I personally and on behalf of R & A Associates, wish you and your family a very happy, energetic, healthy and wealthy 2016.
Every year comes with new hopes and dreams and with renewed determination to pursue them. It can be a time to set in place new things to learn and do or it can be a time of consolidation of things you’re already passionately pursuing. Another alternative might be to simply contemplate where you’ve reached in life so far. Whatever your preferred approach to the new year is, it’s nice to start feeling refreshed and focused, ready to get back into things you’re working on or to get started on new things.
We at R &A renew our commitment to provide timely and quality service, to guide and support our clients; to provide fulfilling careers and professional satisfaction for our people; to grow and make a positive contribution to overall growth of our economy.
In 2016, the following economic reforms are likely to be expected as per the report of the research firm Nomura:
- The implementation of the much awaited goods and services tax (GST) which shall simplify the tax regime by replacing a host of indirect taxes by a single unified tax.
- Amendments to the RBI Act which may include setting up a monetary policy committee that votes on policy decisions.
- The government is likely to fast-track stake sales in loss-making public sector companies and set up a mechanism for identifying strategic disinvestments in profitable public sector companies.
- The setting up of an insolvency regulator and adjudicating authority, early identification system for financial distress, an insolvency database and a clear timeline and a procedure for resolving insolvency cases.
- Infrastructure development is expected to move at a faster space with focus on Roads, ports and inland waterways. Also the development of 20 smart cities is likely to begin
- Banking reforms with focus on deregulation of small savings rates as well as Labour reforms by bringing about amendments to the Child Labour Act (prohibiting employment of children under 14 years), the Factories Act (exempting factories with less than 40 employees from 14 labour laws, including easier shutdown) and an increase in the size of the employers provident fund.
Whatever be the reforms, I wish that in 2016, we the citizens of India, can respond to its challenges and threats, improve growth, employment and our well-being, as well as contribute to a better world, safer and more respectful to the environment.
Warm Regards,
Rashida Adenwala
Partner