17 June 2023 | B W BUSINESSWORLD | 101 BEST CFO AWARD WINNERS dustry. The total transaction value of these acquisitions is estimated to be around USD 500 million, demonstrating Gupta’s ability to drive growth through strategic investments. By transforming the company into an operating profit-making entity in the first clean quarter post-Covid, Gupta achieved a remarkable feat that few newage tech companies have accomplished. This achievement was largely attributed to his relentless focus on cost optimisation initiatives, which resulted in a significant reduction of fixed costs by approximately 65 per cent between FY20 and FY21. Gupta’s role in capital raising has been instrumental in supporting OYO’s global business growth. He successfully helped raise approximately USD 2.2 billion in equity capital from renowned global institutional investors such as Softbank, Lightspeed, Sequoia, Airbnb and Microsoft. This capital infusion provided OYO with the necessary financial resources to drive its expansion plans and solidify its position in the market. Additionally, he played a key role in securing over USD 1 billion in debt capital, further strengthening OYO’s financial position. Gupta led the financial turnaround of the company, culminating in the achievement of the first-ever profitable quarter in Q1FY23, with an EBITDA of Rs 10.6 crore. This turnaround is particularly noteworthy considering the challenges faced by the hospitality industry during the pandemic. Additionally, Gupta’s focus on unit economics and optimisation of operating costs has resulted in sustained increase in gross margins and a significant reduction in fixed costs. “Gupta successfully helped raise approx USD 2.2 billion in equity capital from renowned global institutional investors” MIDAS TOUCH A that align with the organisation’s vision and business objectives. By focusing on compounding market share through disciplined capital allocation in core markets, Gupta has helped OYO establish a strong presence in regions such as India, Southeast Asia, and Europe. Under his guidance, OYO has experienced significant growth in its supply footprint. He has spearheaded the company’s inorganic growth strategy, leading multiple acquisitions of leading vacation rental companies in Europe. These acquisitions have not only expanded OYO’s business in the region but also strengthened its position as a global player in the hospitality inBHISHEK GUP TA HAS MADE SIGNIFICANT contributions to the growth and success of OYO. His strategic financial expertise and leadership have essentially helped shape OYO’s business and drive it towards achieving its objectives. One of Gupta’s key contributions to OYO has been his role as a strategic partner to the CEO. He has played a crucial role in developing and executing financial strategies ABHISHEK GUPTA Group CFO, OYO Category: Best CFO of an MNC & Most Promising CFO Award: Gold Gupta led the financial turnaround of the company, culminating in the achievement of the first-ever profitable quarter in Q1FY23 By Rohit Chintapali Photograph by Suresh Gola
102 | B W BUSINESSWORLD | 17 June 2023 BEST CFO AWARD WINNERS those available through informal sources such as money lenders etc. Micro loan providers such as Small Finance banks and NBFCs give access to the customer to formal finance, resulting in lowering of interest cost. The finance strategy is aligned to raising liabilities to ensure that such products can be offered seamlessly by the bank. With the expansion of the pool of liability instruments, the liability management strategy also evolved. Thus, planning end-toend activities, from fund raise to funds management is part of the strategy. The finance strategy is also peer benchmarked to ensure adoption of the best practices f r o m o t h e r banks. He f ur ther f e e l s t h a t i t is impor tant to have good alignment for a good strategy. He says that in order to ensure alignment, the finance strategy converted into an annual plan and then into quarterly, monthly and daily goals. These goals are communicated to relevant stakeholders, including Board, senior management, treasury and financial planning units to ensure alignment, ownership and accountability. These are then tracked and published on an ongoing basis and periodic reviews are conducted to check progress. The framework is such that each team member tasked as FPR (First Person Responsible) for a particular activity is able to plan their tasks and timelines in a manner aligned to meeting the unit’s objectives. “Money is the primary raw material. Therefore, the ‘finance strategy’ is