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

India Inc acknowledges that FM had little room to manoeuvre

<ul><li><keyword id="6355261" type="UNKNOWN" weightage="20" keywordseo="finance-minister">Finance Minister</keyword> <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> announced a big boost for businesses by slashing <keyword id="118200" type="ORGANIZATION" weightage="20" keywordseo="corporate-tax">corporate tax</keyword>. </li><li>Business leaders across the country took to Twitter to rejoice the move. </li><li>Sensex posted its sharpest single-day gain in over a decade.</li></ul>Indian Finance Minister Nirmala Sitharaman announced a slew of initiatives that has the markets rejoicing – corporate tax rate has been slashed. A domestic company can pay income tax at 22% if they don’t seek any exemption or incentives and inclusive of surcharge, the effective tax on Indian firms will be 25.17%. <a href="https://www.businessinsider.in/India-cuts-corporate-tax-rates-to-end-the-economic-spiral-and-unleash-the-markets-animal-spirits/articleshow/71214158.cms">Read: The top tax changes announced by Finance Minister Nirmala Sitharaman here</a> With the current economic slowdown which had gripped the Indian business community, the recent announcement brought in the festive season early. Sudhir Kapadia, partner at EY, put these changes in India at par with the sweeping cuts announced by Donald Trump in 2017 after he took over the President of the United States. Here’s how Indian business leaders cheered the Finance Minister’s latest Friday announcement. <keyword id="55796" type="PERSON" weightage="20" keywordseo="Kiran-Mazumdar-Shaw">Kiran Mazumdar Shaw</keyword>, Chairperson and managing director, Biocon said that this move will revive growth and investment in India. 
	
	<div type="twitter" handle="kiranshaw" handlename="Kiran Mazumdar Shaw" image="http://pbs.twimg.com/profile_images/815537398444654592/o67mUQoz_normal.jpg" favoritecount="959" retweetcount="187" status="Corporate Tax Rate Cut From 30% To 25.2% To Spur Growth- this is a great move which will firmly revive growth n inv… https://t.co/ga33FThwlD" createdat="1568959900000" id="1174929094988845057"></div>





 <keyword id="52673" type="PERSON" weightage="20" keywordseo="harsh-goenka">Harsh Goenka</keyword>, chairman of RPG Enterprises called it a ‘Virat’ cut from the government. 
	
	<div type="twitter" handle="hvgoenka" handlename="Harsh Goenka" image="http://pbs.twimg.com/profile_images/1100471315016732672/VQXLpkHZ_normal.jpg" favoritecount="369" retweetcount="60" status="Landmark move by FM Sitharaman giving the biggest booster to business and economy. As India looks to become a globa… https://t.co/YNCS2Irtr1" createdat="1568966173000" id="1174955406164025344"></div>





 Uday Kotak, chairman of Kotak Mahindra, called it a bold and progressive move. 
	
	<div type="twitter" handle="udaykotak" handlename="Uday Kotak" image="http://pbs.twimg.com/profile_images/532114039342505984/y0x0ooJy_normal.jpeg" favoritecount="3823" retweetcount="1069" status="Reducing corporate tax rate to 25% is big bang reform. Allows Indian companies to compete with lower tax jurisdicti… https://t.co/xpEpTuURAK" createdat="1568960582000" id="1174931956624027648"></div>





 Hedge fund manager Samir Arora also seemed to be ecstatic about the move. 
	
	<div type="twitter" handle="Iamsamirarora" handlename="Samir Arora" image="http://pbs.twimg.com/profile_images/853146176295759872/YiAPXQ0s_normal.jpg" favoritecount="2665" retweetcount="615" status="This is not bigger than budget, this is bigger than last 20 budgets.😀😀😀" createdat="1568959335000" id="1174926727266463746"></div>





 Hitesh D Gajaria, head of tax at consulting firm KPMG too praised the government’s decision 
	
	<div type="twitter" handle="gajaria" handlename="Hitesh D Gajaria" image="http://pbs.twimg.com/profile_images/1051876467871817729/1_Qn5ur4_normal.jpg" favoritecount="17" retweetcount="6" status="#DreamCorporateTaxRates! Well Done India! Well Done @nsitharaman @nsitharamanoffc @narendramodi @FinMinIndia… https://t.co/vLDqcQYyk7" createdat="1568961486000" id="1174935750598483969"></div>





