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Indian Indices Trade Marginally Lower; Consumer Durable Stocks Witness Selling
Tue, 6 Jun 11:30 am

Share markets in India are presently trading marginally lower. Sectoral indices are trading on a mixed note with stocks in the FMCG sector and consumer durables sector witnessing maximum selling pressure. IT stocks are trading in the green.

The BSE Sensex is trading down 39 points (down 0.1%) and the NSE Nifty is trading down by 8 points (down 0.1%). The BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading down by 0.3%. The rupee is trading at 64.33 to the US$.

In the news related to the Goods and Services Tax (GST), seven states including West Bengal, Tamil Nadu and Jammu & Kashmir are yet to pass their legislations required for implementing the new indirect tax regime.

As of now, 24 states and Union Territories have passed the State Goods and Services Tax (SGST) Act in their respective legislative assemblies.

The GST Constitutional amendment required all the states to pass SGST bills by 15th September, 2017. States failing to do so will lose their taxation powers.

The government plans to pass the GST regime from the 1st of July.

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Implementation of the GST promises to transform India into a single common market and there are many sectors which will gain immensely from this transition.

The implementation of the same is bound to bring more companies under the new tax regime, thus providing a level playing field to organized players that face huge competition from the unorganized segment.

Players operating in the footwear, plywood, textiles and sanitary-ware sectors are likely to be strong beneficiaries of this change. Also, battery as well as paint and adhesive manufacturers will gain from this move, as can be seen from the chart below:

Sectors that may benefit the most from GST

If you would like to dig deeper into the practical implications of GST, I strongly recommend you download Vivek Kaul's free report, What the Mainstream Media DID NOT TELL YOU about GST.

In other news, as per the 2017 Global Retail Development Index (GRDI), India has surpassed China to secure the top position among 30 developing countries on ease of doing business.

The GRDI cited India's rapidly expanding economy, relaxation of FDI rules and a consumption boom as the key drivers for the above reported progress.

The GRDI ranks the top 30 developing countries for retail investment worldwide and analyses 25 macroeconomic and retail-specific variables.

While the above progress is commendable, India ranks poorly on the global ranking for ease of doing business. It was ranked at 130th position out of 190 countries in ease of doing business for 2017, an improvement of just one place over the last year.

So there still is a lot of work needed to make India an attractive investment destination - not only for foreign companies but even for local entrepreneurs.

The government of India targets of making India part of the top 50 list. While the task may be ambitious, the 'Make in India' campaign seems to have created quite a buzz across the world. All that needs to be done is focus on the improving the key pain points in this regard and things should improve at a substantial pace.

India needs to foster an environment that is more supportive of private sector activity. And if the efforts are sustained over the next several years, they could lead to substantial benefits for Indian entrepreneurs - along with potential gains in economic growth.

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Feb 22, 2018 (Close)