The Business Factors News Desk

New Delhi, Sept 03 (2025): Prime Minister Narendra Modi has expressed his happiness that the GST Council, comprising the Union and the States, has collectively agreed to the proposals submitted by the Union Government on GST rate cuts & reforms, which will benefit the common man, farmers, MSMEs, middle-class, women and youth. "The wide ranging reforms will improve lives of our citizens and ensure ease of doing business for all, especially small traders and businesses", he stated.

The Prime Minister posted on X:

"During my Independence Day Speech, I had spoken about our intention to bring the Next-Generation reforms in GST. 
The Union Government had prepared a detailed proposal for broad-based GST rate rationalisation and process reforms, aimed at ease of living for the common man and strengthening the economy.

Glad to state that @GST Council, comprising the Union and the States, has collectively agreed to the proposals submitted by the Union Government on GST rate cuts & reforms, which will benefit the common man, farmers, MSMEs, middle-class, women and youth.

The wide-ranging reforms will improve the lives of our citizens and ensure ease of doing business for all, especially small traders and businesses."

Debtor days are projected to remain between 45-60 days, going forward

Invigorated capex plans of some of the customers, along with continued 5G deployment, to result in additional tenancies for the tower companies

The Business Factors News Desk

May 19, 2025, Mumbai: ICRA has revised the outlook on the telecom tower industry to Stable from Negative, following healthy collections from customers along with the receipt of overdue payments.

The industry was earlier facing headwinds owing to elongated receivables, on account of delays in payments by some of the telecom service providers. However, the situation has improved materially with consistent, timely payments to the tower companies, resulting in a reduction of receivable days to around 45-60 days, lower than the ICRA’s negative outlook threshold of 80 days.

This, coupled with recovery of the past overdue, has enhanced the liquidity profile of the telecom tower industry and moderated the reliance on external debt, which is likely to translate into improvement in the return metrics of the industry.
According to Ankit Jain, Vice President and Sector Head, Corporate Ratings, ICRA Ltd: “Improvement in the credit profile of some key telecom service providers, who are the customers for tower companies, has eased the working capital cycle of tower companies.”

Jain says: “Moreover, there has been clearance of a sizeable amount of past overdues, which has resulted in reversal of provisions made earlier in FY2023.” He adds: This has augmented the cash flows and liquidity position of the industry as a whole.” The collections are expected to remain timely, going forward, thereby restricting the industry debtor levels below 60 days. This will also result in a reduction in external debt, with ICRA projecting net external debt/OPBDITA at around 3.4x for FY2026.”

With improvement in the credit quality of some of the customers and fund raise exercise concluded by a few of them, these customers are expected to re-initiate their capex plans.

The demand for telecom services, especially data, is witnessing very strong growth in India, translating into consistent network expansion and upgradation by the telcos. This is keeping the demand for tower companies buoyant resulting in consistent additions in the tenancies.

The tower companies over the last 2-3 years have expanded largely on single tenancy basis translating into moderation in the tenancy ratio for the industry. However, the invigorated capex plans of these customers is likely to add sizeable tenancies for the tower companies and is expected to arrest the decline in tenancy ratio to 1.35-1.40x for the industry.

ICRA expects the tower industry to report an operating income growth of 4-6% with operating margins (adjusting for energy revenues) at around 70-75% for FY2026. These, along with easing of the working capital requirements, are likely to boost the liquidity position, with the cash balances of the industry increasing to around Rs 5,500-6,000 crore, from Rs 2,200-3,000 crore levels in the past.

Jain concludes: “Technology upgrade to 5G and revived capex plans of some of the customers bring with itself a favourable demand outlook for the tower companies, and their capex intensity is likely to remain elevated.”

ICRA expects annual capex to be in the range of Rs. 10,000-11,000 crore for the industry in FY2026. With expectations of increasing tenancies on existing towers, the return metrics of the tower industry are expected to recover with return on capital employed likely to improve to around 13-15% levels, from 6-7% in FY2023.”

