The United Nations has praised India's business practices, highlighting their focus on sustainability, which is viewed as beneficial for the investment climate in the world's fifth-largest economy. The commendation came in a report by the Working Group on the issue of "Human rights and transnational corporations and other business enterprises", presented at the UN Human Rights Council.

The report specifically lauded India's Business Responsibility and Sustainability Reporting (BRSR) initiative, a mandatory disclosure framework for large, listed businesses.

Citing it as a noteworthy example, it said, "the Business Responsibility and Sustainability Reporting initiative in India, a mandatory disclosure framework for large, listed businesses that includes principles on respecting and promoting human rights and protecting the environment".

This framework, designed by the Securities and Exchange Board of India (SEBI), aims to integrate sustainable and responsible business practices into corporate operations.&nbsp;

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"The Working Group welcomes emerging initiatives that aim to standardize methodologies and increase the transparency of commercial data providers, an area that had been largely unregulated. India and Japan have been among the first jurisdictions to address commercial providers of Environmental, Social, and Governance (ESG) data," the report stated.&nbsp;

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India has expressed its appreciation for the recognition of the BRSR initiative. Indian diplomat Suman Sonkar emphasised the crucial role of corporations and financial actors in enhancing compliance with human rights principles.

"We believe that the corporates and financial actors have an important role in greater compliance of human rights principles by embedding human rights into their policies and strategies and scaling up progress on the implementation of the Guiding Principles on Business and Human Rights (BHR)," Sonkar stated.

India has also urged the UN's working group to propose ways in which a human rights-based approach could encourage states and financial actors to reduce the cost of remittances. Lowering remittance costs could make significant financial resources available to the poor, aiding in poverty alleviation and curbing informal financial transactions.

The United Nations has praised India's business practices, highlighting their focus on sustainability, which is viewed as beneficial for the investment climate in the world's fifth-largest economy.

The United Nations has praised India's business practices, highlighting their focus on sustainability, which is viewed as beneficial for the investment climate in the world's fifth-largest economy. The commendation came in a report by the Working Group on the issue of "Human rights and transnational corporations and other business enterprises", presented at the UN Human Rights Council. The report specifically lauded India's Business Responsibility and Sustainability Reporting (BRSR) initiative, a mandatory disclosure framework for large, listed businesses. Citing it as a noteworthy example, it said, "the Business Responsibility and Sustainability Reporting initiative in India, a mandatory disclosure framework for large, listed businesses that includes principles on respecting and promoting human rights and protecting the environment". This framework, designed by the Securities and Exchange Board of India (SEBI), aims to integrate sustainable and responsible business practices into corporate operations. Also read | India seeks $100 billion in annual FDI in coming years: Minister "The Working Group welcomes emerging initiatives that aim to standardize methodologies and increase the transparency of commercial data providers, an area that had been largely unregulated. India and Japan have been among the first jurisdictions to address commercial providers of Environmental, Social, and Governance (ESG) data," the report stated. Also watch | Private equity giants bet big on India × India has expressed its appreciation for the recognition of the BRSR initiative. Indian diplomat Suman Sonkar emphasised the crucial role of corporations and financial actors in enhancing compliance with human rights principles. "We believe that the corporates and financial actors have an important role in greater compliance of human rights principles by embedding human rights into their policies and strategies and scaling up progress on the implementation of the Guiding Principles on Business and Human Rights (BHR)," Sonkar stated. India has also urged the UN's working group to propose ways in which a human rights-based approach could encourage states and financial actors to reduce the cost of remittances. Lowering remittance costs could make significant financial resources available to the poor, aiding in poverty alleviation and curbing informal financial transactions.

UN report praises Indian business practices for sustainability, human rights compliance

Raymond Group Chairman and Managing Director (CMD) Gautam Singhania and his estranged wife, Nawaz Modi have reportedly begun “realistic” settlement talks amid their ongoing separation proceedings, reported Economic Times citing legal sources.&nbsp;

The talks had reportedly taken a turn for the worse after Modi levelled allegations of assault against Singhania and asked for 75 per cent of his $1.4-billion personal wealth for herself and their two daughters.&nbsp;

<h2>New ‘realistic’ settlement</h2>

A report by the ET citing legal sources close to the couple revealed that lawyers from both sides have engaged in talks and Singhania and his wife have now reached a “more realistic” settlement.&nbsp;

The settlement deal and divorce are expected to be finalised in a few days. This comes after Singhania suggested the setting up of a fund following Modi’s 75 per cent settlement demand, which the latter deemed unacceptable.&nbsp;

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In an interview with India Today, Modi claimed Singhania denied the settlement demand, saying “do whatever you want”.