 See Also: <a href="https://www.businessinsider.in/India-cuts-corporate-tax-rates-to-end-the-economic-spiral-and-unleash-the-markets-animal-spirits/articleshow/71214158.cms">India cuts corporate tax rates to end the economic spiral and unleash the market's animal spirits</a> <a href="https://www.businessinsider.in/nirmala-sitharaman-says-investment-in-startup-incubators-will-count-as-csr/articleshow/71215354.cms">India offers a big incentive for Indian startups as well as industries to invest in the future</a>

India Inc is going gaga over Nirmala Sitharaman’s corporate tax cuts

Some of the big companies in India are keen on buying a team in the Indian Premier League (<keyword id="6354312" type="CITY" weightage="80" keywordseo="IPL">IPL</keyword>) after the <keyword id="6354977" type="ORGANIZATION" weightage="80" keywordseo="Supreme-Court">Supreme Court</keyword> banned Chennai Super Kings (CSK) and <keyword id="13802" type="CITY" weightage="80" keywordseo="Rajasthan-Royals">Rajasthan Royals</keyword> (RR) on Tuesday from participating in the game. 

	This move provides room for the induction of two more teams in the next edition of IPL, reported ToI.
 

	The IPL is the richest of the world's Twenty20 cricket leagues.
 The expected list of names are: Gautam Adani, <keyword id="2742230" type="UNKNOWN" weightage="80" keywordseo="Adani-Group-chairman">Adani group chairman</keyword>, <keyword id="52673" type="PERSON" weightage="60" keywordseo="harsh-goenka">Harsh Goenka</keyword>, RPG group chairman, Sajjan Jindal, chairman JSW, <keyword id="7025" type="PERSON" weightage="80" keywordseo="Venugopal-Dhoot">Venugopal Dhoot</keyword>, Videocon group chairman, besides others such as Prasad Potluri of South-based PVP Ventures and the Munjals of Hero group. Confirming the development Harsh Goenka told ToI, that honour was restored to the gentleman's game with corruption getting clean bowled by the apex court’s verdict. "The league remains an interesting investment opportunity. If <keyword id="6354756" type="CITY" weightage="80" keywordseo="BCCI">BCCI</keyword> auctions a franchise, I will consider it only if the valuations are considerable." 

	Moreover, the valuations of the IPL teams have come down considerably due to a series of corruption. According to experts, the new teams are likely to be bought for less than $100 million.
 Venugopal Dhoot, one of the key sponsors of Mukesh Ambani-owned <keyword id="13880" type="COMPANY" weightage="80" keywordseo="Mumbai-Indians">Mumbai Indians</keyword>, is also keen on buying a team. "We will definitely look at bidding for an IPL franchise as and when BCCI calls for bid. We spend crores in branding exercise and owning an IPL team would be a great idea," he said. 

	The Board of Control for Cricket in India (BCCI) might want to revive the Pune and Kochi teams. However, launching a new team for Ahmedabad may not be ruled out, according to sources. 
 

	In that case Gautam Adani may be a key contender to buy the Ahmedabad team as the billionaire businessman had once dreamt of owning an IPL team for his home state. 
 "The idea of having an Ahmedabad team would be great as it would draw lots of interest from corporates for being the home state of Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword>," said an industry leader. 

	Sajjan Jindal is another top contender to own an IPL team. "Cricket is the number one sport in our country so there is an idea to acquire a team... an IPL team. But, I cannot comment which team would it be," Jindal, JSW group chairman said earlier this month.
 He did not confirm or deny if he wanted to buy <keyword id="12643" type="ORGANIZATION" weightage="80" keywordseo="Royal-Challengers">Royal Challengers</keyword> Bangalore (RCB), owned by liquor baron <keyword id="14678" type="PERSON" weightage="80" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>. 

	JSW Sports, a JSW Group owned firm, is the owner of Bengaluru FC, one of the I-league teams led by Indian football team's captain Sunil Chhetri.
 Potluri Vara Prasad might again try his luck this time after he failed to buy <keyword id="1336250" type="UNKNOWN" weightage="60" keywordseo="Deccan-Charger">Deccan Charger</keyword> in 2012, industry sources said. 
	 
