: "If you are making a huge investment, you need a certain returns on investment (RoI), you need be to be assured of that RoI but suddenly mid-term you cannot impose a price control." 
 

	During the Board of Trade meeting, which met after a gap of three years, she said it was discussed "how do we bring in policies that give you some stability and predictability in what your investments and return of investments can be." 
 

	In 2014, the National Pharmaceutical Pricing Authority ( NPPA) had brought prices of over 100 non-scheduled drugs under price control invoking paragraph 19 of Drug Price Control Order. 
 

	Several industry bodies, including Indian Pharma Alliance ( IPA), had criticised the NPPA's move to cap prices of medicines not under the National List of Essential Medicines ( NLEM). 
 Currently, the government has increased the number of drugs under price control to over 800 formulations, from 628 earlier, bringing medicines used for treatment of diseases such as cancer, <keyword id="63552" type="UNKNOWN" weightage="100" keywordseo="HIV/AIDS">HIV/AIDS</keyword>, analgesics and cardiovascular diseases under its purview. 

	Stressing on exports, which is a main area of focus, she said it was discussed on how to make "our SEZs more competitive and how do we really focus on the pharma sector, which has already got a global stature and really built greater scale, to make us very very strong and competitive."

	 
	 
	(Image credits: indiatimes)

Kiran Mazumdar seeks 5 year exemption from drug price control

In the <a href="http://www.businessinsider.in/enterprise/India-Must-Look-Beyond-Microsoft-Heres-Our-First-Set-OfArguments/articleshow/30992782.cms">first part</a>, we have looked at the extent of <keyword id="10387" type="CITY" weightage="80" keywordseo="Microsoft">Microsoft</keyword>’s reach in Indian homes, offices and schools. We have also examined the waning usage of its products, thanks to the rise of innovative and free alternatives, compounded by people’s inclination to use a single device for work, pleasure and learning. Now let us look at the implications of technology usage in India and how the IT services industry can safeguard itself from falling into a rut by asking itself <a href="http://en.wikipedia.org/wiki/Where_do_you_want_to_go_today%3F">the same question</a> Microsoft has asked the world for years! 
 
Microsoft is firing blindly Right now, Microsoft is like a headless monster whose pie is being eaten by two equally huge beasts – <keyword id="6354427" type="CITY" weightage="80" keywordseo="Apple">Apple</keyword> and <keyword id="6355629" type="CITY" weightage="80" keywordseo="Google">Google</keyword>. Of course, Ballmer &amp; Co. waged many wars in the recent past. They launched the Surface tablet to take on the <keyword id="101239" type="CITY" weightage="40" keywordseo="iPad">iPad</keyword>, pitted Windows Phone against <keyword id="75489" type="ORGANIZATION" weightage="40" keywordseo="IOS">iOS</keyword> and set up Bing against Google. They fought on TV, they fought on <keyword id="10879" type="CITY" weightage="40" keywordseo="YouTube">YouTube</keyword> and they fought in courtrooms. But all they’ve won so far is a horde of indifferent consumers. As a result, staff and investor morale has taken a beating – many insiders are complaining about the dearth of flexibility and death of innovation at Microsoft. 
 Microsoft finds itself grappling with a new world where the personal computer, on which it built its empire, has no place. The chaos is apparent even in their flagship business – Windows. Windows 8.1, Windows Phone 8 and <keyword id="1016196" type="POSITION" weightage="40" keywordseo="Windows-RT">Windows RT</keyword> are indistinguishable from each other and need to be merged into one cohesive Windows. 
 
But it has (nearly) endless ammo 
However, it’s too early to write off Microsoft. Big companies don’t die easily. Apple has languished at the bottom of the industry for a decade and a half before it rose from the dead to become the world’s most valuable company. 
 Microsoft is still far above the rest with a market cap of $300 billion and cash piles of around $80 billion. Forbes contributor <keyword id="2076402" type="PERSON" weightage="40" keywordseo="Mark-Fidelman">Mark Fidelman</keyword> has gone as far as to suggest that the company will be bigger than Apple in three years’ time, spurred on by the One Microsoft initiative, which will give users and developers an integrated experience across the phone, tablet, PC, console and the TV. 
 