While the ET has reported that a more realistic divorce settlement has been reached after throwing out the initial 75 per cent demand of the billionaire’s net worth, the details of the new settlement remain unknown.&nbsp;

<h2>Raymond shareholders worried</h2>

The divorce proceedings between Singhania and Modi have left Raymond shareholders and the board of directors concerned as the couple’s public divorce settlement and domestic violence allegations led to the company’s share prices and valuation taking a hit.&nbsp;

Independent Directors (IDs) of Raymond had appointed independent legal counsel Berjis Desai, last week, to advise the board regarding the divorce dispute between Singhania and Modi. In a stock exchange filing, IDs said that they are aware of the situation and will take action, according to media reports.&nbsp;

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They also assured that the “matrimonial disputes” will not affect the CMD’s ability to manage any affairs and business of the company. However, the statement also acknowledges that the matter lies outside their remit.&nbsp;

<h2>About the Singhania-Modi divorce</h2>

Singhania announced around mid-November that he and his estranged wife are in the process of separating and are ironing out the details of the divorce settlement. Not long after, Modi alleged that she was “beaten up, smashed, and kicked” by Singhania.&nbsp;

She also claimed that her husband “punched” his minor daughter Niharika. Modi has not filed a formal complaint regarding these allegations yet.&nbsp;

(With inputs from agencies)

Raymond Group Chairman and Managing Director (CMD) Gautam Singhania and his estranged wife, Nawaz Modi have reportedly begun “realistic” settlement talks amid their ongoing separation proceedings, reported Economic Times citing legal sources.

Raymond Group Chairman and Managing Director (CMD) Gautam Singhania and his estranged wife, Nawaz Modi have reportedly begun “realistic” settlement talks amid their ongoing separation proceedings, reported Economic Times citing legal sources. The talks had reportedly taken a turn for the worse after Modi levelled allegations of assault against Singhania and asked for 75 per cent of his $1.4-billion personal wealth for herself and their two daughters. New ‘realistic’ settlement A report by the ET citing legal sources close to the couple revealed that lawyers from both sides have engaged in talks and Singhania and his wife have now reached a “more realistic” settlement. The settlement deal and divorce are expected to be finalised in a few days. This comes after Singhania suggested the setting up of a fund following Modi’s 75 per cent settlement demand, which the latter deemed unacceptable. ALSO READ | 'Got lemon': Indian billionaire's $ 0.42 million Maserati purchase takes a sour turn In an interview with India Today, Modi claimed Singhania denied the settlement demand, saying “do whatever you want”. While the ET has reported that a more realistic divorce settlement has been reached after throwing out the initial 75 per cent demand of the billionaire’s net worth, the details of the new settlement remain unknown. Raymond shareholders worried The divorce proceedings between Singhania and Modi have left Raymond shareholders and the board of directors concerned as the couple’s public divorce settlement and domestic violence allegations led to the company’s share prices and valuation taking a hit. Independent Directors (IDs) of Raymond had appointed independent legal counsel Berjis Desai, last week, to advise the board regarding the divorce dispute between Singhania and Modi. In a stock exchange filing, IDs said that they are aware of the situation and will take action, according to media reports. ALSO READ | Extreme weather halts iPhone production in India: Foxconn and Pegatron grapple with disruptions They also assured that the “matrimonial disputes” will not affect the CMD’s ability to manage any affairs and business of the company. However, the statement also acknowledges that the matter lies outside their remit. About the Singhania-Modi divorce Singhania announced around mid-November that he and his estranged wife are in the process of separating and are ironing out the details of the divorce settlement. Not long after, Modi alleged that she was “beaten up, smashed, and kicked” by Singhania. She also claimed that her husband “punched” his minor daughter Niharika. Modi has not filed a formal complaint regarding these allegations yet. (With inputs from agencies)

Raymond’s Gautam Singhania, wife Nawaz Modi begin ‘realistic’ settlement talks: Report

Indian businesses are at the forefront of global optimism, with a remarkable 72 per cent expecting a substantial surge in Business-to-Business (B2B) spending in 2023, a survey commissioned by American Express with the Centre for Economics and Business Research (Cebr) has revealed. &nbsp;

This optimism outpaces the global average of 49 per cent, showcasing India's economic potential and confidence in its future prospects.

