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After alleged territorial incursion, China is slowly, but definitely invading the major driver of <keyword id="6356076" type="UNKNOWN" weightage="100" keywordseo="indian-economy">Indian economy</keyword>, <keyword id="46431" type="CITY" weightage="100" keywordseo="India-Inc">India Inc</keyword>. That said, this time it is good news for the country. Though China became India’s largest trading partner in 2008, it is only now that the <keyword id="6362476" type="ORGANIZATION" weightage="100" keywordseo="investments">investments</keyword> have started flowing into the country. News of plans of Chinese companies to invest $5-10 billion into the country is good news indeed, given the <keyword id="44528" type="ORGANIZATION" weightage="100" keywordseo="FDI">FDI</keyword> by Chinese companies into India during the last decade and a half was less than $ 1.5 billion. Starting this year, the spate of announcements proves that China is on an investment high. Wanda, China's largest commercial <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword> developer, announced investment worth $10 billion in Haryana. <keyword id="64310" type="CITY" weightage="100" keywordseo="SAIC">SAIC</keyword> Motor, China's largest carmaker, proposed to buy GM's Gujarat facility. About 100 small and medium Chinese enterprises have promised investments worth $1 billion. The Chinese incursion has been the best news so far for the start-ups as a major part of these Chinese investments flowed in this sector last year. From Alibaba’s investment in <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword> and <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> to Didi Kuaidi’s investment in <keyword id="6354720" type="PERSON" weightage="100" keywordseo="Ola">Ola</keyword>, Chinese companies are fast recognising the potential of this sector. The year kickstarted with China's online travel company Ctrip picking up a strategic stake in Makemytrip and Baidu starting discussions with internet startups. This comes after Alibaba's high profile investments in Snapdeal and Paytm last year. Another Chinese internet giant Tencent Holdings, also entered the field with investments on Bangalore-based healthcare startup <keyword id="1165142" type="UNKNOWN" weightage="100" keywordseo="Practo">Practo</keyword> last year. They are also targeting large cap stocks. State Administration of <keyword id="6368276" type="COMPANY" weightage="100" keywordseo="Foreign-exchange">Foreign Exchange</keyword> (SAFE), a fully-owned subsidiary of People's Bank of China recently invested in some of India's pedigree large cap stocks. 

	These investments point towards the country’s growing affiliation towards its neighbour. So much so that many Indian companies are eyeing Chinese investments to top their US investments. Is this a start towards a better future of the bittersweet relation these two countries share!
 

	Have a complete look at the journey here.

	 
	 
	(Image credits: indiatimes)

The Chinese invasion of India Inc

This Diwali, <keyword id="46431" type="CITY" weightage="20" keywordseo="India-Inc">India Inc</keyword> will splurge on corporate gifts. According to a study by <keyword id="6355988" type="CITY" weightage="20" keywordseo="Assocham">ASSOCHAM</keyword>, companies have upped their budget for festive spending and corporate gifting by nearly 15% over last year. 
	 “A slight rise in consumer confidence together with improved job security, a perceptive improvement in business sentiment and festive optimism has encouraged India Inc. to loosen the purse strings as majority of companies have increased their budget for festive spending for clients and employees by about 10-15 per cent this Diwali,” said <keyword id="547365" type="ORGANIZATION" weightage="20" keywordseo="DS-Rawat">DS Rawat</keyword>, general secretary of the chamber. 
	 
	He added, “Besides, majority of companies are planning to substitute traditional gift options with Diwali exclusive pre-paid cards which seems to be emerging as the most preferred gifting solution for corporate sector”. 
	 
	 
	Rawat noted the fact that companies are willing to increase their budget for festive spending is an indication of the rise in the consumer sentiments, which has been down over the last few years. 
	 
	 “India Inc. has been cutting back its corporate gift budgets significantly, however, it seems to be getting generous this festive season owing to growing expectations of an economic turnaround and a positive business outlook for trade and industry,” averred Rawat. 
	 
	When it comes to the choice of gifts, prepaid gift cards are fast gaining popularity among the companies as as it is safer, easier to carry and gives people the freedom to splurge on things they wish to buy. Gadgets such as smartphones, tablets and other such hand-held devices too are being preferred by various companies. The companies are opting for e-commerce websites for placing bulk orders for gadgets as these online portals are offering huge discounts on them. 
	 
