Room for optimism

Former Finance Minister P Chidambaram has something to crow about finally, as the charge of two years of sub-5 per cent growth will no longer stick to the government he was part of. India's economy expanded at a much quicker pace in 2013-14 than previously estimated, updated and revamped data with a new base showed, indicating that a recovery had started in the last year of the previous regime. Political compulsions may prevent his successor, Arun Jaitley, from publicly acknowledging that, but the numbers will certainly create an ambience that will help him in pressing the growth pedal.

The stability factors for the economy have rarely looked better, with inflation rates dropping to the central bank's comfort zone and India poised to post a current account surplus because of a dramatic fall in global oil prices, which may help save $50 billion in its import bill. Add to this the recent sense of urgency shown by the Narendra Modi government, which has fired up many in India Inc's corner offices.

Nowhere is this optimism more evident than in the booming e-commerce companies. Online retail, which is around three to four per cent of the organised retail market, is estimated to grow to over 15 per cent in a couple of years. And large global financiers can't seem to get enough of them -- evident from the eye-popping valuations. Is this a flash in the pan or the dawn of a new era? The cover story provides the answers.

As the "Make-in-India" chorus gets louder, the magazine also does a stock-taking of India Inc's globalisation efforts. As a report in the magazine shows, it has been a mixed bag so far. While marquee deals have failed to live up to the initial hype, smaller but well-targeted acquisitions have been transformational steps. And even as the bull-run continues on Dalal Street, some of India's top-performing firms are still unlisted and remain out of bounds for retail investors. In the following pages, read about these firms, some of which have superior financial ratios than their listed peers.

BS 1000 is also about celebrating success. An eminent jury, led by ICICI Bank and Infosys Chairman K V Kamath, selected the winners of Business Standard Awards for corporate excellence in 2014. To celebrate Business Standard's 40th year of thought leadership, two other awards were added this year -- Best Entrepreneur of 40 years and Best Company of 40 years. This was to recognise the institutions and individuals who started operating in the late 1970s and made a significant impact on the country's business landscape. Read and profit from their success stories.