CANNES, 15 May 2025: In a vibrant and inspiring ceremony, the Bharat Pavilion was officially inaugurated yesterday at the 78th Cannes Film Festival, marking yet another significant step in India’s growing global cinematic footprint.

The inaugural event was attended by dignitaries including Shekhar Kapur, acclaimed filmmaker and Festival Director of IFFI and NFDC; veteran actor Anupam Kher; and Anne-Louise Mésadieu, Paris Region elected official, Ambassador, and Special Delegate for Diplomatic Relations. Their presence underscored the deepening ties between Indian cinema and global audiences.

While addressing the gathering, Anne-Louise Mésadieu welcomed ‘Bharat Pavilion’ to Cannes, expressing admiration for India's rich cinematic history and its ability to tell stories that transcend borders. She emphasised the importance of such cultural bridges in fostering global understanding and diplomacy, and said that the French government is available to ease and facilitate co-productions with India.

Shekhar Kapur highlighted the transformational power of cinema and India's evolving role as a creative powerhouse on the world stage.

The inaugural ceremony featured the much-anticipated launch of the ‘IFFI 2025 Poster and Trailer’. “IFFI’s new poster is a reflection of ‘convergence of creativity and technology’. India is ready to embrace technology and play a dominant role in the Global content creation space”, said Gautam Bhanot, GM, Film Promotion (Festivals, Market and International Participation), NFDC India, while highlighting the philosophy behind the new IFFI poster.

One of the key highlights was the launch of the India Film Guide, a comprehensive resource that showcases India's vast filmmaking talent, incentives for international co-productions, and filming locations. The guide was launched by the attending dignitaries, symbolising India’s openness to global collaboration.

Veteran actor Anupam Kher delivered a special address, sharing heartfelt reflections on the journey of Indian cinema and his personal experiences representing India internationally. “I am eight years younger than my country and we both grew together. We have really, really done very well. This is my first time in Cannes, I am so happy to be here in the Maha Kumbh of cinema.” Kher said.

Also present on the dais was Rupjyoti Brahma Karjee, Consulate General of India, Marseille, whose support has been instrumental in fostering Indo-French cultural cooperation, along with Sreerag Mukundan, OSD, Films, Ministry of Information and Broadcasting, Government of India and Ravi Kottarakara, President, South Indian Film Chamber of Commerce.
‘Bharat Pavilion’ organised by NFDC and FICCI under the aegis of the Ministry of Information & Broadcasting, Govt. of India, at Cannes continues to serve as a vibrant platform for promoting Indian cinema on a global scale, connecting filmmakers, distributors, and audiences from around the world under one cultural umbrella. As the festival unfolds, India’s presence promises to be one of creativity, collaboration, and cinematic celebration.

CII paper calls for oversight mechanism and consumer awareness on smart meter data collection

The Business Factors News Desk

New Delhi, May 6, 2025: Ghanshyam Prasad, Chairman, Central Electricity Authority, today said the potential of data analytics in smart metering presents an opportunity that needs to be harnessed. "Data analytics is the next generation in the case of smart meters. We need to leverage it and grab this opportunity," he said at the 3rd CII Conference on Smart Metering.

Prasad said the efficiency gains through smart metering would be reflected in the ARR (Annual Revenue Requirement) petitions filed by power distribution companies, and from there would reflect in consumer tariffs.

Shashank Misra, Joint Secretary, Ministry of Power, said, "Some 1.12 lakh smart meters are being installed every day. This is a significant number as compared to only 15,000 smart meter installations daily in 2024. Smart meter use cases showcasing benefits for consumers and discoms will help us achieve higher numbers."        

CII theme paper on Cybersecurity & Privacy in Smart Metering

“For the continued success of smart metering, it is critical to ensure cybersecurity with the right firmware on all communication modules, along with well-run key management systems with adequate cryptography. The CII theme paper goes into the details of this and lays out how best practices can be adopted by AMISPs and Discoms," said Dr Sukhet Singhal, chairman, CII Taskforce on Smart Metering and Group CEO, Secure Meters. 