	Traditional gifts such as crockery, assorted chocolates, sweets, dry fruits, imported liquor, bed sheets, gold coins, jewellery, home décor, tableware, luxury watches, designer apparel, expensive writing instruments, leather bags, free holiday packages, movie tickets, dinner coupons, spa vouchers and hampers with a mix of festive essentials like torans, diyas and aromatic candles continue to remain a favourite among the companies.

India Inc Splurges On Corporate
Gifts This Diwali

India has a new workforce of around 1 million youth every month, but <keyword id="46431" type="CITY" weightage="100" keywordseo="India-Inc">India Inc</keyword> is getting more dependent on capital than on labour in Indian industries. The reason could be the manyfold rise in the cost of labour, which has led to companies employing a fewer number of workers and diverting their attention to improve productivity, requiring an increase in the deployment of capital. Data suggest that between 1980 and 2015, employment has grown at an average of 1.9% per annum, while for capital, this increase, at a compounded annual growth rate, is of 14%. "One of the key reasons of such low growth in employment has been the increasing capital intensity of the Indian industrial sector," say experts. While in early 1980s, the number of employees per factory was 80, it was decreased to about 60 in 2014-15, says the 'Annual Survey of Industries' done by the <keyword id="108075" type="ORGANIZATION" weightage="100" keywordseo="Central-Statistical-Organisation">Central Statistical Organisation</keyword>. However, the total capital employed per factory has increased from less than Rs 5 lakh to over Rs 10 crore in these years. (Image source Indian Start)

India Inc relies more on capital than labour

Cussing the company that you just quit online? If you’re that type, you might have a lawsuit on your hands. 
 
Given how easy it is today for disgruntled or ex-employees to vent in cyberspace, a number of Indian companies are introducing social media policies and non-disparagement clauses. 
 Globally, companies adopt social media policies that dictate what any employee can say, or more importantly, not say online. Use is also made of non-disparagement clauses, especially in top-level exits. Steven Sinofsky, a <keyword id="2128830" type="POSITION" weightage="40" keywordseo="key-executive">key executive</keyword> who resigned from <keyword id="10387" type="CITY" weightage="40" keywordseo="Microsoft">Microsoft</keyword>, and Conan O’Brien, who had an alleged fallout with NBC, have both signed severance agreements containing such clauses. Albeit this is linked to severance payout, and O’Brien was reportedly paid a cool $32.5 million. 
 With 10 crore <keyword id="6354576" type="CITY" weightage="40" keywordseo="Facebook">Facebook</keyword> users and more than three crore active <keyword id="6354616" type="CITY" weightage="40" keywordseo="Twitter">Twitter</keyword> accounts in the country, <keyword id="46431" type="CITY" weightage="40" keywordseo="India-Inc">India Inc</keyword> is now following suit. As Shivaram T, HR leader at SAP Labs, India, points out, “In today’s networked <keyword id="6356826" type="COMPANY" weightage="40" keywordseo="environment">environment</keyword>, negative remarks spread quickly and have a multiplier effect. Thus companies are moving towards having legally watertight clauses in employee agreements, which protect the company, its brand, customers and other stakeholders.” 
 Most likely to bad-mouth a firm are former employees so companies are making severance agreements of key employees tighter. “We have increasingly seen use of non-disparagement clause linked to exit packages in severance agreements with senior employees. We are also seeing a trend of including non-disparagement clauses in new <keyword id="6420527" type="POSITION" weightage="40" keywordseo="executive">executive</keyword> employment agreements. Automatically, employees would be under an obligation to comply with the clause on exit,” says Anand Mehta, partner, <keyword id="558469" type="COMPANY" weightage="40" keywordseo="Khaitan-Co">Khaitan &amp; Co</keyword>, a law firm. A few years ago, during a top-level shake up at Diageo India, newspaper reports indicate that non-disparagement clauses were adopted. 
 
“In most cases, when top-level employees exit, they prefer to negotiate a mutual non-disparagement clause under which even the company is prohibited from disparaging and harming the interests of the outgoing employee,” says Vikram Shroff, head, HR law at Nishith Desai Associates. 
 
