<ul><li><keyword id="6422069" type="UNKNOWN" weightage="20" keywordseo="online-gaming">Online gaming</keyword> is growing in India by leaps and bounds. The pandemic has given the industry a further boost.</li><li>During the past few months, many homegrown gaming platforms have seen unprecedented growth.</li><li>Founded in 2018, <keyword id="7087972" type="UNKNOWN" weightage="20" keywordseo="mobile-premier-league">Mobile Premier League</keyword> has also witnessed a good growth, with many of its users coming from Tier II and Tier III cities.</li><li><keyword id="6176095" type="UNKNOWN" weightage="20" keywordseo="Abhishek-Madhavan">Abhishek Madhavan</keyword>, VP, Growth and Marketing, MPL tells us about the platform's journey so far and how its plans to grow its presence further.</li></ul> The online gaming industry in India is booming. Even before the pandemic hit, and people took to online games, the Indian gaming industry was growing at a healthy speed. <keyword id="906162" type="PERSON" weightage="20" keywordseo="mobile-gaming">Mobile gaming</keyword> in India has been growing at a rapid rate due to development as well as smartphones becoming more affordable. According to Statista, the market value of mobile gaming in India was estimated to reach about $405 million by 2022. The number of mobile phone gamers was anticipated to be around 628 million by 2020 according to the forecast. Another report by investment bank Maple Capital Advisors titled Gaming – India Story stated that by 2024, the overall gaming industry in India is set to be valued at $3,750 million. The lockdown, while hitting most industries hard, has come as a boost for the Indian gaming industry. In the past few months, we have seen people not just take to offline games to spend time with family, a lot of them are enjoying their me-time playing different kinds of online games. Made-in-India games like Ludo King have witnessed an unprecedented growth, not just in India but even outside India. One such gaming platform that has witnessed an unprecedented growth during these last few months is Mobile Premier League (MPL). Not only is MPL sponsoring teams in leagues like IPL, it recently made news when it announced that it will be the presenting sponsor for <keyword id="8654765" type="UNKNOWN" weightage="20" keywordseo="bigg-boss-2020">Bigg Boss 2020</keyword>. The platform is also witnessing a huge demand from smaller cities. Currently, it has over 40 million registered users in India and around 3 million registered users in Indonesia. Having Sequoia, Go Ventures, Times Internet, RTP Global, BeeNext, Venture Highway as its investors, the startup has raised a total of $40.5 million till date. We recently caught up Abhishek Madhavan, VP, Growth and Marketing, MPL to understand the factors that have led to his growth and their plans for the future. Excerpts: Q) The lockdown has come as a blessing in disguise for the gaming industry. What kind of growth has MPL witnessed in the last few months? We witnessed 3-4x overall growth over this period. Number of games played per day for some of our popular titles like WCC increased by 400%. We also saw that new users coming onto our platform played 3-4 different games on average. Q) There has been an overall increase in people taking up gaming from smaller cities. What kind of growth have you witnessed coming in from smaller cities and what are the factors that have accelerated this growth? MPL has always had a substantial presence in Tier II and Tier III cities across the country. A lot of the growth of gaming in smaller cities can be attributed to 4G data and smartphones easily available to more people. We also foresee more growth in this regard as internet and smartphone penetration increases across the country. One of our first digital sports scholars, VS Rathanvel is from Coimbatore and he won the first Chess Mahayudhorganised by MPL in July 2019. The runner-up in the same competition was Ankit Rajpara, who is from Mehsana in Gujarat. Q) What is your revenue model right now? What kind of increase have you seen in in-app purchases in recent months? Are you witnessing people from smaller cities also spend money on gaming? MPL is a gaming platform and we charge a platform fee for paid contests/tournaments. All our games are also available for free. We have seen an increase in our users participating in paid contests and tournaments. Q) How have you been marketing your platform? We just partnered with Kolkata Knight Riders and its sister franchise in the Caribbean- Trinbago Knight Riders - as their principal sponsor. Recently, we even sponsored the Irish Men’s Cricket team for the ODI series against England. These are some of our current marquee brand marketing activities. We also command a good presence in television and digital advertisements and we ensure that the messaging is simple, honest and that it resonates with our audience. Q) Where do you think the next phase of growth for MPL will come from? We are a platform, with a variety of games and content cutting across categories. We will look to add more games from various game developers. Our live-streaming feature for audio and video has also picked up so we are excited about that as well. Q) Where does India rank when it comes to growth in online gaming? Esports has taken off in the country and we have even won a Bronze medal in the Asian Games 2018, where they had esports for the first time. We have a lot of talent in gaming and esports and with the industry becoming mainstream, we can hope to do better on the world stage. Q) What is your vision for MPL? We aim to become a one-stop shop platform for gamers and game developers. We already have 50+ games on our app and have over 15 gaming studios as our developer partners. We want to work with more and more indigenous game developers and give them a platform to showcase their games to our user base. The more the number of quality games, the more our users will have a great experience on the platform.

Mobile Premier League wants to give a boost to indigenous game developers by showcasing their games to its wide set of audience

<ul><li>India’s benchmark equity index Sensex has lost 33% since the start of the year due to the carnage caused by the spread of Covid-19 novel coronavirus pandemic across the world.</li><li>ICICI Direct Research has shortlisted a set of ten stocks where the price-to-earnings ratio is less than 10.</li><li>Price-to-earnings ratio is measure to value stocks and a multiple of less than ten could be a good time to buy these stocks.</li></ul>India’s benchmark equity index Sensex has lost 33% since the start of the year due to the carnage caused by the spread of Covid-19 novel coronavirus pandemic across the world. The stocks of India’s biggest companies, including those with the biggest market share in their respective sectors and segments, have bled out a lot of their value in the last three months. Broking firm ICICI Direct has put together a list of ten stocks that are currently trading at multiple of less than 10 compared to their potential earnings a year down the line i.e. you pay less than ten times the value of the company’s earnings per share, and that is considered to be cheap. “This clearly does not indicate a bottom but certainly indicates good entry points. Hence, investors can choose to stagger or invest lumpsum depending upon one risk appetite and time horizon,” the report added a note of caution. These are the ten stocks with a price-to-earnings ratio of less than 10, according to ICICI Direct Research. <table style="width: 255pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:120pt">Hero MotoCorp</td> <td class="xl66" style="border-left-width: initial; border-left-style: none; width: 135pt;">KSB</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Wipro</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">BEL </td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Tech Mahindra</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">Gujarat Pipavav</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Mahanagar Gas</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">Kewal Kiran Clothing </td> </tr> <tr> <td class="xl69" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Heidelberg Cement</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">TV Today </td> </tr></tbody></table> The following are the prospects for some of the blue-chip stocks in this list. Hero Motocorp Every second motorcycle sold in India is made by Hero Motocorp. However, the stock has lost over 32% of its value in the last three months. <div type="image" title="Hero Moto share price" msid="75007445" hostid="261" caption="&amp;lt;p&amp;gt;Hero Motocorp has consistently given a 25% return on capital employed and an attractive dividend yield of about 5%, says ICICI Direct Research.&amp;lt;/p&amp;gt;"></div> Going forward, people’s purchasing power is likely to be hit in the aftermath of the coronavirus pandemic. But the company will be forced to increase prices of its products by over 10%, according to ICICI Direct, capping the potential sales growth even on the road to recovery. But the broking firm recommends that investors buy Hero Moto shares because it has consistently given a 25% return on capital employed and an attractive dividend yield of about 5%. Wipro One of India's top five tech services company has lost nearly a quarter of its share value in the last three months. “In the near term, the company may face revenue pressure due to exposure to affected verticals like energy vertical, lockdown, pricing pressure and slowdown in discretionary spend,” the report said about Wipro, which makes 31% of its revenue from its clients in banking and financial services. <div type="image" title="wipro share price chart" msid="75007417" hostid="261" caption="&amp;lt;p&amp;gt;Wipro, which makes 31% of its revenue from its clients in banking and financial services, is likely to benefit from greater thrust for digitisation and automation in the post-coronavirus world. The same is true for the likes of Infosys and TCS too but Wipro&amp;#39;s stock is relatively cheaper.&amp;lt;/p&amp;gt;"></div> However, there is likely to be a greater thrust of digitisation and automation in the post-coronavirus world and that could throw up a lot of opportunities for companies like Wipro, Infosys, and TCS. The advantage with buying the Wipro stock is beaten down a lot more than its peers and therefore has more headroom for gains. <table style="width: 193pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:94pt">Stock </td> <td class="xl66" style="border-left-width: initial; border-left-style: none; width: 99pt;">Last 3 months</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">TCS</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-22.30%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Infosys</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-19%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">HCL Tech</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-29.35%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Wipro</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-27.44%</td> </tr> <tr> <td class="xl70" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Tech Mahindra</td> <td class="xl71" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-34.04%</td> </tr></tbody></table> Similar gains are likely in Tech Mahindra as well, which has also lost over 34% in the last three months. <div type="image" title="tech mahindra" msid="75007311" hostid="261" caption="&amp;lt;p&amp;gt;The recent correction in Tech Mahindra&amp;#39;s stock price factors in most of the near term negatives while the stock is attractively valued, ssays ICICI Direct Research.&amp;lt;/p&amp;gt;"></div> “The company's leadership in telecom vertical will make it a key beneficiary of vendor consolidation in the segment and 5G opportunities,” the report said about Tech Mahindra. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/mcx-share-price-has-spiked-since-india-announced-lockdown-date-and-there-may-be-more/articleshow/74957005.cms" data-type="tilCustomLink" target="_blank">MCX is up 18% since coronavirus lockdown— and there may be more juice left in the stock</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-share-price-after-board-approves-mukesh-ambani-plan-to-increase-debt/articleshow/74954229.cms" data-type="tilCustomLink" target="_blank">Mukesh Ambani's Reliance Industries will add ₹25,000 crore to its mammoth pile of debt</a> <a href="https://www.businessinsider.in/business/corporates/article/share-price-of-hdfc-bank-axis-bank-sbi-and-others-with-biggest-personal-loans-home-loans-and-auto-loans/articleshow/74907443.cms" data-type="tilCustomLink" target="_blank">Top Indian banks with the biggest chunks of loans to individual borrowers⁠— and coronavirus has triggered a huge risk</a>

From Hero Moto to Tech Mahindra to Wipro ⁠— ten of India’s cheapest stocks that you could buy for bargain now

<ul><li>This is the first official trip of US President Donald Trump to India. </li><li>First Lady of the <keyword id="8822160" type="PERSON" weightage="20" keywordseo="united-states-melania-trump">United States Melania Trump</keyword> will be accompanying the President on his visit to India. </li><li>India has planned a tight schedule right from the time they are received from the Ahmedabad airport to drop off at the Delhi airport </li></ul>US President Donald Trump and the First Lady Melania Trump will land at the Ahmedabad airport at 11:40 am. They will be joined by Ivanka Trump and son-in-law Jared Kushner. The Trumps will be received by Prime Minister Narendra Modi and <keyword id="6357801" type="COMPANY" weightage="20" keywordseo="union">Union</keyword> Home Minister Amit Shah at the airport. After receiving them in state honour, they will soon head towards Motera where he would be addressing a gathering along with Modi. 
	
	
	
	
	
	
	
	<div type="twitter" handle="narendramodi" handlename="Narendra Modi" image="http://pbs.twimg.com/profile_images/1134082549041393672/QbihPzrL_normal.png" favoritecount="20709" retweetcount="4025" status="India awaits your arrival @POTUS @realDonaldTrump! Your visit is definitely going to further strengthen the frien… https://t.co/zWIwAI35Z6" createdat="1582513755000" id="1231778084766068737"></div>

















 
	
	
	
	
	
	
	
	<div type="twitter" handle="realDonaldTrump" handlename="Donald J. Trump" image="http://pbs.twimg.com/profile_images/874276197357596672/kUuht00m_normal.jpg" favoritecount="155770" retweetcount="24807" status="Departing for India with Melania! https://t.co/sZhb3E1AoB" createdat="1582470883000" id="1231598268489973761"></div>

















 Apart from the streets being lined up with dancers and people waiting to wish them, as many as 12,000 police personnel along with <keyword id="15141" type="COMPANY" weightage="20" keywordseo="Indian-Air-Force">Indian Air Force</keyword> and defence personnel are supposed to be present along the team. The secret service agents who will come with Trump are known to have vetoed a possible victory walk around the stadium and will allow only Modi and Trump onstage at Motera. He will have a tight schedule right from the time they are received from the Ahmedabad airport to drop off at the Delhi airport where they will take off. Here is how his schedule looks like: February 24 A welcome at the airport PM Modi will personally visit the Sardar Vallabhbhai Airport in Ahmedabad to welcome the couple. The city is all decorated and already dressed up. The couple will travel via 22 km road in Ahmedabad, which will be occupied by more than 50,000 people, who are expected to line up. The Ahmedabad authorities spent between ₹80 ₹85 crore for the three-hour visit by the Trumps. Pay homage to Father of the nation at Sabarmati Ashram The road trip will halt for a short period at Sabarmati Ashram in Ahmedabad where the delegates will pay homage to Mahatma Gandhi. Like all other delegates, Trump will be gifted a spinning wheel, books on the life and times of Gandhi as a memento. <keyword id="8785276" type="PERSON" weightage="20" keywordseo="namaste-trump">Namaste Trump</keyword> at the Sardar Vallabhbhai Patel Stadium From the ashram, Modi and Trumps will depart for the largest cricket stadium in the world. With <a href="https://www.businessinsider.in/india/news/worlds-largest-cricket-stadium-is-all-dressing-up-for-namaste-trump-but-he-may-not-inaugurate-it/articleshow/74202255.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">lights, flowers along the way, paintings on the wall — the world’s largest cricket stadium is all dressed up</a> to welcome the US president and the First lady. As many as 1.25 lakh people are expected to be present at the event. The event will feature cultural performances from different parts of India, to give the delegates a taste of Indian cultural diversity. Food is an essential element to taste India’s cultural diversity The Narendra Modi government has planned a formal lunch before Trump’s departure. After the event, the delegates will enjoy the Indian food in Gujarat's capital Ahmedabad along with some of India’s politicians. Taj Mahal visit After lunch, the President and the first lady will leave for the city to visit the Taj Mahal. In Agra, after arrival at Kheria airport, the POTUS and FLOTUS are expected to spend some time at the symbol of love. The dry and polluted river of <a href="https://www.businessinsider.in/india/news/taj-mahal-dresses-up-for-trump-and-melania-but-a-polluted-yamuna-might-spoil-the-party/articleshow/74172043.cms">Yamuna</a> at the rear of the Taj Mahal was cleaned for the visit. Also, more than 900 cusecs of water have been released into it to look brim for the US state visitors. Later the Trumps will retire to <a href="http://timesofindia.indiatimes.com/articleshow/74108518.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">ITC Maurya</a>, a luxury hotel in Delhi, according to reports. February 25 2020 <keyword id="47718" type="LOCATION" weightage="20" keywordseo="Rashtrapati-Bhavan">Rashtrapati Bhavan</keyword>: Trump meets Kovind The US president will meet with President <keyword id="6354561" type="PERSON" weightage="20" keywordseo="ram-nath-kovind">Ram Nath Kovind</keyword> at the Rashtrapati Bhavan. A banquet will be hosted by Kovind and his wife, Savita Kovind at the Presidential House in Delhi. Pay homage to Mahatma Gandhi at Raj Ghat The Trumps will pay homage to the Father of the Nation, Mahatma Gandhi at the Raj Ghat, ahead of their visit to Rashtrapati Bhavan. Former President of US Barack Obama also offered floral tribute at the site where Gandhi was cremated, during his 2015 visit. The American President was then presented with a replica of Gandhi’s famous ‘charkha’ by the officials. He also planted a sapling of a Peepal tree at the Rajghat. Trump is expected to perform the same rituals at the Raj Ghat. President Trump and Melania Trump at Hyderabad House and Delhi education system The Trumps will also visit Hyderabad House, where Modi and Trump will discuss on the current ties and future prospects. During this, the first lady Melania will visit a school in Delhi. Modi and Trump will discuss topics related to Indo-US strategic partnership in the areas of defence, security, counter-terrorism, as well as trade, energy for the bilateral ties. US home in India: US Embassy The Trumps will meet the top businesspersons of India as part of a CEO roundtable at the US Embassy in India. Around late 10 pm that night the entire delegation from the US will depart from New Delhi in an Air Force One plane, the official plane of the President of the United States. See also: <a href="https://www.businessinsider.in/business/auto/news/what-makes-donald-trumps-car-the-safest-car-on-earth-all-you-need-to-know-about-the-beast/articleshow/74278416.cms">Donald Trump’s Beast car</a>

