Dear Friends,
By now, most of you would have enjoyed the long weekend celebrating Gandhi Jayanthi, Dussehra, Floral Bathukamma and Bakrid. It was indeed very much awaited following the busiest month of September wherein Corporates had to hold their Annual General Meetings.
The incumbent Modi’s government in its four months, though did not bring major reforms, has made serious efforts to gain the global confidence on the government and improve investment opportunities. This is confirmed by the unprecedented inflows from FIIs, even though there is no significant improvement in performance of listed entities. This clearly shows that none can ignore a country whose government has complete public support.
None would dispute that Mr. Modi has very well capitalised his foreign visits specially the recent one to US. Media quoted that he made another Vivekananda before an unprecedented gathering of the members of India Diaspora at the Madison Square Garden. This speaks volumes about the clarity, commitment and conviction he has for the development of India.
The various initiatives by the Government such as Make in India Manufacture in India; Swatch Bharat; Red Capet, not red tape; Ek Bharat – Shreshtha Bharat; Sabka Saath, Sabka Vikas; Minimum Government, Maximum Governance; Youth Development to Youth-led Development etc., are laudable. The NDA government has also begun a fresh review of Country’s Labour Laws that have remained unchanged since Independence, and tailor them to meet the needs of the National Manufacturing Policy with an aim towards boosting growth in the manufacturing sector. These will convert the country’s image from “scam India” to “skill India”.
Corporate India has not yet got breather from the stringent compliance norms brought in by the Companies Act, 2013. The Ministry had earlier indicated to relax the norms for a few set of companies viz. Private Companies, Government Companies, Not-for Profit Companies, etc. However we are yet to see the light of the notification for this. It was reported by media that there was a decline by almost 50% in the registration of new companies due to complex compliance norms. Unless rules are relaxed for small corporate, ease of doing business ranking many not improve.
October is a very exuberant time with the festivals in full swing. With the festival of Diwali fast approaching, I wish that this Diwali brings lots of Good Luck and Success to all you! Happy Diwali!”
With warm regards
CS R. Ramakrishna Gupta
Partner
7th October, 2014