“We have also seen cases where the PR and legal teams of a company work with the exiting employee and draft joint release statements for both internal and external communications,” adds Nohid Nooreyezdan, partner at law firm AZB &amp; Partners. 
 
In the US, there are stray instances of employees challenging use of non-disparagement clauses. The Indian Constitution also guarantees freedom of speech. “However, it also allows reasonable restrictions to be placed on exercise of the right to free speech if it could lead to defamation,” explains Shroff. So far, non-disparagement clauses haven’t been challenged in court and appear to be here to stay. 
 
Some companies are detailing their social media policies in their offer letter itself. “Our social media policy is part of our offer letter. RPG’s code of ethics, which is signed by all employees on joining, provides that no employee should post any defamatory comments about the company, its employees, clients and associates. Sharing of proprietary information of the company or its clients is also prohibited. Under this code, even ex-employees cannot engage in activities that could affect the company’s interest,” says Arvind Agrawal, president HR, RPG Enterprises. 
 
“Often employees make comments in jest or in a fit of frustration. These policies help educated them on appropriate usage of social media platforms," says Mohandas Pai, chairman, Manipal Global Education. 
 “In addition, access to social media sites within office premises can be curtailed or monitored via an IT security system,” adds Amit Das, chief HR <keyword id="46129" type="POSITION" weightage="40" keywordseo="officer">officer</keyword> at <keyword id="46907" type="CITY" weightage="40" keywordseo="Reliance-communications">Reliance Communications</keyword>. At Reliance Communications, access within <keyword id="94523" type="ENTERTAINMENT" weightage="40" keywordseo="The-Office">the office</keyword> is available only to select social media sites that meet the specified business requirements. To prevent undesired behavior after office hours, the company also has an exhaustive social media policy in place. For example, employees are required to abide by national and international copyright laws or those governing libel or defamation. They cannot make personal comments about other employees or the company on networking sites. Social media policies adopted by companies even prescribe for disciplinary action in case of errant behaviour, such as at SAP Labs. HR personnel also caution against the use of anonymous accounts, as the culprits can always be traced.

India Inc Tightens Screws On Quitters Venting Online

December 2016 marked 15 years since the designation of <keyword id="4497764" type="UNKNOWN" weightage="100" keywordseo="International-Volunteer-Day">International Volunteer Day</keyword> by the <keyword id="6355833" type="ORGANIZATION" weightage="100" keywordseo="united-nations">United Nations</keyword>. The feeling of optimism, community spirit, and happiness in service that the act of volunteering evokes is in stark contrast to unfortunate reminders of hate and carnage that we witness across the world today. 
 
As Abraham Lincoln, arguably America’s most famous President said, “He has a right to criticize, who has a heart to help.” While philanthropy typically is associated with monetary actions, volunteerism symbolizes social responsibility. It is perhaps the oldest form of personal giving and cuts across societal and economic barriers. Manifestations of the spirit of volunteerism can be found in human society whenever there was a country forming or heightened human suffering. For example, in the U.S., it could be traced to the times when the west was being conquered. From the need to produce food to adjusting to new climate and combat diseases, community volunteerism was vital. What is impressive is that the wonderful community spirit continued to exist in the American society, thereafter. 
 
In 1736, Benjamin Franklin founded the first volunteer firehouse in the U.S. To this day, many small towns and cities have a volunteer fire department or more than 70% of firefighters in America are volunteers. Data presented in September 2015 showed that 62.2 million Americans, across all demographics and educational attainment had served as volunteers during the previous year. Many were engaged in food distribution; 9.2% in tutoring and teaching; a similar fraction in coaching and supervising in sports activities and helping in local hospitals in small communities. These volunteers are professors, doctors, small-shop owners, tradesmen, judges who come from all walks of life. The point is volunteerism is pervasive in all aspects of community life in the U.S. It is worth noting that volunteering work while at high school is a metric in most American college admissions. It is also a metric to go tuition free at some state community colleges. With such encouragement, there is a good chance that the volunteerism will continue to shape American society for ever. 
 In India, a much older and complex civilization, renunciation and charity are two highly venerated values of life. Volunteerism is an outcome of this and has therefore been more shaped by traditions and value systems rooted in the religion and cultural interactions. The tradition of shramdaan, offering to work in the service of humanity continues to be practiced by millions of Indians and thereby continues to create social capital. To cite some notable examples, Swami Vivekananda and his followers created the Ramakrishna Mission served by a new order of <keyword id="6470263" type="UNKNOWN" weightage="100" keywordseo="Social-workers">social workers</keyword> to address the issues of poverty, disease, and ignorance that were widely prevalent. Later during the freedom movement, the unique leadership of leaders such as Mahatma Gandhi, Nehru, Ambedkar and many others was instrumental largely in creating greater awareness about the role of voluntary or selfless service. They laid great emphasis on the role of voluntary social workers in nation building. 
 