The road ahead 
There is a distinct possibility that Apple-quality smartphones and tablets will become commoditised. In such a scenario, software may once again dictate a user’s choice of hardware. However, Microsoft, or any other software company for that matter, will not be able to take advantage of such a shift. 
 Thanks to Apple and the <keyword id="6355645" type="COMPANY" weightage="40" keywordseo="android">Android</keyword>, there are only two ways in which software proliferation may happen. One, it can be bundled together with the hardware to form an integrated system, which you can sell for a great profit, should it capture the public fancy. Two, it can be given away and opened up to the development community, which might well transform it into something bigger than you ever imagined. You can then try and figure out a way to churn out profit from it. 
 
Companies can no longer do a Windows and make profit by selling unified software for other companies’ hardware because code is now a commodity. Indian tech firms have risen to prominence on the strength of their coding skills, unlike the Far East’s hardware manufacturing titans. So this is a slow but definite turn of events of which they need to take very serious note. 
 
Trickle-up instead of trickle-down Whatever Microsoft’s future might be, Indian homes and workplaces will have to extricate themselves from their dependency on Microsoft software and technology. So that when the world moves on to Android’s next delicacy, <keyword id="300053" type="COMPANY" weightage="40" keywordseo="Google-Docs">Google Docs</keyword>, and whatever lies beyond that, we don’t find ourselves stuck in 1995. So that when kids in the US build their own apps and hacking code to change the rules of their favourite games, we, too, can pursue a national pastime other than Solitaire. 
 
Change has to start from schools, colleges, institutes and offices. The process has begun, but not as a result of conscious effort; therefore, only a few are aware of it. On the education front, <a href="http://en.wikipedia.org/wiki/Aakash_2">Aakash 2</a>, the much-publicised and subsidised tablet for students, operates on Android 4.0. In the industry, small firms which used to be known as software companies, have leveraged the transformation of the Internet and rebranded themselves as Web &amp; app development firms. PHP and other open source languages are becoming the mainstay of programming and coding in India, reducing the use of Microsoft’s .NET (which includes the once all-powerful Visual Basic) to just an option. 
 
How change will impact us 
The Indian IT industry should be able to comprehend these changes and must adapt quickly. Organisations and individuals in the US and Europe, places from where India gets the bulk of its back-office processing work, have moved on to more nimble platforms, devices, operating systems and productivity tools. But Indian firms, with their service-focused mindset, are always late adopters of technology (that has been tried and tested in the West) and that puts them at the risk of getting pushed to the bottom in terms of innovation and growth. 
 The local bigwigs – TCS, <keyword id="6354512" type="CITY" weightage="40" keywordseo="Infosys">Infosys</keyword>, <keyword id="10862" type="CITY" weightage="40" keywordseo="Wipro">Wipro</keyword> and others – should be deeply concerned about the continued lack of innovation in their offerings. Being a profit-making, back-office mammoth that deals with technology any grandfather in the US and the UK can understand is not exactly a creative way to avoid the Fat, Dumb and Happy syndrome in the business. 
 To achieve great success, businesses need to embrace great failures and take on immense capital risk. Subroto Bagchi, co-founder of <keyword id="6357902" type="COMPANY" weightage="40" keywordseo="MindTree">Mindtree</keyword>, cited the development of a new drug or auto model as examples of initiatives that require billions of dollars in R&amp;D just for the remote hope of hitting the mass market. That kind of <keyword id="6357455" type="EVENT" weightage="40" keywordseo="Funding">funding</keyword> doesn’t exist in India, especially in the early stages of product development. 
 TCS and Infosys have the capability to <keyword id="47916" type="UNKNOWN" weightage="40" keywordseo="invest">invest</keyword> this kind of money, and have the potential to grow and retain intellectual property, as part of an innovation-through-experimentation process. But they choose to stick to the cheap-and-cheerful, well-trodden paths. The truth is that Indian companies mostly reflect the overwhelming public mindset – that of risk aversion. 
 Kiran Mazumdar-Shaw, CMD of <keyword id="6358361" type="CITY" weightage="40" keywordseo="Biocon">Biocon</keyword>, hit the nail right on the head in an attempt to answer if the next Apple or Google could be born in India: 
 
Investors in India prefer predictable, imitative business models and me-too products, where they have the visibility of assured returns. Thus, Flipkart – which is modelled on <keyword id="6391410" type="CITY" weightage="40" keywordseo="Amazon-com">Amazon.com</keyword> – has received a lot of investor interest in India. On the other hand, business models that are truly innovative and untested find no takers among the investor community here. 
 