Trump India Visit: Checkout his next 36 hours schedule

It seems that India’s slowing <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> growth in 2017-18, in the wake of demonetisation, an overhaul of the tax regime and a decline in manufacturing and investment, has had an adverse impact on the financial strength of its states. According to <a href="http://www.careratings.com/upload/NewsFiles/SplAnalysis/Study%20of%20State%20Budgets%20for%20FY19.pdf">a report by CARE Ratings</a>, a credit ratings agency, 14 out of 24 states recorded a decline in their net financial position, as per latest estimates, in the year ended March 2018. Of the 14 states that recorded a revenue surplus, which occurs when revenue receipts are higher than revenue expenditure, eight saw a lower surplus than the year before, including <keyword id="6357713" type="COMPANY" weightage="20" keywordseo="Uttar-Pradesh">Uttar Pradesh</keyword> (₹185.2 billion), Bihar (₹14.5 billion) and Odisha (₹88.7 billion). However, a revenue surplus isn’t an obvious indicator of financial strength. Many states which record surpluses like Uttar Pradesh, which has the highest surplus, <a href="http://www.prsindia.org/uploads/media/State%20Budget%202018-19/Uttar%20Pradesh%20Budget%20Analysis%202018-19.pdf">spend less than their budget estimates </a>on agriculture and education, resulting in lower expenditure. Meanwhile, 10 states recorded a revenue deficit, out of which 6 experienced a higher deficit than the previous year. These include Rajasthan (₹201.7 billion), Tamil Nadu (₹183.7 billion) and <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> (₹148.4 billion). Assam recorded the highest deficit at ₹233.5 billion, compared to a mere deficit of ₹1.4 billion the previous year, as it significantly <a href="http://www.prsindia.org/administrator/uploads/general/1521201654~~Assam%20Budget%20Analysis%2018-19.pdf">overshot its budgeted expenditure</a> on agriculture, police resources, education and health. Spending beyond their means Another cause for concern is that more states are spending beyond their means. The number of states with a <keyword id="6365485" type="DEFINITION" weightage="20" keywordseo="Fiscal-Deficit">fiscal deficit</keyword>, the difference between total revenue (excluding borrowings) and total expenditure, that is larger than 3% of GDSP (a state’s gross domestic product) has increased from 10 in 2016-17 to 14 in 2017-18. The 14th Finance Commission recommends a maximum limit of 3% on state fiscal deficits. In fact, 5 states actually had a deficit ratio higher than 3.5%. Bihar stood out as the state with the worst ratio, at 7.5%, partly owing to <a href="http://www.prsindia.org/administrator/uploads/general/1519878666_State%20Budget%20Analysis%20-%20Bihar%202018.pdf">higher spending on pensions, education and rural development. </a> India’s states are increasing the amount they spend on asset creation, in lieu of future growth and development. Around 14 out of 24 states reported a higher capital outlay, or the money spent on infrastructure creation and fixed assets, as a percentage of total expenditure. Goa had the highest allocation, at 27% of total expenditure, followed by Jammu &amp; Kashmir and Bihar. It bears mentioning that Uttar Pradesh, Maharashtra and Punjab all extended generous loan waivers last year. However, as shown below, it seems that only Maharashtra can afford the waivers. Maharashtra and Uttar Pradesh have the highest <keyword id="44647" type="ORGANIZATION" weightage="20" keywordseo="debt">debt</keyword> levels Maharashtra, India’s richest state, had the highest level of outstanding debt with ₹4.07 trillion, closely followed by Uttar Pradesh, one of India’s poorest states, with a debt burden of ₹4.06 trillion. This is roughly equivalent to the cost of 306,000 Lamborghini Gallardos. However, given its high GDSP, Maharashtra has a debt-to-GDSP ratio of only 16.3%, well below the Finance Commission’s maximum permissible limit of 25%, while Uttar Pradesh has a debt ratio of 29.5%. The reports show that 8 out of 19 states had a debt-to-GDSP ratio over 25%. Punjab and Jammu &amp; Kashmir had worryingly high debt ratios, at 41% and 46.4% respectively. Along with West Bengal and Haryana, Punjab spends more than 20% of its revenue receipts on interest payments alone, which results in lower development spending. Only four states - Karnataka, Telangana, Odisha and Chattisgarh - proved to be efficient at managing their debt obligations. In addition to having a debt-to-GDSP ratio of less than 25%, these states also allocated less than 10% of their revenue receipts to interest payments. An improvement in 2019? In light of their declining financial strength, India’s states will focus on fiscal consolidation and cost control in the current fiscal year. Only 7 states are budgeted to have a revenue deficit in 2018-19, out of which 4 expect to reduce their revenue deficit. West Bengal, Assam and Andhra Pradesh, all of which recorded a revenue deficit last year, expect to record a surplus or a neutral balance in 2018-19. Meanwhile, all the 14 states that recorded a revenue surplus last year, expect to do so in 2018-19 as well, with 9, including Gujarat, Uttar Pradesh, Chhattisgarh and Bihar, planning to increase their surplus. These states will continue to count on the generosity of the central government for grants-in-aid and tax revenues. According to PRS Legislative Research, a think tank, <a href="http://www.prsindia.org/uploads/media/Analytical%20Report/State%20of%20State%20Finances%202018.pdf">states derive 46% of their revenue</a> from the central government’s coffers. Grants account for 20% of state funding while the states’ share of central taxes account for 26%. Given their dependence on the central government, it isn’t hard to see why so many voters in state elections favour the party that is in power at the centre.

Here’s what the fiscal health of Indian states looks like post-demonetisation and GST

Coronavirus cases in India climb to 31,332— with Maharashtra and Delhi seeing a continuous rise

<ul><li>New income tax slabs: 10% tax on income between ₹7.5 lakh without exemption compared to 20% right now.</li><li>15% tax on income between ₹7.5 lakh and ₹10 lakh without exemption compared to 20% right now.</li><li>20% tax on income between ₹10 lakh and ₹12.5 lakh without exemption compared to 30% right now.</li><li>25% tax on income between ₹12.5 lakh and ₹15 lakh without exemption compared to 30% right now.</li><li>Cost to the exchequer ₹40,000 crore; Removed 70 tax exemptions and deductions. These new rates are available to those who forego exemptions, deductions, and rebates.</li><li>Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore</li><li>SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms" data-type="tilCustomLink" target="_blank">Business Insider India live blog</a> on Budget 2020.</li></ul>Finance Nirmala Sitharaman presented her second annual budget speech. The top highlights from the budget 2020 proposals include the government's plan to sell stake in state-iowned insurance giant Life Insurance Corporation of India, sweeping changes in the income tax slabs, as well as the abolition of the dividend distribution tax at the end of the corporates. Aside from theses, startups with revenue up to ₹25 crore can avail 100% tax deduction in any three years over a period of 7 years, according to the latest Finance Bill presented by Sitharaman. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 <div type="image" title="Finance Minister Nirmala Sitharaman" msid="73828645" hostid="261" caption="&amp;lt;p&amp;gt;&amp;quot;As per tradition, Finance Minister Nirmala Sitharaman calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget,&amp;quot; the official handle of the President&amp;#39;s office tweeted today.&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div>


































 Following are the key highlights of the budget speech: <ol><li>Only through higher growth, we can have our youth gainfully and meaningfully employed.</li><li>Fundamentals of the economy are strong, inflation has been contained, banks have been cleaning up the accumulated loans of the past decade. </li><li>An average household now saves about 4% of its monthly spends due to lower incidence of tax under the GST regime.</li><li>Welfare schemes with direct benefit transfer embedded in them, preventive healthcare via programmes like sanitation, healthcare via central schemes, housing scheme via Prime Minister Awas Yojana (PMAY) etc changed the established order of a few individuals cornering most of the benefits. </li><li>During 2014-19, Indian economy grew at an average of 7.4% with low inflation. India's foreign direct investment was $284 billion between 2014 an 2019 compared to $190 billion in the preceding five-year period.</li><li>India's government debt fell to 48.7% of GDP as of March 2019 compared to 52.3% as of March 2014.</li><li>Three themes of Budget 2020: 'Aspiring India', 'economic development', and 'to build a caring society'. </li><li>We shall aim for seamless delivery of services by leveraging technology. </li><li>6.11 crore farmers insured under Prime Minister Fasal Bima Yojana - a centrally-sponsored insurance scheme. Farm markets need to be liberalised.</li><li>16 action points: 1: Encourage state governments that will implement the following model laws that have already enacted by the centre. 2: Propose comprehensive measures for 100 water-stressed districts. 3: Expand outlay for solar pumps to 20 lakh farmers, another 15 lakh farmers to pumpsets to solar grid. Farmers if they have barren lands, they can set up solar power plants and sell it to the grid. 4: Balanced use of orgnaic and inorganic fertilisers. 5: Provide viability gap funding for setting up warehouses. Food Corporation of India can set up warehousing on their land too. 6: Push to reduce storage costs for farmers. 7: Promotion of women self-help groups. 8: To launch refrigerated trains to transport food items from the farm to other parts of the country. 9: Horticulture exceeds the production of foodgrains. 'One product for one district' to promote focussed development of horticulture. 10: Integrated farming system in rain-fed areas. Multiple crops, bee-keeping solar pumps in rain deficient area. 11: Financing on negotiable warehousing receipts will be linked to e-NAM. 12: The NABARD refinance scheme will expanded. The agriculture credit target for FY21 will be expanded to ₹15 lakh crore from ₹12 lakh crore. 13. To eliminate foot and mouth disease by 2025. To double milk production to 108 million metric tonnes by 2025. 14. Blue economy - development management of marine resources. Target ₹1 lakh crore in fish exports by 2025. 15. By FY23, propose raising fish production to 200 lakh tonnes, will also promote algae, seaweed.</li><li>16. Under Deendayal Antyodaya Yojana, self help groups will be expanded beyond the current 58 lakh.</li><li>Allocation for agriculture: ₹2.83 lakh crore, this includes ₹</li><li>Mission Indradhanush has been expanded to include 12 new diseases and 5 new vaccines. A very focussed water and sanitation programme to reduce the burden of diseases on the poor. There are 20,000 hospitals empanelled under the PMJAY, this has to rise. Propose to set up hospitals under the private-public partnership, the 112 districts identified as 'aspirational' will get priority in the setting up of new hospitals. </li><li>Proceeds from taxes on medical devices will be used to support the programme to build the infrastructure.</li><li>Reiterate India's commitment to eradicate tuberculosis by 2025. </li><li>Allocation for health: ₹69,000 crore including ₹6,400 crore for PMJAY.</li><li>By 2030, India is set to have the world's largest working-age population. They need education, skills, and employment opportunities. Our education system needs more money to attract better teachers and to set up better labs. Open the education sector to external commercial borrowing. </li><li>In order to provide quality education to the under privileged, a full-fledged online courses will be launched from the top 100 institutions in India.</li><li>Under 'Study In India' programme, a new INSAT exam to be launched for foreign students to enroll into Indian universities. </li><li>Every medical college will be linked to a nearby hospitals under the public-private partnership mode.</li><li>Total outlay for education sector: ₹99,300 crore and another ₹3,000 crore for skill development.</li><li>150 top education institutes to start offering apprenticeship programmes.</li><li>Propose to set up an investment clearance cell for end-to-end services including information on land bank and facilitating the approval process etc. </li><li>It is proposed to develop 5 new smart cities in collaboration with state governments in PPP mode. </li><li>Electronics manufacturing industry is cost competitive and India has shown its potential. To attract large investments in electronic manufacturing -- including electronic equipment, smartphones -- a new policy will be announced soon.</li><li>A National Textile Mission to work for next four fiscal years with an estimated outlay of ₹1,480 crore.</li><li>A new scheme Nirvik, for higher insurance cover, reduction in premium for small exporters, and simplified claim process, including digital refund process to help exporters.</li><li>Every district must become a hub for exports.</li><li>Unified procurement scheme: Propose ₹27,300 crore for development of industry and commerce in FY21.</li><li>National Infrastructure Pipeline will bring in generic and sectoral reforms in construction and maintenance of the infrastructure. Propose a project preparation facility that will employ economist, management graduates to execute projects.</li><li>A National Logistics Policy will soon be released to clarify the roles of Central government, state governments, and the regulators.</li><li>The Delhi-Mumbai Expressway and two other projects will be completed by FY23. The Chennai-Bengaluru expressway project will also started by then.</li><li>Government will monetise 12 NHAI highway projects.</li><li>Setting up a large solar power capacity alongside the rail tracks on the land owned by the railways, is a proposal under consideration.</li><li>150 trains under the PPP mode. More Tejas type trains will connect iconic tourist destinations. </li><li>Central government will give 20% of the funds needed for a suburaban rail transport system in Bengaluru.</li><li>100 more airports will be set up in the next five years.</li><li>₹1.7 lakh crore allocated for transport infrastructure.</li><li>Propose to replace traditional meters with digital meters in the next three years. This will allow consumers to port out of a service provider (selling power) just like they port out of mobile service provider.</li><li>Fibre to home connections through Bharat Net will connect 1 lakh villages this year itself. Propose to provide ₹6,000 crore for Bharat Net programme.</li><li>Quantum technology: An outlay of ₹8,000 crore over the next five years.</li><li>₹22,000 crore allocated for the power sector including renewble energy sector.</li><li>No manual cleaning of sewers will be allowed, new technology will be roped. Centre in conversation with civic bodies.</li><li>Provision of ₹85,000 crore for scheduled castes and other backward classes.</li><li>Provision of ₹53,700 crore for scheduled tribes in the country.</li><li>5 archaeological sites would be developed as iconic sites with on-site museum -- Rakhigarhi (Haryana), Hastinapur (UP), Dholavera (Gujarat), Shivsagar (Assam), and Aditya Nallur (Tamil Nadu).</li><li>Propose ₹35,500 crore for nutrition-related schemes.</li><li>Allocation for Ministry of Culture: ₹3,500 crore. </li><li>Propose ₹2,500 crore to promote tourism.</li><li>Propose ₹9,500 crore for senior citizens and specially abled.</li><li>Proposed total allocation for women-centric programmes ₹28,600 crore.</li><li>Propose ₹4,400 crore allocation for clean air. </li><li>Companies Act will be amended to abolish 'criminal liability' for 'civil offences'.</li><li>A National Recruitment Agency will be set up. It will conduct a common entrance test for non-gazetted positions in the government and public-sector enterprises. </li><li>Propose a new national policy on national statistics will push for use of AI to collect data real time.</li><li>India will host G20 Presidency in 2022; the government proposes to allocate ₹100 crore to start the preparations.</li><li>Governance reforms proposed for PSU banks: Robust mechanism is in place to monitor the health of all banks and the money of depositors are safe. Insurance of bank deposits raised to ₹5 lakh from ₹eposit insurance and credit guarantee scheme.</li><li>Government will sell its remaining stake in IDBI Bank to private investors. Stock jumps over 13%</li><li>MSME entrepreneurs can avail 'subordinate debt' from banks and the loan will be fully guaranteed by a Trust. This will be treated as quasi-equity stake.</li><li>Government has asked RBI to extend deadline for MSME debt restructuring by one more year. </li><li>FY20 fiscal deficit seen at 3.8% of GDP and at 3.5% in FY21.</li><li>Non-resident Indians will be allowed to invest in certain categories of government bonds.</li><li>Currently, foreign portfolio investors are allowed to buy a maximum of 9% of the outstanding corporate bonds. Finance Minister proposes to increase the threshold significantly to 15%.</li><li>An international bullion exchange will be set up in GIFT City in Gandhinagar, Gujarat.</li><li>Government to sell stake in LIC. </li><li>Receipts for FY21 estimated at ₹22.46 lakh crore, estimate expenditure: ₹</li><li>Borrowing plan for FY21: ₹5.36 lakh crore, capital expenditure will rise over 22%.</li><li>Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore</li><li>Dividend and capital gains made by foreign funds on investment in infrastructure space will tax free.</li><li>Startups with revenue up to ₹25 crore can avail 100% tax deduction in any three years over a period of 7 years.</li><li>Small retailers with revenue up to ₹5 crore need not get their books audited by accountants.</li><li>New scheme to end tax disputes: If someone agrees to pay the disputed tax amount by March 2020, there will be no interest and penalty. There are 4,83,000 tax disputes pending at various forums.</li><li>FY21 disinvestment target ₹2.1 lakh crore, doubled from the ₹1.05 lakh crore target in FY20.</li><li>Propose a cash incentive for customers demanding invoice, to boost compliance with GST</li><li>Imported footwear, furniture, and medical equipments will get more expensive as customs duty will be increased.</li></ol> SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/new-income-tax-slab-tax-savings-for-salaried-people/articleshow/73835816.cms">You'll save ₹78,000 more under new income tax slabs if you earn less than ₹15 lakh</a> <a href="https://www.businessinsider.in/budget/news/indian-government-infuses-22000-crore-in-power-and-renewable-proposes-freedom-to-choose-supplier/articleshow/73835587.cms">Indian government infuses ₹22000 crore in power and renewable, proposes freedom to choose supplier</a> <a href="https://www.businessinsider.in/budget/income-tax/news/check-out-new-income-tax-slab-of-2021/articleshow/73830824.cms">New income tax slabs 2020</a> <a href="https://www.businessinsider.in/budget/news/there-will-be-no-manual-cleaning-of-sewers-anymore-announces-nirmala-sitharaman/articleshow/73835265.cms">“There will be no manual cleaning of sewers anymore,” announces Nirmala Sitharaman</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms">Union Budget 2020 Live Updates</a> <a href="https://www.businessinsider.in/budget/news/indian-taxpayers-expectation-from-the-budget-2020/articleshow/73804969.cms" data-type="tilCustomLink" target="_blank"></a><a href="https://www.businessinsider.in/defense/news/indias-budget-allocation-for-defence-has-remained-fairly-static-for-the-past-five-years/articleshow/73153930.cms" data-type="tilCustomLink" target="_blank"></a>

