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TVS Motor sales rise 15.14% to 2,04,565 units in Feb

Written By komp limpulima on Senin, 02 Maret 2015 | 21.03

Domestic two-wheeler sales stood at 1,64,508 units last month, up 11.47 percent, from 1,47,580 units in the year-ago period, it added. Motorcycle sales increased by 18.37 percent to 74,292 units last month compared with 62,762 units in the corresponding month a year earlier.

TVS Motor  Company Monday reported 15.14 percent increase in total sales at 2,04,565 units in February. The Chennai-based company had sold 1,77,662 units in the same month last year.

Total two-wheeler sales for the month grew by 14.8 per cent to 1,95,509 units as against 1,70,293 units in February 2014, TVS Motor Company said in a statement.

Domestic two-wheeler sales stood at 1,64,508 units last month, up 11.47 percent, from 1,47,580 units in the year-ago period, it added. Motorcycle sales increased by 18.37 percent to 74,292 units last month compared with 62,762 units in the corresponding month a year earlier.

Scooter sales during the month grew by 35.15 percent to 56,750 units in February 2015 as against 41,990 units in the corresponding month last year.

During the month, three-wheeler sales grew by 22.89 percent at 9,056 units, from 7,369 units in February 2014. Exports in February jumped by 34.54 percent to 38,725 units, compared to 28,782 units in the corresponding month a year earlier. 

TVS Motor stock price

On March 02, 2015, TVS Motor Company closed at Rs 271.95, down Rs 6, or 2.16 percent. The 52-week high of the share was Rs 322.30 and the 52-week low was Rs 84.00.


The company's trailing 12-month (TTM) EPS was at Rs 6.51 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 41.77. The latest book value of the company is Rs 29.79 per share. At current value, the price-to-book value of the company is 9.13.


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Wipro partners WEF for quantifying cyber risk

Country's third largest software services firm Wipro has partnered with the World Economic Forum (WEF) to develop a cyber value-at-risk (VAR) framework that will allow organisations to assess threat landscape, the nature of assets needed protection and quality of defenses.

Country's third largest software services firm Wipro  has partnered with the World Economic Forum (WEF) to develop a cyber value-at-risk (VAR) framework that will allow organisations to assess threat landscape, the nature of assets needed protection and quality of defenses.

As per the Forum's estimates, if the sophistication of attacks keeps ahead of defensive capabilities, the resultant new cyber regulations and restrictive policies could hurt innovation by about USD 3 trillion by 2020.

Consequently, business leaders and policy makers have highlighted the need for a framework that would aid them in making better cyber security decisions, Wipro said in a statement.

"The cyber VAR concept suggests that organisations actively consider aspects like value of their assets, profile of attackers and the existing security posture, as they build their cyber risk models," WEF Partnering for Cyber Resilience Manager (IT Industry) Elena Kvochko said.

Wipro and the WEF partner companies have been working together to evangelise the need for organisations to develop cyber resilience and the importance of quantifying cyber risk, it added.

"While the Cyber VAR framework can be applied across all industries, this has specific relevance to sectors that involve sensitive personal data such as financial services, healthcare and retail and those involving critical national infrastructure, including the transportation and energy sectors," it said.

Through the framework, an organization can reliably determine and predict the VAR threshold of their cyber exposure.

This allows them to determine whether it makes more business sense for them to transfer the risk to an insurance company, take remedial actions to reduce this VAR, or manage the exposure as part of standard business risks.

"Through this framework, we have been able to help our customers quantify their threats, prioritize business assets and assist them in directing their investments towards better risk mitigation," Wipro Head Corporate Business Development R Guha said. 

Wipro stock price

On March 02, 2015, Wipro closed at Rs 663.50, up Rs 4.25, or 0.64 percent. The 52-week high of the share was Rs 674.00 and the 52-week low was Rs 475.35.


The company's trailing 12-month (TTM) EPS was at Rs 34.04 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 19.49. The latest book value of the company is Rs 118.90 per share. At current value, the price-to-book value of the company is 5.58.