Innovation, investment and marketing are the three legs on which businesses are built. Remove one and the tripod comes crumbling down. Bereft of innovation, Microsoft risks turning into just any other company. Closer home, Infosys is making similar mistakes. 
 
It’s time we stop ‘looking up’ to people, companies, governments or technology and start ‘looking beyond’ them.

Looking Beyond Microsoft: Where Do You Want To Go
Today?

New Delhi, Feb 14 () US President Donald Trump on his maiden trip to India will meet the country's top business leaders here on February 25, in a bid to push for deeper trade and business relations between the two nations, sources said on Friday. A CEO's Round-table will be organised to facilitate a meeting between the US President and corporate honchos from the world's fifth-largest economy in the national capital. Senior bureaucrats are also expected to attend the meeting, besides top executives from American corporations. Billionaires including Reliance Industries CMD Mukesh Ambani, Bharti Airtel Chairman Sunil Bharti Mittal, Tata Sons Chairman N Chandrasekaran, Mahindra Group Chairman Anand Mahindra, Larsen and Toubro Chairman A M Naik and Biocon CMD Kiran Mazumdar Shaw are expected to attend the round-table meeting with Trump, one of the sources said adding that the US Embassy in New Delhi is coordinating the event while the list of attendees has been shared with the White House for clearance. The Confederation of Indian Industry and US-India business bodies have suggested the names of Indian executives for the Trump meeting, which are being reviewed currently, another source said. Microsoft Corp has announced that its Chief Executive Officer (CEO) Satya Nadella will also visit India later this month. While the company confirmed the visit of the top executive, it did not give details about his itinerary. At the invitation of Prime Minister Narendra Modi, Trump is slated to travel to India on February 24 and 25. RSN ANZ HRS

Trump to meet India Inc top brass on Feb 25

<ul><li>Uttar Pradesh CM <keyword id="43254" type="PERSON" weightage="20" keywordseo="Yogi-Adityanath">Yogi Adityanath</keyword> is all set to welcome Trump in Agra. </li><li>Trump will meet the President <keyword id="6354561" type="PERSON" weightage="20" keywordseo="ram-nath-kovind">Ram Nath Kovind</keyword> at the Rashtrapati Bhawan. </li><li>Billionaires including Reliance Industries CMD Mukesh Ambani, Bharti Airtel chairman Sunil Bharti Mittal, Mahindra group chairman Anand Mahindra are expected to attend the round-table meeting with Trump. </li></ul>During his maiden trip to India, US President <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword> will meet the country's top business leaders and politicians on February 25. Trump and first Lady Melania Trump will land at the Ahmedabad airport at 11:40 am. His daughter Ivanka Trump and son-in-law Jared Kushner will also join them later. The Trumps will be welcomed by Prime Minister Narendra Modi and Union Home Minister Amit Shah at the airport. Modi and Trump will host a joint event at the <a href="https://www.businessinsider.in/slideshows/these-are-the-10-largest-cricket-stadium-in-the-world-india-has-five-of-them/slidelist/74218860.cms">world’s largest cricket stadium </a>where the US president will meet the BCCI secretary Jay Amitbhai and president Sourav Ganguly. During his visit to the Taj Mahal, Uttar Pradesh CM Yogi Adityanath will welcome Trump in Agra. President meets President at Rashtrapati Bhawan On February 25, Trump will meet the President Ram Nath Kovind at the Rashtrapati Bhawan. A banquet will be hosted by him and his wife Savita Kovind at the Presidential House in Delhi. The banquet will be attended by several political leaders including Tamil Nadu CM Edappadi K Palaniswami; Telangana C M Kalvakuntla Chandrasekhar Rao; Maharashtra CM Uddhav Thackeray; Haryana CM Manohar Lal Khattar; Odisha CM Naveen Patnaik and Karnataka CM Yediyurappa. The billionaire roundtable A CEO's round-table will be organised to facilitate a meeting between the US President and corporate honchos at the national capital. Senior bureaucrats are also expected to attend the meeting, besides top executives from American corporations. Billionaires including Reliance Industries CMD Mukesh Ambani; Bharti Airtel chairman Sunil Bharti Mittal; Tata Sons chairman N Chandrasekaran; Mahindra group chairman Anand Mahindra; Larsen and Toubro chairman emeritus A M Naik; and Biocon CMD Kiran Mazumdar Shaw are expected to meet Trump. The US Embassy in New Delhi is coordinating the event while the list of attendees has been shared with the White House for clearance. The Confederation of Indian Industry and US-India business bodies have suggested the names of Indian executives for the Trump meeting, which are being reviewed currently, a source told PTI. See also: <a href="https://www.businessinsider.in/india/news/inside-look-of-president-donald-trumps-8-lakh-per-night-suite-in-indias-national-capital-delhi/articleshow/74277561.cms">Inside look of President Trump's ₹8 lakh per night suite in India’s national capital Delhi</a>

