Surf started its journey of becoming an iconic brand in the 1970s with a gentle nudge from competition

40 Years Ago...and now: Unsmiling Lalita ji to celebrating stains

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Company's production began to rise in the 80s, when restrictions were progressively relaxed

40 years ago...and now: How Tata Steel weathered the MRTP Act storm

For those of you who think the 30 per cent peak income tax rate along with an education cess of three per cent is way too high, here's something that could make you feel better. Forty years ago, an individual in the highest tax bracket (above Rs 70,000 per annum) had to pay 70 per cent income tax. And, the basic exemption limit was only Rs 6,000. In 1974-75, there were eight tax brackets.In the '80s, things improved as the basic exemption limit was increased to Rs 15,000 and the highest rate (applicable for income above Rs 1 lakh a year) was reduced to 55 per cent.Real reforms, both in terms of tax rates and tax brackets came in the 1990s. The number of tax brackets was slashed to four and the tax rate was brought down to 40 per cent. The tax rates now stand at 10, 20 and 30 per cent, with an educational cess of three per cent. There is an additional 10 per cent surcharge on incomes of more than Rs 1 crore. In total, those in the top income tax bracket pay tax at the rate of 36.3 per c

40 Years Ago... and now: From 70% to 30% peak I-T rate

Forty years ago, the total market capitalisation of listed companies in the Indian stock market stood at a paltry seven per cent of gross domestic product (GDP). In 2012, the figure stood at 68 per cent.The trajectory of the Indian stock market can broadly be divided into three distinct periods - the pre-reform era of lacklustre growth, the decade following the reforms of the early 90s, and the post-2003 era of rapid growth.After growing for decades at what was called the "Hindu rate of growth", the reforms of the early 90s sowed the seeds of India's transition to a phase of higher growth. Mirroring the rise in GDP growth was a sharp rise in the stock market, with total market capitalisation through the decade averaging 30 per cent of GDP.Since 2003, India emerged as one of the fastest growing economies, with GDP growth averaging eight per cent. The period also saw the stock market touching all-time highs, with market capitalisation rising to 147 per cent of GDP in 2007.However, the fi

40 Years ago...and now: Rise in m-cap mirrors GDP growth

Through the past few decades, India has been transformed from a largely agriculturally-oriented economy to one in which the services sector accounts for an overwhelming share of gross domestic product (GDP). While the share of agriculture and allied activities in GDP has declined from 40 per cent in 1973-74 to less than 14 per cent in 2013-14, that of the services sector has risen to about 60 per cent through the same period.However, despite this paradigmatic shift, there hasn't been a commensurate change in the structure of the workforce. Unlike in other developing economies, where such transitions were accompanied by labour movements from agriculture towards manufacturing, the Indian agriculture segment continues to employ about half the total labour force. The limited labour movement has largely been towards the construction sector.An equally troubling aspect has been the rise in casual employment through the decades. Data indicate in rural areas, casual employment for males rose fr

40 Years Ago...and now: GDP pie sees transformation

Forty years ago, India was in the throes of the infamous licence raj. The economy was dominated by the public sector, with private enterprise almost relegated to the margins. But the reforms implemented in the early 90s, carried out against the backdrop of a balance of payments crisis transformed the scenario, with the state ceding space for greater private sector engagement.In the years prior to the reforms, from 1973-74 to 1990-91, annual  growth averaged 4.7 per cent. However, in the post-reform period, from 1992-93 to 2013-14, there was an acceleration, with growth averaging 6.8 per cent. According to the latest International Comparison Program (ICP) estimates, India is now the third-largest economy, accounting for 6.4 per cent of world GDP. This acceleration in growth translates to a fourfold rise in the per capita net national product which, measured at 2004-05 prices, rose from ~9,792 in 1973-74 to ~39,904 in 2013-14. It is this acceleration in growth that has resulted in a shar

40 Years Ago...and now: Much water has flowed...

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