Technology investments propel growth

The report indicates that 88 per cent of Indian businesses are preparing to increase their resources for technological developments in the second half of 2023, making technology investments the driving force behind this spending spree.

This technology-focused strategy is primarily driven by the need to increase productivity, satisfy the growing demand for digital products, and improve payment efficiency and speed.

Business travel and professional services on the rise

Interestingly, 72 per cent of Indian businesses foresee more travel, entertainment, and cost budgets, highlighting the critical role that business travel plays. In order to network, learn about the industry, and consider possible collaborations, firms are increasingly taking part in industry events. &nbsp;

To broaden their horizons, make contacts, and take advantage of fresh prospects, Indian businesses are also allocating larger resources for both local and international business travel.

68 per cent of Indian enterprises anticipate increasing their spending in business and professional services, underscoring the importance of these services. For the purpose of fully utilising technical breakthroughs, IT and technology consulting services account for 61 per cent of total investments. Even more, up to 59 per cent are looking for more accounting and financial guidance to deal with possible restructuring and other financial difficulties.

Additionally, 79 per cent of businesses seek to increase their marketing and advertising budgets to target international markets, promote new products and services, and pursue new marketing channels.

Optimism and automation in payments

Apart from their anticipated expenditure, Indian businesses are also hopeful about their organisations' future performance in the upcoming year. Of them, 88 per cent are positive, which is higher than the global Trendex average of 77 per cent.

Manish Kapoor, Vice President and Head of Global Commercial Services (GCS) at American Express Banking Corp., India, highlighted the growing trend of payment automation among Indian businesses. He stated, "It's noteworthy that a substantial 84 per cent of Indian businesses have taken steps to partially automate payments to their suppliers, with an impressive 39 per cent achieving full automation of their payment processes. As the business landscape becomes increasingly competitive, the need to adopt smarter and more efficient payment solutions becomes paramount."

92 per cent of Indian businesses said that enhancing payment security is their top priority, indicating a greater understanding of the significance of safe financial transactions. Additionally, during the previous year, 90 per cent of organisations acknowledged the growing importance of managing cash flow and working capital.

The Path Forward: Increased Automation

The poll also shows that payment automation is increasing, with 84 per cent of Indian businesses reporting at least partially automated supplier payments and 39 per cent reporting full automation. Companies that have embraced automation report 58 per cent faster and more accurate billing and 54 per cent fewer errors made by humans.

Future projections indicate that 86 per cent of Indian businesses want to start automation for the process of collecting payments from customers. 83 per cent want to increase the level of automation they now use for payments to suppliers while 34 per cent of those who have not yet automated their payments are actively looking for partners to help them streamline their payment procedures.

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Indian businesses are at the forefront of global optimism, with a remarkable 72 per cent expecting a substantial surge in Business-to-Business (B2B) spending in 2023, a survey commissioned by American Express with the Centre for Economics and Business Research (Cebr) has revealed.

Indian businesses are at the forefront of global optimism, with a remarkable 72 per cent expecting a substantial surge in Business-to-Business (B2B) spending in 2023, a survey commissioned by American Express with the Centre for Economics and Business Research (Cebr) has revealed. This optimism outpaces the global average of 49 per cent, showcasing India's economic potential and confidence in its future prospects. Technology investments propel growth The report indicates that 88 per cent of Indian businesses are preparing to increase their resources for technological developments in the second half of 2023, making technology investments the driving force behind this spending spree. This technology-focused strategy is primarily driven by the need to increase productivity, satisfy the growing demand for digital products, and improve payment efficiency and speed. Business travel and professional services on the rise Interestingly, 72 per cent of Indian businesses foresee more travel, entertainment, and cost budgets, highlighting the critical role that business travel plays. In order to network, learn about the industry, and consider possible collaborations, firms are increasingly taking part in industry events. To broaden their horizons, make contacts, and take advantage of fresh prospects, Indian businesses are also allocating larger resources for both local and international business travel. 68 per cent of Indian enterprises anticipate increasing their spending in business and professional services, underscoring the importance of these services. For the purpose of fully utilising technical breakthroughs, IT and technology consulting services account for 61 per cent of total investments. Even more, up to 59 per cent are looking for more accounting and financial guidance to deal with possible restructuring and other financial difficulties. Additionally, 79 per cent of businesses seek to increase their marketing and advertising budgets to target international markets, promote new products and services, and pursue new marketing channels. Optimism and automation in payments Apart from their anticipated expenditure, Indian businesses are also hopeful about their organisations' future performance in the upcoming year. Of them, 88 per cent are positive, which is higher than the global Trendex average of 77 per cent. Manish Kapoor, Vice President and Head of Global Commercial Services (GCS) at American Express Banking Corp., India, highlighted the growing trend of payment automation among Indian businesses. He stated, "It's noteworthy that a substantial 84 per cent of Indian businesses have taken steps to partially automate payments to their suppliers, with an impressive 39 per cent achieving full automation of their payment processes. As the business landscape becomes increasingly competitive, the need to adopt smarter and more efficient payment solutions becomes paramount." 92 per cent of Indian businesses said that enhancing payment security is their top priority, indicating a greater understanding of the significance of safe financial transactions. Additionally, during the previous year, 90 per cent of organisations acknowledged the growing importance of managing cash flow and working capital. The Path Forward: Increased Automation The poll also shows that payment automation is increasing, with 84 per cent of Indian businesses reporting at least partially automated supplier payments and 39 per cent reporting full automation. Companies that have embraced automation report 58 per cent faster and more accurate billing and 54 per cent fewer errors made by humans. Future projections indicate that 86 per cent of Indian businesses want to start automation for the process of collecting payments from customers. 83 per cent want to increase the level of automation they now use for payments to suppliers while 34 per cent of those who have not yet automated their payments are actively looking for partners to help them streamline their payment procedures. WATCH WION LIVE HERE

