Hit & Flops in 2017

Business Sphere - - CONTENTS - By Our Cor­re­spon­dent

Here's a look at the prob­a­ble rise, fall and struggle of dif­fer­ent av­enues in In­dian pol­i­tics and econ­omy which might de­fine the year 2017. It is an un­de­ni­able fact that the world is now more aware than ever. Ox­ford dic­tio­nary’s word of the year was ‘post-truth’ which es­sen­tially means sit­u­a­tions in which emo­tional and per­sonal be­liefs shape the opin­ion of the pub­lic than ob­jec­tive facts. This term has be­come a main­stay in the po­lit­i­cal com­men­tary of the world as well as In­dia es­pe­cially af­ter the US elec­tions and the de­mon­eti­sa­tion move by the In­dian govern­ment. This con­cept has in­flu­enced the In­dian con­scious­ness to a large ex­tent es­pe­cially since this year has been one of the most mo­men­tous po­lit­i­cal years of this gen­er­a­tion. It has been al­most an era-defin­ing year re­mem­bered by the US Pres­i­den­tial elec­tions for the world and de­mon­eti­sa­tion for In­dia. So will the drama con­tinue in 2016? While the eco­nomic cli­mate of the world is now more com­plex than ever, there were some his­toric re­forms in In­dia which showed its ef­fects in 2017 and the times to come. Here’s a look at the prob­a­ble rise, fall and struggle of dif­fer­ent av­enues which de­fined the pre­ced­ing year:

Don­ald Trump’s in­au­gu­ra­tion of the US Pres­i­dent’s post and its im­pact on In­dia

Don­ald Trump’s vic­tory in the US Pres­i­den­tial elec­tions was one of the most shock­ing re­sults in pol­i­tics of 2016. But the real thing will start in 2017 when he as­cends to ar­guably the most pow­er­ful post in the world. There will be a lot of at­ten­tion to his ad­dress dur­ing the in­au­gu­ra­tion and his jus­ti­fi­ca­tions re­gard­ing po­lar­i­sa­tion the of the elec­tions and his cab­i­net ap­point­ments. Apart from that, there will be a lot of fo­cus on its im­pact on In­dia, as for how the world’s most eco­nom­i­cally de­vel­oped na­tion’s pres­i­dent will af­fect the fastest de­vel­op­ing econ­omy. Trump’s opin­ion on In­dia has largely been pos­i­tive. For In­dia, the good points in­clude in­vest­ment flows and the fact that PM Naren­dra Modi could find his big­gest ally in Trump against Pak­istan. The bad points in­clude an im­mi­gra­tion is­sue, free trade and out­sourc­ing as well as a tax plan. While Trump has not di­rectly tar­get­ted In­di­ans, but he has been quite vo­cal for his strin­gent im­mi­gra­tion poli­cies. A new tax plan, mean­while, can lure back US busi­ness back to that coun­try from In­dia.

Union Bud­get

The Union Bud­get 2017-18 was pre­sented on Fe­bru­ary 1. The govern­ment had de­cided to ad­vance the bud­get pre­sen­ta­tion by a month, with the thought that it should not be pre­sented in the mid­dle of Assem­bly polls in states like Ut­tar Pradesh, Pun­jab, Goa, Ma­nipur and Ut­tarak­hand. This de­ci­sion was also taken to aid in the com­ple­tion of the leg­isla­tive ap­proval for an­nual spend­ing plans and tax pro­pos­als be­fore the start of the new fi­nan­cial year on April 1. There was also the his­toric de­ci­sion of scrap­ping a sep­a­rate Rail­way Bud­get and merg­ing it with the Gen­eral Bud­get. Ac­cord­ing to the govern­ment, the uni­fied bud­get will bring Rail­ways to cen­tre stage and show­case a holis­tic pic­ture of the fi­nan­cial po­si­tion of the govern­ment. The de­mon­eti­sa­tion move has also af­fected the pos­si­bil­i­ties of the union bud­get, be­cause of the re­sult­ing dis­rup­tion to growth, rev­enues and as­set sales. There will also be a push on the cash­less econ­omy nar­ra­tive as the govern­ment is ex­pected to take cer­tain mea­sures to­wards that path. We can also ex­pect to see some cuts in per­sonal and cor­po­rate taxes and more pub­lic in­vest­ments