Institutionalising volunteerism 
According to a global Gallup survey of 2010 that measured volunteerism across countries, India ranked a not very flattering 28 on a civic engagement score, much below the US that was ranked at the top with a civic engagement score of 60. The score was calculated on three parameters including ‘donation of money’, ‘volunteered time’ and ‘helping a stranger’ where the allocation for India was 28%, 18% &amp; 39% respectively. Our neighbours including Sri Lanka, Pakistan, Afghanistan and Bangladesh ranked much higher than India (with scores of 51, 42, 35 and 32 respectively). China however had a score of only 20, ranking it among the lower quadrant of nations. 
 
Corporate volunteerism has slowly emerged as a relevant and viable form of ‘giving’ and has emerged as an integral form of corporate CSR. In India a trend that began with MNCs has increasingly been replicated by Indian companies. While Indian laws have made a 2% contribution of profits to charity by corporates above a certain size mandatory, employee volunteerism is over and above that. For corporates, offering their most valuable asset counts for more than just financial support to needy communities. By giving back, businesses can drive social change and employ their skills, resources and manpower to support organizations and working in the social sector. Benefits that companies can reap through corporate volunteer programs go beyond creating positive social and environmental impact. Volunteer programs also not only help organizations attract the best talent but also keep them engaged through causes and initiatives that they may be personally invested in. A transformative relationship between the organisation and the community ultimately helps enhance the triple bottom line that is framed on social, environmental and financial indicators. 
 
Volunteerism and the National Skills Development Mission Another important consideration is that around 60% of India’s population will be in the working age group by 2020. Can we see corporate volunteerism create enduring partnerships with the National Skills Development Mission to help meet the government’s target to skill and employ 500 million people by 2022? Given that <keyword id="46431" type="CITY" weightage="100" keywordseo="India-Inc">India Inc</keyword>’s biggest concern is creating a funnel for skilled manpower, perhaps a new roadmap to addresses this requirement can be considered. I see volunteerism addressing this need very effectively. While the states have some aspirational targets, there is serious doubt about if they are doing everything required to succeed. Efforts to realign this can help develop a fool-proof institutional and delivery model that can screen and evaluate the rapidly scaling programmes at the state level. This convergence of engagement will utilise technical and non-technical manpower that India Inc is best equipped to provide (in combination with academic institutions). The network would thereby integrate universities and vocational training centres and India Inc along with the 30 industry-led sector skills councils (SSCs). These SSCs would then link up district head-quarters with state capitals and metros (where representatives of India Inc are located) and leverage or set-up e-learning centres to engage with relevant youth in need of these initiatives. 
 
Conclusion 
Volunteerism at the individual level needs to be encouraged and inculcated as a structured approach right from school and then through university and finally at the workplace to become an institutionalised and integral part of an individual’s life. HR professionals, should consider volunteerism as an important element while finalizing their selection of the candidate. There exists a huge opportunity for professionals across the value chain to volunteer their time and services – not just limited to doctors and teachers but also lawyers, architects, ad-professionals, engineers, scientists and several others. Due to healthier lifestyle, people live longer but the retirement age has not changed much; a lot of men and women have plenty to offer or volunteer to their community after retirement. The true potential of volunteerism can only be leveraged when it is recognised as an intrinsic part living in a community of people and of bringing about positive social change. India may be one the fastest growing economies but also has glaring disparities in terms of human development when looked at indicators of income, health, education and opportunity. Volunteerism, both institutional and individual can play an inexpensive and rewarding role in helping reduce some of these disparities. 
 
