Good show by Modi govt in four years; private sector now needs to pitch in

Evaluating the performance of any government on economic grounds is challenging. This is so because direct linkages are at best by chance as phenomena like oil prices, monsoons, global forces etc. affect inflation and exchange rates which are beyond the purview of any government. Further, it would also be disingenuous to say that the NPAs are high during a particular regime due to the ruling government as these things build up over time and mere recognition cannot be attributed to a government.

Hence, to evaluate the performance of the NDA government in the last 4 years a twofold approach is required. The first is to judge what is within the purview of the government and the progress made therein and the second is a comparison of economic indicators in the pre- and post-periods as part of the routine.

The performance of the NDA government in terms of conceptualisation and implementation of policies has been most remarkable with very little left to be done. The major reforms that were noteworthy are bringing in the eNAM (electronic national agricultural market), opening up of FDI (defence and railways equipment included), GST, power sector reforms, addressing NPA issue through the IBC and recap measures, improving the doing business environment, channeling funds for the SMEs etc.

Amazon.In sees 160% growth in seller base in 2016

Latest Business News - Global marketplace Amazon Thursday said that the seller base on Amazon.In grew by 160 per cent in 2016 from the previous year.

In line with its vision "to transform the way India buys and sells through its innovations, technology support and seller-centric services", Amazon.In till date has attracted over 140,000 sellers (160 per cent year-on-year growth) across India to the marketplace, Amazon said in a statement here.

"2016 was a monumental year for Amazon India... Expansion of our seller services offerings and focus on seller enablement and seller capability building initiatives to enable more and more sellers to benefit from the digital economy and succeed online, was our core focus in 2016," Gopal Pillai, Director & GM, Seller Services Amazon India said.

"We will continue to strive to make selling on Amazon synonymous to selling in India," he added.

With over 50 per cent of the seller base residing in tier II and III towns across India, 90 per cent of the sellers on the platform use Amazon.In's logistics and fulfilment services, the statement said.

Amazon's Global Selling program also witnessed tremendous success in 2016 by empowering over 18,000 Indian sellers to offer over 25 million 'Made in India' products to Amazon's worldwide customers.

Several homegrown brands such as Amul, Liberty, Biba, Fab India & Manyavar, Himalaya, 24 Organic Mantra, Fit & Glow were sold on Amazon's global platforms.(Read More)

Google CEO Sundar Pichai launches India first tool for small businesses

Latest Business News - In an effort to tap into the 51 million strong small and medium businesses in India, online search major Google today launched a brand new tool My Business.

Sundar Pichai, the CEO of Google who is in the Capital for a day made the announcement. He said that the brand new tool has been introduced in India and it would be taken to other countries from here.

Pichai said that it is an India first tool which would be introducing this year. Google My Business would help small businesses set up website from their mobile devices. All they need is a smart phone, he said.

The company has also launched Digital Unlocked, an education programme in association with industry body FICCI and Indian School of Business. The programme will impart mobile and online courses to help small businesses.(Read More)

Modi's crackdown on cash imperils pivotal GST

Breaking News - Prime Minister Narendra Modi's crackdown on the cash economy has shattered the consensus needed for a new national sales tax, plunging his boldest reform into limbo and threatening to entrench an economic slowdown.

Modi's government already had its work cut out to finalise a deal with India's 29 federal states to launch a Goods and Services Tax (GST) on April 1 that would transform Asia's third largest economy into a single Share market for the first time.

But his decision to scrap 86 percent of the cash in circulation, in a bid to purge the economy of illicit "black money", has caused huge disruption.

A slump in business activity stemming from the cash crunch has caused the revenue of state governments, which collect value-added tax on goods and other duties, to slump by 25-40 percent.

The states won't risk another setback by rushing the sales tax into force.

"The investment and economic environment in the country is in bad shape," said West Bengal Finance Minister Amit Mitra, who earlier head a panel tasked with building a consensus on the GST. "How is the country going to absorb the dual shock of GST and demonetisation?"(Read More).

I-T raids Axis bank in Noida, finds Rs 60 cr in 20 shell company accounts

On a trail of a jeweller who allegedly sold bullion worth Rs 600 crore, the Income Tax Department on Thursday unearthed Rs 60 crore from the accounts of 20 shell companies in a raid at an Axis bank branch at sector 51 in Noida.

A team of the department on Thursday raided the Axis bank branch in Noida and searched the accounts.

In the search, Rs 60 crores were found in 20 accounts of as many shell companies, an official said, adding that the I-T team was scanning the records to trace the directors of these companies.

An I-T team had earlier found that a jeweller in Noida had sold gold bricks worth Rs 600 crore after demonetisation and has accounts in the same branch of the bank.

The jeweller's name has not been disclosed by the officials yet.(http://www.business-standard.com/article/pti-stories/i-t-raids-axis-bank-finds-rs-60-cr-in-accounts-of-shell-116121500585_1.html)

Recap: Boardroom war escalates, Mistry removed as director of Tata Industries

Cyrus Mistry was today removed as director of Tata Industries following shareholders’ vote, the first such instance of the embattled executive being ousted from the board since his removal as Tata Group chairman.

Mistry also ceases to be the chairman of the company following his removal as director, Tata Industries said.

“Tata Industries, at its extraordinary general meeting on December 12, 2016, removed Cyrus P Mistry, as a director of the company. Hence, he also has ceased to be the chairman of the company,” it said.

Mistry was abruptly ousted as chairman of Tata Sons — the holding company of the USD 103 billion salt-to-software conglomerate — on October 24. Since then, interim Chairman Ratan Tata has moved to consolidate his position by seeking to remove Mistry from boards of key listed firms.

Even with the latest development, the Tata vs Mistry battle has been raging unabated, with both sides taking shots at each other over the past week.

Here’s what you’ve missed of the boardroom battle that has India Inc, and the country’s, attention.

Mistry refutes Tata’s allegations

Refuting allegations that he misled the selection committee set up in 2011 to find new Tata SonsChairman, Mistry on Sunday hit out at Tata Sons Interim Chairman Ratan Tata saying his predecessor’s “conduct has eroded the Tata brand and values materially”.

On a series of allegations leveled against him by Tata Sons in a letter to stakeholders of Tata firms, Mistry said, “Repeat a lie a thousand times and hope it becomes a truth, seems to be Ratan Tata’s last-ditch effort to overcome a monumental disaster his actions have unleashed.” ( Read more here)

Tatas accuse Mistry of misleading selection committee to get selected as chairman

Mistry’s rebuttal came after Tata Sons said that Mistry had misled the selection committee set up in 2011 for selecting a chairman to succeed Ratan Tata.

“Mistry made lofty statements about plans for Tata Group, but didn’t give into effect management structures and plans he promised,” stated Tata Sons. Mistry did not distance himself from his family enterprise Shapoorji Pallonji & Co as promised, Tata Sons further stated in a press release. ( Read the details here)