GST Bill

This re­form agenda will be a point of

fo­cus for many in­vestors. The Goods and Ser­vices Tax Bill is pop­u­larly ac­knowl­edged as a trans­for­ma­tional in­di­rect tax re­form, and will unite the coun­try as a sin­gle mar­ket with a com­mon tax struc­ture un­der the nar­ra­tive of ‘one coun­try, one tax’. But the prob­a­bil­ity of the ab­sence of a clear-cut pro­jec­tion on the rev­enue on ac­count of a shift of GST regime in the 2017-18 year has led to some scep­ti­cism among top govern­ment of­fi­cials as they have been mov­ing up the Bud­get pre­sen­ta­tion date. Even, Fi­nance min­istry of­fi­cials had re­port­edly ex­pressed anx­i­ety about GST pro­jec­tions, pin­ning their hopes on the GST Coun­cil reach­ing a con­sen­sus on the tax rate struc­ture be­fore the Bud­get mak­ing process to en­able them to make pro­jec­tions for next year.

Aad­haar Card Link­ing Date Ex­tended

The govern­ment man­date of link­ing all your bank ac­counts with Aad­haar card has seen a re­lax­ation in the dead­line. Ear­lier the dead­line was 31 De­cem­ber 2017, but now it is ex­tended to 31 March 2018. The Aad­haar card link­ing has been manda­tory in order to put a stop on money laun­der­ing and black money gen­er­a­tion. The dead­line was ex­tended on De­cem­ber 7.

Mukesh Am­bani says GDP of In­dia would dou­ble to $5 tril­lion in the next seven years

Speak­ing at the HT Lead­er­ship Sum­mit in Delhi, Reliance In­dus­tries Ltd Chair­man and MD Mukesh Am­bani stated that the GDP of In­dia would dou­ble to $5 tril­lion in the next seven years and to $10 tril­lion by the end of 2030. Am­bani fur­ther stated that within this cen­tury, the coun­try can be­come the most pros­per­ous na­tion in the world and can over­take both China and the United States.

World Su­per Se­ries Fi­nal: PV Sindhu wins Sil­ver

PV Sindhu won the Sil­ver medal in World Su­per­series Fi­nal at Dubai. Though, she lost the match to Ja­pan's Akane Ya­m­aguchi in the fi­nal which was held in Dubai, but she man­aged to win sil­ver medal and sev­eral hearts. It was a neck-to-neck fight. The match con­tin­ued for over 94 min­utes leav­ing both the play­ers ex­tremely ex­hausted. The tus­sle be­tween the two play­ers was a treat to watch and ev­ery mo­ment of the match was con­sid­ered thrilling. In the first match, Sindhu took a lead but later Ya­m­aguchi made a vig­or­ous come­back by 15-21, 21-12, 21-19 which ul­ti­mately led to her vic­tory. Sindhu is the se­cond In­dian fe­male shut­tler to win a sil­ver medal in the sea­son-ending tour­na­ment. First was Saina Ne­hwal.

Ban on Con­dom Ads on TV

All the con­dom pro­mo­tion ads will be banned from In­dian tele­vi­sion as they pose in­de­cent con­tent for chil­dren. Ac­cord­ing to of­fi­cials, the con­tent can harm the psy­che of chil­dren. The ads, how­ever, can run from 10 PM to 6 AM. No TV chan­nels are al­lowed to tele­cast the ads at any other time. Fail­ure to obey the order may cause le­gal ac­tion against them.

Pro­tes­tors de­mand a ban on Pad­ma­vati

In sev­eral parts of the coun­try, protests against Pad­ma­vati in­ten­si­fied on Fri­day. Sev­eral peo­ple in the states of Haryana, Tamil Nadu, and Rajasthan, took to the streets de­mand­ing a ban on the movie on the grounds that it dis­torted facts and hurt sen­ti­ments. The en­trance to the Chit­tor­garh Fort was also blocked by pro­tes­tors who stated that they will not al­low the film to be re­leased.

Don­ald Trump, Pres­i­dent of US

Mukesh Am­bani

PV Sindhu

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