                                   
CII also today unveiled a theme paper on Protecting the Future of Energy: Cybersecurity & Privacy in Smart Metering Infrastructure. The paper delves into the cybersecurity and privacy aspects of smart metering infrastructure and its implications on individual consumers and the broader grid infrastructure. It identifies potential risks, examines legal and ethical concerns, and evaluates the mechanisms in place to ensure secure, transparent, and ethical data management. By implementing robust security measures and staying abreast of emerging technologies, utility companies can protect their smart meter networks and ensure the continued reliability and safety of the energy grid.

The paper has been prepared through a consultative process among members of the CII Core Group on Smart Metering. The core group constituted a Taskforce on Data Privacy on Smart Metering. It gives an international perspective.

Key Recommendations:

Investment in robust communication infrastructure, such as LPWAN, NB-IoT, and 5G to ensure uninterrupted smart meter connectivity and the need to develop smart meters with enhanced functionalities like AI-based analytics and remote-control features. 

An oversight mechanism to conduct regular audits and obtain necessary clearances from regulatory bodies to ensure adherence to national standards.

Developing cost-effective solutions to ensure widespread adoption across different market segments. 
Financial incentives for the deployment of dedicated resources for implementing data privacy controls need to be devised. 
It proposes developing user-friendly apps and dashboards to provide real-time energy usage insights.

The paper also recommends compliance with national and international standards for data privacy and cybersecurity to establish comprehensive cybersecurity protocols for critical infrastructure has been highlighted. Smart metering systems must comply with the Indian Cyber Crime Coordination Centre (I4C) guidelines and international standards such as ISO/IEC27001 and NIST Cybersecurity Framework.

Utilities can leverage best global practices, which require utilities to actively engage with customers and educate them about the types of data collected and the security measures in place regarding the privacy of their customers.

To ensure successful implementation, India can integrate these global practices into its smart meter policies, under NSGM and RDSS, while also leveraging the Digital Personal Data Protection Act. Addressing the diverse needs of urban and rural areas with customised encryption, authentication, and privacy measures, along with consumer education, will strengthen the overall system. States, like Bihar, Uttar Pradesh, West Bengal, Gujarat and Karnataka, can serve as pilot regions to set the stage for nationwide adoption, while learning from the UK’s encryption, Germany’s access controls, and the EU’s privacy standards to build a resilient, trusted smart grid ecosystem.

The Business Factors News Desk

New Delhi, May 20, 2025: Railway stations have long been the heartbeats of Indian towns and cities, bustling with stories, memories and movement. While they have faithfully served millions over the years, many of these spaces have stayed largely unchanged, quietly waiting for a new chapter. That moment has arrived.

The Amrit Bharat Station Scheme is a long-term plan to improve railway stations across India in a step-by-step manner. Under this scheme, detailed plans are made for each station and the work is done in phases, based on what each station needs.

The goal is to make stations cleaner, more comfortable, and easier to use. This includes improving entry and exit points, waiting halls, toilets, platforms, and roofing. Facilities like lifts, escalators, and free Wi-Fi are added wherever needed. There are also better signs and information systems to help passengers. Some stations will have executive lounges and special areas for business meetings. Local products will be sold at kiosks under the ‘One Station One Product’ scheme, and efforts will be made to make stations look greener and more attractive.

‘One Station One Product’ concept aims to encourage indigenous and specialised products and crafts of India through providing display and sale outlets on railway stations across the country. The products would be specific to the location, including artefacts made by indigenous tribes, handlooms by local weavers, handicrafts, chikankari and zari-zardozi work or spices, tea, coffee and other processed/semi-processed food items/products indigenously grown in the area.

The Amrit Bharat Mission scheme also focuses on upgrading the station buildings, connecting both sides of the city through the station, and linking stations with other transport options like buses and metros. Special care is being taken to make stations friendly for persons with disabilities. Eco-friendly solutions, noise-free tracks, and better planning are also part of the improvements. In the long run, the aim is to turn stations into vibrant city centres that serve many purposes beyond just travel.