Income tax cuts, stake sale in LIC and other highlights from Finance Minister Nirmala Sitharaman's budget speech

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Saturday announced <keyword id="8192304" type="UNKNOWN" weightage="20" keywordseo="union-budget-2020">Union Budget 2020</keyword> which gave an impetus to the country’s digital ecosystem.</li><li>The budget came up with an optional new tax regime which could lead to lower taxes for taxpayers.</li><li>She also acknowledged the role entrepreneurs have played in creating more jobs and capital for the country.</li></ul>As Finance Minister Nirmala Sitharaman presented the Union Budget on Saturday, the industry came together to applaud the government’s digital push with the announcement of the setting aside of Rs 6,000 crore for BharatNet, to ensure low cost internet reaches every household in the country. The government also announced an optional new tax slab which has lower tax rates, although the people opting for the new tax regime will not get any exemptions. The FM also spoke about the role that entrepreneurs have played in creating jobs and bringing in more capital to the country. However, there were a few industry experts who felt that the expectations from ‘the budget were much higher and it feels like a missed opportunity.’ Here are the views of some experts: Ashish Bhasin, CEO, APAC and Chairman, India - Dentsu Aegis Network: I think this is a good budget in some ways because it has attempted to put money in the hands of the middle class through rationalisation of tax rates as well as has concentrated on looking after the agricultural sector, including introduction of best practises like storage for producers and other measures. However, I do feel that the expectations from the budget were much more and it does feel like a bit of a missed opportunity. While it is good to see that the dividend distribution tax has been abolished, I expected more on the rationalisation of direct taxes, particularly the cess introduced over and above the tax rates. It is good to see efforts being made to encourage new-age skill development as well as helping the start-ups and what's particularly interesting is the proposal to set up data centre farms all over the country. This will prepare India for the economy of tomorrow. It is also good to see attempts at simplification of taxation through digitisation but the proof of the pudding will lie in seeing its implementation on ground. It would be fair to say that at best it is a mixed budget and while there are some encouraging decisions, enough does not seem to have been done for the situation the economy is in. RS Sodhi, Managing Director of the Gujarat Cooperative Milk Marketing Federation: <keyword id="7836802" type="UNKNOWN" weightage="20" keywordseo="Budget-2020">Budget 2020</keyword>, an excellent move, will bring more investments in the dairy sector which will increase the farmers’ bargaining power to get better prices for their produce, if done properly it will create 80 lakh jobs in Rural India and 16 lakh jobs in Urban India. Anand Bhadkamkar, CEO, Dentsu Aegis Network (DAN) India: The budget has provided relief to the middle class with lower tax rates which is a welcome move, as it will provide more liquidity. On direct taxes, the abolition of DDT and introduction of a tax dispute resolution scheme is a welcome step alongside tax reliefs for startups. The budget is focusing on easing and simplification of compliance, with changes in corporate laws as well as in GST and direct taxes. However, I was expecting further simplification of cess and surcharges beyond tax rates across slabs. The proposals for development of road infrastructure, setting up data centre parks and skill development initiatives are welcome steps in addition to allocations for social welfare schemes. However, the expectations from the budget were high on the background of current economic slowdown, and as such seems to be short on matching those expectations, with no specific industry sector focused sops to provide stimulus. While the budget shows focus on long term growth and social development, overall in the current scenario it looks like a mixed budget, falling a bit short of market expectations of more corrective measures. Mukesh Kalra, Founder &amp; CEO - ETMONEY: The Finance Minister's proposal to introduce a new tax regime is a great step towards giving equal chance to every Indian in the lower income segment to maximize their post tax incomes. In the old regime, an individual supporting a larger family &amp; negligible savings was forced to pay higher tax compared to an individual supporting a smaller family or one with no dependents. This created disparity when it came to effective taxation for the former group. In the new regime, the disparity ends &amp; also frees up income in the hands of individuals to give a boost to consumption. Nishant Pitti, Co-Founder &amp; CEO, EaseMyTrip: In tune with the present government vision to encourage Indian travellers to travel more and contribute towards the nation's growth, this budget takes it a step ahead. The budget has focused on promoting tourism &amp; travel with an overall budget of Rs. 2500 crores in year 2020-21. Government aims to develop 100 more domestic airports under the UDAN scheme. To promote travel via railways, the government will focus on more Tejas type trains that will connect tourist destinations in India. The Finance Minister has also laid stress on the development of archaeological sites into iconic sites with on-site museums. Five such sites are- Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur. Government has also announced the renovation of 4 key museums. Rs,150 crore have been allocated for the ministry of culture in 2020-21. We are hopeful that this budget will open new avenues for the travel industry. Sabyasachi Mitter, Founder and Managing Director of Fulcro: The key takeaway for me has been the simplification of tax regimes as well as giving a boost to consumer and investor sentiments. The removal of DDT is a significant move and long overdue as it effectively leads to double taxation. Simplification of personal Income Tax rates by giving the option to tax payers to avail the reduced tax rates by not availing deductions is a welcome step towards a future free from the historical legacy of compliance issues. The focus on encouraging start-ups is also welcome, both in terms of giving relief to the ESOP taxation which has been increased to 5 years. The turnover of availing 100% income Tax benefit has also seen two key changes; increasing the turnover threshold to 100 crores as well as increasing the block of years from which to avail three years of exemption to 10 years from the 7 years presently. All of these will increase the cash in hand of corporates, individuals as well MSMEs leading to a spur in demand. Specifically to the digital ecosystem the aggressive plans to increase the coverage of Fiber to Home being extended to 1 lakh gram panchayats will give a significant boost to the digital ecosystem. The recognition of the need for data and therefore the policy announcement on data centre parks is also a welcome move. Anish Sarkar, CEO, Sodexo BRS India: Sodexo always believes in giving our consumers the freedom of choice; the tax proposals in the budget are also on a similar philosophy. We believe that consumers should have a higher purchasing power – while this announcement will give them the power to choose their tax structure, our consumer base will continue to benefit from the current regime. Sodexo’s solution suite goes much beyond tax-saving products; driving the digitization of corporate cafeterias &amp; factories along with digitizing expense management to achieve workplace efficiency. We are very focussed on enhancing the employee experience of our clients by creating an ecosystem of value-added benefits much beyond tax savings. Devendra Shah, Chairman, Parag Milk Foods Ltd: We happily welcome the government's big push to the India's dairy industry. We are excited to be a part of the government's plan to double India’s milk processing capacity. Strategic measures like increasing the coverage of artificial insemination and eliminating Foot and Mouth Disease (FMD) and Brucellosis in cattle will result in higher yields. While such measures are welcomed, the dairy sector also needs to ensure the yearlong availability of green fodder. We can currently import the green fodder from Australia, Canada and USA. All these collectively help in Increasing milk consumption amongst urban and rural consumers thus attracting new investments and jobs. Navin Khemka, CEO, Mediacom South Asia: What is required is more purchasing power to the Indian middle class. This will help boost demand in the sluggish economy. I hope the investment in infrastructure and kisan express helps in achieving this objective in the long run. Short term, however, I think this budget is status quo. Demand growth could be sluggish and this could continue to impact media investments by corporates. Indroneel Dutt, CFO, Cleartrip: The government has backed its vision to turn India into one of the world’s top tourism hubs by allocating INR 2,500 crore for promoting tourism in general and setting aside a sum of INR 3100 crore for the Culture Ministry to boost regional tourism. What would be wonderful is to have an empowered nodal body comprising of the Govt / OTA / airline, hotel and other industry representatives with the objective of promoting discoverability, ease of booking and fulfilment of our cultural, natural and heritage sites. Introduction of more Tejas Express type trains and the inauguration of several culturally-significant archaeological sites are other much-needed moves. We also welcome the Hon’ble FM’s proposal to develop 100 more airports as well as the doubling of the airline fleet by 2024. This calls for skilled manpower development in parallel. The aim to double the fleet to 1200 in the next 3 years will certainly accelerate the passenger growth rate. Ramesh Kaushik, VP Brand Experience at Blackberrys: The government remains committed to accelerate consumption in budget 2020. Government measures of reducing corporate tax and initiatives to boost MSME sector will definitely help accelerate industrial and corporate growth in the country. Measures like simplifying GST and income tax relief are sure to give requisite push to consumer consumption and demand thereby accelerating growth across industries. Additionally allocation of funds for infrastructural development is a welcome move clearing path for expansion. We expect more measures/announcements specific to the retail industry from the government in the coming future that will give the right impetus to the industry. Sameer Makani, Co-Founder and Managing Director, Makani Creatives: Budget 2020 aims at the betterment of all sections of the society. The key highlight is certainly the tax regime where the government has proposed alternative tax policies and new rates to benefit the taxpayers. The vision to improve the start-up scenario in the country will help in creating more job opportunities and further ensuring the economic growth. The Skill development programme will enable overall personality development In comparison to budget 2019, MSMEs will experience a 71% rise over and above the budgetary allocation. Sudhanshu Agarwal, Founder &amp; Director, Citykart: The announcements made by the government in Union Budget 2020 are a promising move to boost the income and purchasing power of people. So far, the rollout of GST has resulted in gains of about Rs.1 lakh crores to consumers, which is likely to increase further with revised GST laws being implemented from April 2020. Simplification of GST norms will be significant in inspiring consumer demand &amp; consumptions and spur industrial growth. Additionally, allocation of Rs.100 lakh crores for infrastructure development also opens growth prospects for the brands in non-metro cities. However, we feel specific measures pertaining to the retail sector have still not been fully addressed in the budget. Kunal Lakhara, VP of Finance and Operations, Pocket Aces: Budget 2020's revised fiscal deficit target of 3.8% of the GDP seems more realistic and focus on spends/benefits was required to boost the economy. The thrust on entrepreneurship and tax regulations for both startups and taxpayers is a move in the right direction. India is the third largest startup hub globally and the announcement of an investment clearance cell to provide end-to-end support to startup founders will encourage more youth to be job creators. Further, the ability to defer taxes on ESOPs will democratise wealth creation for startup employees, ensuring the right talent is benefitted. Finally, the decision to grant 100% tax exemptions to sovereign wealth funds on their investment in priority sectors will provide the much needed funding boost to the sector and create value in the longer run. Sahil Vaidya, Co- Founder &amp; Director, The Minimalist: Following the announcement of the Union Budget 2020, one thing is certain, is that the Government is heavily focused on becoming an entrepreneurial superpower. By investing in the MSME sector, the Government’s support towards new companies will go a long way in producing high growth business. Furthermore, the tax waiver on ESOPs will enable more talent to place their bets on early stage disruptive start-ups, which have the potential to become the corporates of tomorrow. Among other sectors, the Budget 2020’s focus on start-ups and technology will be a boost to companies that are doing some cutting edge design thinking to enable the best of digital products for a booming digital economy. Sanil Jain, Co-founder, CupShup: The start-up ecosystem in India is not more than a decade old and has come a long way to become the third largest in the world after USA and China. 2019 was not what we can call a good economic growth year but this budget has definitely brought some relief to start-ups. The implementation of the Investment Advisory Cell will aid new start-ups. Deferring the Taxation on ESOPs is definitely a big win as it will go a long way in acquiring and retaining quality talent. While on the other hand, decreasing direct tax to a historic low of 22% will boost export opportunities and drive growth across various industries. Nikhil Mathur, Managing Director – India, GfK: The proposal to boost rural economy, infrastructure and enhance purchasing power of middle class, if implemented well would certainly be fruitful. It could further improve the consumption of consumer durable and electronics. As per GfK data, CE-MDA category registered a volume growth of ~9% in 2019/2018. I think the market is expected to grow in the back of technology companies and given the state of economy we can be hopeful of a better future. Besides, encouraging local manufacturing of mobile phones and semiconductors may fuel the ‘Make in India’ vision.