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Ola buys rival TaxiForSure for $200 million

The deal by Ola, backed by Japan's SoftBank Corp , is among the biggest in India's startup industry after Flipkart's purchase of Myntra for about USD 300 million in May last year.

App-based cab service Ola has bought rival TaxiForSure for USD 200 million as it eyes a bigger share in India's fast-growing online taxi services industry, where it competes with local players as well as Uber, the US-based online taxi-hailing company.

The deal by Ola, backed by Japan's SoftBank Corp , is among the biggest in India's startup industry after Flipkart's purchase of Myntra for about USD 300 million in May last year.

Ola and TaxiForSure will continue to operate as separate entities, the companies said in a statement.

With the acquisition, investors in TaxiForSure will roll over their stock into Ola, the company said.

Raghunandan G, chief executive of TaxiForSure, will step down and Arvind Singhal, currently COO, will become its CEO. The company will retain all of the 1,700 employees, the statement said.


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GAIL not keen on pact with Iranian co: Pradhan

GAIL had in 2005 signed an agreement with National Iranian Gas Export Corporation (NIGEC) for import of 7.5 million tons a year of gas in its liquid form (LNG) from Iran. It was also a signatory for receipt of gas via the proposed Iran-Pakistan-India (IPI) gas pipeline.

State-owned gas utility GAIL India  is unwilling to sign any agreement with Iranian companies for sourcing of gas because of the fear of US sanctions, Oil Minister Dharmendra Pradhan said on Monday.

GAIL had in 2005 signed an agreement with National Iranian Gas Export Corporation (NIGEC) for import of 7.5 million tons a year of gas in its liquid form (LNG) from Iran. It was also a signatory for receipt of gas via the proposed Iran-Pakistan-India (IPI) gas pipeline.

But after US imposed sanctions on Iran over its suspected nuclear programme, Indian firms are wary of entering into pacts which may lead to them being sanctioned by Washington.

"Since GAIL has substantial business interest in the US, GAIL is unwilling to sign any agreement involving an Iranian entity until a final position emerges with respect to Iran sanctions," he said in a written reply to a question in the Lok Sabha. Pradhan said South Asia Gas Enterprise (SAGE) is pursuing a deep-sea gas pipeline from Middle East to India for importing natural gas.

It has entered into a Memorandum of Understanding with NIGEC for transportation of gas to India through deep water route. "In the year 2011, GAIL was nominated by the Ministry (of Petroleum and Natural Gas) as the designated agency for the project," he said. The company has a Principles of Cooperation (PoC) with SAGE since July 2009 where GAIL and SAGE have agreed to cooperate in the pipeline project.

"GAIL has reservations in signing of the non-binding framework agreement forwarded by SAGE in March 2013 with an Iranian company, since it could lead to impairment of GAIL's access to international commercial or financial services and capital markets, in its global business ventures," he said.

The state-owned firm has 20 per cent stake in Carrizo shale gas venture in the US where it has committed to invest USD 300 million. Also, it has multiple agreements for sourcing of gas and use of LNG terminals for shipping it to India.

The US Government Accountability Office (GAO) listed three Indian companies as having commercial activity in Iran's energy sector, potentially attracting US sanctions. State-owned Oil and Natural Gas Corp  (ONGC), Oil India Ltd  (OIL) and Indian Oil Corp  (IOC) have been on the list since 2010 for having stakes in Iran's Farsi oil and gas field. Under US sanctions against Tehran, companies doing energy business in with Iran face exclusion from the US financial system.

GAIL stock price

On March 02, 2015, GAIL India closed at Rs 409.05, down Rs 4.45, or 1.08 percent. The 52-week high of the share was Rs 551.35 and the 52-week low was Rs 347.05.


The company's trailing 12-month (TTM) EPS was at Rs 27.60 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 14.82. The latest book value of the company is Rs 213.42 per share. At current value, the price-to-book value of the company is 1.92.