References 
• <a href="http://charity.lovetoknow.com/History_of_Volunteerism_in_America">History of Volunteerism in America</a> 
• <a href="http://www.gallup.com/poll/145589/civic-engagement-highest-developed-countries.aspx">Civic Engagement Highest in Developed Countries</a> 
 
(Image Credits: Flickr) 
 
(About the Author: This article has been contributed by S.N. Balakrishnan – Chancellor, Shiv Nadar University)

Volunteerism & India Inc – Yeh Dil Maange More!

<a href="http://www.businessinsider.in/searchresult.cms?query=muslim+population">Muslims</a> may comprise 14% of <a href="http://www.businessinsider.in/searchresult.cms?query=indian+population">India’s population</a> but when it comes to their presence at directors and senior executive levels in <keyword id="46431" type="CITY" weightage="100" keywordseo="India-Inc">India Inc</keyword>, the figures do not even enter a double digit. 
 
An ET Intelligence Group analysis pointed out that Muslims constituted a mere 2.67% of directors and <a href="http://www.businessinsider.in/searchresult.cms?query=senior+executives">senior executives</a> - 62 of the 2,324 executives - among the BSE 500 companies, which corresponds to almost 93% of the m-cap on the stock exchange. 
 
Also, these top executives took home 3.14% of the total remuneration drawn by this group. 
 
However, as per the analysis, the Muslim employment figure in senior management for BSE-100 companies, in comparison, goes up slightly to 4.60% - 27 of 587 - of total directors and senior executives, though the remuneration drops to 2.56%. 
 
ET reported that the Muslim minority doesn't yet figure on the radar of corporate India. Even the <a href="http://www.businessinsider.in/searchresult.cms?query=affirmative+action">Affirmative Action</a> (AA) framework is largely focused on the Dalits. 
 
Affirmative action is all about handholding through education, skills or employability programmes and could mean positive discrimination in hiring. 
 
In government jobs also, the share of Muslims is less. 
 
"Muslims are the most deprived in the jobs market; their condition is worse than even the scheduled tribes (STs) in urban areas," Amitabh Kundu, visiting professor at the New Delhi-based Institute for Human Development (IHD), told the financial daily. 
 
Kundu had steered the Post-Sachar Evaluation Committee, also known as the Kundu Committee, which examined the socio-economic condition of the Muslims in India. 
 
The committee examined the Muslim community on several counts, including, income, monthly per capita consumption expenditure, and access to health, education and basic services. 
 
"A Muslim woman lives longer than a Hindu woman in the same income bracket," Kundu said. 
 
Meanwhile, Farhad Forbes of the Pune-based Forbes Marshall group and Chairman, CII National Committee on Affirmative Action, said that all of the private sector's affirmative action programmes are designed for the scheduled castes and scheduled tribes. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=forbes">Forbes</a> is certain that it's time for the private sector to begin to seriously examine the minority situation. 
 
(Image: reuters)

Muslims fare badly in upper echelons, mere 3% of India Inc population

Will it be a policy war soon between the Indian central bank/government and the big boys of <keyword id="46431" type="CITY" weightage="100" keywordseo="India-Inc">India Inc</keyword>? Concerned over the <keyword id="6355302" type="ORGANIZATION" weightage="100" keywordseo="Rupee">rupee</keyword>’s stumble and a record current account deficit, the <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> wants Indian companies to seek prior approval for any direct investment abroad that exceeds their net worth. But the 100% cap is not likely to thwart their appetite for <keyword id="75755" type="UNKNOWN" weightage="100" keywordseo="overseas-acquisitions">overseas acquisitions</keyword> as most of the fast-growing firms have significantly enlarged their balance sheets and can close big deals without much sweat. The weakening rupee has not been too much of a disincentive either, as the flagging <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> of the <keyword id="6354458" type="COUNTRY" weightage="80" keywordseo="US">US</keyword> and Europe means good assets at realistic pricing 
 So how many companies have gone shopping abroad in the current financial year starting from April 2013 and how much money has flowed out? In April-June 2013, the aggregate disclosed value of <keyword id="640238" type="UNKNOWN" weightage="100" keywordseo="outbound-deals">outbound deals</keyword> amounted to $5.1 billion, according to Ernst &amp; Young. However, outbound bids totalled only $2.8 billion in the July-September quarter – a 47.2% fall from the previous quarter, a Mergermarket report stated. 
 We still don’t have official data regarding the number of <keyword id="1913054" type="UNKNOWN" weightage="100" keywordseo="Outbound-MA-deals">outbound M&amp;A deals</keyword> for the first two quarters of the current financial year. But a close look at some of the big-ticket and strategic deals, done by the famous and not-so-famous companies, will certainly give you a clear insight into the current trends. Some of these deals happen to be smaller, softer and less risky takeovers, but they all add up. Still, the nagging question remains – will these initiatives drive growth in the long run or simply lead to undesirable dollar outflow?