Yogi Adityanath, Mukesh Ambani, Anand Mahindra and other personalities Trump will meet in India

New Delhi, Feb 16 () India Inc expects tangible outcomes from US President Donald Trump's maiden visit to the world's fifth largest economy later this month, including a bilateral "mini" trade deal and higher investment commitments from American companies, industry groups said on Sunday. The two countries are negotiating a trade package to iron out certain issues and promote two-way commerce. India is demanding exemption from high duties imposed by the US on certain steel and aluminium products, resumption of export benefits to certain domestic products under the Generalised System of Preferences, and greater market access for its products from sectors like agriculture, automobile, auto components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, data localisation, and cut on import duties on some information and communication technology (ICT) products. The US has also raised concerns over high trade deficit with India. "Expectations remain high on achieving a bilateral 'mini' trade deal, which hopefully lays the foundation for a more comprehensive economic partnership. "As Indian industry enhances its investment and job creation in the US, we expect an interaction of President Trump with leading Indian companies operating in the US," Confederation of Indian Industry (CII) Director General Chandrajit Banerjee said. "Trade negotiators from India and the US have been working hard to add value to the bilateral economic engagement, leveraging on their mutual advantages. As Prime Minister Narendra Modi hosts Trump to a national reception, the two leaders would give a decisive lift to bilateral ties," Assocham Secretary General Deepak Sood said. At the invitation of Prime Minister Modi, Trump is slated to travel to India on February 24 and 25. According to sources, Trump will meet the country's top business leaders here on February 25 in a bid to push for deeper trade and business ties. A CEO's round-table will be organised to facilitate a meeting between the US President and corporate honchos in the national capital. Senior bureaucrats are also expected to attend the meeting, besides top executives from American corporations. Leaders including Reliance Industries CMD Mukesh Ambani, Bharti Airtel Chairman Sunil Bharti Mittal, Tata Sons Chairman N Chandrasekaran, Mahindra Group Chairman Anand Mahindra, Larsen and Toubro Chairman A M Naik and Biocon CMD Kiran Mazumdar Shaw are expected to attend the round-table meeting with Trump, one of the sources said, adding that the US Embassy in New Delhi is coordinating the event while the list of attendees has been shared with the White House for clearance. Research by CII shows that at least 100 Indian companies have invested nearly USD 18 billion and created over 1,13,000 jobs in the US. "There have been several recent announcements by Indian companies, that have shown the growing impact Indian investment can have on US economy and society, and we fully expect that to increase. Likewise we expect even higher investment commitments from US companies into India," Banerjee observed. "Most of the Fortune 500 US companies have an overwhelming presence in India, while leading Indian corporates in manufacturing and services have expanded their foothold across the US market. When it comes to goods, the US is finding greater market access in India, as is reflected in the trade data," Sood said. In 2018-19, India's exports to the US stood at USD 52.4 billion, while imports were USD 35.5 billion. Trade deficit dipped from USD 21.3 billion in 2017-18 to USD 16.9 billion in 2018-19. India received FDI worth USD 3.13 billion from the US in 2018-19, higher than USD 2 billion in 2017-18. RSN ABM