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Mahindra Mahindra sales fall 10% in February

However, exports were up 10 percent at 3,115 units from 2,828 units in the same period a year earlier. Sales of passenger vehicles, including Scorpio, XUV 500, Xylo, Bolero and Verito stood at 18,103 units compared with 19,308 units in February 2014, down 6 percent.

Automaker Mahindra & Mahindra  Monday reported 10 percent decline in total sales at 38,033 units in February. It had sold 42,166 units in the same month last year, the company said in a statement.

In domestic market, M&M's sales declined by 11 percent to 34,918 units last month as against 39,338 units a year earlier.

However, exports were up 10 percent at 3,115 units from 2,828 units in the same period a year earlier. Sales of passenger vehicles, including Scorpio, XUV 500, Xylo, Bolero and Verito stood at 18,103 units compared with 19,308 units in February 2014, down 6 percent.

Four-wheeler commercial vehicle sales fell by 19 percent to 11,928 units last month against 14,701 units in year-ago period, M&M said.

M&M Chief Executive (Automotive Division) Pravin Shah said: "The auto industry has not seen any major changes in the Union Budget 2015-16. However, looking at the overall Budget proposals including planned spend on infrastructure and social reforms, we expect positive sentiments going forward.'

M&M stock price

On March 02, 2015, Mahindra and Mahindra closed at Rs 1277.45, down Rs 14.05, or 1.09 percent. The 52-week high of the share was Rs 1421.00 and the 52-week low was Rs 940.70.


The company's trailing 12-month (TTM) EPS was at Rs 59.05 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 21.63. The latest book value of the company is Rs 270.60 per share. At current value, the price-to-book value of the company is 4.72.


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Is Budget 2015 a gamechanger? Experts debate

Written By komp limpulima on Minggu, 01 Maret 2015 | 21.03

In an interview to CNBC-TV18's Shereen Bhan, Sunil Munjal, Joint MD of Hero MotoCorp, Sumant Sinha, Chairman of ReNew Power, Anshuman Magazine, CMD at CBRE (South Asia) and Atul Punj, Chairman of Punj Lloyd gave their take on Arun Jaitely's Union Budget 2015.

In an interview to CNBC-TV18's Shereen Bhan, Sunil Munjal, Joint MD of Hero MotoCorp , Sumant Sinha, Chairman of ReNew Power, Anshuman Magazine, CMD at CBRE (South Asia) and Atul Punj, Chairman of  Punj Lloyd gave their take on Arun Jaitely's Union Budget 2015.

For entire discussion, watch accompanying video.

Hero Motocorp stock price

On February 28, 2015, Hero Motocorp closed at Rs 2682.65, up Rs 12.30, or 0.46 percent. The 52-week high of the share was Rs 3271.80 and the 52-week low was Rs 1940.70.


The company's trailing 12-month (TTM) EPS was at Rs 123.37 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 21.74. The latest book value of the company is Rs 280.43 per share. At current value, the price-to-book value of the company is 9.57.


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Budget 2015-16: Short-term impact of service tax concern, says TCS MD

However, the short term impact arising out of increase in surcharge and service tax are matter of concern. The move to encourage use of financial products and services among a larger proportion of the population as well as the efforts towards monetization of gold are great building block to build a vibrant and deep financial services sector.

TCS Chandrasekaran, CEO & MD, TCS

"The FM has delivered a bold, far sighted Budget that will help raise the country's profile as an investment destination. It aims to make structural changes that will help drive higher corporate investment on a sustainable basis. These include the commitment to simplification and rationalization of the taxation structure and setting a clear roadmap of reform for the next four years. However, the short term impact arising out of increase in surcharge and service tax are matter of concern. The move to encourage use of financial products and services among a larger proportion of the population as well as the efforts towards monetization of gold are great building block to build a vibrant and deep financial services sector. The government's moves to encourage fund managers to relocate to India will also drive greater integration of the India into the global financial services economy."