The Amrit Bharat Station Scheme signifies a concerted effort by Indian Railways to modernise its infrastructure in order to elevate the travel experience for millions of passengers. The scheme envisages building modern passenger amenities like aesthetically designed façades, resurfaced platforms, beautiful landscaping, roof plazas, kiosks, food courts, kids' play area,s among others. Efforts to ensure smooth access encompass widening roads, removing unwanted structures, installing well-designed signage, establishing dedicated pedestrian pathways, and enhancing parking facilities, alongside improved lighting arrangements.

One of the significant features of the Amrit Bharat Station Scheme is that the designs of redeveloped station buildings is inspired by local culture, heritage and architecture. For e.g. the Ahmedabad station draws inspiration from the Modhera Sun Temple, while Dwarka station is inspired by the Dwarkadheesh Temple. While Gurugram station will carry the IT theme, the Baleshwar station in Odisha will be designed on the theme of the Bhagwan Jagannath Temple. The influence of the Chola architecture will be writ large on the Kumbhakonam Station in Tamil Nadu.

The origin of the Amrit Bharat Stations scheme can be traced back to 2021, when Gandhinagar became the first Railway station to undergo modernisation, replete with all modern facilities and a five-star hotel. Later on in the same year, Rani Kamalapati Railway Station, formerly known as Habibganj, wore a new look.

Indian Railways is committed to making its railway stations accessible for Persons with Disabilities (Divyangjans) and passengers with reduced mobility as part of “Sugamya Bharat Mission” or ‘Accessible India Campaign’ of the Government of India. The guidelines include provisions of facilities for Divyangjans and passengers with reduced mobility, such as entrance ramps, accessible parking, low-height ticket counters/help booths, toilets, drinking water booths, subways/foot over bridges with ramps/lifts, standard signages including Braille signages and tactile pathways for visual impairment, etc.

An overview of the categories as part of guidelines on accessibility of Indian railway stations and facilities at stations for differently abled persons (Divyangjan) and passengers with reduced mobility-

Conclusion

The Amrit Bharat Station Scheme marks a major step towards transforming India’s railway infrastructure to meet the needs of a growing and modern nation. By focusing on passenger comfort, local culture, sustainability and better connectivity, the scheme is redefining what a railway station can be. No longer just places to catch a train, these stations are becoming clean, accessible, and vibrant spaces that reflect the spirit of their cities. The scheme reflects the government’s strong commitment to inclusive and future-ready development. The Indian Railways is not just moving people; it is moving forward with a vision.

Source: A PIB backgrounder by Santosh Kumar/ Ritu Kataria/ Kritika Rane

New Delhi, May 1, 2025: India, known as the ‘Land of Spices’, is the world’s largest producer, consumer, and exporter of spices. Of the 109 spices recognised by the International Organisation for Standardisation (ISO), India cultivates over 60 varieties. The spice sector contributes approximately 9% to India's total agricultural exports and over 40% of horticultural exports. With a global footprint spanning over 200 countries, India exports 225+ unique spice products, reinforcing its position as a trusted global supplier of both raw and value-added spices. Historically valued for their medicinal properties, spices remain integral to both Indian heritage and global health-conscious markets.

Exports Trends

India is the largest exporter of spices and spice items. It retained its position as the leading global exporter, with exports reaching USD 4.45 billion in FY 2024–25. Between 2013–14 and 2024–25, spice exports increased by 88% in volume and 97% in value (USD)—reflecting India’s expanding presence in the global spice market. Gujarat led with 23.53% of total exports, followed by Kerala and Andhra Pradesh. In comparison, during 2013–14, spice exports stood at 817,250 MT, valued at USD 2,267.67 million, showcasing a significant growth trajectory over the years.

Major Export Destinations

India exported spices and spice products to 200 destinations worldwide as of FY25 (up to December 2024). The top 10 destinations—China, USA, UAE, Bangladesh, Thailand, Malaysia, UK, Saudi Arabia, Indonesia, and Germany—collectively accounted for over 60% of total export earnings in FY25 (until February 2025).