	(Image: Reuters)

Somebody's loss is somebody's gain! India Inc biggies eye IPL team after ban on CSK, RR

<ul><li>The Sanjiv Goenka-led RPSG group has bagged the Lucknow franchise of the IPL.</li><li>Goenka is happy about the purchase and confident that the investment will be profitable.</li><li>Here’s everything you need to know about the Kolkata-based business tycoon.</li></ul>The Sanjiv Goenka-led RP-Sanjiv Goenka Group (RPSG) has bagged the new Lucknow franchise in the cash-rich Indian Premier League (IPL) for a whopping ₹7,090 crore – close to a billion dollars – marking a return for the company to the world's biggest T20 league. The RPSG group was founded by <keyword id="6355523" type="General" weightage="20" keywordseo="sanjiv-goenka" source="Orion">Sanjiv Goenka</keyword> in 2011, after RPG Enterprises, founded by his father Rama Prasad Goenka, was divided between Sanjiv and Harsh Goenka. The RPSG group is a Kolkata-based conglomerate and its major businesses include CESC, a power generation and distribution company, the 120-year-old music company Saregama and the recently launched snacks brand Too Yumm! The company also operates Spencer’s retail chain, Nature’s Basket, Woodlands Hospital, Harrisons Malayalam and several other companies, making it a total of 22 companies. According to <a href="https://www.forbes.com/profile/sanjiv-goenka/?sh=541d14966301">Forbes</a>, Sanjiv Goenka has a net worth of $2.7B (approx. ₹20,250 crore). The RPSG group reported a revenue of ₹26,634 crore as on March 31, 2021 and has assets worth over ₹47,000 crore. <cmsannotation type="cmsannotation" annotationid="Goenka’s love for sports" comment="subhead" text="Goenka’s love for sports">Goenka’s love for sports</cmsannotation> For Sanjiv Goenka, winning the bid for Lucknow may not be just an investment. Goenka’s love for sports is evident from his other ventures as well. <div type="image" title="E5E3B7AD-FE67-4B15-87BE-3FE36E975B49" msid="87277605" hostid="261" caption="&amp;lt;p&amp;gt;Sanjiv Goenka with Robbie Keane.&amp;lt;/p&amp;gt;"></div> Sanjiv Goenka holds a stake in the ATK Mohun Bagan football club, which is a part of the Indian Super League (ISL). Sourav Ganguly, the president of the Board of Control for Cricket in India (BCCI) is also a co-owner of the ATK Mohun Bagan. The group is also involved in table tennis and owns the RPSG Mavericks Kolkata, which is part of India’s biggest table tennis league, the Ultimate Table Tennis League. <cmsannotation type="cmsannotation" annotationid="Sanjiv Goenka’s second stint in IPL" comment="subhead" text="Sanjiv Goenka’s second stint in IPL">Sanjiv Goenka’s second stint in IPL</cmsannotation> <div type="image" title="4A1F6760-2CCE-41A2-A1E1-4D8BDC7B4640" msid="87277431" hostid="261" caption="&amp;lt;p&amp;gt;Sanjiv Goenka in Rising Pune Super Giants jersey.&amp;lt;/p&amp;gt;"></div> Sanjiv Goenka’s RPSG is no stranger to the Indian Premier League – it had a two-year stint in the IPL after it bagged the Rising Pune Supergiant franchise for IPL 2016 and 2017, after Chennai Super Kings and Rajasthan Royals were suspended from the tournament for two years. Since 2017, Goenka has been eyeing a return to the IPL. In 2016, the team had an average outing, ending up seventh on the table with just five wins. After this, Goenka took the bold decision of dropping Mahendra Singh Dhoni from captaincy and handed over the reins to Steve Smith. This decision turned out well for the team and the team went on to the finals, losing the title to Mukesh Ambani’s Mumbai Indians by the barest of margins – just 1 run. Goenka has returned to IPL with the acquisition of IPL’s latest franchise, Lucknow. The RPSG group had bid for Lucknow, Ahmedabad and Indore. <cmsannotation type="cmsannotation" annotationid="We’ve done our math, says Goenka" comment="subhead" text="We’ve done our math, says Goenka">We’ve done our math, says Goenka</cmsannotation> Soon after the BCCI announced that the RPSG group had won the bid for the Lucknow franchise, Goenka spoke to Cricbuzz. Here are some of the key takeaways from the <a href="https://www.cricbuzz.com/cricket-news/119559/weve-done-our-math-sanjeev-goenka-after-7090-cr-bid-cricbuzzcom">interview</a>. Speaking about why the group selected Lucknow despite winning the bid for both Ahmedabad and Lucknow, Goenka said, “We have operations in Uttar Pradesh. We do power distribution there. We have a very big presence in the northern state. Closer by in Chandigarh, we have the power distribution rights. So for North India, that becomes like a hinterland.” Goenka also revealed the math behind the decision to bid over ₹7,000 crore for the team. “I will probably be paying only ₹3,500 crore in 10 years. It is because I will be getting ₹3,500 crore from the BCCI from the broadcast rights. In the next five years, I may get more [from the BCCI]. The net present value of that is ₹2,100 crore. That means I have got an IPL team for ₹2,100 crore. Tell me, is it good or not?”. In an <a href="https://www.moneycontrol.com/news/business/expect-lucknow-ipl-team-to-command-rs-10000-crore-valuation-in-5-years-rpsg-groups-sanjiv-goenka-7625691.html">interview</a> to Moneycontrol, Goenka revealed that he expects the franchise to be worth over ₹10,000 crore in five years. SEE ALSO: <a href="https://www.businessinsider.in/thelife/news/meet-girish-mathrubootham-founder-and-ceo-of-freshworks/articleshow/86453777.cms">Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years</a> <a href="https://www.businessinsider.in/thelife/personalities/news/murali-divi-the-billionaire-scientist-behind-divis-labs-is-richer-by-6-billion-and-counting-since-the-pandemic/articleshow/86749881.cms">Murali Divi, the billionaire scientist behind Divi’s Labs, is richer by $6 billion, and counting, since the pandemic</a> <a href="https://www.businessinsider.in/business/startups/news/iron-man-vijay-shekhar-sharma-put-his-own-money-on-the-line-to-launch-paytm/articleshow/84468805.cms">‘Iron Man’ Vijay Shekhar Sharma put his own money on the line to launch Paytm — and ten years later the company is ready to go public</a>

