Ratan Tata beats Ambani Brothers to mobilise India Inc support for Obama`s Best friend!
Whereas Reliance Industries Ltd (RIL) on Friday posted its biggest quarterly profit in seven years!
Mukesh Ambani promoted Reliance Retail reported revenue growth of 31% on year at Rs 4,788 crore in the fourth quarter of fiscal 2015.
Palash Biswas
Ratan Tata beats Ambani Brothers to mobilise India Inc support for Obama`s Best friend!
In Mumbai, Cautioning the industry against getting "disillusioned so fast", top business leader Ratan Tata on Friday asked it to give 'support and opportunity' to Prime Minister Narendra Modi for delivering on his promises.
Finance minister Arun Jaitley said on Friday that the government is committed to a transparent and predictable tax regime and views taxpayers as partners and not as potential hostages or victims.
In his speech at the Peterson Institute for International Economics, Jaitley detailed the steps that the Narendra Modi government has taken to revamp the tax administration and make it non-adversarial.
"But, let me highlight an action that has not received sufficient attention. This year two high court rulings went in favour of Vodafone and Shell, which the government did not contest, reflecting our commitment to not being adversarial," Jaitley said.
On the other hand,Reliance Industries Ltd (RIL) on Friday posted its biggest quarterly profit in seven years with fourth quarter net income rising 10.8% to Rs 6,240 crore as earnings from refining crude increased.
Net profit in Q4 jumped 10.8% to Rs 6,240 crore. This is the highest quarterly net profit for RIL since it clocked Rs 8,079 crore in profit in the third quarter of 2007-08.
The company earned $10.1 for every barrel of crude it turned into fuels during the quarter (call it gross refining margin or GRM), compared with $9.3 a year earlier and $7.3 in the three months ended December 31, 2014.
Mukesh Ambani promoted Reliance Retail reported revenue growth of 31% on year at Rs 4,788 crore in the fourth quarter of fiscal 2015. Strong growth in retail business came despite consumption slowdown and challenging macroeconomic environment. The company also maintained the distinction of being India's largest retailer with 2,621 stores across 200 cities and over 12.5 million square feet of retail space.
For the 12 months ending fiscal 2015, the company's total revenue grew by 21.2% to Rs 17,640 crore while profit before depreciation, interest and taxes (PBDIT) for the year stood at Rs 784 crore. In terms of like-for-like (LFL) growth, it was up to 17% across various format sectors during the year. The company also consolidated its leadership position by adding added 930 stores and 0.9 million square feet of operating space in the year across the sectors.
India Inc projected Narendra Modi as the Prime Minister of India long before RSS endorsed the idea.Mind you,Ambani Brothers took the initiative crossing the fences after ending the longest ever honeymoon since Indira regime with Congress as United States of America dumped Dr Manmohan Singh whom it inserted in Indian Politics as an incarnation of neoliberal reforms for multi dimensional mass destruction.
Since Indian NRI prime Minister having ended his infinite election campaign leaving the Free Market fascist RSS Hindu imperialist agenda to the Bajrangi Brigade and giving up the minimum governance for making in a all India Gujarat and looking for nuclear disaster along with free flow of foreign capital to be imported to wipe out the agrarian indigenous aborigin excluded non Aryan Non Hindu population for cent percent Hindutvaand a Non Hindu Non Aryan free Hindu Rashtra ahead.
Barrack Obama emerged his best ever friend beating every leader on RSS fold at home.Obama seems to be more pleased than all the protagonists of Hindutva with the bumper harvesting of lotus all over India.
Rather RSS should have projected Obama as the Avtar inspite of some DR BR Ambedkar misquoting,misinterprating the best fighter for humanity after Gautam Buddha.
But making in Amerika and selling of the Nation,its Golden bird is something related to high voltage blind nationalism and the Swadeshi faction inspired by Deen Dayal Upadhyaya would not allow Obama to become the Avtar of Vishnu.More over th Ambedkar ATM is most suitable to harvest mandate converting the majority as the permanent non citizen residents of Hinudva Hell.
Thus,Barrack Obama is spared!DR BR Ambedkar,the man who converted to Buddhism to annihilate caste and targeted bothe Brahaminical hegemony as well as Capitalism both represented best by the fascist RSS, as the greatest enemies of Indian depressed class.He blasted all the Hindu holy scripts line by line and broke every Myth including Lord Rama.
The Brahaminical RSS despite practicing brutal apartheid and inhuman untouchability claiming it to be SAMRASATA,inclusive diversity,chose OBC Modi as the Prime Minister of India opting out its Brahaminical time tasted leaders and dumping Atal as well as Adwani to have the votes of OBC,SC and ST.
RSS, aligned with zionist United States of America and Israel, is playing the card of vertical religious polarisation to accomplish the free market agenda of complete privatization,complete disinvestment,complete decontrol and complete deregulation.
Very recently,RSS business friendly government succeeded to kill the labour laws made by DR. BR Ambedkar as the labour ministerin British India.
DR.Amebdkar`s role in the constitution of Reserve Bank of India is recognised officilally.Having amended Banking Act to enhance votes of the private parties,RSS ensured the privatization of that reserve Bank and is all set to convert all PSBs into private holding companies.