core to the ‘business strategy’ of the bank ” K EYUR DOSHI IS THE CFO of Fincare Small Finance Bank. An MBA with specialisation in finance, he has over 20 years of experience in financial services. Doshi has played a vital role in managing legal compliance, financial and cost management and business planning for the entire group. His cost management initiatives have significantly added to the group’s bottom line. Doshi currently leads the teams for Finance, Accounts, Treasury, Financial Planning and Analyto the ‘business strategy’ of the bank. The bank has the vision to serve the unbanked and underbanked customer segments. These customer segments need instant loans and are looking for options which are superior to Doshi has played a vital role in managing legal compliance, financial and cost management and business planning By Tarannum Manjul “BANKING IS ALL ABOUT DEPOSITS AND LOANS” KEYUR DOSHI CFO, Fincare Small Finance Bank Category: Most Promising CFO Award: Silver sis for Fincare base-of-pyramid financial services business. In his own words, the banking business is all about taking deposits and providing loans. Money is the primary raw material. Therefore, the ‘finance strategy’ is core
17 June 2023 | B W BUSINESSWORLD | 103 BEST CFO AWARD WINNERS its employees, and no one understands that better than Agarwal. To make sure the whole organisation functions as a cohesive and welloiled machine, the CFO has built a culture of collaboration; teams from different departments are encouraged to work together, one example of which is the finance team working with the business team to develop joint financial targets to ensure alignment. It is also important to leave no stone unturned, which is why internal communication channels of the company are used for policies and a finance helpdesk has been set up to respond to any questions that may arise. This culture of collaboration also allows for a community where everyone is on the same page, and it shows. “Strategic focus on excellence in corporate governance [has] enabled us to raise capital seamlessly from Indian and foreign investors across multiple rounds and expand internationally,” states Agarwal. It is no secret that the CFO runs a tight ship at Pristyn Care, and he has the financials to prove it. With a total valuation of USD 1.4 billion after two rounds of funding which raised USD 120 million, Agarwal’s actions speak louder than words. “Focus on excellence in corporate governance has enabled us to raise capital seamlessly from Indian & foreign investors” T’S NOT EVERY DAY THAT SOMEONE can say they helped their company grow by 300 per cent, but that is exactly the kind of thing that Chief Financial Officer, Prabhat Agarwal of Pristyn Care can say. With sixteen years of experience under his belt with companies like LG, OLX, Urban Company and ibibo Group, Agarwal joined Pristyn Care, a health tech company dealing in minimal invasive medical and surgical interventions, in 2020 and has been steering the ship of its finance department ever since. Road mapping Agarwal ascribes 300 per cent profit to extensive financial road mapping for both mature as well as new categories, this allowed for new business ventures to improve margins by 10 per cent over a 12-month period. Under the current CFO, P r i s t y n C a re also took on the mammoth task of extensive process automation, which has allowed for a stronger control across a distributed network of over 500 hospitals and over 400 doctors in 42 different cities. The health tech company has also introduced consumer lending initiatives, which allow needy patients to finance surgeries. Not on ly ha s t h i s initiative been a success in helping more patients have access to the surgeries they need, but it has also allowed for the company’s revenues to grow, with Agarwal stating that 10 per cent of incremental revenue comes from financed cases. Joint financial targets A company is nothing without Agarwal ascribes 300 per cent profit to extensive financial road mapping for both mature as well as new categories By Kanishka Biswas FOSTERING GROWTH AND COLLABORATION PRABHAT AGARWAL CFO, Pristyn Care Category: Young CFO (Under 40) Award: Gold I