Sanjiv Goenka makes a billion dollar comeback to the world's biggest T20 stage

<ul><li>Tejashwi Yadav clocked over 1.24 million engagements in October overshadowing incumbent Bihar CM Nitish Kumar who managed only 133,879 engagements. </li><li>The IPL was the flavour of the season for cricketers where expectedly India captain and expectant father Virat Kohli topped Twitter engagement with 2.4 million engagements. </li></ul>Twitteet, a social media analytics firm released its October analytics report today. This is the first time social media analytics for Twitter engagement by 20 categories have been done on a daily and monthly basis. The categories whose Twitter engagement have been analysed include Politicians (party-wise), Journalists, Business Leaders Founders &amp; Investors), Sportspersons (cricket and other sports), Movies stars (Bollywood and regional), Authors, Chefs, and Comedians. Here are the winners from some key categories: <ol><li>Politicians – Narendra Modi - 72,15,913 Twitter Engagements</li><li>Bollywood – Sonu Sood - 24,36,601 Twitter Engagements</li><li>Business Head – Anand Mahindra - 4,08,882 Twitter Engagements</li><li>Cricketer – Virat Kohli - 24,65,918 Twitter Engagements</li><li>Sports Star (non-cricket) – Vijender Singh - 4,27,006 Twitter Engagements</li><li>TV Star – Sidharth Shukla - 3,90,901 Twitter Engagements</li><li>Journalist – Deepak Chaurasia - 18,88,720 Twitter Engagements</li><li>Founders – Kunal Shah - 60,093 Twitter Engagements</li><li>Comedians – Kunal Kamra - 11,46,111 Twitter Engagements</li><li>Regional Cinema Star – Mahesh Babu - 7,32,964 Twitter Engagements</li><li>Authors – Anand Ranganathan - 5,36,874 Twitter Engagements</li><li>Investor – Mohandas Pai - 99,741 Twitter Engagements</li></ol>Key highlights of the first report include the remarkable rise of Tejashwi Yadav who clocked over a 1.24 million engagements in October overshadowing incumbent Bihar CM Nitish Kumar who managed only 133,879 engagements. Expectedly, Prime Minster Narendra Modi topped the overall Indian Twitter engagement rankings with over 7.2 million engagements. Among Indian Politicians Congress leader Rahul Gandhi is at #2 with 3.5 million engagements, UP CM Yogi Adityanath and Priyanka Gandhi Vadra were 3rd and 4th in the Indian Politicians engagement rankings. Surprising inclusions in the top 10 among politicians were BJP Spokesperson Sambit Patra at #8 who clocked a 1.1 million engagements; Dr Kumar Vishwas at #5 who got 1.2 million engagements. Sonu Sood’s humanitarian work during the pandemic saw huge resonance on Twitter where even at a Twitter following of a tenth of super star Shah Rukh Khan (Sonu Sood’s 4.6 million followers to SRK’s 41.3 million followers) he topped Twitter engagement among Bollywood Stars with a phenomenal 2.4 million engagements. The Bollywood Badshah Shah Rukh Khan was at #2 with 7.3 lakh engagements. Akshay Kumar with 6.72 lakh engagements was at #3, and Anupam Kher with 4.74 lakh engagements was at #4. Former Maharashtra CM, the late Vilasrao Deshmukh’s actor-son Riteish Deshmukh was at #5 with 4.2 lakh engagements. Pooja Hegde was the surprise entrant into the top 10 with 2.51 lakh engagements. In the Business Leaders category, Anand Mahindra towers over others with over 4 lakh engagements. RPG Group’s Chief Harsh Goenka is at #2 with 2.2 lakh engagements. Chinese mobile phone brands India CEO’s Manu Kumar Jain of XiaoMi and RealMe’s Madhav Sheth are at #3 and #4 respectively with 1.5 lakh and 1.1 lakh engagements respectively. Wipro Chairman Rishad Premji with 49K engagements is at #5, Biocon’s Kiran Mazumdar-Shaw with 41K