The USA’s major imports from India included celery, cumin, curry powder, fennel, fenugreek, garlic, chilli, and mint products.

Region-wise total export from India

India’s Most Exported Spices by Value

During the financial year 2023–24, chilli emerged as the leading spice exported from India, with a total export value of USD 1,508.94 million. It was followed by cumin and spice oils and oleoresins, which recorded export values of USD 700.23 million and USD 498.01 million, respectively. Other notable exports included mint products, turmeric, and curry powders/paste, each contributing significantly to the overall export volume.

Leading States in India’s Spice Production

In 2023–24, Madhya Pradesh led India's spice production with 3.63 million tonnes, followed by Gujarat with 1.29 million tonnes and Andhra Pradesh with 1.28 million tonnes. Rajasthan and Telangana also made significant contributions, producing over 1 million tonnes and 793,000 tonnes, respectively. These top five states play a crucial role in sustaining India's leadership in the global spice market.

Government Initiatives

Spices Board of India

It was established in 1987 to develop, promote and regulate the export of 52 spices and spice products that fall under its purview. It also engages in the promotion of production, processing, domestic marketing and export of cardamom (both small and large).

Vision: To sustain the leadership in global trade of spices & value-added spice products, thereby contributing to the growth of agricultural exports from India.

Mission-To become the international processing hub and premier supplier of clean, safe and value-added spices & spice products to the industrial and retail segments of the global spices market.

Export Development and Promotion of Spices

The SPICED (Sustainability in Spice Sector through Progressive, Innovative, and Collaborative Interventions for Export Development) scheme, launched by the Spices Board of India, aims to enhance the export of spices, improve cardamom productivity, and upgrade the post-harvest quality of spices. With a total outlay of Rs. 422.30 crore, the scheme will be implemented for the 15th Finance Commission cycle until FY 2025-26.

Key components of the scheme include promoting value addition in spices, supporting Farmer Producer Organisations (FPOs), Small and Medium Enterprises (SMEs), and SC/ST communities, and introducing programs like the Mission Value Addition, Mission Clean and Safe Spices, and promotion of GI-tagged spices. The scheme focuses on empowering farmer groups, improving productivity in cardamom cultivation, and enhancing post-harvest practices.

It also aims to strengthen India’s competitiveness in the global spice market by providing technological support, market development, and funding for Spice Incubation Centres to foster innovation.

Setting up and maintenance of infrastructure for common processing (Spices Parks) 

The Spices Board has established eight crop-specific Spices Parks across India to enhance spice processing, value addition, and export opportunities. These parks provide common facilities for cleaning, sorting, grading, grinding, oil extraction, and packaging of spices, benefiting local farmers, traders, exporters, and other stakeholders.

Name of the Spices Park

State & Spices Covered

Madhya Pradesh

Chhindwara: Garlic and Chilli
Guna: Coriander

Andhra Pradesh

Guntur: Chillies

Rajasthan

Jodhpur: Cumin
Ramganj Mandi: Coriander

Kerala

Puttady: Cardamom and Pepper

Uttar Pradesh

Rae Bareli: Mint

Tamil Nadu:

Sivaganga: Chillies and Turmeric

The parks also provide plots to exporters, traders, and Farmer Producer Organisations (FPOs) for setting up their processing units. The establishment of these parks aims to create significant job opportunities and drive the growth of the spice industry, promoting both direct and indirect employment while boosting the country's spice export potential.

Conclusion:

India’s spice sector is at a powerful turning point, combining centuries-old heritage with surging global demand for natural health and wellness. Post-COVID, the world is embracing spices like turmeric, ginger, and garlic for their immunity-boosting and anti-inflammatory benefits.

Backed by initiatives like SPICED and modern Spices Parks, India is moving towards cleaner, value-added, globally competitive spice exports. With a presence in 200+ countries and production of 60+ varieties, India is not just growing—it’s leading the global spice movement.