Indian businesses outshine global peers, anticipate 72pc surge in B2B spending in 2023

A report titled ‘Jailed For Doing Business’ by TeamLease RegTech and Observer Research Foundation (ORF) found that while the Indian government has been pushing for ease of doing business in the country, there are still more than 26,000 imprisonment clauses as penalties for non-compliance with business laws.

In other words, non-compliance with two out of five provisions for doing business in India can send an entrepreneur to jail.&nbsp;

<h2>What did the report find?</h2>

The report compiled by TeamLease RegTech with the ORF, a New Delhi-based independent think tank, found that there are 69,233 unique compliances which broadly regulate doing business in India out of which 26,134 clauses have imprisonment clauses as a penalty for non-compliance.

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However, the brunt of these excessive compliances is borne mainly by Micro, Small and Medium Enterprises (MSMEs), said the report. Since a typical MSME has more than 150 employees, it reportedly faces 500-900 compliances that cost at least 12-18 lakhs ($14,637-$21,955) in a year.&nbsp;

The report also found that five Indian states – Gujarat (1,469), Punjab (1,273), Maharashtra (1,210), Karnataka (1,175) and Tamil Nadu (1,043) – have more than 1,000 imprisonment clauses in their business laws. 
 
It is also worth noting that this regulatory overreach impacts not only entrepreneurs running for-profits but not-for-profit institutions as well, said the report. It added,&nbsp;“There is a widening gap between the goods and services the country needs and how the State views the entrepreneurs creating them.”

<h2>‘First-of-its-kind’ monograph: TeamLease RegTech</h2>

Speaking about the report, TeamLease RegTech, said that this monograph is a first-of-its-kind consolidation of business compliance data that had, to date, only existed in silos across ministries and departments. Notably, the report has been collated over the past seven years by TeamLease RegTech, a regulatory technology solutions firm.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/indias-byjus-denies-reports-of-three-board-members-quitting-deloitte-resigns-as-auditors-reports-607470">India’s Byju’s denies three board members quitting; Deloitte resigns as auditors: Reports</a>

The monograph for the report has classified the data into seven broad domains – labour; finance and taxation; environment, health and safety; secretarial; commercial; industry-specific; and general. “The excessive criminalization of India’s employer compliance universe breeds corruption, blunts formal employment and poisons justice,” said the Vice Chairman of TeamLease, Manish Sabharwal, in a statement.