104 | B W BUSINESSWORLD | 17 June 2023 his financial expertise to drive key initiatives. He spearheaded the innovation of the product costing process, ensuring that Motorola Mobility could price its products competitively in the market. This strategic move allowed the company to gain a competitive edge and achieve a 5 per cent to 8 per cent reduction in product costs. Additionally, Bansal led the Production Linked Incentive (PLI) project, working closely with authorities and industry bodies. Through his efforts, Motorola Mobility secured higher incentives to combat competition, particularly from Chinese brands. This initiative not only provided a financial advantage but also enabled the company to create a backup manufacturing base to serve customers across the world. The PLI project alone is projected to bring in more than $200 million in benefits over the next five years. Bansal also demonstrated his ability to innovate the company’s channel structure, focusing on low o p e r a t i o n a l costs, light asset models and no fixed costs. By entering new markets with this optimised channel structure, Motorola Mobility expanded its reach and capitalised on growth opportunities. Through his exceptional leadership, financial acumen and ability to drive innovative initiatives, Bansal helped Motorola Mobility navigate through challenging times, achieve growth and secure a strong financial position. “The PLI project alone is projected to bring in more than $200 million in benefits over the next five years” A CFO IN 2023 IS QUINTESSENTIALLY a financial architect and guardian of an organisation. They possess a multi-faceted skill set and hold the key to unlocking the financial potential of the company. Add to that the freshness of youth, like is the case with Dinesh Bansal, you have a CFO who is agile and adaptable in navigating the rapidly changing business landscape. Bansal has played a crucial role in driving the financial success and growth of Motorola Mobility (a Lenovo Company) since beginning his work at the company in 2018. Through his strategic vision and innovative approach, he has made significant contributions that positively impacted Motorola Mobility’s operations and overall performance. D u r i n g a phase of business decline, Bansal initiated several projects aimed at protecting the company’s bottom line. One notable initiative was the “WOW - War on Waste” project, which focused on controlling the expense-to-revenue ratio. Additionally, by challenging the status quo and innovating various processes, he successfully eliminated inefficiencies and reduced costs, thereby safeguarding the company’s financial health. As the organisation entered a growth phase, Bansal leveraged Bansal helped Motorola Mobility navigate through challenging times, achieve growth and secure a strong financial position By Rohit Chintapali AGILE AND ADAPTABLE DINESH BANSAL CFO-Asia Pacific (Mobile Business Group), Motorola Mobility Category: Young CFO (Under 40) Award: Silver BEST CFO AWARD WINNERS Photograph by Suresh Gola
FOR MORE INFORMATION Devika Kundu Sengupta 9871654991 [email protected] FOR NOMINATIONS Neeraj Verma | 8076825854 [email protected] #BWBestOfFinTech June 29, 2023 Taj MG Road, Bengaluru FESTIVAL OF CONCLAVE + AWARDS 3rd edition Powered Byfifffffflffiffflffffififffffflffi flffiffi ffiflffi fifffflffiflflfi fiffi ffiffl fi fifflffi ffifl fflffiffl ffifi ffifflffiffl ffiffl ffl fi fi ffl fi ffifflffiffl fflfflffifflflfl flffi flfflflfl flfi ffifflfflfiffi ffififfi fifffflffiflfflffiflffififfffi ffifl ffl flffffl ffiffl ffifflflffff ffi fiffffiflfflffl fl fiffiffifi ffififfi ffiflfl ffifl fiffi fifffflffiflfflffiflflfi flflfflflflfflffifflffl fiflflfifffflffiflffl flflfl fflflffl ffl ffl ffiflfiffi ffi ffifflflfiffi ffifi flflffifflfflffi fflffiflflfflfl ffiffl ffiflflfffflffl ffifi ffl ffflffflffi ffiflffl fifflfl ffl fflffifflflffi flfiffl ffffl ffi ffl fl flflffifffl fflfffflflfflffflffl flflffiflfl fflffi fflfl ffl ffl flffififl fflffi fffflfffifflff fflffifi ffl ffi fi fifflfffflfffi ffiff fi ffifi POWERED BY KNOWLEDGE PARTNER SUPPORTING PARTNER ORGANIZED BY FOR SPONSORSHIPS Ravi Khatri | 9891315715 [email protected] Somyajit Sengupta | 9818247444 [email protected] Kiran Dedhia | 9833399009 [email protected] Sajjad Mohammad | 9911855935 [email protected] CS Rajaraman | 93422 62859 [email protected] Saurabh Jain | 9911334633 [email protected]