PIB backgrounder by Santosh Kumar/ Sarla Meena/ Anchal Patiyal

The Business Factors News Desk

Gurugram, May 22, 2025: Rating agency ICRA highlighted that trading activity appears to be stabilising in index derivatives and options volumes, reflecting strategic recalibrations by market participants, after three consecutive months of declines following regulatory interventions.

Although margin trading facility (MTF) exposures have retracted closer to Rs. 71,000 crore from their December 2024 peak, given their strong correlation with market trends, a resurgence in investor confidence could drive the trajectory back towards the Rs. 1 lakh crore mark.
The phased implementation of regulatory measures, beginning November 2024, led to a sharp contraction of trading activity in index options.

Between December 2024 and March 2025, the average daily premium turnover had declined by 18% compared to the April–November 2024 period, while the number of options contracts traded fell by 60%.

Order volumes, critical for F&O brokerage, were moderately impacted (down 25–35%). Despite this, trading activity remains above historical levels.

In Q4 FY2025, ICRA’s sample of nine securities broking firms reported a 19% YoY drop in net revenue and a decline in profitability1 to 26% — the lowest in the past 12 quarters.

Also, after three consecutive months of declining options volumes, trading activity appears to be stabilising, reflecting strategic recalibrations by market participants. The anticipated uptake of the MSEI-SX40 weekly index options could also help cushion the impact. However, the overall activity remains highly sensitive to future regulatory developments.

According to Deep Inder Singh, Vice President and Sector Head – Financial Sector Ratings, ICRA: “Adjustments in lot sizes and the rationalisation of weekly expiries have shifted trading towards longer-tenure contracts.”

These changes have notably reduced participation from smaller investors. In March 2025, the number of investors with a monthly premium turnover below Rs. 10,000 on the NSE dropped by 49% YoY, while those in the Rs. 10,000–Rs. 1 lakh cohort declined by 37%.

The investor count with higher monthly premium turnovers, was, however, less impacted.”  The broader market sentiment also weakened, as reflected in the cash and MTF segments. In Q4 FY2025, the average daily turnover in the cash segment declined by 8% QoQ to about Rs. 1 lakh crore, while MTF exposures fell 18% QoQ.

This slowdown has weighed on broking firms, with ICRA’s sample set reporting a 19% YoY drop in net revenue and profitability slipping to 26% - a 12-quarter low. Exchanges and depositories also experienced a decline, with operating revenues falling to a five-quarter low.  Overall, the earlier hyperactivity in index options has moderated significantly, contributing to a more stable market environment.

“This has reduced speculative trading and associated price volatility. The move to a single weekly index derivative per exchange has also diversified market participation and is expected to foster healthier competition,” Singh said. 
Providing more insight, Singh said “Although MTF exposures have retracted closer to Rs. 71,000 crore from their December 2024 peak, of over Rs. 86,000 crore, given their strong correlation with market trends, a resurgence in investor confidence could drive the trajectory back towards the Rs. 1 lakh crore mark.”

Considering the evolving investor preferences, India’s relatively untapped equity market continues to present a compelling growth opportunity, which is likely to benefit market intermediaries in the years ahead.

Gurugram, May 22, 2025: Rating agency ICRA highlighted that trading activity appears to be stabilising in index derivatives and options volumes, reflecting strategic recalibrations by market participants, after three consecutive months of declines following regulatory interventions.

Although margin trading facility (MTF) exposures have retracted closer to Rs. 71,000 crore from their December 2024 peak, given their strong correlation with market trends, a resurgence in investor confidence could drive the trajectory back towards the Rs. 1 lakh crore mark.

The phased implementation of regulatory measures, beginning November 2024, led to a sharp contraction of trading activity in index options.

Between December 2024 and March 2025, the average daily premium turnover had declined by 18% compared to the April–November 2024 period, while the number of options contracts traded fell by 60%.

Order volumes, critical for F&O brokerage, were moderately impacted (down 25–35%). Despite this, trading activity remains above historical levels.

In Q4 FY2025, ICRA’s sample of nine securities broking firms reported a 19% YoY drop in net revenue and a decline in profitability1 to 26% — the lowest in the past 12 quarters.