He added, “This report is a wonderful contribution to ideas for actionable reforms; the government has made a good start in purging compliances but truly reducing regulatory cholesterol requires extending that project to purging the 26,134 jail provisions for employers at the centre and state.”&nbsp;

The report&nbsp;offers ten recommendations on rationalising the excesses of business laws, rules and regulations, which include using criminal penalties with restraint and even calls for the creation of a regulatory impact assessment committee which could lay the foundation of policy reformation. Furthermore, the report also recommends rationalising imprisonment clauses.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/pm-modi-invites-micron-technology-and-applied-materials-to-boost-semiconductor-manufacturing-in-india-607160">PM Modi invites Micron Technology and Applied Materials to boost semiconductor manufacturing in India</a>

“The recommendations in Jailed for Doing Business, and its thorough analysis, must compel us to change how we assess our businesses and treat those who run them,” said the President of the ORF, Samir Saran. He added, “I see this report as a springboard for new research and efforts that are needed to do away with rules, laws and codes that hold back India’s entrepreneurial energy and its emergence as a global economic powerhouse”.&nbsp; 
 
&nbsp;

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A report titled ‘Jailed For Doing Business’ by TeamLease RegTech and Observer Research Foundation (ORF) found that while the Indian government has been pushing for ease of doing business in the country, there are still more than 26,000 imprisonment clauses as penalties for non-compliance with business laws.

A report titled ‘Jailed For Doing Business’ by TeamLease RegTech and Observer Research Foundation (ORF) found that while the Indian government has been pushing for ease of doing business in the country, there are still more than 26,000 imprisonment clauses as penalties for non-compliance with business laws. In other words, non-compliance with two out of five provisions for doing business in India can send an entrepreneur to jail. What did the report find? The report compiled by TeamLease RegTech with the ORF, a New Delhi-based independent think tank, found that there are 69,233 unique compliances which broadly regulate doing business in India out of which 26,134 clauses have imprisonment clauses as a penalty for non-compliance. Also read | PM Modi's US visit brings home billions in investments from Google, Amazon However, the brunt of these excessive compliances is borne mainly by Micro, Small and Medium Enterprises (MSMEs), said the report. Since a typical MSME has more than 150 employees, it reportedly faces 500-900 compliances that cost at least 12-18 lakhs ($14,637-$21,955) in a year. The report also found that five Indian states – Gujarat (1,469), Punjab (1,273), Maharashtra (1,210), Karnataka (1,175) and Tamil Nadu (1,043) – have more than 1,000 imprisonment clauses in their business laws. It is also worth noting that this regulatory overreach impacts not only entrepreneurs running for-profits but not-for-profit institutions as well, said the report. It added, “There is a widening gap between the goods and services the country needs and how the State views the entrepreneurs creating them.” ‘First-of-its-kind’ monograph: TeamLease RegTech Speaking about the report, TeamLease RegTech, said that this monograph is a first-of-its-kind consolidation of business compliance data that had, to date, only existed in silos across ministries and departments. Notably, the report has been collated over the past seven years by TeamLease RegTech, a regulatory technology solutions firm. Also read | India’s Byju’s denies three board members quitting; Deloitte resigns as auditors: Reports The monograph for the report has classified the data into seven broad domains – labour; finance and taxation; environment, health and safety; secretarial; commercial; industry-specific; and general. “The excessive criminalization of India’s employer compliance universe breeds corruption, blunts formal employment and poisons justice,” said the Vice Chairman of TeamLease, Manish Sabharwal, in a statement. He added, “This report is a wonderful contribution to ideas for actionable reforms; the government has made a good start in purging compliances but truly reducing regulatory cholesterol requires extending that project to purging the 26,134 jail provisions for employers at the centre and state.” The report offers ten recommendations on rationalising the excesses of business laws, rules and regulations, which include using criminal penalties with restraint and even calls for the creation of a regulatory impact assessment committee which could lay the foundation of policy reformation. Furthermore, the report also recommends rationalising imprisonment clauses. Also read | PM Modi invites Micron Technology and Applied Materials to boost semiconductor manufacturing in India “The recommendations in Jailed for Doing Business, and its thorough analysis, must compel us to change how we assess our businesses and treat those who run them,” said the President of the ORF, Samir Saran. He added, “I see this report as a springboard for new research and efforts that are needed to do away with rules, laws and codes that hold back India’s entrepreneurial energy and its emergence as a global economic powerhouse”. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: Over 26,000 clauses can be used to put entrepreneurs in prison, finds report

According to experts, in the next monetary policy review, the RBI chairman may cut the policy rate repo by 0.25 percent

RBI may reduce interest rates by another 0.25 bps to revive economy

India is bracing for upheaval as it storms ahead with its most ambitious reform in decades -- transforming the world&#39;s fastest growing major economy into a single market for the first time.

The long-awaited goods and services tax (GST) rolls out Saturday even as businesses complain they are ill-prepared for the massive changes about to ripple through India&#39;s unwieldy, $2 trillion economy.