25 Key Overseas Acquisitions India Inc Made
In Current Fiscal

Since the launch of ‘<keyword id="6354869" type="UNKNOWN" weightage="20" keywordseo="make-in-India">Make in India</keyword>’ program, considerable thrust has been given to <keyword id="2377476" type="UNKNOWN" weightage="20" keywordseo="defence-manufacturing">defence manufacturing</keyword>. Transformation from being one of the largest importers of arms into a credible defence equipment manufacturer takes a lot. 
 
Country’s defence spending is expected to go beyond USD 600 billion by 2022 and every private company indulged into defence manufacturing wants a pie of that, especially when USD 150 billion of contracts are there to be awarded within a few years. 
 
Current scenario of Imports: 
 
 
 
 
Some of the Indian Companies in Defence Sector: 
· Mazagon Dock Ltd 
· Mishra Dhatu Nigam Ltd 
· Mahindra Defence Systems with Bae Systems &amp; Seabird Aviation (Private Player) 
· Rolta ( A Private Player) 
· Tata Advanced Systems with Boeing,Sikorsky Aircraft Corporation &amp; Israeli Aerospace Industries 
· Ashok Leyland ( Private Player) 
· Bharat Dynamics Ltd 
· Bharat Earth Movers Ltd 
· Bharat Electronics Ltd ( BEL) 
· Bharat Forge 
· Electronics Corporation of India Ltd (ECIL) 
· Garden Reach Shipbuilders &amp; Engineers Ltd 
· Goa Shipyard Ltd 
· HCL with Boeing &amp; Circore Aerospace Inc (Private Player) 
· Hindustan Aeronautics Ltd ( HAL) 
· Reliance Defence 
 
Defence Manufacturing, Exports and its future: 
 
Indian exports are negligible when it comes to the total market share on a global level. India has exported defence equipment to 22 countries over last one year, including UK, US, Israel and Russia. India exported forging equipment, electronic assemblies, flight panel controls to the US. 
 
India exported transmitting tubes to UK and MIG &amp; Sukhoi 30 aircraft spares and services to Russia. India’s major exports included Cheetal helicopters to Afghanistan, Dhruv helicopters and bulletproof jackets to Nepal, Sukhoi avionics and MIG spares to Malaysia, offshore petrol vessels and ammunition to Mauritius and Jaguar aircrafts and spares to Oman. 
 
Indian private players are looking for foreign partners as the foreign direct investment in defence sector is pushed up to 49%. Reliance defence had signed a manufacturing and maintenance deal potentially worth $6 billion with Russia's Almaz-Antey, the maker of an air defence system. Apart from the Akash air defence system, the government had cleared the purchase of five S-400 air defence systems that are estimated to cost about $4.5 billion. 
 
Similarly kalyani group tied up with Rafael of Israel to make Spike Anti-tank missiles for the Indian military. 
 
Indian private players are still far away from accessing the key sensitive technologies related to fighter aircrafts and nuclear submarines however they are approaching fast by the virtue of transfer of technology and domestic manufacturing set-up under the make in India program. What must is to invest heavily in R&amp;D facilities along with the collaboration of key government institutions like DRDO with the private partners. Incoming demands for defence equipment is heavy and it should only be fulfilled by boosting the manufacturing process along with minimum government interference and a feasible policy framework. 
 
(Image: Indiatimes)

Defence Manufacturing: Is India Inc. ready?