engagements at #6, Marico’s Harsh Mariwala with 24K engagements is at #7, Micromax co-founder Rahul Sharma with 19K engagements at #8 and Chairman of JSPL and former MP, Naveen Jindal with 16K engagements is at #9. Google’s Global CEO Sundar Pichai with 15K engagements is at #10. The IPL was the flavour of the season for cricketers where expectedly India captain and expectant father Virat Kohli topped Twitter engagement with 2.4 million engagements. Suresh Raina was at #2 with 1.9 million engagements. Former stars Sachin Tendulkar at #3, Harbhajan Singh at #5, and Virendra Sehwag at #6, actively engage with fans and followers on Twitter with 1.5 million; 6.8 lakh and 6.3 lakh engagements. Aakash Chopra, now a commentator is also hugely popular and ranks #4 with over 9.65 lakh engagements on Twitter in October. Perennial favourite Mahendra Singh Dhoni was completely inactive on Twitter in October despite more than 8.1 million followers. Among Indian sports persons, outside of cricket, Olympic medallist and pro-boxer Vijendra Singh tops with 4.27 lakh engagements. Perhaps the India’s best kept secret in sports is veteran pistol shooter, coach and sports enthusiast 88-year old Dadi Chandro Tomar, better known as ‘Shooter Dadi’ from Baghpat, UP. Since learning to shoot when she was well into her sixties she has attained national fame as an accomplished shooter having won more than 30 national championships. She was at #2 in the non-cricket sports category with a phenomenal 2.84 lakh engagements leaving superstars like Saina Nehwal, Babita Phogat and Jwala Gutta behind! In the intensively competitive Journalists category, News Nation’s Deepak Chaurasia topped Twitter engagement with a whopping 1.88 million engagements. Aaj Tak’s Rohit Sardana was at #2 with 1.1 million engagement followed by Sushant Sinha with 1.05 million engagements. Veteran journalist and India Today’s Consulting Editor Rajdeep Sardesai was at # 8 wit6 6.6 lakh engagements and Rana Ayyub was at #6 with 7.6 lakh engagements. In other categories, Comedians and Start-up founders made their mark. Among comedians, Kunal Kamra topped impressively with 1.1 million engagements, followed by Ashish Chanchlani at #2 with 4.92 lakh engagements, Vir Das at #3 with 3.2 lakh engagements, Atul Khatri at #4 with 2.21 lakh engagements and Amit Bhadana with 1.1 lakh engagements at #5. Cred Founder Kunal Shah lead the Business Founders category with 60K engagements and Paytm’s Vijay Shekhar Sharma was next with 23K engagements. Said Twitteet co-founder Sandeep Amar: “Our core objective is to provide social business intelligence, social monitoring and actionable insights to the leaders across various domains and also to businesses and marketers. We run daily analysis of all engagements – which are the total of likes and retweets, collate these every month, across categories; and then slice and dice them to mine actionable insights. At some level a leaders Twitter engagement gives one sense of his connect with his constituents and what are the key issues that matter. We hope to sharpen this data over time and broad base our offerings to other social platforms and geographies.”

Narendra Modi, Sonu Sood and Anand Mahindra top Indian Twitter engagement in October 2020, shows report

Finance Minister Arun Jaitley left industrialists, economists and commentators on a high note as they cheered the Budget 2016-17. 
 
They lauded the finance minister for a pro-farmer budget, also leaving a multiplier effect on the economy. Many experts said the budget was in line to what they expected and importance to fiscal discipline was also welcomed. 
 