Also, after three consecutive months of declining options volumes, trading activity appears to be stabilising, reflecting strategic recalibrations by market participants. The anticipated uptake of the MSEI-SX40 weekly index options could also help cushion the impact. However, the overall activity remains highly sensitive to future regulatory developments.

According to Deep Inder Singh, Vice President and Sector Head – Financial Sector Ratings, ICRA: “Adjustments in lot sizes and the rationalisation of weekly expiries have shifted trading towards longer-tenure contracts.”

These changes have notably reduced participation from smaller investors. In March 2025, the number of investors with a monthly premium turnover below Rs. 10,000 on the NSE dropped by 49% YoY, while those in the Rs. 10,000–Rs. 1 lakh cohort declined by 37%.

The investor count with higher monthly premium turnovers, was, however, less impacted.”  The broader market sentiment also weakened, as reflected in the cash and MTF segments. In Q4 FY2025, the average daily turnover in the cash segment declined by 8% QoQ to about Rs. 1 lakh crore, while MTF exposures fell 18% QoQ.

This slowdown has weighed on broking firms, with ICRA’s sample set reporting a 19% YoY drop in net revenue and profitability slipping to 26% - a 12-quarter low. Exchanges and depositories also experienced a decline, with operating revenues falling to a five-quarter low.  Overall, the earlier hyperactivity in index options has moderated significantly, contributing to a more stable market environment.

“This has reduced speculative trading and associated price volatility. The move to a single weekly index derivative per exchange has also diversified market participation and is expected to foster healthier competition,” Singh said. 
Providing more insight, Singh said “Although MTF exposures have retracted closer to Rs. 71,000 crore from their December 2024 peak, of over Rs. 86,000 crore, given their strong correlation with market trends, a resurgence in investor confidence could drive the trajectory back towards the Rs. 1 lakh crore mark.”

Considering the evolving investor preferences, India’s relatively untapped equity market continues to present a compelling growth opportunity, which is likely to benefit market intermediaries in the years ahead.

People live better in big houses and in big clothes. I try to contrast; life today is full of contrast. We have to change! I am not interested in the past, except as the road to the future. Give me time and I’ll give you a revolution. I think the idea of mixing luxury and mass-market fashion is very modern. I want people to be afraid of the women I dress.

Mass-market fashion is very modern

I think the idea of mixing luxury and, very now no one wears head-to-toe designer anymore. There has to be a balance between your mental satisfaction and the financial needs of your company. A girl should be two things: classy and fabulous.

I never look at other people’s work. I can’t get sucked into that celebrity thing, because I think it’s just crass. Give me time and I’ll give you a revolution. I can’t get sucked into that celebrity thing, because I think it’s just crass.

I can design a collection in a day and I always do, cause I’ve always got a load of Italians on my back, moaning that it’s late. Sometimes the simplest things are the most profound.

Luxury will be always around, no matter what happens in the world. There is always the new project, the new opportunity. Attention to detail is of utmost importance when you want to look good. I have a fantastic relationship with money. I use it to buy my freedom.

I think the idea of mixing luxury and mass-market fashion is very modern, very now no one wears head-to-toe designer anymore. I think the idea of mixing luxury and mass-market fashion is very modern, very now no one wears head-to-toe designer anymore.

Confidence. If you have it, you can make anything look good. Abstinence from coffee, tobacco. Adventists has afforded a near-unique opportunity.

Clothes can transform your mood and confidence

I think the idea of mixing luxury and mass-market fashion is very modern, very now no one wears head-to-toe designer anymore. I want people to be afraid of the women I dress. Elegance isn’t solely defined by what you wear. Clothes can transform your mood and confidence.

Fashion moves so quickly that, unless you have a strong point of view, you can lose integrity. I like to be real. I don’t like things to be staged or fussy. I think I’d go mad if I didn’t have a place to escape to. You have to stay true to your heritage, that’s what your brand is about.