Mr. N Chandrasekaran added: "The focus on education through greater investment in institutions of higher learning as well as in skill development and the financial support for students will also help India capture its demographic dividend . Another important signal is the ongoing commitment to Digital India which will result in important opportunities for the IT sector. Extending the digital financial infrastructure through its support for greater use of payment systems like Rupay as well as the creation of a widespread broadband infrastructure will spur India's aspiration to become a "Smart Nation".

TCS stock price

On February 28, 2015, Tata Consultancy Services closed at Rs 2675.30, up Rs 11.55, or 0.43 percent. The 52-week high of the share was Rs 2834.00 and the 52-week low was Rs 2000.50.


The company's trailing 12-month (TTM) EPS was at Rs 104.29 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 25.65. The latest book value of the company is Rs 224.90 per share. At current value, the price-to-book value of the company is 11.90.


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Union Budget 2015: Expected more on manufacturing, housing, says Adi Godrej

Adi Godrej rates Finance Minister Arun Jaitley's Union Budget an 8 on 10. He says Jaitley's Budget will help revive the country's GDP as it lays a lot of emphasis on social infrastructure and Indian agriculture.

In an interview to CNBC-TV18, Godrej says Jaitley's clarity on the GST timeline is a major positive as he has emphasized the government will stick to the April 2016 date for the implementation of the tax.

"GST will put in place a state-of-the-art indirect tax system by 1st April, 2016," said Jaitley today.

However, the big disappointment, Godrej says came on the back on manufacturing sector. Despite high hopes, buoyed by the government's Make in India programme, the FM made no big announcements to boost the manufacturing sector.

BMR Advisors' Bobby Parikh, another guest of the panel says he welcomes the FM's anti black money thrust.

Below is the transcript of Adi Godrej and Bobby Parekh's interview with Menaka Doshi & Senthil Chengalvarayan on CNBC-TV18.

Menaka: What do you make of this Budget, some investors are saying it misses the wow factor, is that a disappointment for you?

Godrej: I think the Budget has been good on many fronts. One, I think it will help gross domestic product (GDP) growth. The large investment into infrastructure, the great emphasis on agriculture and social infrastructure will help. Some of the steps taken for the long-term in terms of black money and others will be very useful. Some of the other announcements for the long-term also will be good. For example, the fact that he wants to bring corporate tax rate to 25 percent in four years time is a good move.

At the same time I think manufacturing has fallen between two stools because he doesn't want to give any new incentives to any sector of the economy because he wants to bring corporate tax rate down but this year he has not brought corporate tax rate, in fact corporate tax rate has gone up because the 2 percent surcharge which he announced he will charge on higher income individuals is evidently applicable to the corporate sector too. So, I feel that manufacturing will not get the boost we expected this 'Make in India' Budget to provide.

Senthil: Goods and services tax (GST) he gave a timetable but it is April 2016, is that a bit of a disappointment?

Godrej: I think nobody expected it to be implemented before that but I am very glad that he has given a date. I think that is a good date, people are encouraged by the date. I hope they are able to stick to it.

Menaka: There is an increase in surcharge for FY16, so effective tax rate goes up to 34.6 percent. We have got excise rates going up, we have got service tax rates going up of course to align themselves to GST but will this entire combined mean a big pressure on financials for corporate India for FY16?

Godrej: I think so because the cut in the corporate tax which would have come through has been delayed. He has not done anything this year although he has announced that it will be over four years. So, as I have mentioned many sectors have benefitted especially international investment. All the problems of international investment have been taken care of which is a very good thing but this boost to manufacturing which we were expecting in this Budget has not come through. In fact as you rightly put it there are additional taxes on manufacturing.

Menaka: What stands out most for you and on the balance is it a plus Budget for corporate India?

Parikh: There were a lot of expectations on very specific things that the market had so if there were pain points in a variety of different areas then he seems to have methodically gone and addressed them. So foreign portfolio investment (FPI) - Minimum Alternate Tax (MAT) is a thing which came up now. From 1992 FPIs have been investing but we never had this MAT issue it popped up now and it is been dealt with.

