Mumbai braces for mammoth Maratha ‘mook’ morcha

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The Maharashtra government, police, BMC and other agencies are all set for a mammoth Maratha ‘mook’ (silent) procession that will be taken out on Wednesday, officials said. While the authorities anticipate participation of between 500,000-800,000 Marathas from across the state, the organisers are optimistic the figure could be more than three million.

Senior Congress leader Narayan Rane told media persons that the procession, starting at 11 a.m. from Byculla, will be peaceful and orderly, silent, have no political speeches and will end at Azad Maidan in south Mumbai by 5 p.m.a delegation will call on Chief Minister Devendra Fadnavis and submit a memorandum of our demands. The main is reservations for the Maratha community in jobs and education, besides others, he said.

The Marathas have started trooping into Mumbai since early Tuesday from all over Maharashtra to take part in the morcha, 58th in the series of processions being held in different parts of the state since August 9, 2016. They have been reaching the state capital by trains, private vehicles, trucks, tempos and even two-wheelers, while waving Maratha flags and sporting bright orange turbans.

The Mumbai Police has geared up with over 7,000 personnel, including commandos, armed police, plain clothes officers assigned for providing security during the procession.There will massive traffic diversions,important roads either closed or made one-way, arterial roads opened, etc, to ensure smooth passage for the procession participants, said Deputy Commissioner of Police Rashmi Karandkiar..

Bombay House to shut for renovation

Bombay House

N Chandrasekaran is known to be a marathon man. But ever since he has taken over as Tata Sons chairman, he seems to be in a continuous sprint. Five months after he occupied the corner office at Bombay House, Chandra, as he is popularly known, has decided to renovate the country’s largest conglomerate’s iconic head office.

The Bombay House, located at Fort, will be closed for business for about a year as it goes for renovation — its first such closure in 93 years.

While over 600 employees will be relocated to other Tata offices in the city, Chandra and his core team will move to a rented address in south Mumbai. Brinda Somaya of Somaya & Kalappa Consultants has been hired to renovate the headquarters. “The renovation will create space for collaboration among group companies, a point Chandra has been highlighting a lot lately,” says an insider.

The insides will undergo a Rs 80-crore makeover, with hi-tech features such as a digital lobby and space for collaborative meetings. The lobby would showcase the group’s legacy. The façade of the structure, however, would remain the same, as external changes are restricted in heritage buildings.

Once ‘fragile’ India gets thumbs up from foreign investors 

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When Fed taper fears jolted emerging markets in 2013,India was one of the worst hit and was forced to raise interest rates to underpin its tumbling markets. Fast forward to this year, and history has been turned on its head. Not only is the US central bank raising rates, but India is widely expected next week to be the first country in Asia to cut policy rates this year.

being concerned at India’s falling policy rate premium over the United States, foreign investors are giving the country’s markets the thumbs up.The rupee is rallying and the country’s bonds are in demand,offering some of the best inflation-adjusted returns in Asia. Inflation, long a thorn in the economy, is at its lowest in five years, economic growth is picking up and the current account deficit is a fraction of its old self.

Prime Minister Narendra Modi unveiled a national goods and services tax on July 1, India’s biggest tax reform since independence in 1947, raising confidence among investors that other measures to boost the economy would follow.

“The structural story for India remains pretty strong,” said David Cornell, chief investment officer of London-based Ocean Dial Asset Management, which argues India and other emerging markets will outperform over the next 12 months.