The government promises the new regime will not just simplify trade by replacing more than a dozen levies with one tax, but combat corruption and enrichen state coffers by bringing the informal economy into the digital era.

Most economists agree the reform -- first proposed in 2006 -- is necessary and long overdue, but warn the initial shock to the economy is likely to drag, rather than stoke, growth in the short term as businesses adjust.

There are already signs the transition could be rocky.&nbsp;

Industries are on strike, others are facing an avalanche of paperwork, while some retailers remain unclear about what to charge just days before the taxes take effect.

&quot;There are different rates for a mobile set, charger and headphones -- all of which come in one box,&quot; said Praveen Khandelwal, secretary general of Confederation of All India Traders, pointing to one such example.

&quot;What tax rate will be applicable in such a scenario? We don&#39;t know yet.&quot;

It took more than a decade to get the GST through parliament and political bickering over the particulars now means there are four tax rates instead of one as originally envisioned.

A slew of basic staples like fresh vegetables and milk are exempted, along with less obvious items like temple offerings, the national flag and human hair.

So-called &quot;sin&quot; goods like tobacco will be slapped with extra levies, while states will still be allowed to separately tax some products including alcohol, petrol and aviation fuel.

Some industries have suddenly discovered their products elevated to a higher tax bracket.&nbsp;

Fireworks manufacturers are protesting over crackers being taxed at the maximum of 28 per cent, while garment and textile workers are crying foul over heightened imposts.

Ayushi Gudwani, who runs online fashion startup Fable Street, supports the creation of a common market but was shocked to learn her taxes had more than doubled.

&quot;Our profitability will be hit,&quot; she told told AFP.

Costs are also mounting at India&#39;s largest logistics firm Safexpress, which has hired 40 new staff to process a mountain of new paperwork.

Under the new regime, companies must file a tax return in every state they pass through -- a nightmare for a trucking company shipping goods nationwide. 
For Safexpress, that means instead of filing two annual tax returns they must submit 1,400, said managing director Rubal Jain.

&quot;It&#39;s going to be a lot of confusion and chaos and back and forth for the next three months, because no one knows what will happen,&quot; he told AFP.

&quot;It&#39;ll be great in the long run, but transition will be a pain.&quot;

All but the smallest businesses will now be required to declare their earnings online, an effort to broaden India&#39;s woefully small tax base, digitise the economy and flush out cash hoarders.

But training employers to log tax information online presents immense challenges in India, where most small and informal businesses don`t own computers, let alone access the internet, the trade association said.

Safexpress cannot file its own returns until drivers upload their monthly invoices -- a huge ask for truckers used to delivering goods, not paperwork, Jain said. 
Gudwani meanwhile worries her suppliers -- mostly tiny businesses -- will struggle to get the hang of issuing receipts and wind up losing contracts.

India has one of the lowest tax-to-GDP ratios in the world and these changes, though initially painful, will have a &quot;significant impact&quot; on compliance, said Neelkanth Mishra, managing director at Credit Suisse.

&quot;India is like a house under renovation. While the new parts are being built, no one will be happy,&quot; he told AFP.

The sweeping reforms comes less than a year after Prime Minister Narendra Modi devalued India`s largest banknotes in a sudden move designed to outmanoeuvre tax cheats, but was blamed for a crippling cash shortage and slowing growth.

To avoid a similarly rough landing, the government has trained 60,000 tax bureaucrats and run sessions with private accountants to ensure everyone is up to speed on the finer points of the GST.

A GST Council has spent months thrashing out the final legislation, which was blocked in parliament for a year until an amended version was approved. 
&quot;This is a tax reform that was needed,&quot; said Sunil Sinha, principal economist at Fitch India.

&quot;We came into existence as a nation in 1947 but never had a common Indian market. GST will make India one.&quot;

 
&nbsp;

Industries are on strike, others are facing an avalanche of paperwork, while some retailers remain unclear about what to charge just days before the Goods and Services Tax rolls out on July 1