106 | B W BUSINESSWORLD | 17 June 2023 Afew years back, doing up your home was a massive project, almost like a treasure hunt. One would make multiple trips to Panchkuian road, Amar colony market, the State Emporia at Baba Kharak Singh road or the Central Cottage Industries Emporium at Janpath, depending on the budget. It took months to decide on the right look, each piece was properly researched, where possible a fair amount of haggling for the right price was done and then finally, it would be brought home. Today, all you need to do is to click on a few online links and you can have your choice of furniture, rugs, décor items and accessories delivered to your home. We are seeing top architects and fashion designers moving into the space and defining tastes in this segment. Given their superior aesthetic and design sensibilities, we have seen the popularity of their home décor lines grow. People usuAFTER HOURS DESIGN The Indian home décor segment is expected to grow at a CAGR of 6.75 per cent from this year to 2027. Top architects and fashion designers have moved into this space, and are defining the tastes of the consumer Beautiful inside onthe By Jyotsna Sharma ally work with them to design the entire look of the space, or they pick up a few pieces from them and build around it. According to market research, the Indian home décor segment is expected to grow at a CAGR of 6.75 per cent from this year to 2027. In 2023, the revenue in the segment amounted to US$ 1.75 bn. If we look at global revenues, 2023 saw US$ 128.70 bn, with the United States clocking the maximum revenue of US$ 33,390.0 mn. With the home décor segment growing, let’s take a look at some of the trends in the space. Home is where the heart is We are going to see much more individualism in the expression of home décor as many young homemakers in urban India are beginning to define their homes as an expression of their personal styles, after having grown up in family homes where interior choices were dictated by members of the family. This will express itself in a multitude of decorating styles ranging from modern minimal-
“We can expect more eco-friendly and sustainable materials, along with bold, statement pieces with a focus on maximalism in the next few years” - Tarun Tahiliani Photograph courtesy: Tarun Tahiliani
108 | B W BUSINESSWORLD | 17 June 2023 ism to more eclectic ornate styles, say designers Abraham & Thakore. The designers launched the very first collection in London at The Conran Shop with a collection of kimonos and ikat scarves. This collection expanded into textile products for the home such as bed covers, cushions and table linen. “Our fashion collections were developed simultaneously. So, we’ve really been designing collections for both fashion and home since the inception of the brand”, they added. Designer J. J. Valaya believes in the power of contradiction and the element of surprise when designing spaces. “I find it utterly boring when people copy paste while designing a house. Everything seems the same when you go from room to room, it is predictable. There is definitely a language that binds the spaces in the home, but each space has its own personality when surprise and contradiction are a part of the mix. There’s beauty in contradiction. For instance, a concrete wall can be put next to an Italian marble floor. I believe, when all the elements are put together in an interesting “People now prioritise expressing their personal beliefs, cultural affinity, and ideologies they believe in through their homes and the spaces they occupy” - Meena Murthy Kakkar “There is definitely a language that binds the spaces in the home, but each space has its own personality when surprise and contradiction are a part of the mix” - J. J. Valaya Photograph courtesy: J.J. Valaya Photograph courtesy: Envisage AFTER HOURS DESIGN
17 June 2023 | B W BUSINESSWORLD | 109 of the fabrics and materials, but all forms of production and consumption,” they say. Designer Tarun Tahiliani uses local ingredients and traditional finishes for the spaces he creates. In addition to using material sourced locally and craft, his work has a strong focus on integrating nature with his designs. “We can expect more eco-friendly and sustainable materials, along with bold, statement pieces with a focus on maximalism in the next few years. Home décor colours will continue to feature warm, earthy tones, while also providing pops of vibrant jewel tones. With our everchanging lifestyles, we will likely see more emphasis on creating flexible and multi-functional spaces,” says the designer. People are becoming more conscious and deliberate in their choices, says Kakkar. Two prominent trends that are here to stay are Biophilia and Japandi. Both of these trends prioritise the incorporation of natural elements into design and encourage a closer connection to the natural world. For instance, the fabrics used in home décor feature handwoven textures, highlighting the preference for materials like cotton, jute, and other natural fibres. Clay, too, has made a remarkable comeback, reflecting the resurgence of handmade and sustainable products. In the coming years, there will be