Even the startup founders were excited about no tax for first three years. 
 
Here’s what the experts have to say: 
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Prompt words for businessmen to use today for <a href="https://twitter.com/hashtag/Budget2016?src=hash">#</a><a href="https://twitter.com/hashtag/Budget2016?src=hash">Budget2016</a>-great, fantastic, all-round impetus, path-breaking, boosting economy, balanced, 👏.
	— Harsh Goenka (@hvgoenka) <a href="https://twitter.com/hvgoenka/status/704220915349848064">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		All major CII recommendations have been covered in <a href="https://twitter.com/hashtag/Budget2016?src=hash">#Budget2016</a>.~Sunil Munjal, Chair, Hero Corporate Service Limited <a href="https://t.co/dRnKw5QXaR">pic.twitter.com/dRnKw5QXaR</a>
	— CII (@FollowCII) <a href="https://twitter.com/FollowCII/status/704208144566595584">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		In summary, despite our disappointment on the tax on cars, I see no reason for the mayhem in the market.
	— anand mahindra (@anandmahindra) <a href="https://twitter.com/anandmahindra/status/704206242928074752">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		The need of the hour, both to revive consumption &amp; to preserve the social fabric of the country, was to focus on the farm ecosystem
	— anand mahindra (@anandmahindra) <a href="https://twitter.com/anandmahindra/status/704206350121897984">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Big effort to one time clean up past tax issues and one time amnesty <a href="https://twitter.com/hashtag/Budget2016?src=hash">#Budget2016</a> <a href="https://twitter.com/hashtag/UnionBudget2016?src=hash">#UnionBudget2016</a>
	— Sumant Sinha (@sumant_sinha) <a href="https://twitter.com/sumant_sinha/status/704201417804742656">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		FM sticks to fiscal deficit target of 3.5%! Exactly my views and glad to see the fiscal prudence <a href="https://twitter.com/hashtag/Budget2016?src=hash">#Budget2016</a>
	— Sumant Sinha (@sumant_sinha) <a href="https://twitter.com/sumant_sinha/status/704193439592640512">February 29, 2016</a></blockquote>
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Incredible and necessary win for Aadhar in today's budget ! Cheers &amp; Kudos to <a href="https://twitter.com/India_Stack">@India_Stack</a> and <a href="https://twitter.com/NandanNilekani">@NandanNilekani</a>
	— Vijay Shekhar (@vijayshekhar) <a href="https://twitter.com/vijayshekhar/status/704235493169299456">February 29, 2016</a></blockquote>
(Image: Indiatimes)

Industrialists, economists laud FM, positive that India will take a leap forward

<keyword id="3227612" type="UNKNOWN" weightage="100" keywordseo="Burjis-Godrej">Burjis Godrej</keyword>, the customer support Asian development specialist at Conservis has a surname that surely makes people ask him if he is related to the Godrej family, the one that owns the <keyword id="113571" type="CITY" weightage="100" keywordseo="Godrej-Industries">Godrej Industries</keyword>. He is, in fact, the son of Nadir Godrej (MD, Godrej Industries). 
 Similarly, when Mukesh Ambani's daughter <keyword id="617730" type="PERSON" weightage="100" keywordseo="Isha-Ambani">Isha Ambani</keyword> worked at <keyword id="6372399" type="COMPANY" weightage="100" keywordseo="McKinsey">McKinsey</keyword> &amp; Co before joining the family business, she surely would have been the topic of many coffee break discussions that her colleagues would have had. 
 <keyword id="130464" type="PERSON" weightage="100" keywordseo="Lakshmi-Venu">Lakshmi Venu</keyword>, daughter of Venu Srinivasan (<keyword id="190592" type="COMPANY" weightage="100" keywordseo="TVS-Group">TVS group</keyword>), <keyword id="192486" type="PERSON" weightage="100" keywordseo="Nandini-Piramal">Nandini Piramal</keyword>, daughter of Swati and Ajay Piramal (<keyword id="6397591" type="PERSON" weightage="100" keywordseo="Piramal-Enterprises">Piramal Enterprises</keyword>); <keyword id="114302" type="PERSON" weightage="100" keywordseo="Radhika-Piramal">Radhika Piramal</keyword>, the daughter of Dilip Piramal (<keyword id="114305" type="COMPANY" weightage="100" keywordseo="VIP-Industries">VIP Industries</keyword>) and <keyword id="389611" type="PERSON" weightage="100" keywordseo="Anant-Goenka">Anant Goenka</keyword>, the son of Harsh Goenka (RPG Enterprises); all these kids belong to reputed business families of India, but what binds them is the fact that they chose to be trained in companies not belonging to their families. 
 There seems to be a growing appeal in the trend of working outside the family business, outside the country. While they have a lot of options to go to, they prefer global consulting companies like McKinsey, Bain, <keyword id="6370971" type="CITY" weightage="100" keywordseo="Accenture">Accenture</keyword> and <keyword id="6358918" type="PERSON" weightage="100" keywordseo="Deloitte">Deloitte</keyword> to be groomed for leadership. They also feel more comfortable in working at companies outside India so that they can get real-world experience and boost their learning trajectory. It also seems apt, because these scions would get special treatment at their own companies and a lot of unwanted attention if they work outside their companies but in the same county; working outside prevents this. 
 