Expectations high on 'mini' trade deal during Trump's visit: India Inc

New Delhi, Jan 6 () Top industrialists Anand Mahindra, Harsh Mariwala and Kiran Mazumdar-Shaw have condemned violence at the Jawaharlal Nehru University (JNU) on Sunday night, saying such acts cannot be tolerated and the perpetrators must be hunted down swiftly.
Speaking up against the violence, Marico Ltd Chairman Harsh Mariwala tweeted, "Coming from the land of non-violence, it's unbecoming of us to witness and encourage these acts of violence. Extremely hurt seeing last evening's news".
Expressing similar views, in a tweet late last evening Mahindra Group Chairman Anand Mahindra said, "It doesn't matter what your politics are. It doesn't matter what your ideology is. It doesn't matter what your faith is. If you're an Indian, you cannot tolerate armed, lawless goons. Those who invaded JNU tonight must be traced &amp; hunted down swiftly &amp; given no quarter..."
Likewise, reacting to a video of an injured student who claimed she was beaten up, Biocon CMD Kiran Mazumdar-Shaw tweeted, "This is unpardonable. Violence cannot be condoned".
Violence broke out at JNU on Sunday night as a group of masked people armed with sticks attacked students and teachers and damaged property on the campus, prompting the administration to call in the police.
RPG Enterprises Chairman drew parallels between India and Australia, saying India is caught in "religious bushfires".
"Hearing me pray for Australia, for its people, for its 500 million animals that have died since the #bushfires, my little one asked why are you not praying for India where there are religious bushfires lit all over the country and students being attacked mercilessly?" Goenka wrote on his Twitter handle.
Rajan Anandan, former head of Google India, who now is associated with venture capital fund Sequoia, also retweeted Mahindra's tweet.
Many sustained injuries and were admitted to AIIMS Trauma Centre here. They were discharged on Monday. JNU Students' Union president Aishe Ghosh suffered a head injury.
The Left-controlled JNUSU and the ABVP blamed each other for the violence that continued for nearly two hours. RKL AA BAL

Industry leaders condemn JNU violence, seek swift arrest of perpetrators

New Delhi, Nov 29 () Indian industry on Friday said it expects the economic slowdown to bottom out soon and the growth would rebound in the next quarter on the back of a string of steps taken by the government.
 India's growth falling to a more than six-year low of 4.5 per cent in the second quarter of 2019-20 is sub-optimal and below the potential of the economy, the industry pointed out.
 ''We expect the slowdown to be bottoming out'', said Assocham Secretary General Deepak Sood.
 "My hope stems from the fact the private final consumption at about 5 per cent growth does indicate resilience in consumer demand. But we need to be shoring up the consumer sentiment, for sure," Sood explained.
 Biocon CMD Kiran Mazumdar-Shaw opined that few pragmatic policies can help put India on the top again.
 "We can quickly rise to the top again with a few pragmatic policies," Mazumdar-Shaw tweeted.
 FICCI President Sandip Somany stated that the growth dipping to 4.5 per cent in July-September is a concern but the decline was on the expected line as lead indicators of the economy were showing signs of weakness.
 "Private consumption and investment demand continue to remain weak although some improvement was noticed during the recent festive season," he said.
 "The government has taken a series of measures in recent months to infuse greater energy into the economy and we are hopeful that in the second half of the current fiscal things would improve," he added.
 PHD Chamber of Commerce and Industry President D K Aggarwal also said that the string of reforms undertaken during the last few months will refuel the growth trajectory of the country.
 "We are very much hopeful that growth will rebound in the next quarter," he said.
 Somany suggested that it was important is to address the problems in the rural sector where more income enhancing measures are required as this would propel demand.
 India's GDP growth hit an over six-year low of 4.5 per cent in July-September 2019. The deceleration in manufacturing output and subdued farm sector activity dragged the country's economic growth, according to official data released on Friday.
 The Gross Domestic Product (GDP) growth was recorded at 7 per cent in the corresponding quarter of FY 2018-19. In the previous quarter of the ongoing fiscal, the economic growth was 5 per cent. RSN MR