a continued focus on items that are handmade, sustainable, and aligned with nature, she believes. “We are committed to promoting social sustainability by establishing a strong connection with local craftsmen from various regions in India, such as Saharanpur, Srikalahas ti, Karaikudi, Athangudi, and Muradabad. During a trip to the Kanjeevaram Sari Weaver’s Village in Tamil Nadu with our students from the School of Planning and Architecture, we came across an empty, abandoned village. Its residents, who were primarily skilled weavers had migrated to cities to work as construction labourers. This experience was a turning point for our firm, prompting us to prioritise bringing work back to villages and empowering these craftsmen. We strive to ensure that these crafts do not fade away, and the cultural fabric of our nation is preserved,” adds Kakkar. way and detailed appropriately, we can have magical results.” Post-pandemic, the global trend has shifted to a focus on personal connection and individual values. People now prioritise expressing their personal beliefs, cultural affinity, and ideologies they believe in through their homes and the spaces they occupy, says Meena Murthy Kakkar of Envisage, an interior and architecture firm. Going back to nature Consumers want their spaces to be a reflection of their personalities, their beliefs, and culture. They are leaning towards doing so with the use of sustainable materials. Designers Abraham & Thakore are known to use natural biodegradable materials and employ hand craft skills in the making of their products. “We have been committed to sustainable practices long before sustainability became an industry buzzword. For us, there is no industry if it is not sustainable. This pushes us to think of how we can be sustainable not just in terms “We have been committed to sustainable practices long before sustainability became an industry buzzword ” - Abraham & Thakore Photographs courtesy: Abraham & Thakore
110 | B W BUSINESSWORLD | 17 June 2023 WE are at a time when the Indian government is mulling over banning diesel cars by 2027, which has led to a 17 per cent decline in sales of diesel cars. However, the sales of diesel vehicles have been on the decline for the past several years. But, environmentalists keep their yardsticks ready for internal combustion engines. I believe that the future is going to be a mix of technologies and ICE vehicles too will hold a significant share in it. Let’s talk about the new Mercedes-Benz C-Class. Mercedes-Benz C300d AMG Line AFTER HOURS CAR REVIEW The C-Class is the second sedan offered in the Mercedes-Benz India line-up. It sits after A-Class and comes before E-Class. The design language of the new C-Class seems to be inspired by the S-Class. So, let’s begin with the exteriors of C300d first. Exteriors The all-new Mercedes -Benz C-Class got an update recently. The fresh exterior enhances the style of the car. The head lamps, bumper, and grill, everything is new. The head lamps now get a single DRL and blue tinge, and at night it has a dancing effect as well. The front grill receives an option for the front camera above the threepointed star. The grill gets the tri-arrow pattern and the vehicle has ground clearance of less than 160 mm, so you need to be
17 June 2023 | B W BUSINESSWORLD | 111 German luxury automaker, Mercedes-Benz launched its fifth-generation C-Class in India last year. The new C-Class is available in three variants, C200, C200d and C300d with a choice of petrol and diesel powertrains. We drove the C300 diesel this week, and here is what we think about it By Utkarsh Agarwal A CLASS OF ITS OWN theme, leather, and carbon fibre treatment on the dashboard gives a sense of true luxury. The 11.9-inch vertical centre screen is equipped with the latest MBUX and is inspired by the S-Class. This is the only car after S-Class and Maybach that gets the latest MBUX: NTG7. What grabs the attention after that is the, largest in the segment, a 12.3- inch LCD driver display with three unique themes. The turbine-shaped AC vents and both screens create a very tech-friendly vibe inside the cabin. The C-Class comes with wireless Apple CarPlay and Android Auto. The steering wheel is inspired by the S-Class MERCEDESBENZ C-CLASS gear is engaged. It gets allLED tail lamps but the presence of the fake exhaust kind of dulls the rear look. The rear diffuser adds some more aerodynamics to this beast. The C300d badge says it all that you are driving an AMG-spec vehicle. The C300d is available in three paint schemes - Ma n u f a k t u r O p a l i t e White, Cavansite