“Besides, the bias of being unfairly judged is removed. And, global consulting companies and banks are known for quality, speed of work and accelerated learning on assignments,” SV Nathan, senior director and chief talent officer at Deloitte in India, told ET.

Indian business family scions like it better to work with foreign firms for global exposure

At a time when new corporate rules have substantially changed the responsibilities of directors, there is a push in the Indian industry to improve the quality and effectiveness of corporate <keyword id="56788" type="UNKNOWN" weightage="20" keywordseo="Governance">governance</keyword>. 
 In a bid to improve the quality of board-level governance in Indian industry, corporate heavyweights including Keki Mistry of HDFC and <keyword id="162166" type="PERSON" weightage="20" keywordseo="Satish-Reddy">Satish Reddy</keyword> of Dr Reddy's Laboratories are coming together. The new group will be headed by <keyword id="273154" type="PERSON" weightage="20" keywordseo="Arun-Duggal">Arun Duggal</keyword>, former chairman of <keyword id="4745298" type="COMPANY" weightage="20" keywordseo="Shriram-Capital">Shriram Capital</keyword>. As per a news report by the Economic Times, Saroj Poddar of Adventz Group, Rashesh Shah of Edelweiss <keyword id="6354241" type="COMPANY" weightage="20" keywordseo="Financial-Services">Financial Services</keyword>, Shailesh Haribhakti of DH Consultants and Harsh Goenka of RPG Enterprises will also be a part to it. 
 
The financial daily has confirmed that the forum is being set up under the aegis of the FICCI Centre for Corporate Governance. 
"The objective of the forum is to enhance the corporate governance practice and standards by having better-informed and more-engaged board members," Duggal, who is the chairman of Ficci Centre for Corporate Governance told the ET. "The Companies Act 2013 and Sebi guideline have provided a structure and hardware for governance. What we want to provide is the software of information, knowledge, insight and peer learning for board members to be more effective." 
 
Membership will be strictly by invitation. The forum plans to start by inviting board members from the top 200 BSE companies. Among these programmes, the forum will offer an optional four-day board effectiveness course in association with the Indian Institute of Management-Ahmedabad, led by director <keyword id="1588161" type="UNKNOWN" weightage="20" keywordseo="Ashish-Nanda">Ashish Nanda</keyword>, and Harvard Business School, the ET report reads. 
 
In the next two-three years, the forum expects to yield results in the form of more engaged and informed board members and provide a lot of motivation to people. 
 
(Image credits: indiatimes.com)

Now an ‘etiquette’ school for company directors?

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’