Not to mention reservation,not to mention Hindu Code Bill,not to mention fundamental rights and directive principles,even not to mention the Fifth and Sixth schedule and all the constitutional safeguards finished,the Parliament itself is manipulated to allow foreign interests and free flow of foreign capital,a continuous Bull Run,infinite recycle of Black Money to sustain the Manusmriti economics of exclusion and ethnic cleansing.Thus, incarnating the latest Avtar Ambedkar ,RSS made a Godse and savarkar of Ambedkar,killing the leader of entire humanity!
Most recently Obama wrote the profile of Modi on Time magazine.The same man who denied VISA to Modi branding him no less than a war criminal against the humanity until India Incs and RSS joint venture to make India a joint peripherry of United States of America and Israel.Then Obama giving Modi clean chit in Gujarat genocide case pleased to visit India as the chief guest on Republic Day.Leaving India he spoke for freedom of religion missing in India.
Now Modi happens to be the man of the moment for outgoing US President.Thus,no one else but Ratan tata takes over from Ambani brothers to stengthen the crown of the Kalki Avtar.
Stating that the Modi government has not completed even one year in office, Tata said, "All of us should understand that it's a new government, and we need not get disillusioned and dissatisfied with so fast."
The comments come at a time when various business leaders including HDFC chairman Deepak Parekh, Marico Group's Harsh Mariwala and the new CII president Sumit Mazumder have talked about a need for the new government's reform measures to start reflecting on the ground.
"There's a great deal of hope in the inspirational leadership of Modi. He is still in the early stages of defining what he hopes to deliver a new India. The implementation hasn't really taken form this year. But we still have to give him the opportunity to implement what he has promised," Tata said in Mumbai.
He was replying to a query on his views about the economy under the new regime during the convocation of the 'Mumbai International School of Business Bocconi'. Expressing confidence that the prime minister will deliver on his promises, Tata said "We're all hopeful that the country will move forward in the manner that Modi predicted. "We really need to support it if we need to have a new country and outlook both internationally as well as domestically."
He added: "In short, we're all hopeful that the country will move forward in the manner that Modi predicted."
Mazumder said Friday at a press conference in the national capital that the Modi government has taken forward reforms in various areas but issues like land acquisition were still coming across as key bottlenecks for implementation of large projects, while the industry has also been experiencing obstacles with regard to the Companies Act.
Mazumder also highlighted that although progress has been made in reforming labour laws, a lot needs to be done, while there are "still certain factors which need to be resolved in the ease of doing business".
The prime minister, as also other top government leaders, have asserted that all efforts are being made to improve ease of doing business.
Meanwhile, media reports say that Ashish Kumar, the head of India's statistics office, has faced two months of questioning about how a new way of measuring GDP created the world's fastest-growing major economy overnight.
It's unlikely to end any time soon.
Until early February, when Kumar's office changed the way it measures economic activity, India was enduring its weakest run of growth since the mid-1980s. Now it is outpacing China, having grown an annual 7.5 percent in the fourth quarter of last year.
Policymakers were flummoxed by the statistical transformation, particularly as the revised data was released without a historical series, making it hard to put the number in context or understand what it was saying about the economy.
"The day starts with a question and ends with a question," Kumar told Reuters. "Almost every week we keep getting queries from RBI and the finance ministry about the data."
"We are trying to compile a historical series and hope to provide it by the end of December," he said.
Until then, the questions may keep on coming - a state of confusion that is persisting to the point where it risks wrong-footing financial markets and even policymakers.The statistics office has set up an internal panel to audit the data and invited an International Monetary Fund team to review it. The IMF review starts on April 22.
Last week, the Reserve Bank of India (RBI) pointed out several gaps in the new figures, which it said clouded an accurate assessment of the economy and could lead to poor policy.
Others have been more scathing in their criticism. Morgan Stanley's Ruchir Sharma, for example, has called the new numbers a "bad joke" aimed at a "wholesale rewriting of history".
The statistics office says the new calculation, which measures GDP by market prices instead of factor costs, is more in line with global practise and helps to better understand the structural changes taking place in the economy.
The RBI and finance ministry agree, and aren't questioning the decision to change the methodology. But they can't reconcile the data with other indicators showing less vibrant growth.
For example, the new, robust expansion doesn't correspond to subdued corporate earnings and weak industrial production - and statisticians disagree over the way a new data set is used.
The statistics office attributes the divergence to the use of an improved database of hundreds of thousands of private companies. Previously, a small sample of large firms was used.
But R. Nagaraj, an independent member of a government-appointed panel that first suggested using the companies database to calculate GDP, says the mismatch reflects a decision to extrapolate the new data instead of taking it as a straight reading of output.
As a result, Nagaraj said, gross value addition in manufacturing is more than double the figure his panel's suggested methodology would have produced.
Kumar, the head of the statistics office, said the rationale was to make the samples comparable over a period of time.
"There has to be some benchmarking so that you compare the comparable," Kumar said. "We haven't come across any defect in our methodology."
"We don't have any political agenda," Kumar said. "Whatever questions are coming, we are answering them."
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