Industry experts share their optimism about Budget 2020

<div class="KonaFilter image-container display-table"><div><div class="image">REUTERS/Joshua RobertsU.S. President Barack Obama is shown on a screen as he speaks during the White House Correspondents' Association Dinner in Washington on May 3, 2014. </div></div></div>Good morning! Here's what you need to know.
Chinese manufacturing is contracting. HSBC's China manufacturing PMI climbed to <a href="http://www.businessinsider.com/april-hsbc-china-pmi-2014-5">48.3 in April</a> from 48.0 in March. However, any reading below 50 signals contraction in the industry. "These indicate that the manufacturing sector, and the broader economy as a whole, continues to lose momentum," said HSBC's Hongbin Qu. "Over the past few days, Beijing has introduced more reform measures which could support growth by inducing more private sector investment. We think bolder actions will be required to ensure the economy regains its momentum."
Warren Buffett isn't interested in war. Berkshire Hathaway held its <a href="http://www.businessinsider.com/r-buffett-defends-coke-bnsf-at-berkshire-annual-meeting-2014-03">annual shareholder meeting</a> this weekend. Buffett reminded shareholders that there was "no guarantee" Berkshire would outperform the S&amp;P 500 in every cycle. Regarding his role in Coca-Cola's controversial equity plan, he said it wouldn't have been productive to "go to war" with the board. "I think the best result for the Coca-Cola Company was achieved by our abstention, and we will see what happens in terms of compensation between now and the next meeting of Coke," he said.
Apple wins $120 million from Samsung. Apple won a patent lawsuit against Samsung. However, Samsung will only be paying Apple $120 million, which is <a href="http://www.businessinsider.com/apple-beats-samsung-in-latest-patent-trial-2014-5">far less than the $2.2 billion</a> the company was hoping for. "Today's ruling reinforces what courts around the world have already found: that Samsung willfully stole our ideas and copied our products," said Apple in a statement.
Euro zone inflation is staying low. The European Commission <a href="http://www.bloomberg.com/news/2014-05-05/eu-reduces-euro-growth-forecast-as-inflation-seen-slower.html">reduced its 2015 GDP growth forecast</a> for the euro zone to 1.7% from February's prediction of 1.8%. It also forecasted that the inflation rate would be 0.8% this year and just 1.2% next year.
JP Morgan's 'challenging environment.' On Friday afternoon, JP Morgan Chase filed its latest 10-Q, and in it the bank <a href="http://www.businessinsider.com/jpmorgan-sees-q2-market-revenue-down-20-2014-5">warned its Q2 markets revenue</a> wasn't looking great. "Based on Markets revenue results to date, which reflect a continued challenging environment and lower client activity levels, expect 2Q14 Markets revenue to be down approximately 20%+/- versus 2Q13," said the company. "The Markets revenue actual results will depend heavily on performance throughout the remainder of the quarter, which can be volatile."
Another GM recall. GM is <a href="http://www.businessinsider.com/r-gm-recalls-nearly-52000-suvs-for-inaccurate-fuel-gauge-2014-03">recalling 51,640 SUVs</a>. The recall include 2014 models of the Buick Enclave, the Chevy traverse, and the GMC Acadia. "An inaccurate fuel gauge may result in the vehicle unexpectedly running out of fuel and stalling, increasing the risk of a crash," said the National Highway Traffic Safety Administration.
Economist Gary Becker has died. Becker won the Nobel prize in economics in 1992. "The 82-year old Becker was a pioneer in using the tools of economics to analyze things that are frequently thought to be outside the realm of economics," <a href="http://www.businessinsider.com/gary-becker-on-utopia-2014-5">noted BI's Joe Weisenthal</a>. "This idea of using economics to analyze non-market things seems normal these days (the book "<a href="http://www.amazon.com/Freakonomics-Economist-Explores-Hidden-Everything/dp/0060731338">Freakonomics</a>" was all about this, and was a huge blockbuster). But when Gary Becker started doing this it was novel. And he truly taught people to see the world in new ways."
India makes the cover of Barron's. As 800 million Indians head to the polls in history's largest-ever election, <a href="http://online.barrons.com/news/articles/SB50001424053111903843804579533663172522346">Barron's Jonathan Laing</a> offers a bullish picture assuming Gujarat's Narendra Modi wins. "Modi's governance style flies in the face of Indian tradition, which has featured backroom business deals in exchange for kickbacks to circumvent the prospect of endless bureaucratic delays," wrote Laing. "Bidding on government contracts in Gujarat is done on the Internet, not over tea. Modi also has embraced privatization of key sectors like ports, water, and power, which is unusual in most of India's 28 state governments and in Delhi, where a dreamy Congress Party's predilection for socialism still holds sway despite the ideology's many failures in India since independence in 1947."
Pfizer earnings beat. Pfizer said its Q1 revenue fell 9% year-over-year to $11.35 billion. <a href="https://finance.yahoo.com/news/pfizer-reports-first-quarter-2014-110000000.html">Adjusted earnings came in at $0.57</a>, which was a bit higher than the $0.55 expected by analysts.
An update on American services. Later this morning, we'll get <a href="http://www.businessinsider.com/monday-scouting-report-may-2-2014-2014-5">two U.S. services industry reports</a>. First, we get Markit's services PMI report at 9:45 a.m ET; economists estimate the headline fell to 54.5 in April from 55.3 in March. At 10:00 a.m. ET comes the ISM non-manufacturing index; economists estimate ISM's index increased to 54.0 in April from 53.1 in March. "Early readings on the service sector for April, including the Richmond Fed survey and the flash reading of the Markit services PMI, pulled back slightly for April, but remained in positive territory," noted Wells Fargo's John Silvia.
Markets around the world are in the red. Asian market closed lower. European markets are in the red. And U.S. futures are predicting a down day.
***
Below is a Q&amp;A Business Insider's Rob Wile had with Branko Milanovic, a former World Bank economist and now a visiting professor at CUNY.
***
BUSINESS INSIDER: You appear to have been the first to review Piketty in English. How did that come about? Was there much competition to capture that byline?
BRANKO MILANOVIC: I knew that his book was about to be published and when I was in Brussels last September, I remembered that, went to a bookstore and bought Piketty's book just a couple of days after it came out in Paris. It was very prominently displayed in the bookstore. Piketty was already then very well known economist, many of the ideas discussed in the book were in some ways presented by him earlier, and there was quite a lot of anticipation "in the air." I read the book very quickly, probably in less than 3 weeks. It was an extremely impressive piece of work; it went beyond the already high expectation that I had. There was no doubt in my mind that it is one key books of the last several decades. So I wrote the review very quickly. The first draft was ready I think by mid-October. There was not much competition because I read the book so early, in French, and the timeliness of my review "competed" with French reviews of his book, not with American.
However, having said all of that I must confess that I did not expect that the reception of the book and his ideas would be so overwhelming. I do not think Piketty himself expected it. I don't think that anyone could have imagined that within a month of its publication in the United States the book would be No. 1 of all books on Amazon. 
BI: We've since been inundated with Piketty reviews. Whose have you been most impressed by?
BM: There were many excellent reviews. The ones I remember in particular were reviews by Robert Solow in The New Republic <a href="http://www.newrepublic.com/article/117429/capital-twenty-first-century-thomas-piketty-reviewed">http://www.newrepublic.com/article/117429/capital-twenty-first-century-thomas-piketty-reviewed</a>,
Paul Krugman on his blog and The New York Review of Books <a href="http://www.nybooks.com/articles/archives/2014/may/08/thomas-piketty-new-gilded-age/">http://www.nybooks.com/articles/archives/2014/may/08/thomas-piketty-new-gilded-age/</a>,
Robert Skidelsky in the Prospect Magazine <a href="http://www.prospectmagazine.co.uk/magazine/book-review-capital-in-21-century-thomas-piketty/#.U2bsBCiHhac">http://www.prospectmagazine.co.uk/magazine/book-review-capital-in-21-century-thomas-piketty/#.U2bsBCiHhac</a>. 
I also liked Doug Henwood's review published on Book Forum <a href="http://www.bookforum.com/inprint/021_01/12987">http://www.bookforum.com/inprint/021_01/12987</a>.
 A very nice review and discussion of some of Piketty's points is by Brad DeLong. <a href="http://equitablegrowth.org/2014/04/12/notes-finger-exercises-thomas-pikettys-capital-twenty-first-century-honest-broker-week-april-12-2014/">http://equitablegrowth.org/2014/04/12/notes-finger-exercises-thomas-pikettys-capital-twenty-first-century-honest-broker-week-april-12-2014/</a>
BI: What seem to you to be the most important critiques of Piketty's thesis?
BM: Leaving aside the critiques of Piketty's proposal for global taxation of capital (which are easy to make), the most serious critiques, in my opinion, are two: whether the rate of return on capital will remain higher than the growth rate of the economy despite a very large increase in the capital/income and capital/labor ratios, and Piketty's lack of attention to the rise of China, India and other emerging market economies that can, in my opinion, keep the global rate of growth at a rather high level for a century or so.
BI: Are there any misconceptions bout his findings that have started floating up that need to be nipped?
BM: I believe that some of the left-wing critiques that question the definition of capital used by Piketty are misplaced. To me his definition that includes housing together with the "productive capital" makes lots of sense. Piketty clearly says that he treats all forms of assets that yield an explicit or implicit income (owner-occupied housing yields an implicit income) as capital. That's both sensible and simple. So I do not see the point in the critiques.
Similarly, the right-wing critique that Piketty's ideas are driven by some kind of distaste for capitalism, or envy towards the rich, are, to be a bit harsh, pure nonsense. It is also meaningless to defend high incomes by invoking supposed high productivity of extremely well-paid executives or financiers, or to argue that their spending is needed to maintain aggregate demand. Surely, if maintaining high aggregate demand were a key objective, redistribution in favor of those who are poorer would be good for it because the poor spend a higher percentage of their income than the rich.
BI:For the true Piketty devotee, what's the next work of his - translated or not - that they should seek out?
BM: I don't know what would be his next book. But it seems to me that his work will first, extend in a policy area toward implementation of some form of international cooperation regarding taxation of capital, second, expand the already formidable database on top incomes that Piketty and his coauthors have created, and thirdly, do research on new topics like fiscal evasion. True worldwide inequality may be much greater than what we currently believe if we were able to account for hidden wealth.

10 Things You Need To Know Before The Opening Bell

To understand the class division in India, a simple walk during the weekend through New Delhi’s Hauz Khas Village will suffice. This narrow lane is barely 400m long, but houses some of the most hip pubs, delis, resto-bars and lounges of Delhi. And in stark contrast, you will also find here sturdy, native ‘villagers’ who are sitting on their front yards smoking ‘hookah’ and passing comments about the changing Delhi. Don’t be fooled by their get-up. They are the landlords of the area. They may not gel with the young, urban and chic crowd thronging the pubs, but they are the locals, the natives. 
 Right now, India is at a crossroads. A new government has just been elected after years of <keyword id="1575" type="ORGANIZATION" weightage="60" keywordseo="Congress">Congress</keyword> rule and the war cry of the <keyword id="58687" type="ORGANIZATION" weightage="60" keywordseo="Bharatiya-Janata-Party">Bharatiya Janata Party</keyword> (BJP), which swept the Lok Sabha polls this year, was ‘development.’ Prime Minister-elect <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> had been the chief minister of Gujarat throughout the last decade and his chant of Vibrant Gujarat, showcasing how the state has developed under his governance, is largely considered the clincher that got him the top position in the recently concluded general elections. 
 
In layman’s terms, the BJP promised more economic freedom while the Congress ran with upliftment of the poor. But going by the Lok Sabha results, most people have favoured the former concept. A hundred rupees in one’s own pocket is better than Rs 10 in everyone’s pocket – this is the attitude that has won the day. Some call it greed while others may choose to call it competition. But what cannot be denied is – all this will not lessen the gap of income inequality across the country. 
 
Thomas Piketty, a professor from Paris School of Economics, has recently penned a book called Capital in the Twenty-First Century. Like many people who are somewhat critical of how the word ‘development’ is thrown around by politicians all over the world, Piketty, too, believes that development and economic growth, while being inherently positive attributes, can eventually lead to a situation where income inequality can become a devastating tool, especially if the growth is allowed to be exploited by the elite of the society. 
 
The situation in India 
While Piketty’s book was written after he gathered research material and data from over 20 countries since the Industrial Revolution, he concedes that “there are major problems with the measurement of income inequality in India.” According to him, “India’s income tax administration has almost given up compiling detailed income tax statistics, although detailed yearly reports called All-India Income Tax Statistics are available from 1922 to 2000. This lack of transparency is problematic because self-reported survey data on consumption and income is not satisfactory for the top part of the distribution and income tax data is a key additional source of information in every country.” This makes it even more difficult to map out the <keyword id="35050" type="CITY" weightage="80" keywordseo="gdp">GDP</keyword> growth distribution in India, spread across various income segments, classes and social groups. 
 
A different history 
Piketty also points out that inherited wealth is the problem area as that is a system where merit is not what is rewarded. Instead, it is the bloodline and family ties that matter. The French economist calls it patrimonial capitalism and it is something common in all countries all over the world. But in India, this patrimonial capitalism takes a giant leap, surpassing all other countries, thanks to some India-specific reasons. 
 