India Inc expects growth to rebound in next quarter on stimulus measures

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, Feb 1 () Tax experts and analysts on Saturday said the optionality clause in the new income tax budget proposal is a big disincentive for investment in tax-saving instruments, which will dampen the markets and have ripple effects across all asset classes, including housing.
The Union Budget for 2020-21 has proposed new income tax slabs and reduced the tax rate for different slabs, with lower payouts provided the taxpayer foregoes all the existing exemptions/deductions.
Under the proposal, a person with an annual income of Rs 5-7.5 lakh will have to pay a lower tax rate of 10 per cent; Rs 7.5-10 lakh at 15 per cent; Rs 10-12.5 lakh at 20 per cent; Rs 12.5- 15 lakh at 25 per cent; and above Rs 15 lakh 30 per cent tax will be applied.
The proposal will lead to a revenue sacrifice of Rs 40,000 crore per annum, if all the taxpayers opt for the new structure.
It can be noted that household savings have been steeply declining over the years. According to government data household savings have dropped to 17.2 per cent of GDP in FY18 from 23.6 per cent in FY12.
The move to tax dividend at the hands of the investors will also have a deep negative impact on the markets as it will force investors to look for other asset classes like fixed deposits.
"With the optional new regime, taxpayers will have to evaluate what works better for them. Those committed to long-term savings and investing via 80C may be discouraged and this may likely de-motivate them from investing in tax-saving asset classes," said Archit Gupta, founder of Cleartax.
However, he said shifting of the dividend distribution tax from the companies to the individual investor is a good step as it increases dividend received in the hands of the taxpayer. Those above 20 per cent tax slab will now face more tax on their dividend income.
Biocon CMD Kiran Mazumdar Shaw tweeted that removal of exemptions and DDT will hurt individual tax payer and affect consumer spending.
Ajit Mishra of Religare Broking said the widely expected personal income tax cuts have come in with lots of caveats, leaving no major impacts.
Similarly, Dhiraj Relli of HDFC Securities said the proposals on the tax front will not stimulate positive sentiments for the capital markets.
RK Gurumurthy of Lakshmi Vilas Bank said tinkering with the personal tax and some structural changes in Dividend Distribution Tax (DDT) will work are cosmetic benefits that the small and medium investor will like.
However, Vivek Gambhir, head of Godrej Consumer Products said reduction in personal income tax slabs will provide some relief to the middle class, which in turn will increase disposable income and drive demand.
Similarly, Tapan Singhel of Bajaj Allianz General Insurance said the new personal income tax regime will help put more money in the hands of people, which should boost consumption.
Vijay Chandok of ICICI Securities also supported the view saying rationalisation of personal income tax rates is likely to be key catalyst for consumption pickup.
Kamlesh Rao of Aditya Birla Sun Life said the income tax relief will improve public sentiment and augur well for the economy.
SOTC managing director Vishal Suri said the new personal income tax regime will put more disposable income in the hands of individuals leading to more consumer spends and help consumption, especially tourism," he added. BEN BAL
BAL

New income tax regime big disincentive to investment: Analysts

BANGALORE: This is perhaps a first for any major company in India. A former CEO and a former CFO of <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> will contest the coming general elections — <keyword id="44604" type="PERSON" weightage="40" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword> for <keyword id="1575" type="ORGANIZATION" weightage="40" keywordseo="Congress">Congress</keyword> from South Bangalore, and V Balakrishnan for <keyword id="6354944" type="ORGANIZATION" weightage="40" keywordseo="Aam-Aadmi-Party">Aam Aadmi Party</keyword> (AAP) from Central Bangalore. 
 Coincidence? Not entirely, said <keyword id="1040732" type="UNKNOWN" weightage="40" keywordseo="Priya-Chetty-Rajagopal">Priya Chetty-Rajagopal</keyword>, executive director in RGF Executive Search. “The Infosys story is about possibilities, about dreams, conviction, integrity, and the success that knowledge can bring. Both (Nandan and Bala) come from that golden time when anything was possible, and perhaps there is a connection in what both plan to do,” she said. 
 Management consultant <keyword id="175362" type="PERSON" weightage="40" keywordseo="Harish-Bijoor">Harish Bijoor</keyword> believes that Infosys is an eco-system of excellence. Rajagopal pointed out that Infosys has had a particularly strong reputation of leaders w<keyword id="6354185" type="ENTERTAINMENT" weightage="40" keywordseo="IT">it</keyword>h a public or philanthropic <keyword id="819560" type="PERSON" weightage="40" keywordseo="bent">bent</keyword>, be it <keyword id="170488" type="POSITION" weightage="40" keywordseo="co-founder">co-founder</keyword> N R Narayana Murthy or Nilekani (he played a key role in BATF — <keyword id="772065" type="ORGANIZATION" weightage="40" keywordseo="Bangalore-Agenda-Task-Force">Bangalore Agenda Task Force</keyword> in the early 2000s), or TV Mohandas Pai (former CFO and HR head who has been very active in public spaces). 
 
“It’s a part of their ethic, it seems. They have high believability, authenticity, and realize if they are true to themselves, people will listen, and they can grow collectively,” she said. 
 The industry is delighted at the turn of events. “It’s good to see high-profile corporate leaders opting for political careers,” said <keyword id="6413985" type="PERSON" weightage="40" keywordseo="Kiran-Mazumdar-Shaw">Kiran Mazumdar-Shaw</keyword>, CMD of Biocon. Som Mittal, former president of IT industry body <keyword id="6372077" type="CITY" weightage="40" keywordseo="Nasscom">Nasscom</keyword>, said the country needs a new breed of people, including technocrats, in government and opposition.

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