Blue & Obsidian Black. Interiors Once you get onto the driving seat, you will notice that the front seats, d a s h b o a r d , s t e e r i n g wheel, and instrument cluster have been inspired by the S-Class. The use of a dual-tone careful on bumps to avoid scratching the underbelly. The sporty 18-inch AMG 5-spoke alloy wheels suit the overall appeal of the car. The length of the vehicle is also improved which means that you will get more space in the rear. The earlier generations of the C-Class always had a design language where the window lining was going upwards and that is still maintained. The missing part on the handlebars is the request sensors for locking and unlocking the car. You still have to do that manually from the key. Coming at the rear, the design is different and fresh in appeal. New tail lamps, revised bumpers, and some cool bits make the rear, a charm and modern. The reverse parking camera is hidden and pops out when the reverse Photographs by Utkarsh Agarwal
112 | B W BUSINESSWORLD | 17 June 2023 AFTER HOURS CAR REVIEW that gets touch operative controls for toggling between different modes of the instrument cluster, v o l u m e a n d c r u i s e controls. The flat bottom steering wheel in Nappa leather, the metal weave trim, and the paddle shifters on the steering wheel are well crafted and give it a sporty look. The AC controls are also integrated into the 11.9-inch infotainment screen and one might get distracted to use the screen on the move but it is slightly tilted by 6-7 degrees toward the driver and the touch is intuitive to use. One can set up personal profiles in the MBUX system and can set up biometric fingerprint to adjust the steering wheel, ambient lighting, and seat position. The dynamic button helps to toggle between the different driving modes. On the front, the presence of ambient light takes away all the attention at night. The sunroof is operated by a slide of your finger and gets dual panes, one for the front passengers and the other for the rear. The use of gloss black material on the centre console can be a fingerprint magnet. The rear seat experience is different, surreal and comfortable. You sit quite low but what allures you is the luxury it offers. The leather upholstery, touch and feel of materials, and quality are topnotch. The recline angle is good and the knee room and leg room has also been improved from earlier generations. The C300d gets dual-tone interiors with Black and Sienna Brown colours. There is an option for all Black interiors too. On a hot summer day, if you’re sitting in the rear seat of the Mercedes-Benz C300d, just pull up the manual sunshades in the window to block the sunlight and enjoy the music by Bermester 3D surround sound system. T h e c o m f o r t e v e n increases with the rear AC vents and centre armrests. The premium feel of the cabin gets to the next level with the presence of 64 shades of ambient lighting to enhance the feel of the cabin. Seat adjustment, power window & ORVM controls on the door The luxurious cabin of Mercedes-Benz C300d S-Class inspired head lamp & tail lamp The key to C300d
17 June 2023 | B W BUSINESSWORLD | 113 Powertrain The C300d gets a 195 kW 2.0-litre four-cylinder diesel engine that churns out output of 265hp and 550Nm. This engine is codenamed OM 654 M and this is the company’s first diesel engine with an Integrated StarterGenerator, which is paired to a nine-speed automatic transmission, the com3 6 0 - d e g r e e c a m e r a though. Some other features include wireless smartphone integration, natural voice recognition, dual-zone climate control, electrically powered front seats, and a new-age connectivity feature in the form of ‘ Me r c e d e s Me Connect’. There’s also a special Car-to-X communication feature which connects the S-Class and C-Class on the roads through a social network. Through this feature, the data collected by the S-Class on the roads, such as traffic jams or bad road conditions, would be transmitted to the C-Class so that the C-Class owner can be well aware and take a better route while driving. Performance This fifth-generation of t h e M e r c e d e s - B e n z C-Class is definitely a head-turner. Coming to the performance, the ride quality is good but you would have to be a bit careful on bumpy and bad roads as the car sits quite low. However, you can happily drive it every day. The headlights throw at 1.3 million pixels lights up the dark roads completely. The brakes not only look good with a large caliper and crossdrilled rotors but also feel solid and reliable in case of emergency. The car