People live better in big houses and in big clothes. I try to contrast; life today is full of contrast. We have to change! I am not interested in the past, except as the road to the future. Give me time and I’ll give you a revolution. I think the idea of mixing luxury and mass-market fashion is very modern. I want people to be afraid of the women I dress.

Mass-market fashion is very modern

I think the idea of mixing luxury and, very now no one wears head-to-toe designer anymore. There has to be a balance between your mental satisfaction and the financial needs of your company. A girl should be two things: classy and fabulous.

Clothes can transform your mood and confidence

I think the idea of mixing luxury and mass-market fashion is very modern, very now no one wears head-to-toe designer anymore. I want people to be afraid of the women I dress. Elegance isn’t solely defined by what you wear. Clothes can transform your mood and confidence.

Fashion moves so quickly that, unless you have a strong point of view, you can lose integrity. I like to be real. I don’t like things to be staged or fussy. I think I’d go mad if I didn’t have a place to escape to. You have to stay true to your heritage, that’s what your brand is about.

People live better in big houses and in big clothes. I try to contrast; life today is full of contrast. We have to change! I am not interested in the past, except as the road to the future. Give me time and I’ll give you a revolution. I think the idea of mixing luxury and mass-market fashion is very modern. I want people to be afraid of the women I dress.

Mass-market fashion is very modern

I think the idea of mixing luxury and, very now no one wears head-to-toe designer anymore. There has to be a balance between your mental satisfaction and the financial needs of your company. A girl should be two things: classy and fabulous.

Luxury will be always around, no matter what happens in the world. There is always the new project, the new opportunity. Attention to detail is of utmost importance when you want to look good. I have a fantastic relationship with money. I use it to buy my freedom.

I think the idea of mixing luxury and mass-market fashion is very modern, very now no one wears head-to-toe designer anymore. I think the idea of mixing luxury and mass-market fashion is very modern, very now no one wears head-to-toe designer anymore.

Confidence. If you have it, you can make anything look good. Abstinence from coffee, tobacco. Adventists has afforded a near-unique opportunity.

Clothes can transform your mood and confidence

I think the idea of mixing luxury and mass-market fashion is very modern, very now no one wears head-to-toe designer anymore. I want people to be afraid of the women I dress. Elegance isn’t solely defined by what you wear. Clothes can transform your mood and confidence.

Fashion moves so quickly that, unless you have a strong point of view, you can lose integrity. I like to be real. I don’t like things to be staged or fussy. I think I’d go mad if I didn’t have a place to escape to. You have to stay true to your heritage, that’s what your brand is about.

People live better in big houses and in big clothes. I try to contrast; life today is full of contrast. We have to change! I am not interested in the past, except as the road to the future. Give me time and I’ll give you a revolution. I think the idea of mixing luxury and mass-market fashion is very modern. I want people to be afraid of the women I dress.

Mass-market fashion is very modern

I think the idea of mixing luxury and, very now no one wears head-to-toe designer anymore. There has to be a balance between your mental satisfaction and the financial needs of your company. A girl should be two things: classy and fabulous.

Luxury will be always around, no matter what happens in the world. There is always the new project, the new opportunity. Attention to detail is of utmost importance when you want to look good. I have a fantastic relationship with money. I use it to buy my freedom.

I think the idea of mixing luxury and mass-market fashion is very modern, very now no one wears head-to-toe designer anymore. I think the idea of mixing luxury and mass-market fashion is very modern, very now no one wears head-to-toe designer anymore.

Confidence. If you have it, you can make anything look good. Abstinence from coffee, tobacco. Adventists has afforded a near-unique opportunity.

Clothes can transform your mood and confidence

I think the idea of mixing luxury and mass-market fashion is very modern, very now no one wears head-to-toe designer anymore. I want people to be afraid of the women I dress. Elegance isn’t solely defined by what you wear. Clothes can transform your mood and confidence.

Fashion moves so quickly that, unless you have a strong point of view, you can lose integrity. I like to be real. I don’t like things to be staged or fussy. I think I’d go mad if I didn’t have a place to escape to. You have to stay true to your heritage, that’s what your brand is about.