India is bracing for upheaval as it storms ahead with its most ambitious reform in decades -- transforming the world's fastest growing major economy into a single market for the first time. The long-awaited goods and services tax (GST) rolls out Saturday even as businesses complain they are ill-prepared for the massive changes about to ripple through India's unwieldy, $2 trillion economy. The government promises the new regime will not just simplify trade by replacing more than a dozen levies with one tax, but combat corruption and enrichen state coffers by bringing the informal economy into the digital era. Most economists agree the reform -- first proposed in 2006 -- is necessary and long overdue, but warn the initial shock to the economy is likely to drag, rather than stoke, growth in the short term as businesses adjust. There are already signs the transition could be rocky. Industries are on strike, others are facing an avalanche of paperwork, while some retailers remain unclear about what to charge just days before the taxes take effect. "There are different rates for a mobile set, charger and headphones -- all of which come in one box," said Praveen Khandelwal, secretary general of Confederation of All India Traders, pointing to one such example. "What tax rate will be applicable in such a scenario? We don't know yet." It took more than a decade to get the GST through parliament and political bickering over the particulars now means there are four tax rates instead of one as originally envisioned. A slew of basic staples like fresh vegetables and milk are exempted, along with less obvious items like temple offerings, the national flag and human hair. So-called "sin" goods like tobacco will be slapped with extra levies, while states will still be allowed to separately tax some products including alcohol, petrol and aviation fuel. Some industries have suddenly discovered their products elevated to a higher tax bracket. Fireworks manufacturers are protesting over crackers being taxed at the maximum of 28 per cent, while garment and textile workers are crying foul over heightened imposts. Ayushi Gudwani, who runs online fashion startup Fable Street, supports the creation of a common market but was shocked to learn her taxes had more than doubled. "Our profitability will be hit," she told told AFP. Costs are also mounting at India's largest logistics firm Safexpress, which has hired 40 new staff to process a mountain of new paperwork. Under the new regime, companies must file a tax return in every state they pass through -- a nightmare for a trucking company shipping goods nationwide. For Safexpress, that means instead of filing two annual tax returns they must submit 1,400, said managing director Rubal Jain. "It's going to be a lot of confusion and chaos and back and forth for the next three months, because no one knows what will happen," he told AFP. "It'll be great in the long run, but transition will be a pain." All but the smallest businesses will now be required to declare their earnings online, an effort to broaden India's woefully small tax base, digitise the economy and flush out cash hoarders. But training employers to log tax information online presents immense challenges in India, where most small and informal businesses don`t own computers, let alone access the internet, the trade association said. Safexpress cannot file its own returns until drivers upload their monthly invoices -- a huge ask for truckers used to delivering goods, not paperwork, Jain said. Gudwani meanwhile worries her suppliers -- mostly tiny businesses -- will struggle to get the hang of issuing receipts and wind up losing contracts. India has one of the lowest tax-to-GDP ratios in the world and these changes, though initially painful, will have a "significant impact" on compliance, said Neelkanth Mishra, managing director at Credit Suisse. "India is like a house under renovation. While the new parts are being built, no one will be happy," he told AFP. The sweeping reforms comes less than a year after Prime Minister Narendra Modi devalued India`s largest banknotes in a sudden move designed to outmanoeuvre tax cheats, but was blamed for a crippling cash shortage and slowing growth. To avoid a similarly rough landing, the government has trained 60,000 tax bureaucrats and run sessions with private accountants to ensure everyone is up to speed on the finer points of the GST. A GST Council has spent months thrashing out the final legislation, which was blocked in parliament for a year until an amended version was approved. "This is a tax reform that was needed," said Sunil Sinha, principal economist at Fitch India. "We came into existence as a nation in 1947 but never had a common Indian market. GST will make India one."

Indian business braces for disruption ahead of GST

President-elect Donald Trump met with three Indian business partners in Trump Tower this week, raising questions about the murky line between his private business interests and the role he will take on as public servant.

The Hill, citing India&#39;s Economic Times, reports that Trump met with Atul Chordia, Sagar Chordia and Kalpesh Mehta. The meeting was also attended by Trump&#39;s children, who are also members of Trump&#39;s transition team.

The Indian business partners are building a Trump-branded luxury apartment complex just south of Mumbai, The Hill reports.

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Atul &amp; Sagar Chordia, Kalpesh Mehta meets U S President Mr Donald Trump at Trump Towers New York office just now <a href="https://t.co/v7D3Uqx03d">pic.twitter.com/v7D3Uqx03d</a>
&mdash; DEVENDRA JAIN (@shubham9601) <a href="https://twitter.com/shubham9601/status/798650633632890880">November 15, 2016</a></blockquote>
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A spokeswoman for Trump told the New York Times that the three Indian real estate developers flew from India to congratulate him.&nbsp;&quot;It was not a formal meeting of any kind,&quot; said Breanna Butler, a Trump Organization spokeswoman.

When asked whether the meeting included talks of Trump&#39;s businesses in India, Trump&#39;s spokespeople declined to comment.