First of all, in nations such as the US and the UK, inherited wealth only created a class division. Yes, the division grew bigger with more wealth accumulated, but that was it. India, on the other hand, has another skeleton in its closet – caste divisions. Historically, only Brahmins (priests) and Kshatriyas (warriors) had access to whole, rounded education. The Vaishyas (traders) were only trained in their prescribed skills while the Shudras (untouchables) had to make do with the leftovers. In other words, they did not have access to any tool that could elevate them up the caste ladder. However, reformers in the 19th century did bring about some positive changes. Later, when India gained Independence and opted for democracy, it seemed everything should work out for the well being of everyone – at least that is what the Constitution has guaranteed. 
 
How globalisation backfired In the early 90s, the <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> of the country opened its doors to the world. Subsequently, people with accumulated and/or inherited wealth made the most of it even though it is said that the middle class also flourished. But the growth of the 90s is now missing and the Indian middle class is steadily shrinking. While the upper middle class is busy accumulating what it can, the lower stratum is slipping deeper into poverty due to inflation. All this while, the elites are getting richer and all of a sudden, they have become the lenders but they are not spending as much as a vibrant middle class would. Piketty says that the top 1% in India owns 8-9% of the national income, which is significantly lesser than the US, but this does not account for inherited wealth. 
 
India has a pro-business government at the Centre now, which means some middle-class people will be getting richer. But in doing so, they will be making more money for the elites while the lower end will sink further into oblivion. The solution may lie in reforming the tax code, including income tax hike and new taxes on accumulated wealth, while that additional capital can easily fund basic necessities, such as food, housing, healthcare and education. Only then India will have the chance to grow into a superpower. Otherwise, the revolution is right around the corner.

Income Inequality In India: A Ticking Bomb With A Short
Fuse

Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> presented the Union Budg2017, his fourth annual <keyword id="6358021" type="PERSON" weightage="20" keywordseo="budget">budget</keyword>, today. The highlights of Budget 2017 are : 
 
 
Monetary policy to be expansionary in major economies 
 
More steps will be taken to benefit farmers and the weaker sections; budget being presented during weak global economy 
 Pace of remonetisation has picked up; <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> effects will not spill over to next year 
 
Functional autonomy of the railways to be maintained 
 
Demonetisation will help in transfer of resources from tax evaders to government: 
 
Merger of Railways Budget with General Budget brings focus on a multi-modal approach for development of railways, highways and inland water transport 
 
Only transient impact on economy due to demonetisation; long term benefit include higher GDP growth and tax revenue 
 
GDP will be bigger, cleaner after demonetisation 
 Effects of demonetisation not expected to spill over to the next year, says <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> 
 
 Effects of demonetisation not expected to spill over to the next year, says <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Minister 
 
 
Govt took two tectonic policy initiatives - passage of GST Bill and demonetisation 
 
Demonetisation was a continuation of series of measures taken by govt in 2 yrs; it is bold and decisive measure 
 
We are seen as engine of global growth; IMF sees India to grow fastest in major economies 
 
36 pc increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs 
 
CAD declined from 1 pc last year to 0.3 pc in first half of current fiscal: FM 
 
 
India has emerged as bright spot in the world: FM 
 
 
Uncertainty around commodity prices especially oil to have impact on emerging economies: FM 
 
Double digit inflation has been controlled; sluggish growth replaced by high growth; war on blackmoney launched: FM 
 
We have moved from discretionary based administration to policy based administration: FM Jaitley 
 
Agricultural sector is expected to grow at 4.1 per cent this fiscal, says Jaitley 
 
Demonetisation was a bold and decisive strike in a series of measures to arrive at a new norm of bigger, cleaner and real GDP 
 
Committed to double farm income in 5 yrs 
 
Plan, non-plan classification of expenditure done away with in the Budget for 2017-18 to give a holistic picture 
 
Mini labs by qualified local entrepreneurs to be set up for soil testing in all 648 krishi vigyan kendras in the country 
 
Budget presentation advanced to help begin implementation of schemes before onset of monsoon 
 
We will continue the process of economic reform for the benfit of poor 
 
Spend more in rural areas, infra, poverty alleviation, while maintaining fiscal prudence as guiding principle of Budget 
 
Our agenda for next year is to transform, energise and clean India 
 <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> expects GDP growth rate at 7.6 pc in FY18 and 7.8 pc in FY19 
 
Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation 
 
Rs 9,000 cr higher allocation for payment of sugarcane arrears 
 
Target of agriculture credit fixed at Rs 10 lakh cr in 2017-18 
 
Tax administration honouring the honest is one of the 10 pillars of Budget 2017-18 
 
National Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies 
 
133-km road per day constructred under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14 
 
Govt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore 
 
1 cr households to be brought out of poverty under Antodya Scheme 
 
Participation of women in MNREGA increased to 55 pc from 45 pc in past 
 
Modern law on contract farming will be drafted and circulated to states 
 
Dedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore 
 
Market reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act 
 
Space technology to be used for monitoring MNREGA implementation 
Sanitation coverage in villages has increased from 42 pc in Oct 2016 to 60 pc, a rise of 18 pc, says FM 
 
We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations 
 
To construct one crore houses by 2019 for homeless. PM Awas Yojana allocation raised from Rs 15,000 cr to Rs 23,000 cr 
 
100 pc electrification of villages to be completed by May 2018 
 
27,000 cr on to be spend on PMGSY; 1 cr houses to be completed by 2017-18 for houseless 
 
PM Kaushal Kendras will be extended to 600 districts; 100 international skill centres to be opened to help people get jobs abroad 
 
The allocation for rural agri and allied sector in 2017-18 is record Rs 1,81,223 crore 
 
In higher education, we will undertake reforms in UGC, give autonomy to colleges and institutions 
 
A system of annual learning outcome in schools to be introduced; innovation fund for secondary education to be set up 
 
Two new AIIMS to be set up Jharkhand and Gujarat 
 
New rules regarding medical devices will be devised to reduce their cost 
 
1.5 lakh health sub centres to be converted to Health Wellness Centres 
 
National Housing Bank will refinance indiviual loans worth Rs 20,000 crore in 2017-18 
 
Rs 500 cr allocated to set up Mahila Shakti Kendras; Allocation raised from Rs 1.56 lakh cr to Rs 1.84 lakh cr for women &amp; child welfare. 
 
Capital and development expenditure pegged at Rs 1.31 lakh cr for railways in 2017-18 from Budget 
 
Allocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr, a rise of 35 per cent 
 
35 pc increase in allocation for SC to Rs 52,393 cr 
 
For senior citizens, Aadhaar based health cards will be issued 
 
Model Shops and Establishment Bill to open up additional opportunities for employment of women 
 
Select airports in tier-II cities to be taken up for operations, development on PPP mode 
 
New metro rail policy to be unveiled 
 
Railway tariffs to be fixed on the basis of cost, social obligation and competition 
 
Service charge on e-tickets booked through IRCTC will be withdrawn 
 
Delhi and Jaipur to have solid waste management plants and five more to be set up later 
 
Government proposes Coach Mitra facility to redress grievances related to rail coaches 
 
500 stations will be differently abled by providing lifts and escalators 
 
Unmanned railway level crossings to be eliminated by 2020 
 
Railway line of 3,500 km will be commissioned in 2017-18 as against 2,800 km in 2016-17 
 
Total allocation for rural, agri and allied sectors for 2017-18 is a record Rs 1,87,223 cr, up 24 per cent from last year 
 
Rs 1 lakh cr corpus for railway safety fund over five years 
 
A scheme for senior citizens to ensure 8 per cent guaranteed returns 
 
Dedicated micro-irrigation fund to be set up by NABARD to achieve mission of Per Drop, More Crop 
 
Digi Gaon will be launched to promote tele-medicine and education 
 
Crude oil strategic reserves to be set up in Odisha and Rajasthan apart from 3 already constructed 
 
Coverage of Fasal Bima Yojana to go up from 30 pc of cropped area to 40 pc in 2017-18 and 50 per cent next year 
 
For transport sector, including railways, road and shipping, government provides Rs 2.41 lakh crore 
 
Allocation of Rs 10,000 cr for Bharat Net project for providing high-speed broadband in FY18 
 
Allocation for national highways stepped up to Rs 64,000 cr from Rs 57,676 cr 
 
Budget allocation for highways stepped up to Rs 64,000 crore in FY18 from Rs 57,676 crore 
 
Dispute resolution in infrastructure projects in PPP mode will be institutionalised 
 
Rs 2,74,114 crore allocated for defence expenditure, excluding pension; This includes Rs 86,000 crore for defence capital 
 
Govt to further liberalise FDI policy 
 
Over 90 per cent of FDI proposls are now processed through automatic route 
 
FIPB will be abolished 
 
Trade Infrastructure Export Scheme to be launched in 2017-18; total allocation for infra at record Rs 3.96 lakh cr 
 
Second phase of solar power development to be taken up with an aim of generating 20,000 MW 
 
After demonetisation on Nov 8 last year, deposit of between Rs 2 lakh and Rs 80 lakh made in 1.09 cr bank accounts at an average of Rs 5.03 lakh till Dec 30 
 
More funds beyond Rs 10,000 cr for recapitalisation of banks will be provided if needed 
 
The shares of railway CPSCs like IRCTC and IRFC to be listed on various stock exchanges 
 
We are largely a tax non-compliant society 
 
New ETF with diverse stocks will be launched in 2017-18 
 
Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried 
 
Integrated public sector oil major to be created to match global giants 
 
Govt will amend the Multi-state Cooperative Act to protect the poor and gullible investors 
 
Urgent need to protect poor from chit fund schemes, draft bill placed in public domain 
 
Computer emergency response team to be set for cyber security of financial sector

Union Budget 2017: Here are the highlights so far

<div class="KonaFilter image-container float_right"><div class="image on-image">REUTERS/Adnan Abidi</div></div>The biggest story in <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> these days continues to be the May 2014 elections and what they could mean for India's economy which is growing at its slowest pace in a decade.
Naturally analysts have been weighing in on the elections.
But a <keyword id="6361649" type="CITY" weightage="60" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> note titled 'Modi-fying our view: raise India to Marketweight,' which references Indian prime ministerial hopeful Narendra Modi, is kicking up a storm in India. 
The note by Sachs' Timothy Moe and his team cites six key reasons for this change. But it is the first reason: "optimism over political change, led by BJP's prime ministerial candidate Mr. Modi, is dominating economic concerns," that sparked the outrage.
Moe argues that Modi and his Bharatiya Janta Party (BJP), the opposition party at the moment, have in the past focused on infrastructure and capital spending and that "a BJP-led government may be beneficial for the investment demand pick up, in our view."
Here's more from Moe and his team:
"Currently, the macro challenges that India faces in terms of external and fiscal imbalances, high inflation and tight monetary policy are being dominated by expectations of political change, specifically that the BJP- led National Democratic Alliance (NDA) could prevail in the next parliamentary elections that are due by May 2014.
"Equity investors tend to view the BJP as business-friendly, and the BJP's prime ministerial candidate Narendra Modi (the current chief minister of Gujarat) as an agent of change. Current polls show Mr. Modi and the BJP as faring well in the five upcoming state elections, which are considered lead indicators for the general election next year. Even though the actual general election outcome is uncertain, the market could trade this favorably over the next 2 quarters, which argues for modifying our stance."
Commerce minister Anand Sharma, who is a member of India's Congress party that is part of the ruling coalition, told reporters the note was "inappropriate and objectionable." Here's<a href="http://economictimes.indiatimes.com/et-now/daily/goldman-sachs-report-on-india-inappropriate/videoshow/25453594.cms"> his reaction (via The Economic Times):</a>
"We don't need this kind of daily certification or assurance. We are a self confident nation. We surely would not be entertaining prescriptions when it comes to Indian democracy from those who are totally disconnected. We have more than 800 million voters, any prescription would be insulting their collective wisdom and they should refrain from that. 
"...These reports could also be colored, influenced, and these are most inappropriate and objectionable.
Goldman Sachs has come out in defense of the report <a href="http://www.dnaindia.com/money/report-no-political-bias-in-report-on-india-goldman-sachs-1915815">(via DNA India): </a>
"Our Asia Pacific Portfolio Strategy report... contains no political bias nor any political opinion by Goldman Sachs or its analysts. It simply notes that investor sentiment is being influenced by party politics. We stand by that assertion and by our research."
In case you were wondering, here are the other five reasons Moe and his team upgraded their view on India.
<ol>
<li>External pressures have let up.</li>
<li>"Early signs of cyclical pick up and structural improvement."</li>
<li>The earnings outlook has improved.</li>
<li>Midrange valuations are not a constraint on the market and mid-cap stocks look attractive.</li>
<li>Foreign inflows have been strong and redemption by domestic institutions and investors could ease.</li>
</ol>