There was AIFs needed a pass through, it is been sort of dealt with. Private equity (PE) risk for private fund managers based here managing foreign money was meant to have been dealt with for many years, has been dealt with. There were a lot of things which have got cleaned up as a result of that. This includes indirect transfers, the General Anti-Avoidance Rules (GAAR) deferral, so in that sense there were all of these kinds of things which had to happen and they happened and therefore it is clear.

They are in a way consistent with what the government has been saying that we will do things to make things easier. So it is helping to make things easier in some way or the other. Is it transformational? May be not, but is it helping things along, yes it is.

For more, watch accompanying videos.


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ME sector sees no major boost in Budget proposals

Vaishali Karulkar
moneycontrol.com

Not much was announced for the media and entertainment sector in the Union Budget 2015-16 - only service tax would be levied for entertainment events like concerts, non-recognised sporting event, pagents, music concerts and award functions if the ticket price was  more than Rs 500.

However, service by way of admission to exhibition of the cinematographic film, circus, dance, or theatrical performances including drama, ballets or recognized sporting events shall continue to be exempt.

The FM did promise that GST would be put in place by 1st April, 2016.

As the M&E industry that constitutes of television, print, radio, social media, and films continues to entertain and inform plays a critical role in creating awareness on issues affecting and building aspirations for millions of Indians. It also includes smaller segments like radio, music, OOH, animation, gaming and visual effects (VFX) and Internet advertising.

The government has also promised ease of doing business and set the ball rolling for FM radio phase III auctions.

Industry's Expectation from the upcoming Budget

•    Under the purview of goods and service tax industry expects uniform, single-point and simplified taxation across various product categories.
•    Rationalisation of indirect taxes, which currently range from 30-70 percent would be helpful.
•    No tax deduction at source (TDS) on the 15 percent agency commission will reduce the burden of taxes for the broadcasters.
•    Solve the double taxation issue: Licensing of copyright content (other than theatrical exhibition) is liable for service tax and value added tax, which results in double taxation on the same transaction. In a recent judicial.
•    Entertainment  tax be eliminated or at least the rate of tax be moderated.
•    Tax Exemptions for Radio Broadcasting
•    Reduce customs duty on capital equipment for Radio broadcasting to 4%.
•    Export benefits to post production services under service tax legislation.
•    10 Years Tax Holiday for Animation, Gaming, and Visual Effects Industry.
•    Above are the industry expectation for robust growth of the industry.

The key beneficiaries of these announcements would be companies like Balaji Telefilms , DB Corp , Dish TV , Eros Int , Hindustan Media , HT Media, INOX Leisure, Jagran Prakashan , NDTV, PVR, Saregama, Shemaroo, Sri Adhikari, Sun TV , TV Today Network , TV18 Broadcast , Zee Entertainment , etc

State of the Industry

Currently the M&E industry is bogged down by myriad of taxes in various forms – both direct and indirect.

Amidst India's evolving economic environment, MSMEs have been advocating revision of the basic structure of definition of MSMEs to provide for a higher capital ceiling.

MSME which contributes about eight per cent of India's GDP plays a vital role in the country's growth. In India there are more than 30 million MSMEs contributing 40 per cent of the country's total export. MSMEs provide employment to more than 60 million people and are producing more than 8000 quality products for the international and Indian market.

Highlights of 2014 Budget

Service Tax:

•    To broaden the tax base in Service Tax, sale of space or time for advertisements in broadcast media, extended to cover such sales on other segments like online and mobile advertising.
•    Sale of space for advertisements in print media however remained excluded from service tax. Service provided by radio-taxis was brought under service tax.

Some indirect taxes proposals:

•    Colour picture tubes exempted from basic customs duty to make cathode ray TVs cheaper and more affordable to weaker sections.
•    To encourage production of LCD and LED TVs below 19 inches in India, basic customs duty on LCD and LED TV panels of below 19 inches reduced from 10 percent to Nil.