But Mehta told the Economic Times that Donald Trump Jr showed interest in expanding business in India.

Trump promised to hand off his business to his three adult children in a blind trust to avoid the potential for conflict of interest while serving as president.&nbsp;Trump&#39;s unique situation poses problems: it is unclear how he can&nbsp;leave his assets in a &quot;blind trust&quot; when his assets are landmark buildings with his last name written on them in giant gold letters.

Trump is known as a real estate developer, but actually he mostly licenses&nbsp;his name to other developers for branding rights. In other words, his assets is quite literally his name.

Trouble already

Trump was criticized earlier this week for hosting Japanese Prime Minister Shinzo Abe at Trump Tower in a meeting also attended by his daughter, Ivanka and his son-in-law, Jared Kushner, who is a member of his transition team and, as <a href="http://fortune.com/2016/11/18/ivanka-trump-shinzo-abe/">Fortune </a>reports,&nbsp;consulted a lawyer about joining the Trump administration without violating the laws against nepotism.

Ivanka does not have security clearance and is an executive at the Trump Organization, The Hill reports.

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Ivanka Trump sat in on her father&#39;s meeting today with Japanese Prime Minister Shinzo Abe, per handout photo <a href="https://t.co/tEbfYYeJFA">pic.twitter.com/tEbfYYeJFA</a>
&mdash; Jennifer Epstein (@jeneps) <a href="https://twitter.com/jeneps/status/799441149920415744">November 18, 2016</a></blockquote>
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Noah Bookbinder, executive director for Citizens of Responsibility and Ethics, commented to The Hill: &quot;Donald Trump&#39;s children and son-in-law have been deeply involved in the transition and selecting who will be part of his adminitration...At the same time they are deeply involved in the business. There does not seem to be any sign of a meaningful separation of Trump government operations and his business operations.&quot;

&nbsp;(WION)

There does not seem to be any sign of a meaningful separation of Trump government operations and his business operations: Watchdog

President-elect Donald Trump met with three Indian business partners in Trump Tower this week, raising questions about the murky line between his private business interests and the role he will take on as public servant. The Hill, citing India's Economic Times, reports that Trump met with Atul Chordia, Sagar Chordia and Kalpesh Mehta. The meeting was also attended by Trump's children, who are also members of Trump's transition team. The Indian business partners are building a Trump-branded luxury apartment complex just south of Mumbai, The Hill reports. Atul & Sagar Chordia, Kalpesh Mehta meets U S President Mr Donald Trump at Trump Towers New York office just now pic.twitter.com/v7D3Uqx03d — DEVENDRA JAIN (@shubham9601) November 15, 2016 × A spokeswoman for Trump told the New York Times that the three Indian real estate developers flew from India to congratulate him. "It was not a formal meeting of any kind," said Breanna Butler, a Trump Organization spokeswoman. When asked whether the meeting included talks of Trump's businesses in India, Trump's spokespeople declined to comment. But Mehta told the Economic Times that Donald Trump Jr showed interest in expanding business in India. Trump promised to hand off his business to his three adult children in a blind trust to avoid the potential for conflict of interest while serving as president. Trump's unique situation poses problems: it is unclear how he can leave his assets in a "blind trust" when his assets are landmark buildings with his last name written on them in giant gold letters. Trump is known as a real estate developer, but actually he mostly licenses his name to other developers for branding rights. In other words, his assets is quite literally his name. Trouble already Trump was criticized earlier this week for hosting Japanese Prime Minister Shinzo Abe at Trump Tower in a meeting also attended by his daughter, Ivanka and his son-in-law, Jared Kushner, who is a member of his transition team and, as Fortune reports, consulted a lawyer about joining the Trump administration without violating the laws against nepotism. Ivanka does not have security clearance and is an executive at the Trump Organization, The Hill reports. Ivanka Trump sat in on her father's meeting today with Japanese Prime Minister Shinzo Abe, per handout photo pic.twitter.com/tEbfYYeJFA — Jennifer Epstein (@jeneps) November 18, 2016 × Noah Bookbinder, executive director for Citizens of Responsibility and Ethics, commented to The Hill: "Donald Trump's children and son-in-law have been deeply involved in the transition and selecting who will be part of his adminitration...At the same time they are deeply involved in the business. There does not seem to be any sign of a meaningful separation of Trump government operations and his business operations." (WION)

Trump meets with 3 Indian business partners after promising not to

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