A Goldman Sachs Report On The Upcoming Elections Has Kicked Up A Storm In India

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Of all the fast-growing BRIC countries, only India stands strong right now. Its economy seems perfectly structured to handle our delicate, and dangerous, global market.
A year and a half ago, emerging markets fell into chaos when the Federal Reserve signaled that the American economy had improved enough to end its asset-buying program, and investors began pulling out of foreign markets. 
India was in a vulnerable place then - its current account deficit had been at 6.9% in late 2012, and outflows hit the economy hard. Plus, inflation was on the rise and growth was stagnating.
But today, while much of the world is in dark place economically - Brazil is embroiled in a <a href="http://www.businessinsider.com/r-morgan-stanley-sees-petrobras-scandal-write-offs-of-as-much-as-81-billion-2014-11">corruption scandal,</a> <a href="http://www.businessinsider.com/afp-russia-to-lose-some-40-bn-a-year-due-to-sanctions-minister-2014-11">sanctions</a> continue to constrain Russia's economy, China is slowing down, and <a href="http://www.businessinsider.com/europes-policies-are-failing-the-unemployed-2014-11">unemployment persists</a> in the EU - India stands out as a star performer: the one emerging market perfectly positioned for growth. 
So how did massive, decentralized India - home to 1.3 billion people, five major religions, and more than 20 official languages - get to this point? 
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
Let's start with Modi. 
In May's general election, Narendra Modi shot to power with a 52 percent majority for his Bharatiya Janata Party (India's first majority government in 30 years) and some serious promises to whip the economy into shape.
He'd campaigned as a pro-business candidate who turned his home state, Gujarat, into a flourishing investment destination. So, with a comfortable cabinet majority, everyone hoped he could pull off reforms at the national level too. 
One early challenge was the budget, which came out in July. With it, Finance Minister Arun Jaitley announced plans to reduce the fiscal deficit, cut subsidies, invest in infrastructure, boost domestic savings and investment, and introduce a GST. 
The new administration also cut down the number of cabinet members to reduce inefficiencies and began <a href="http://www.businessinsider.com/r-big-brother-modi-is-watching-indias-bureaucrats-2014-10" target="_blank">tracking public employees' attendance</a> at work with a video surveillance system. 
Six months into power, Modi's government has made important strides toward economic growth, and it has already started to <a href="http://www.businessinsider.com/world-market-rally-continues-2014-11">boost investor confidence</a>: 
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
But Modi is not the only reason investors are so confident. 
India is also one of the least-exposed emerging markets to China, which is now facing mounting deflation fears, a collapsing housing market, and an economy growing at its <a href="http://www.bloomberg.com/news/2014-11-08/china-exports-bolster-economy-as-external-demand-strengthens.html">slowest rate in decades</a>.
<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"></div></div></div>Though China and India share a 2520-mile border, they have never been great friends, and now that strained relationship is helping India. 
Researchers predict India will focus increasingly on import substitution and domestic demand-led growth going forward. It's better-suited to do this than most countries, because its reliance on external demand is already so low. 
Favorable demographics also help the picture: India's dependency ratio is declining and almost 30 percent of the population is <a href="http://www.businessinsider.com/8-charts-that-show-how-indias-prime-minister-plans-to-copy-chinas-growth-boom-2014-9">under the age of 14</a>. Those people will make up the country's consumers, employers, workers, and taxpayers in the decades to come. 
Think of how different that is from China's <a href="http://uk.businessinsider.com/the-one-terrifying-chart-that-shows-a-massive-chinese-slowdown-is-totally-unavoidable-2014-11">demographic future</a> where an aging population will eventually make for a high dependency ratio. 
Not bad, India. Here's what else is going on: 
<ul>
<li>Consumer confidence is growing: auto sales grew at 20 percent in September and October and mobile phone subscriptions grew at more than 10 percent YOY last month (India doesn't release retail sales data) </li>
<li>The rupee has been on a steady decline, making it super-competitive in the region: right now it's trading at 0.016 to the dollar</li>
<li>Industrial output is on the up and up</li>
<ul>
<li>? Last month, India was the only country in Asia with positive PMI growth, at 51.6, up from 51.0 in September </li>
<li>? In September, industrial production surpassed expectations: factory output jumped to 2.5 percent YOY, up from 0.5 percent YOY in August </li>
</ul>
<li>Inflation is dropping: at 5.5 percent in October, down from 6.5 percent in September, CPI was well below the government's 2016 target</li>
</ul>
India has made more progress than any other emerging market in lowering its current account deficit - and vulnerability to outflows - since the Fed shocked the markets last year by threatening to stop its bond-buying program. Right now the deficit is just 1 percent of GDP. 
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
With the recent drop in global oil and gold prices - which, together, make up 45 percent of India's imports - researchers at Capital Economics predict India could be running a current account surplus over the coming months.
The Modi government has taken big steps toward reducing debt - cutting diesel subsidies by half, increasing taxes on diesel and petrol, and marketing its stakes in Coal India and the Oil and Natural Gas Corporation.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
Despite these efforts, India will probably miss its fiscal target (of 4.1 percent in F2015). That's due in part to a high base-line left behind by the previous administration.
But, according to researchers at Lombard Street Research, it might not be such a bad thing. The economy is running below capacity right now, and a little extra spending could help give it a boost.
So basically India's looking pretty good... but Modi's administration does have its critics. 
The new debt-reducing policies are definitely unpopular: in June, protestors around the country <a href="http://www.theguardian.com/world/2014/jul/07/india-railway-fare-rises-spark-protests">took to the streets</a> when the government raised train fares by 14.2 percent. Freight fares jumped 6.5 percent. 
(Riots are old news for the 64-year-old Prime Minister, who faced criticism as chief minister of Gujarat for allegedly condoning anti-Muslim violence in 2002. The U.S, UK, and EU boycotted him for a while, and today he's still widely regarded as a Hindu nationalist.)
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Now, Modi maintains a steady focus on the economy, which is not yet in the clear. 
GDP growth is sliding. Exports were down 5 percent YOY in October and GDP growth weakened to 5.3 percent last quarter from 5.7 percent in Q2. 
That's partly a result of slow global demand (hence wanting to boost domestic demand) and partly due to supply-side constraints, like a <a href="http://articles.economictimes.indiatimes.com/2014-07-14/news/51484976_1_coal-mines-power-minister-piyush-goyal-india">tight supply of coal</a>. 
Structural reforms are needed, but in the world's largest democracy, that will take time. Nobody's holding out for a big bang or sudden change.
But Modi supporters say he's got this.
The winter parliamentary session kicked off this week, and reforms in <a href="http://firstbiz.firstpost.com/economy/rbi-ready-to-give-banks-flexibility-to-restructure-stressed-loans-110130.html">finance</a>, <a href="http://firstbiz.firstpost.com/corporate/govt-plans-double-coal-india-production-2019-110124.html">infrastructure</a>, taxation, labor, and land acquisition will be top of the agenda.
Also this week, U.S. Trade Representative Michael Froman flew to Delhi for trade talks, and in January, President <a href="http://articles.economictimes.indiatimes.com/2014-11-23/news/56385217_1_pm-modi-strong-message-republic-day">Obama will come to visit</a> for India's Republic Day celebrations.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>It's a bit of a change since 2002, when the U.S. denied Modi entry after his alleged involvement in the Gujarat riots. But as other countries face economic woes, India is becoming an increasingly important business partner for America. 
Meanwhile, for India, weak export demand could be the biggest obstacle to economic ascent, so the U.S., a major buyer of India's goods, would play an important role in the country's success. 
So even if dreary global demand does pull India down, it very likely won't fall as far as everyone else. 
That would still be a victory.

India Is The Last BRIC Standing

MUMBAI: The markets are on a roll, with the <keyword id="6484188" type="CITY" weightage="20" keywordseo="Sensex">Sensex</keyword> and Nifty making fresh life highs, led by gains in banks, auto and energy counters. 
 
The new life high for Sensex is 26,356.24; and that for Nifty is 7,865.85. 
 
The Nifty extended its winning streak for fifth consecutive session and hit an all-time high as FIIs continued to pump in dollars in Indian markets on expectations of pick-up in economy 
 
Sudip Bandyopadhyay, President, Destimoney Securities, is of the view that the market will continue to move upwards. 
 
“A lot of FIIs money is coming out of Russia into Indian markets through BRICS fund. Domestic investors are also entering the market and that is providing support,” said Bandyopadhyay. 
 
At 2:02 p.m.; the 50-share index was at 7,860.95, up 69.25 points or 0.89 per cent. It touched an all-time high of 7,865.85 and a low of 7,779.20 in trade today. 
 The S&amp;P <keyword id="35140" type="CITY" weightage="20" keywordseo="BSE">BSE</keyword> Sensex was at 26,340.82, up 237.59 points or 0.91 per cent. It touched an all-time high of 26,356.24 and a low of 26,075.28 in trade today. 
 
Sandeep Tandon of Quant Broking is of the view that market went through consolidation in the last three months. It is light at the moment and looks set for next leg of upmove. 
 
The CNX Midcap Index rallied 1.27 per cent and the CNX Smallcap Index surged 2.10 per cent. 
 
Among the sectoral indices, the CNX Bank Nifty was up 1.49 per cent, the CNX Auto Index gained 1.02 per cent, the CNX Energy Index rose 1.42 per cent. 
 
The CNX FMCG Index was down 0.75 per cent and the CNX IT Index slipped 0.51 per cent. 
 BPCL (up 5.25 per cent), <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword> (up 3.11 per cent), <keyword id="45008" type="CITY" weightage="20" keywordseo="Tata-Power">Tata Power</keyword> (up 3.04 per cent), BHEL (up 2.91 per cent) and Tata Motors (up 2.87 per cent) were among the major Nifty gainers. 
 
ITC (1.92 per cent), Infosys (1.01 per cent), HCL Tech (0.80 per cent), HDFC (0.70 per cent) and TCS (0.68 per cent) were among the index losers. 
 
The market breadth was positive on the NSE with 1090 gainers against 425 losers. 
 
Foreign institutional investors were net buyers worth Rs 625.18 crore and domestic institutional investors were net buyers worth Rs 135.75 crore on Thursday as per the provisional data from the National Stock Exchange. 
 
D-Street highlights @ 2 pm 
 
Cairn India: Plan pipeline to connect field to Gujarat gas grid 
 
Cairn India: Sees significant gas volume potential in Rajasthan 
 
Cairn India: Raageshwari deep field may hold 1-3 TCF gas 
 
ET NOW ALERT: Top Gainer On CNX Small Cap Index Alok Inds Price:12.3 Change: +1.35 Percent Change: +12.33% 
 
ET NOW ALERT: Up For 2nd Day CNX SMALL CAP Price:4979.95 Change: +118.3 Percent Change: +2.43% 
 
ET NOW ALERT: Top Gainer On CNX 200 Index AIA Engineering Price:844 Change: +56.6 Percent Change: +7.19% 
 
Sources Say: JSW Energy in talks to buy Bina, Nigrie power assets of JP Power 
 
Sources Say: JSW Energy says: Continue to evaluate opportunities 
 
Sources Say: Bina Power Plant's EV is pegged at around Rs 3,500 cr 
 
Sources Say: Alert: JP's Nigrie Thermal Power project to have capacity of 1,320 MW 
 
ET NOW ALERT: All 12 lenders in Bank Nifty post gains
<div style="page-break-after: always;">
	&#xa0;</div>
Tata Motors To ET NOW: Plan to increase exports by 25% over the next 3 years 
 
Tata Motors To ET NOW: Co to launch 25 new commercial vehicles in FY15 
 
Tata Motors To ET NOW: Will spend Rs 1,200-1,500 cr this fiscal on new product development 
 
Tata Motors To ET NOW: Expect FY15 M&amp;HCV sales to be 10% higher than last fiscal 
 Adrian Mowat: <keyword id="16898" type="PERSON" weightage="20" keywordseo="Spike">Spike</keyword> in crude oil prices can derail India's growth story 
 
ET NOW ALERT: Hits Fresh Record High SENSEX Price:26297.42 Change: +194.19 Percent Change: +.74% 
 
Adrian Mowat: Underweight on consumer staples, defensive stocks 
 
Adrian Mowat: India's divestment programme has potential to take mkt higher 
 
@ 1 pm 
 
Quant Broking: Bullish on IT stocks on good US economic recovery 
 
Quant Broking: Not optimistic on auto stocks currently 
 
Quant Broking: Positive on mid-cap pharma, cement stocks 
 
Quant Broking: Bullish on pharma, cement, IT banks, PSU oil &amp; gas stocks 
 
Quant Broking: Market is poised for next leg of the bull rally 
 
ET NOW ALERT: Hits Fresh Record High NIFTY Price:7840.3 Change: +48.6 Percent Change: +.62% 
 
JUST NOW: Harsh Mariwala raises stake in Marico Kaya to 2.21% from 1.94% 
 
Atlanta: Signed an agreement with Gujarat Govt to set up entertainment city 
 Fin Min Sources: Alert: In 2008, UTI AMC deferred <keyword id="6354763" type="EVENT" weightage="20" keywordseo="IPO">IPO</keyword> plans 
 
Fin Min Sources: Alert: SBI, BoB,PNB,LIC currently hold 74% stake in UTI AMC 
 
Fin Min Sources: SBI, BoB, PNB to seek board approval to cut stake in UTI AMC 
 
Fin Min Sources: Government looking to list UTI AMC 
 
@ 12 pm 
 
Edelweiss Financial: Q1 IIP growth has been at 4%, indicating a sharp pick up 
 
Edelweiss Financial: Expect exports to grow at 7-8% on a monthly basis 
 
Edelweiss Financial: Need to monitor export demand from US, Europe &amp; Japan 
 
Edelweiss Financial: Trade deficit is not a concern at current juncture 
 
Edelweiss Financial: Agri output remains weak due to delayed monsoon 
 
Edelweiss Financial: Lower crude oil prices will help inflation to cool off as well 
 
Edelweiss Financial: Crude oil prices correcting is positive for twin deficits 
 
Mythili Bhusnurmath: IEA has stated oil consumption may be lower than last year 
 
Mythili Bhusnurmath: Most economic data is within consensus estimates 
 
Mythili Bhusnurmath: Economic data in Q1 has not been disappointing 
 
Mythili Bhusnurmath: Expect EXIM policy to be announced by end of the month 
 
Reliance Comm: Expect to bring down debt by another Rs 10,000 cr 
 
Reliance Comm: Net debt to EBITDA ratio to be below 2.5-3 levels 
 
Reliance Comm: Thrust on CDMA biz has helped achieve a turnaround 
 
Reliance Comm: Had a healthy revenue growth of Rs 4,571 cr, up 2% QoQ 
 
Reliance Comm: Net debt on books at Rs 35,500 cr from Rs 40,000 cr previously 
 
Reliance Comm: Raised Rs 6,100 cr in Q1 via QIP; Promoters invested Rs 1,300 cr 
 
@ 11 am 
 
Meghmani Organics: Have completed investments in capex for FY15 
 
Meghmani Organics: Aim to grow by 25% in topline &amp; bottomline in FY16 
 
Meghmani Organics: PAT likely to be around Rs 55 cr in FY15 
<div style="page-break-after: always;">
	&#xa0;</div>
Meghmani Organics: Expect a topline of Rs 1,550 cr &amp; EBITDA of Rs 250 cr for FY15 
 
Meghmani Organics: Target a business of Rs 600 cr for agro chemicals segment 
 
ET NOW ALERT: 1.21 Lk Shares Trade In A Block Axis Bank Price:382.7 Change: +4.9 Percent Change: +1.3% 
 <keyword id="6358584" type="CITY" weightage="20" keywordseo="HSBC">HSBC</keyword> AMC: Constructive on select financial stocks 
 
HSBC AMC: NPAs for banks will remain a overhang till economy recovers 
 
HSBC AMC: Expect a real change in economy only by 2015 
 
ET NOW ALERT: 50,000 Shares Trade In A Block Ambuja Cem Price:214.85 Change: +3.95 Percent Change: +1.87% 
 
HSBC AMC: Recommend being invested in quality stocks 
 
HSBC AMC: Will remain selectively invested in consumer stocks 
 
HSBC AMC: Oil &amp; gas stocks will move up if under-recoveries continue to fall 
 
HSBC AMC: Upside in auto stocks seem to be overstated 
 
HSBC AMC: Will adopt a wait &amp; watch strategy on oil &amp; gas stocks 
 
RCF Says: Need to look for overseas JVs for phospahtic fertiliser 
 
RCF Says: Govt is looking at restarting urea plants which have shutdown 
 
RCF Says: Gas availability &amp; pricing issues need to be sorted for fert sector 
 
@ 10 am 
 
Reliance Capital: Waiting for all bank licence guidelines before applying 
 
Reliance Capital: Expect profit growth of 15% to continue for AMC biz 
 
Reliance Capital: Commercial finance loans have grown by 10-11% on YoY basis 
 Reliance Capital: Premium growth in general <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> at 11% in Q1 
 