can attain a top speed of 250 km/hr and can accelerate from 0 to 100 km/h in about 5.7 seconds, which is blistering quick. Conclusion The new C-Class leaps ahead of its predecessor and borrows tech from its big brother S-Class. The new Mercedes C300d gets good looks, a modern and luxurious cabin and a powerful engine. For us the highlight of the Mercedes C300d is the modern cabin, driving performance and the f u e l - e ffi c i e n c y. T h e C-Class comes at a starting ex-showroom price of Rs 60 lakh. 12.3- inch LCD driver display Split panoramic sunroof 2.0-litre four-cylinder diesel engine that churns out output of 265hp and 550Nm LIKES n PERFORMANCE n DESIGN LANGUAGE n AMBIENCE & FEEL IN CABIN n FUEL EFFICIENCY DISLIKES n NO AMG BADGING n NO HEADS UP DISPLAY (HUD) n NO KEYLESS ENTRY n SMALL BOOT SPACE (450 LITRE) n PRICE RANGE (EXPENSIVE) pany calls it a 9G-Tronic unit. Also, as standard, you get a 48V mild-hybrid to provide a boost and increase fuel efficiency. The car provides an ARAI-rated mileage of 20.37 km/l, which is quite impressive. Features On the features front, there’s a long list but to give you the highlights, the new-gen C-Class comes with driver-assist features which include active braking and parking assist. There is an inbuilt navigation system and new 3D maps for all the major cities across I n d i a . T h e r e ’ s n o
114 | BW BUSINESSWORLD | 17 June 2023 A The author is the reknowned astrologer Bejan Daruwalla’s son and carries forward his legacy By Astro Friend Chirag Bejan Daruwala ally, you may receive recognition for your diplomatic skills. Financially, consider investing in ventures that align with your values and long-term goal. SCORPIO: (23 October – 21 Nov.) Ganesha says tap into your inner strength and embrace transformation. Professionally, your determination and perseverance will lead to significant achievements. Financially, it’s a good time to reassess your long-term goals and make strategic decisions. SAGITTARIUS: (22 Nov.- 21 Dec.) Ganesha says embrace new experiences and broaden your horizons. Professionally, it’s a favourable time for learning, acquiring new skills and pursuing higher education. Financially, avoid impulsive purchases and focus on long-term financial stability. CAPRICORN: ( 22 Dec.-19 Jan.) Ganesha says focus on building a solid foundation in all areas of your life. Professionally, your hard work and dedication will be recognised, leading to new opportunities for growth. Financially, make strategic investments. AQUARIUS:(20 Jan. 20-18 Feb.) Ganesha says this month sparks innovation in you and encourages you to think out- of- the -box. Embrace change. Professionally, your creative ideas will be well-received, leading to exciting projects or collaborations. Financially, consider unconventional investment opportunities. PISCES:(19 Feb. – 20 March) Ganesha says intuition and spiritual growth guide you. Trust your instincts and listen to your inner voice. Professionally, focus on your creative abilities and find ways to incorporate them into your work. Financially, spend prudently and seek financial advice. What the Stars Foretell for You Adopting healthy habits and routines will lead to greater productivity. Professionally, opportunities for advancement may arise, so be prepared to showcase your skills. Financially, it’s a good time to adjust your budget. LIBRA: (23 Sept. – 22 Oct. ) Ganesha says this month expect harmony and balance in your life. ProfessionRIES:(21 March – 19 April) Ganesha says your energy and enthusiasm will be at an alltime high. Your assertive nature will help you achieve your goals, both personally and professionally. It’s an excellent time to initiate new projects and take the lead. TAURUS: (20 April 20 – 20 May) Ganesha says this month is all about finding stability and security. Focus on creating a solid foundation in your personal and professional life. Avoid unnecessary expenses. Watch your health. Embrace change. GEMINI: (21 May –20 June) Ganesha says this month is filled with intellectual stimulation and social opportunities. Your communication skills are on point. Engage in networking events or social gatherings to expand your social circle. CANCER: (21 June – 22 July) Ganesha says focus on self-care and emotional well-being. Professionally, tap into your intuition. and trust your instincts. A new opportunity may present itself, so be open to exploring new paths. Financially, be practical and invest for the long term. LEO: (23 July – 22 August) Ganesha says embrace your passions and explore your artistic pursuits. This is an excellent time to showcase your talents and take the lead in professional endeavours. Financially, avoid spending impulsively. Emotionally, focus on selfconfidence. VIRGO: (23 August – 22 Sept. ) Ganesha says now is the time to focus on self-improvement and personal growth. WHAT DOES JUNE 2023 HAVE IN STORE FOR YOU? CARRYING FORWARD THE LATE BEJAN DARUWALA’S LEGACY, THE AUTHOR GUIDES YOU, SO YOU MAY MAKE THE MOST OF WHAT LIFE HAS TO OFFER COLUMN Astrologer: Chirag Bejan Daruwala