Praising the <keyword id="905742" type="ORGANIZATION" weightage="80" keywordseo="Narendra-Modi-led-government">Narendra Modi-led government</keyword> for its prompt rescue operations in <keyword id="12266" type="COUNTRY" weightage="80" keywordseo="Nepal">Nepal</keyword> and parts of India struck by a massive <keyword id="6362774" type="UNKNOWN" weightage="80" keywordseo="earthquake">earthquake</keyword>, <keyword id="46431" type="CITY" weightage="80" keywordseo="India-Inc">India Inc</keyword> has pledged support in relief and rehabilitation work. The death toll has already crossed 2,000 while thousands have been injured. 
 "Exemplary work by the government and our armed forces in prompt and purposeful action towards aid of the victims of Nepal earthquake. In times of a tragedy of such gargantuan proportions, India Inc has always partnered with the government and relief agencies both during and after the crisis. Till the requirements of rehabilitation are established, I urge all Indians to contribute directly to the <keyword id="49687" type="ORGANIZATION" weightage="80" keywordseo="PM-relief-fund">PM Relief Fund</keyword>. At this hour, prayers of a billion Indians are with the people of Nepal," Harsh Goenka, chairman, <keyword id="33244" type="CITY" weightage="80" keywordseo="RPG-Enterprises">RPG Enterprises</keyword>, told TOI. 
 His brother <keyword id="6355523" type="PERSON" weightage="80" keywordseo="Sanjiv-Goenka">Sanjiv Goenka</keyword>, chairman of <keyword id="724092" type="COMPANY" weightage="80" keywordseo="RP-Sanjiv-Goenka-Group">RP-Sanjiv Goenka Group</keyword>, is chairing a National Task Force that will oversee industry mobilization and participation in the relief operations. 
 <keyword id="46425" type="PERSON" weightage="80" keywordseo="Anand-Mahindra">Anand Mahindra</keyword>, chairman of <keyword id="6355744" type="CITY" weightage="80" keywordseo="Mahindra-Group">Mahindra Group</keyword>, who has experience of disaster relief in New Orleans after hurricane Katrina and Haiti after hurricane Sandy, is determined to act and serve the community in Nepal and in India. "Our experience has shown that at this stage the best way we can help is by pressing vehicles and tractors into relief operations to help in search and rescue and in transporting both the injured to medical facilities and in carrying relief supplies to affected areas. In both Nepal and India, we intend to undertake these activities right away and our branches and dealers in Nepal and in Bihar and other affected Indian districts will make both vehicles and tractors available to authorities and relief agencies. 
 
"In the second phase, when longer term rehabilitation becomes the focus, we will evaluate the quantum and modality of monetary contributions," Mahindra told TOI. 
 <keyword id="2825599" type="UNKNOWN" weightage="80" keywordseo="Indiabulls-Foundation">Indiabulls Foundation</keyword> will be deploying both manpower and financial resources over the next few days to provide healthcare, essential commodities, food and clothes. "We are working out the logistics and will ensure presence in affected areas of Nepal over the next 2-3 days. We had taken a similar lead during the Jammu floods a few months back," said Gagan Banga, VC and MD, Indiabulls Group. 
 India Inc since independence has played a major role in helping people during calamities, said <keyword id="75979" type="COMPANY" weightage="80" keywordseo="Videocon-Industries">Videocon Industries</keyword> chairman <keyword id="7025" type="PERSON" weightage="80" keywordseo="Venugopal-Dhoot">Venugopal Dhoot</keyword>. "That's our culture. So we at Videocon will provide financial help for rehabilitation in Nepal Dhoot told TOI. He also praised the <keyword id="71" type="POSITION" weightage="80" keywordseo="Prime-Minister">Prime Minister</keyword>'s prompt action to help Nepal. Industry bodies <keyword id="6358345" type="ORGANIZATION" weightage="80" keywordseo="CII">CII</keyword> and <keyword id="6355001" type="CITY" weightage="80" keywordseo="FICCI">FICCI</keyword> have also swung into action. "CII has already started working towards mobilizing support from the industry towards immediate relief operations in Nepal. We are in touch with the ministry of external affairs, the Indian embassy in Kathmandu and also Nepalese consulate in Kolkata. We are arranging relief material — ready-to-eat food, water, biscuits, medicine, blankets — which would be transported through the neighbouring states of Bihar and Bengal," said CII director general <keyword id="6560611" type="PERSON" weightage="80" keywordseo="Chandrajit-Banerjee">Chandrajit Banerjee</keyword>. 
 FICCI too has joined hands with the Indian government for relief and rehabilitation work in Nepal, said Didar Singh, secretary general, FICCI. Industry body's president, <keyword id="2659015" type="UNKNOWN" weightage="80" keywordseo="Jyotsana-Suri">Jyotsana Suri</keyword>, has committed to provide water and about 5,000 bottles are being arranged to be dispatched. "More than 2,000 tents, blankets, baby food, and OTC drugs are also being supplied by our members, which will be dispatched to the disaster site in coordination with the ," Singh said. 
 <keyword id="101435" type="CITY" weightage="80" keywordseo="Bajaj-Group">Bajaj Group</keyword> chairman <keyword id="33278" type="PERSON" weightage="80" keywordseo="Rahul-Bajaj">Rahul Bajaj</keyword> also praised the government's quake relief operations. "We have been at the forefront when it comes to helping during natural calamities like this. I have been very much impressed with the Indian government's instant response to undertake relief measures. This time also we will help as we did in the past. Being a corporate house, we can support financially. Our heart goes out to those affected," Bajaj told TOI.

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