Adi Godrej: Govt's reforms need to be implemented quickly 
 
Adi Godrej: Hope GST is implemented by April 2015 
 
Adi Godrej: PM Modi's August 15 speech will have an impact 
 
Dimensions Consulting: Have been building position in Reliance Infra 
 
Dimensions Consulting: Jubilant Foods is an expensive stock at current levels 
 
Dimensions Consulting: Prefer Indian Oil &amp; BPCL to ONGC 
 
Dimensions Consulting: Remain bullish on Pharma, FMCG, IT sectors 
 
Dimensions Consulting: Will focus on quality stocks which aren't highly leveraged 
 
ICICI Direct: Prefer TCS to Infosys at current juncture 
 
United Bank: Bank consolidation will be positive for the sector 
 
ICICI Direct: New management of Infosys will be positive for stock 
 
United Bank: Bhushan Steel remains a standard account 
 
United Bank: Bankers to meet on Bhushan Steel loans today 
 
United Bank: Set a target of Rs 1,200-1,300 cr for recovering bad loans 
 
ET Now spoke to various experts and here's what they have to recommend for today's trade: 
 
Ashwani Gujral of ashwanigujral.com 
 
Yes Bank Ltd is a 'BUY' call with a target of Rs 575 and a stop loss of Rs 540 
 
Bharat Forge Ltd is a 'BUY' call with a target of Rs 790 and a stop loss of Rs 766 
 
IndusInd Bank Ltd is a 'BUY' call with a target of Rs 575 and a stop loss of Rs 540 
 
RIL Ltd is a 'BUY' call with a target of Rs 1040 and a stop loss of Rs 990
<div style="page-break-after: always;">
	&#xa0;</div>
Sandeep Wagle, Founder &amp; CEO, Power My Wealth 
 
Yes Bank Ltd is a 'BUY' call with a target of Rs 575 and a stop loss of Rs 544 
 
BPCL is a 'BUY' call with a target of Rs 688 and a stop loss of Rs 623 
 
AIA Engineering Ltd is a 'BUY' call with a target of Rs 910 and a stop loss of Rs 826 
 
Tata Motors Ltd is a 'BUY' call with a target of Rs 528 and a stop loss of Rs 480 
 
Prakash Gaba, CFT, prakashgaba.com 
 
HDFC Bank Ltd is a 'BUY' call with a target of Rs 845 and a stop loss of Rs 825 
 
Tata Motors DVR is a 'BUY' call with a target of Rs 370 and a stop loss of Rs 345 
 
ZEE Entertainment Ltd is a 'BUY' call with a target of Rs 285 and a stop loss of Rs 273 
 
Abhishek Karande, CMT, Technical Analyst - Institution Research, SBICAP Securities 
 M&amp;M <keyword id="6354241" type="COMPANY" weightage="20" keywordseo="Financial-Services">Financial Services</keyword> Ltd is a 'BUY' call with a target of Rs 300 and a stop loss of Rs 248 
 
HPCL is a 'BUY' call with a target of Rs 465 and a stop loss of Rs 409 
 
UltraTech Cements Ltd is a 'BUY' call with a target of Rs 2850 and a stop loss of Rs 2610 
 
Mayank Mehta, Derivative Analyst, KIFS Securities 
 
IndusInd Bank Ltd is a 'BUY' call with a target of Rs 575 and a stop loss of Rs 525 
 
Hero MotoCorp Ltd is a 'SELL' call with a target of Rs 2450 and a stop loss of Rs 2600 
 
Lupin Ltd is a 'BUY' call with a target of Rs 1225 and a stop loss of Rs 1150 
 
A K Prabhakar, Independent Market Expert 
 
L&amp;T Ltd is a 'BUY' call with a target of Rs 1600 and a stop loss of Rs 1480 
 
Yes Bank Ltd is a 'BUY' call with a target of Rs 610 and a stop loss of Rs 538 
 
Rallis India Ltd is a 'BUY' call with a target of Rs 254 and a stop loss of Rs 214 
 
(Views and recommendations expressed in this section are the analysts' own and do not represent those of EconomicTimes.com. Please consult your financial advisor before taking any position in the stocks mentioned.)

Markets Hit Fresh Life Highs And Experts Say Bull Run Is On; Top 20 Stock Bets

Modi Government is about to complete one year in office and one year is a significant time for understanding the intent and to some extent the performance of any government. <keyword id="2403978" type="ORGANIZATION" weightage="80" keywordseo="The-Modi-government">The Modi government</keyword> had won the election on the plank of development and its promise to bring ‘acche din’. The article tries to trace some of the promises that were made and the performance of the government during the previous year under various broad themes. 
 
Economy- The government has been helped by what a prominent editor termed ‘acche sitare’, ‘good luck’. It is no doubt true that fall in commodity prices in general and crude oil, in particular, helped the government reign in the <keyword id="6365485" type="UNKNOWN" weightage="80" keywordseo="fiscal-deficit">fiscal deficit</keyword> and give it headway to make fiscal policies for the country. The fiscal deficit target for 2015-16 has been the pegged by the budget to 3.9%. While this is little above than recommendations of the Fourteenth <keyword id="74136" type="ORGANIZATION" weightage="80" keywordseo="finance-commission">Finance Commission</keyword> ( which recommended it to be 3.6 percent of the <keyword id="35050" type="CITY" weightage="80" keywordseo="gdp">GDP</keyword>), the government has understandably batted for growth. The government still is slowly but surely moving towards the limit set by FRBM (Fiscal Responsibility and Budgetary Management) Act, 2003 that pegged the target at a maximum level of 3% of the GDP. The government has also tried to help the <keyword id="34412" type="ORGANIZATION" weightage="80" keywordseo="economy">economy</keyword> gain momentum by enabling legislation for reforms. These included trying to go in for a major reform in the indirect taxation regime as well as accepting the recommendations of Fourteenth <keyword id="25455" type="ORGANIZATION" weightage="80" keywordseo="finance">Finance</keyword> Commission in respect to revenue sharing with states. It was ostensibly done to ensure a spirit of ‘cooperative federalism’ between states and center, as well as greater financial devolution to states. The figure now stands at 42% of the total revenue collection up from the earlier 32%. Also, the year saw growth forecasts been revised for India by a number of International Bodies and agencies. The IMF revised its forecasts to 7.5 % In 2015 in its WEO April 2015 forecast. It was up from the 6.4 projected for 2015 in the WEO April 2014 forecast. Similarly, the Asian Development Bank in its Asian Development Outlook 2015, indicated a bettering economy with less than 5 percent core <keyword id="22195" type="COMPANY" weightage="80" keywordseo="Inflation">inflation</keyword>. They also alluded to the new monetary policy framework according to which RBI, India's central bank is to play the role of price stabilization primarily while being mindful of growth. With the policy framework in place, the central bank will be maintaining the inflation target of 4±2 % from FY 2016 onwards. Thus with an overall bettering situation a total score of 7.5 out of 10. 
 
Foreign Engagement and Defence- Foreign engagement was by far the area where the most vigorous activity and keen intent were observed. The sphere saw initiatives undertaken by the PM himself to make India more noticeable as well as more integrated with the International sphere. It included among many things, trips to foreign countries both in the neighbourhood as well as to countries like Germany, France, Australia, US, Canada and most recently beginning May 14, 2015 his trip to China. The engagement also saw a large number of foreign dignitaries coming to India from across the world. The engagement also saw bilateral agreements as well as plans to invest in India's development by countries and companies abroad, most notably by Japan, US and China. Also, steps to resolve contentious issues have been undertaken pertaining to the border areas with neighbours. It includes the recently passed Bangladesh Land Accord Bill that envisages transferring enclaves and demarcation of the boundary along the present porous borders. Also, in the broad sphere of defence the decision to acquire 36 Rafale fighter jets is a welcome step. More such acquisitions will have to be made since these 36 planes would add just two squadrons to thirty-five squadrons that IAF has. It is below an authorized strength of forty-two which will be down to twenty- five by 2022. It means we must speed up the process of defense acquisitions since there is urgent need to upgrade and modernize the armed forces and security apparatus in India. Overall a score of 8.5 out of 10 foreign engagement and 7.5 out of 10 on defence. 
 
 
Agriculture- Here the government has not been able to do that well, and it is understandable because there has been erratic weather accentuated by some mismanagement by the government. The sector is critical as most people are dependent on it for employment. Added to the weather were the issues of land acquisition and urea availability to farmers. Land Acquisition Bill though being blocked by the opposition on the farmer rights plank is linked directly to the development of clusters and employment of youth for especially rural areas. The focus of the government seems to be the development of irrigation facilities under its Pradhanmantri Krishi Sinchai Yojana. A fund was proposed to be set up for marginalized farmers with a corpus of Rs. 25000 crores in NABARD. An overall score of 6.5 on 10. 
 
Industrial policy and power- Industrial policy saw a continuity from the previous regime. The National Manufacturing Policy (NMP) was hailed by the 'Make in India' as the 'most comprehensive and significant policy initiative of the government'. The 'Make in India' is an initiative that is critically dependent on other factors. These include availability of land, ease of doing business as well as removal of inverse duty structures that make imports of finished products cheaper than finished products. Apart from this labour policies that favour flexibility in hiring and firing are also seen to be the main bottlenecks. While the government has taken some steps to rectify, these bottlenecks outcomes are yet to be seen. Similarly, the <keyword id="44528" type="ORGANIZATION" weightage="80" keywordseo="FDI">FDI</keyword> policy has seen incremental reforms with the opening up of <keyword id="35450" type="COMPANY" weightage="80" keywordseo="insurance">insurance</keyword> and defence sectors further to 49% from the earlier limit of 26%. Both these are positive steps for the economy. Greater structural changes could have been undertaken in these spheres especially with the mandate, but nonetheless significant work is been done. In the power sector, much has been achieved. It included the successful auction of the coal mines, which is slated to rope in a massive 15 lakh crore over the 30-year timeframe if all the mines are auctioned and are working at optimum output. Apart from this coal production was at an all-time high as well as the government seems on track to meet the power requirements of the country. Overall a score of 6.5 for industries and a score of 8 for power out of 10. 
 
Education- The countries' education system can broadly be classified under two broad areas- higher education and school education. There are several schemes that are operational under these. The government in the past one-year has come up with several new initiatives including the Beti-Bachao Beti Padhao Abhiyan, Swachh Vidyalaya and GIS Mapping of schools and has opened several new institutions. However, the fact remains that despite all government’s initiatives most people if given a choice, prefer private schooling since it gives their children a competitive edge later on in their careers. The governments of the past have failed in this and correcting this anomaly will take time. Also, in respect to higher education the government seems keen to have holistic development with several new AIIMS, IIM and IIT like institutions being opened in states that have a paucity of these. What remains to seen is how quality and not just quantity is pursued within these institutions while ensuring regional development. An overall score of 6.5 on 10. 
 
Infrastructure- The primary focus of the government in this sphere is up-gradation of existing and quick development of new infrastructure. The first can be observed in the push for railway up-gradation and improvement in customer service. The second can be observed more in the highways sector with the minister setting himself a target of 30 km a day by 2017. In March this year 11 km of roads were being laid. The broad ambit of infrastructure covers the development of roads, highways, ports, airport, waterways, canals, and railways. It is too early to judge the government's progress on the same however the fact that there is clearance for projects worth close to Rs. 6 lakh Crore across 10 key sectors. It shows intent on the part of government for infrastructure development. Overall a score of 7.5 on 10. 
 
Social Schemes- The social schemes of the government have been particularly impressive. These include the <keyword id="2494045" type="UNKNOWN" weightage="80" keywordseo="jan-dhan">Jan Dhan</keyword> Yojana, Pradhan Mantri Jivan Jyoti Bima Yojana (PMJJBY) Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana and many other social missions like the <keyword id="6562839" type="UNKNOWN" weightage="80" keywordseo="Swacch-Bharat-Mission">Swacch Bharat Mission</keyword> and the Clean Ganga Mission. For the Jan Dhan Yojana already around 12.5 crore accounts have been opened along with a capital infusion of Rs 10,500 crore into the system. The three recently launched social security schemes (namely the (PMJJBY), Pradhan Mantri Suraksha Bima Yojana ) and Atal Pension Yojana) have got nearly 6.5 crore subscriptions. It is because (PMJJBY) scheme offers Rs. 2 lakh cover for a mere 330 Rs. Per year (provided bank account holders are from age 18-50). Under the (PMSBY), renewable one-year accident cum disability cover of Rs. 2 lakh is provided for Rs.12 premium every year. The Atal Pension Yojana is aimed at those people who work in the unorganised sector and do not fall under the ambit of regular pension. The scheme offers pension under various brackets depending on the contribution made over a period. The scheme is for people in the age bracket 18-40 years. The social focus of the government is also evident from the fact the government has continued with previous schemes and linked them with technology for targeted interventions. The JAM (Jan Dhan Account, Aadhaar Cards and Mobiles) number Trinity as mentioned in the budget speech is an example of the same. The government seems to have a social focus for benefit to poor. An overall score of 8 on 10. 
 
Urbanization and Urban development- The urbanization and urban development received an increased thrust under the 100 Smart City project. The thrust of the present government is not only on up gradation of brownfield cities but also development of new greenfield cities. Traditionally, India has been slow to urbanize, and at present 32 percent of people reside in urban areas. However, the quality of urban life has seen a precipitous decline in the past few decades. The government's smart city initiative is a step aimed at understanding and absorbing the migration of people from rural to urban areas. However, the implementation of the project holds the key. Success in greenfield development is critically linked to land acquisition. Also, will the 'smart cities' improve liveability for the ever-burgeoning population remains to be seen? The project is ambitious in scope and the past year has seen some activity with the launch of the GIFT city in Gujarat and work on cities of DMIDC. An overall score of 6.5 on 10. 
 
Health and Environment- Health along with education have been two areas where successive governments have faltered. The system in India needs a drastic overhaul and increased spending by the government. Also there is a severe shortage of trained personnel in the sector. Add to this the decrepit facilities in rural areas that forces one to look at ways and means to better delivery. The activity in the health ministry was seen to be rather subdued. However, the taxation on cigarettes ensures that a majority of population reconsiders decision to buy cigarettes. The quality of air and the general pollution levels in Indian cities pose serious health issues for all residents. Disease patterns are also changing and this calls for a comprehensive approach to healthcare access and delivery. Not much has been done in this regard. An overall score of 6 on 10. 
 
<keyword id="107737" type="ORGANIZATION" weightage="80" keywordseo="Entrepreneurship">Entrepreneurship</keyword> and Employment- For the first time a separate ministry for entrepreneurship has seen the light of the day. This fact along with the fact that skilling are the main thrust areas of the ministry make it clear that the government is in sync with the present ground reality. A million people will enter the workforce every month over the next decade. So it becomes imperative that India produces jobs for its burgeoning workforce. That will not just come from formal and informal sector but will require a thrust for entrepreneurship. Similarly, thrust for skilling is imperative. Further, a draft policy on skill development and entrepreneurship has already been made and put out for public consultation. Though much remains to be seen in terms of its impact the direction and intent, in this case, seems to be spot on. An overall score of 7.5 on 10. 
 