17 June 2023 | B W BUSINESSWORLD | 115 I ndia’s most transformative tax reforms since Independence in the form of Goods and Services Tax completes six years in July this year. It has brought about a paradigm shift in India’s indirect tax structure, simplifying the system and boosting tax both for the Centre and the states, as a slew of Central and State taxes were merged into GST. In April, GST collections reached an all-time monthly high of Rs 1.87 lakh crore, a 12 per cent increase compared to the previous year. There was substantial growth across sectors and states in most large states during the same period, indicating broad-based growth. E-way bills generated in March 2023 amounted to 90 million, an 11 per cent increase compared to the preceding month’s 81 million. Record Collections Despite macroeconomic headwinds, the GST regime has witnessed record tax collections. Continuous efforts to widen the taxpayer base through steps such as rationalisation of Income Tax slabs, the e-way bill system and data analytics to identify potential tax evaders have contributed to the ever-increasing tax collections. Besides, the introduction of the Goods and Services Tax Network has improved tax administration efficiency and effectiveness. Digitalisation of processes, including online return filing and simplified tax payment mechanisms has eased compliance, boosting tax collections. Integration of technology, including artificial intelligence and machine learning, has further strengthened tax administration and minimised tax evasion. Key Reform Areas However, even as we commemorate six years of GST regime, it is imperative to identify areas that demand further reforms. Streamlining of tax brackets in one such area. It is vital to prioritise the consolidation of tax rates, reducing the current array of four slabs (5 per cent, 12 per cent, 18 per cent, and 28 per cent) to a more efficient three-tier structure. Moreover, the inclusion of petroleum products within the ambit of the GST rate framework should be a focal point. If a consensus on including passenger fuel in the GST structure requires more time, the GST Council should begin by including aviation turbine fuel (ATF) and natural gas. At the moment, petroleum products, along with certain items like electricity and alcohol, remain outside the jurisdiction of GST. However, it is crucial for the government to strike a delicate balance between revenue generation and providing relief to industries that bear the burden of high tax rates. Bottlenecks & Challenges India’s GST regime has brought transformative changes to the country’s indirect tax structure, promoting efficiency, transparency, and unity. However, there are areas that require immediate attention to unlock the regime’s full potential and ensure sustainable economic growth. One pressing issue is the delay in export refunds, which adversely affects businesses relying on timely reimbursements. This delay raises concerns about the system’s efficiency and its ability to support businesses effectively. Another challenge is the complex penalties faced by businesses, as they struggle to monitor vendor behaviour and contend that they should not be penalised for their vendors’ compliance deficiencies after fulfilling their GST obligations. These issues highlight the need for reforms. The government aims to enhance the tax system’s efficiency and user-friendliness by implementing reforms, reducing tax rate anomalies, and ensuring seamless integration between state and central tax systems. Through these efforts, India can maximise the benefits of this transformative tax framework for years to come. LAST WORD AJAY SINGH Ajay Singh, President, Assocham on how the GST regime has revolutionised tax administration in the country and boosted collections, and what more needs to be done Six Years of GST Regime One pressing issue is the delay in export refunds, which adversely affects businesses relying on timely reimbursements. This delay raises concerns about the system’s efficiency and its ability to support businesses effectively
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