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Patanjali targets will reach 1 Lakh Crore Production by 2020, says Yoga guru turned businessman Baba Ramdev

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Yoga Guru Baba Ramdev, Youtube

New Delhi, Dec 6 : Yoga guru turned businessman Ramdev on Tuesday said his FMCG venture Patanjali Ayurved is targeting to shore up its production to Rs one lakh crore by 2020.

“Patanjali has been registering 100 percent growth for the last four years and this year too we have been growing at the same pace. Our target is to take our inhouse production to Rs 50,000 crore in the next two-three years and ultimately reach the target of Rs one lakh crore by 2020,” Ramdev said at the ‘Agenda Aaj Tak’ event here.

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The aim to end the hegemoney of international companies on the Indian economy, he said.

“Our imports consist of over Rs 25 lakh crore while another Rs 25 lakh crore is taken away by foreign companies. If we need to break this hegemoney and our dependence on foreign companies, we need in house prodcution of at least Rs.100 lakh crore. Our endeavour is to create and promote Indian entreprenurship,” said Ramdev.

While hailing the Narendra Modi government’s move to demonetise higher denomination notes, Ramdev said it was essential to continue taking further steps to check and prevent corruption and black money.

“Demonetisation has broken the back of terrorism and Naxalism (Maoism) as their entire funding was in black money. This move will effectively address the issue of black money. However, the government should continue to take further steps to ensure black money does not make a comeback to the system,” he said.

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Admitting that demonetisation has caused hardships for the common people, Ramdev said: “Maybe there was needed some more preparation for implementing the scheme but at the same time, it could have lead to leaking of information and the entire exercise would have failed.”

He also said that the government needed to reconsider its decision to introduce the Rs 2,000 notes. (IANS)

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Usage of Unaccounted Cash Still Prevalent in Market: Report

Large cash transactions still present in resale realty market

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Unaccounted cash
Significant usage of unaccounted cash is still prevalent in the secondarly real estate market. Pixabay

It has been three years since demonetisation which was implemented with the aim to curb and eradicate black money. But according to a report released on Wednesday, significant usage of unaccounted cash is still prevalent in the secondarily real estate market.

The report prepared by Anarock Property Consultants said that up to 30 per cent of the total transaction value in the secondary or resale residential maket in India can still be paid in cash.

However, the primary sales market in tier-I cities offer the least scope for unaccounted wealth in property deals, it said.

“Demonetization in November 2016 sent Indian residential real estate — till then a preferred laundromat for unaccounted wealth — into an almost terminal tailspin. Even three years after DeMo, the battle is only half-won,” said Anuj Puri, Chairman Aof Anarock Property Consultants.

“The secondary or resale residential real estate market still accommodates black money; at least 30 per cent of the total cost of resale property can still be paid in cash. While more and more buyers and sellers prefer official payment routes as a matter of principle, many still use the resale property market to launder untaxed cash,” he added.

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Many buyers use the resale property market to launder untaxed cash. Pixabay

As per the report, while the trend in the Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR), which are historically notorious for black money in real estate, has tamed considerably in primary sales, their resale property markets still see cash components.

As much as 20-25 per cent of the total resale property cost can still be “adjusted” with black money, it said, adding that in Bengaluru, Pune and Hyderabad, the prevalence of transparent payment routes, even on the resale market, is much higher.

“Unlike the primary sales market, the resale market still lacks strict regulations, making it easier for buyers and sellers to use cash components.

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Also, the primary sales market involves developers with a reputation to protect, while a resale property transaction involves two individuals. The pricing of resale properties also lacks transparency,” the report said.

In the case of direct sales by developers, there are readily-available pricing benchmarks, while in the secondary market, a seller can inflate the price of a property based on location, added features and so on without stating on the books. (IANS)