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Union Budget 2015: Here's why India Inc gives thumps up to Jaitley's Budget

Hailing Finance Minister Arun Jaitley's maiden full year Budget Saturday, Vinayak Chatterjee (CII) Chairman, Feedback Infra said it was a very good Budget for the infrastructure sector. According to him, heavy investment in infra will boost economy significantly. He said the announcement on regulatory reform law is a move in the right direction. He also welcomes the proposal to rejig public-private partnership (PPP) format. 

In a discussion on CNBC-TV18, Jonathan Schissel, Fund Advisor(s), Ashburton (Jersey) said major investors are now looking at India very closely with international investors also showing interest in India story. He hopes earnings growth shows uptick in Q4. Schissel is heavily overweight financials and capital goods.

Adding to the discussion Adi Godrej, chairman,  Godrej Industries is confident that the constitutional amendment to goods and services tax (GST) will be passed in this Budget session. He expects FY16 GDP to be around 8.4-8.5 percent.

Pawan Goenka of  Mahindra & Mahindra is not surprised with any change in the excise duty for the auto sector. He believes announcements on electric vehicles will help bring cleaner vehicles into India. Goenka is expecting an improvement in demand from April-May.

Ravi Uppal, MD and CEO,  JSPL said the Budget reassures directions and visions laid out last year by the government.

Naina Lal Kidwai of HSBC expected government to relax the fiscal deficit target for next fiscal. She was anticipating more announcements on consumer-led demand 

Mukesh Butani of BMR Advisors said government targetting subdued collection target will make doing business easier.

Sumant Sinha, Chairman, ReNew Power also contributed to the discussion.

Shereen: How good this Budget has actually been for the infrastructure sector?

Chatterjee: For the sector as a whole you will get segment wise analysis from my friends and colleagues here and outside but for the sector as a whole, frankly it has been a very good Budget. Infrastructure has been called the elephant in the room and with the slew of positive interventions that we have seen this elephant might just begin to start dancing again.

Shereen: I am sure you have drawn up a list of things that have happened on the tax front and the devil often lies in the detail. Any nasty surprises that we have missed out on so far as far as tax is concerned?

Butani: No, I just wanted to take a point on 25 percent reduction in corporate tax. He is not saying this is a done deal, he is saying my effective tax rate is 23 percent today, as it rises up I will bring down the corporate tax rate over a four year period because we will exclude the next financial year 2015 and 2016. The biggest takeaway for me is the tax collection trend that he has demonstrated for 2015-16. So 13 percent increase in direct tax, the lowest tax collection buoyancy in the last decade which means he is reasonable and what is going to happen is that this is going to put less pressure on the field offices to collect taxes using corrosive measures or unabated assessment so on and so forth.

Shereen: For the first time in many years we have actually seen the Indian stock markets closing on a high on the day of the Budget. In light of the announcements that have come in from the government on Budget day, what is the equity India stock market story look like? Do you believe that valuations are currently stretched, do you believe that the finance minister and this government have been able to provide more levers for growth and hence we could see a further upside?

Schissel: Broadly speaking most foreign investors will again on a very superficial level welcome the Budget. When you look at Indian valuations compared to other emerging markets or the developed markets against India\\'s own history it is looking a little bit pricey. Of course when you start to compare India\\'s premium today versus what it previously had versus global markets it doesn't look too pricey at all. So, the sort of net impact and we have had a lot of major foreign investors who have been looking at India have seen this huge run up in the domestic Indian indices, a lot of them have missed the boat. So far foreign flows weren't that large into the equity markets last year. So, my conclusion would be this Budget will now mean that certain investors who have missed the story so far will probably have a proper look at India and therefore I don't think valuations as they stand today are too much a deterrent. There are some issues but I don't think they are too bad.

Shereen: While they have upped the target as far as the renewable energy sector is concerned, have they done enough to be able to nurture the industry?