Overall, in assessing the performance, the government seems to have taken cognizance of the major challenges facing India in multiple spheres and taken requisite steps. It seems to be headed in the right direction. It augurs well for India in the medium to long term. Much will depend on the speed of legislation, decision-making and implementation over the next four years. 
 
(Dr. Amit Kapoor is President and CEO of India Council on Competitiveness and Honorary Chairman of Institute for Competitiveness, India. He tweets @kautiliya and can be contacted at <a href="mailto:amit.kapoor@competitiveness.in">amit.kapoor@competitiveness.in</a>. The article is co-authored with Sankalp Sharma who is Senior Researcher at Institute for Competitiveness)

Assessing one year of Modi
Government: 6/10 leaving scope for major improvement

Her paternal grandmother, Kokilaben, stood by husband Dhirubhai but never joined him as he redefined the boundaries of Indian entrepreneurship. Her father’s sisters, or her aunts, were married early into business houses, with little discussion about joining the business: Dipti into the Salgaocar family and Nina into the Kothari family. Her mother, Nita, broke the mould somewhat and has done a fair bit on the business end of the group. But Isha Ambani, 22, is poised to redraw the family-business construct for Reliance women scions. 
 
Last week, ET reported the only daughter of Reliance Industries owner Mukesh Ambani had joined global consultancy McKinsey in the US. Isha, a Yale graduate in psychology and South Asian studies, had joined her father at the Reliance annual general meeting in Mumbai last year. While the company declined comment, corporate observers say the McKinsey stint is probably a stepping stone to larger things in the family business empire. 
 Across India Inc, more and more women scions can be seen at the frontline of their family business. There are some who have made a mark: like Nisa <keyword id="6369697" type="COMPANY" weightage="40" keywordseo="Godrej">Godrej</keyword> and Tanya Dubash at the Godrej Group. There are some who are asserting themselves: like Radhika Piramal, the 34-year-old, Harvard-educated managing director of VIP Industries. 
 
And there’s a new lot stepping in: like 30-year-old Gursimran Mann, managing director of Simbhaoli Sugars, and the first woman in four generations of the family to play a hands-on role in its business. According to business historian Gita Piramal, who is also the mother of Radhika Piramal, 20 years ago, she predicted it would take two generations before Indian women in the family business became the done thing. “I find it has taken one generation to do so,” she says. 
 
<div style="page-break-after: always;">
	&#xa0;</div>
 
 
Three Pivots Of Change 
 
“It is a belated effect of what is happening in society,” says Ashvini Chopra, MD &amp; CEO of Universal Trustees, a firm that helps business families in succession planning. When it comes to women in business, this change pivots around three aspects. 
 
The first is education. “Parents who would typically give professional education, including overseas exposure, only to their sons are now also encouraging daughters,” says Prabir Jha, chief HR officer, Reliance Group, speaking in general and not in reference to the Ambani family. “Their entry into business responsibilities is then a logical corollary.” 
 
Secondly, family size is shrinking. Joint families are becoming nuclear, resulting in a fall in the number of male heirs. “In many families it’s a father and son and daughter like situation. And daughters are the heir apparent,” says Kavil Ramachandran, Thomas Schmidheiny Chair professor of family business and wealth management at Indian School of Business. “Also many families are realising that girls are as good as, or better than, boys in performance.” 
 
For some like Sulajja Firodia Motwani, vice-chairperson of Kinetic Engineering, all this was a given. “A combination of a good atmosphere at home, freedom to do what we wanted and treating daughters like sons encouraged me to get into the family business,” she says. While she feels this is how it should be, Piramal says it’s still not the case in all families and inequalities manifest themselves in many forms. “We are only half way there,” she says. “There are several prominent business families where daughters are not at the forefront of handling businesses in terms of true equality.” 
 
That leads to the third pivot of change: an amendment in the Hindu Succession (Amendment) Act, in 2005, which removed gender discrimination in inheritance in Hindu joint families. Previously, only the male line, down to the great-grandson, had inheritance rights. The amendment gives women an equal share in the family business. “Even women married before 1994 can come back and claim equal rights into the family business as well as inherited assets,” says Sameer Tapia, senior partner at ALMT Legal. 
 

	But the exciting, radical change is happening in operations, and Tapia offers some sense of its magnitude. “We have at least 40 per cent family-business clients where women are playing an active role in the family business, and are part of crucial strategy or execution teams.” And many, like the four women profiled here, are leaving an imprint. 
	 

	 
	 
<table align="center" border="0" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td>
				</td>
		</tr>
	</tbody>
</table>
Through the Ranks 
 
Unlike many, if not most, women scions in India, Lakshmi Venu had a point of reference on the gender question. Her mother, Mallika Srinivasan, is the chairperson and chief executive of tractor company Tractors and Farm Equipment Limited. But Lakshmi, 31, gravitated towards the businesses managed by her father, Venu Srinivasan—auto-component company Sundaram-Clayton and two-wheeler firm TVS Motor. In 2010, Lakshmi was inducted as director-strategy and whole-time director of Sundaram-Clayton. In May 2011, she was also made vice-president in charge of global business strategy at Sundaram-Clayton. 
 
It capped close to a decade of her involvement with the family business. Back in 2003, Lakshmi joined as a management trainee in Sundaram Auto Components. She also did stints in business strategy, design, corporate affairs, and sales and marketing at TVS Motor. Lakshmi declined comment for this profile. 
 
But senior auto industry professional RL Ravichandran, who has worked in a senior position in TVS Motors, says Lakshmi was interested in the business from early on. Even with her impeccable academic qualifications, he adds, she earned her way through various roles. “(It’s why)…there was no resistance from employees when she was inducted on to the board.” 
 
Speaking on the condition of anonymity, a senior TVS manager who interacts with Lakshmi describes her as “level-headed” and “business-like”. She currently manages the entire component business, which includes die cast, rubber, plastics and seats. “She is handling the business well and it is showing results,” he adds. Unlike Lakshmi, brother Sudarshan Venu, 24, had an easier entry into Sundaram-Clayton, joining its board in 2011. 
 
According to VG Ramakrishnan, managing director of Frost &amp; Sullivan, a consultancy, it’s a good sign when scions spend time in the business rather than being parachuted into it. “Children are being groomed to take over executive roles and responsibilities right from the beginning as part of effective succession planning,” he says. “It shows the progressive nature of these companies.” 
 
 In 2011, Lakshmi married Rohan Murty, son of <keyword id="6354512" type="CITY" weightage="40" keywordseo="Infosys">Infosys</keyword> co-founder Narayana Murthy. Her lineage aside, she is seen as a leader in her own right. Anil Singhvi, founder and director of Institutional Investor Advisory Services, a proxy shareholder advisory firm, has been baying against the tendency of business families to induct women scions into the board simply to meet the new rule of minimum women representation. But for Lakshmi, he says: “She is competent to take the business forward.” 
	 

	 
	 
<table align="center" border="0" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td>
				</td>
		</tr>
	</tbody>
</table>
When a 21-year-old Bhairavi Jani returned from the US in 2000, after a year of working as a supply-chain consultant in KPMG’s Washington DC office, she battled two stereotypes as she tried to make her mark in the male-dominated Indian logistics business industry: gender and age. “There were people who did not want to work with me, who thought I was probably amusing myself for a few years before being married off,” she says. “And then there were customers, even MNCs, who refused to give business to a young woman, who they were sure would fail miserably at logistics planning.” 
 
Her father had thrown her into the deep end, and told Jani to learn to swim. Instead of making her a part of Blue Dart, his flagship before he sold it to DHL in 2004, Tushar Jani stumped his elder daughter by asking her to set up her own venture. “His view was that people from family-owned businesses tend to take things for granted,” says Jani, now 34. “Going through the pain of setting up a venture would teach me two things: never be afraid to take risks and value what it takes to sustain a business.” 
 So, Jani set up i3pl, to provide end-to-end logistics services to corporate clients. After initially struggling for business, i3pl obtained its first client in M&amp;M, and subsequently signed up British Petroleum, Sara Lee and <keyword id="60299" type="CITY" weightage="40" keywordseo="Walt-Disney">Walt Disney</keyword>, among others. Jani roped in partners in 2003 and, in a planned exit, sold out to them in 2005. 
 
That same year, Jani assumed the role of group director for the SCA Group, which has four verticals: warehousing, supply chain technology, cargo handling and freight forwarding, and shipping, respectively. At present, she provides strategic and operational guidance, operating as a link between the board and professionals; she also directs new projects and is in charge of joint ventures and alliances. 
 
Jani set up the warehousing vertical, via a company called Transmart India, in 2007. Percy Dhunjisha, a former CFO of Blue Dart Express and a person who had worked closely with her father, was her mentor there. He describes her as a searching and questioning manager. “Bhairavi’s management style is, forethought is better than afterthought,” he says. “She does not accept things as they are presented, but will often probe enough with questions to determine whether there is an alternate way of doing things and whether the same has been considered before arriving at the solution presented.” 
 
At SCA, she has her father’s backing. “Daughters are as astute and sharp in financial management, balance sheet and P&amp;L [profit and loss] accounting, says Tushar Jani. “I have always believed in that. Therefore, Bhairavi has always been given full charge of our projects and companies, including P&amp;L responsibility. And like any CEO, she has been answerable to the board.” 
 

	Gender and age still come up in conversations, though. Even today, there are few women in the logistics industry, and Jani still has to face issues of equality with male colleagues and work-life balance. “But I am confident that women in leadership roles in business will pick up sharply,” she concludes. 
	 

	 
	 
<table align="center" border="0" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td>
				</td>
		</tr>
	</tbody>
</table>
 
Set up in 1933, Simbhaoli Sugars has seen four generations of the Mann family nurture it. But in that journey, women from the family, though present as shareholders and promoter-directors, were conspicuously absent on the frontline. Gursimran Mann, belonging to the fourth generation, changed that. 
 In 2005, just 21 and out of college, she joined Simbhaoli— a business with inert appeal to the young and a workforce in which women made up less than 1%. In doing so, she was turning her back on options available to her like consulting and investment banking. She even considered joining a consumer products or an agri-trading company, having done internships with Nestle, <keyword id="76102" type="COMPANY" weightage="40" keywordseo="Cargill">Cargill</keyword> and ED&amp;F Man. 
 
“It was my decision,” says Mann. She grew up in the Simbhaoli factory compound, in rural Uttar Pradesh, listening to conversations about the business and watching sugar being made. “This background, combined with my training in economics, made me realise the opportunity that existed for me to help grow the business further.” The only child, she did not immediately start reporting to her father and chairman Gurmit Mann. Joining as a trainee, Mann worked in various departments—factory, farm operations and trading —reporting to different people. 
 
“My promotions were not on auto mode,” she says. After completing her MBA from London Business School, Mann became an executive director in 2012 and managing director in July 2013. At Simbhaoli, she counts among her achievements increasing asset utilisation, partnering with global sugar trading company ED&amp;F Man, setting up sugar refinery on the Gujarat coast to tap the import-export play, reducing the cyclical nature of the sugar business by pushing the power and the alcohol business, building a consulting vertical that advises other companies on all things sugar, and raising new capital from private equity. “She has taken the challenge to professionalise the business,” says Devin Narang, India MD of Singapore-based PE fund Sindicatum, which has invested in the company. 
 

	For Mann, it’s all in a day’s work. “There is an overall social and cultural change, leading to a change in mindset among business families regarding acceptance of daughters to take charge,” she says. 
	 

	 
	 
<table align="center" border="0" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td>
				</td>
		</tr>
	</tbody>
</table>
 
The middle of three daughters, Arathi Krishna was the first women in her family to join the business, in 1989, when she was just 20. “I had an easy transition into the company,” says Krishna, now joint managing director of auto-component major Sundram Fasteners. “I was easily accepted by employees.” Acceptance from the industry has followed. The 45-year-old spearheads the Rs 2,651 crore company’s domestic business. 
 “This is a logical succession,” says Sonu Iyer, partner &amp; diversity and inclusiveness leader, <keyword id="151258" type="CITY" weightage="40" keywordseo="Ernst-Young-India">Ernst &amp; Young India</keyword>, a consultancy. “The daughters [younger sister Arundathi is in charge of overseas operations and business development] have grown up in an entrepreneurial set up, and it’s only natural for them to be entrepreneurs and also do it better.” 
 
According to Arathi, her parents gave her an environment to flourish and the freedom to choose. “There was no difference between a son or a daughter,” she says. “My parents are very progressive, willing to take risks and pushed us to pursue our interests. But they never pushed us into the business.” Arathi did an MBA from the US. She stayed on, first to work in automotive strategy with a consulting company and then with Sundram Fasteners for five years. “I knew I would, at some point, come back and join the business,” she says. 
 
“So, I took up jobs in the US that were related to the business. I wanted to make myself worthy when I came back to join the business.” Arathi returned to India in 2006, and became joint MD in 2011. Arathi counts among her achievements making the workforce at Sundram Fastners younger, and the work culture more performance-based and technology oriented. Around 2005, the average age of the Sundram workforce was 40 years; it’s now down to 35 years. 
 
In her earlier years, at industry meets, Arathi would feel out of sorts in what was essentially a man’s world. “But then, I felt it was tougher to work in a Japanese or a Korean company,” she says. At present, 10% of Sundram’s workforce is made of women. “We have always believed in equality at the workplace. We are promoting more women to join the manufacturing ranks in the company.”

You Searched For "Gujarat capital spending" and got 15 results

Mobile Premier League wants to give a boost to indigenous game developers by showcasing their games to its wide set of audience

Samarpita Banerjee

From Hero Moto to Tech Mahindra to Wipro ⁠— ten of India’s cheapest stocks that you could buy for bargain now

Sriram Iyer

Trump India Visit: Checkout his next 36 hours schedule

Katya

Navdeep

Here’s what the fiscal health of Indian states looks like post-demonetisation and GST

Dilsher Dhillon

Coronavirus cases in India climb to 31,332— with Maharashtra and Delhi seeing a continuous rise

Navdeep Yadav

Income tax cuts, stake sale in LIC and other highlights from Finance Minister Nirmala Sitharaman's budget speech

Sriram Iyer

Industry experts share their optimism about Budget 2020

BI India Partner

10 Things You Need To Know Before The Opening Bell

Sam Ro

Income Inequality In India: A Ticking Bomb With A Short Fuse

Preetam Kaushik

Union Budget 2017: Here are the highlights so far

BI India Bureau

A Goldman Sachs Report On The Upcoming Elections Has Kicked Up A Storm In India

Mamta Badkar

India Is The Last BRIC Standing

Portia Crowe

Markets Hit Fresh Life Highs And Experts Say Bull Run Is On; Top 20 Stock Bets

ET

Assessing one year of Modi Government: 6/10 leaving scope for major improvement

Amit Kapoor

Family Businesses In India See Rise Of Women As Promoters And Leaders

Economic Times