Right from <keyword id="2583871" type="UNKNOWN" weightage="20" keywordseo="Swachch-Bharat-Abhiyaan">Swachch Bharat Abhiyaan</keyword> to <keyword id="2472340" type="UNKNOWN" weightage="20" keywordseo="Digital-India-initiative">Digital India initiative</keyword> and Make in India campaign, Indians hailed the reform that the <keyword id="6360789" type="ORGANIZATION" weightage="20" keywordseo="Modi-Government">Modi government</keyword> has initiated ever since it came to power. But it seems that business lobby of the country is losing its confidence in the Modi government, which is poised to complete one year later next month. This was revealed in a Times of India report. 
 
According to the news daily, two tweets from Harsh Mariwala, the chairman of Rs 4,600-crore Marico, narrated this story on Tuesday. In the first tweet, Mariwala said that "Sheen is falling of Modi govt in the context of promises, and gradual delivery. Need to move fast, hope interest rates are reduced today." Then, through another tweet he asserted, "Heard from a leading politician that if elections were held today NDA will barely win 200 seats in spite of weak opposition." 
 
It is not just Mariwala who is unhappy with the Modi government, but many other CEOs also come under the group of cheerless leaders. It's said that the conversation in board rooms is changing. According to a TOI report, “Captains of industry are now highlighting two new concerns, albeit in hushed tones - some of the recent notices from the taxmen and the seemingly unchecked Hindutva agenda of certain right wing groups.” 
 
Some of the business leaders are also minutely observing the attacks on churches as well as the fresh spurt of tax notices. They believe this is sending out a wrong signal to investors at a time when the government is striving hard to woo foreign investors, the financial daily stated. Harsh Goenka, RPG Group chairman, told TOI said that tax demands of such high value would invariably result in increased litigations. "As long as the issues are treated objectively and fairly, it should not worry <keyword id="46431" type="CITY" weightage="20" keywordseo="India-Inc">India Inc</keyword>. However, as a secular nation, we must avoid any form of fundamentalist activity. Random fascist comments lead to communal disharmony and should be dealt with severely," he said. 
 
A majority of CEOs also agreed that much has happened in the last few months and the Modi government is suffering from the burden of over expectations.

India Inc unhappy with Modi Govt’s ‘sluggish reforms’

Dealmaking activity witnessed a huge decline in January, with only 145 transactions worth USD 2.7 billion being undertaken by <keyword id="46431" type="General" weightage="80" keywordseo="india-inc" source="Orion">India Inc</keyword>, a report said on Monday. By value, the overall flows suffered due to the absence of any big-ticket deal and were 56 per cent down as compared to USD 6.12 billion in the year-ago period, and 62 per cent down compared to the previous month, the report by consultancy firm <keyword id="131240" type="General" weightage="100" keywordseo="grant-thornton" source="Orion">Grant Thornton</keyword> said. The volumes were down 41 per cent when compared with 244 deals in January 2022, while the same were down by 3 per cent as compared to the preceding month of December. "<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> managed to account for record deal values last year (2022), which made investors hopeful about the future. However, the deal momentum in January 2023 did not match the expectation and witnessed a declining trend," its partner <keyword id="12539905" type="General" weightage="50" keywordseo="shanthi-vijetha" source="Orion">Shanthi Vijetha</keyword> said. The mergers and acquisition (M&amp;A) deal volumes declined by 62 per cent at 26 deals worth USD 311 million, an 88 per cent decrease compared to January 2022, it said. The M&amp;A segment continued to be dominated by domestic deals, it said, adding that at USD 270 million, the monthly value was the lowest since May 2022. Private equity (PE) investments recorded 119 deals valued over USD 2.4 billion, it said, adding that while both volumes and values declined compared to January 2022, there was a 28 per cent increase in deal volumes and a 30 per cent increase in deal values when compared with December 2022. <keyword id="6363818" type="General" weightage="80" keywordseo="pharma" source="Orion">Pharma</keyword>, healthcare and biotech stood at the top in terms of overall deal values, recording six deals valuing USD 921 million, most of which was contributed by two big-ticket transactions in the PE space, it added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/epfo-unveils-procedure-to-apply-for-higher-pension-under-employees-pension-scheme/articleshow/98094206.cms">EPFO unveils procedure to apply for higher pension under Employees Pension Scheme</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-10-paise-to-close-at-82-72-against-us-dollar/articleshow/98094996.cms">Rupee gains 10 paise to close at 82.72 against US dollar</a>

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