Sinha: In the Budget not necessarily so, other than what they have done generally for infrastructure. As Vinayak was saying particularly on the financing front a lot has been done and ultimately all of that will percolate down to our sector as well for sure. So, that by itself is a lot in general.

As far as renewables itself is concerned there is a lot of work that this government is doing outside of the Budget. I think the Budget didn't really specify anything specifically for renewables.

Shereen: Nine on ten coming in as far as the infrastructure thrust of this Budget is concerned. Let me ask you to talk to us about one of the other significant highlights and that is the GST. I know you have been campaigning for the government to get on board as far as the GST is concerned for several years you have believed that it can add between one and two percentage to the GDP. How confident do you feel that GST April 1, 2016 is now a reality or will be a reality?

A: First of all it is very good that the Finance Minister has announced a target date for its implementation. A lot of work has been done; lot of agreement has been reached on GST; of course the constitutional amendment bill needs to be passed in this session for it to become a reality to be implemented from April 1, 2016. I am quite confident that it can be done, it will be a game changer, it will add two percentage points to GDP growth other things being equal. There has been no reform which is as important to the economy as this one will be and I do hope it sees the light of day by April 1, 2016.

Shereen: Because there was nothing in the Budget specifically as far as the auto sector is concerned. The excise duty rollback had already happened in December but specifically for electric vehicle he has allocated Rs 70 crore. I don't have the fine print on me right now. So, I don't know what he says in terms of how he intends to use that Rs 70 crore, but this is a campaign that you have been lobbying for a long time, so you are a happy man today?

Goenka: Yes, you are right that in terms of any excise specifically there is nothing for the auto sector but then again we are not expecting anything because excise was increased on January 1 and therefore we will not expect a change to happen in this timeframe. So it does not come as a surprise or a setback to the auto sector that excise was not reduced or changed. As far as electric vehicle is concerned yes, we have been on this to say to get this scheme or incentive come in for electric vehicles. Rs 75 crore is not much but I would expect that this is sort of just seed money that is being put in, but if electric vehicles do take off with this incentive from the government then perhaps more money would be coming in. The fine print is not available yet so I also do not know how the Rs 75 crore will be spent but no matter how it is spent it certainly will help the electrical vehicle movement that Mahindra is certainly pioneering to move forward and bring in cleaner vehicles into India.

Shereen: First the Railway Budget hikes freight rate which clearly is not good as far as your sector in specific is concerned. Second your demand for a customs duty or a higher customs duty has at this point in time not been addressed, they have taken a enabling provision but when they move on that is a different story and you have been talking about cheap imports coming in from China so how would you assess this Budget?

Uppal: On the whole I would say that the Budget has lot of positives and is basically reassuring the direction the present government laid out last year, so it is giving the remote details. So, on the whole a very positive but I am somewhat disappointed when it comes to the manufacturing sector, the government could have done a lot more.

Shereen: Sumant Sinha saying that he believes the Finance Minister should have stuck to the 3.6 percent fiscal deficit target. Most people seem to have said that its okay for the slippage because they are using that money to fund public investment on infrastructure in specific. Both on the fiscal consolidation roadmap that this government has held out and specifically on the issue of banking and this business of actually setting up a bank holding company they have put in an interim arrangement. Eventually they hope to go to a bank holding company, your thoughts on both those issues?

Kidwai: I was clearly a votary for the fisc being relaxed. I think the 3.6 percent that had been set in the maiden Budget was really very harsh given what the government had been delivered up. The danger and the real sham that then happens is that capex just gets carried over to the next year and the next year needs to be corrected. So, I had actually quite openly suggested that may be 3.8 percent was more like it. So, 3.9 percent is good. It is very important that the government stays on the track for the 3 percent. The fact that it has delayed to 3 years rather than 2 I think we can swallow it but it is something that we have to be very cautious about and really monitor very carefully because the promise is that it is going to go towards capex and it is very important that it goes into the capex because the quality of our fisc is what is important.


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