India Now - page 17

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FEBRUARY-MARCH 2015
goods and services tax (GST) by April 1, 2016 and the Monetary Policy
Framework Agreement with RBI, which mandates the latter to bring
inflation below six per cent by January 2016. Sudip Bandyopadhyay,
Managing Director & CEO, Destimoney Securities, lauded the new
government’s full-fledged Budget, saying, “It’s a pragmatic Budget,
keeping in mind the economy, social and political compulsions. Focus
on removing bottlenecks and creating an enabling environment for
business is a welcome change.” Much in line with these sentiments, in
a press release, Dr Jyotsna Suri, President, FICCI, said, “This budget
has laid down the roadmap for taking India to double digit growth.
We not only see a clear direction in which the economy is going to be
steered but also the key milestones that we need to cross on the way.
There are several positives not just for the industry but for every sec-
tion of society.” Sachin Kapoor, Director, Home for Food Traditions Pvt
Ltd, a Delhi-based online firm catering to a wide range of traditional
foods, echoes the industry sentiment, “The Budget has initiated very
important steps like bankruptcy law, fiscal consolidation and removal
of wealth tax, etc. These initiatives will surely have a positive long term
impact on the Indian economy by improving investors’ sentiment.”
Commitment to Enabling Business
The government is in the process of establishing an electronic Trade
Receivables Discounting System (TReDS) financing of trade receiv-
ables of MSMEs, from corporate and other buyers, through multiple
financiers, which will improve the liquidity in the MSME sector
significantly. R Chandrashekhar, President, Nasscom, says, “The
announcement of electronic Trade Receivables Discounting System
(TReDS) for SMEs, cashless economy, expanding direct benefits
through JAM trinity (Jan Dhan Yojana, Aadhar, Mobile numbers),
and implementation of GST from next fiscal year, are some welcome
steps by the government.” The government proposes to bring Bank-
ruptcy Code in 2015-16, which will provide legal certainty and speed,
and, thus, facilitate business.
The institution of
`
1,000 crore Self Employment and Talent Utili-
sation (SETU) fund will further boost entrepreneurial activities in
the SME sector, while the launch of National Skills Mission will
further boost the manufacturing environment ensuring the avail-
ability indigenous talent. Skill India is closely coordinated with
Make
in India
. “We believe that the government is serious about support-
ing small and medium enterprises which are primarily dependent
on semi-skilled and unskilled labour due to unavailability of enough
resources to such units. We would like to see more such measures
from government in future as well,” Sachin opined.
By the time of Amrut Mahotsav,
the 75th year of Indian indepen-
dence in 2022, Team India, as
Prime Minister Narendra Modi
calls it, led by the states and
guided by the central govern-
ment aims to achieve:
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construction of 2 crore houses
in urban areas and 4 crore
houses in rural areas.
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and road connectivity.
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family to have access to the
means for livelihood.
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alleviation.
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20,000 villages in the country
by 2020, including by off-grid
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1,78,000 unconnected habita-
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ment of youth to enable them
to get employment; to ensure a
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5 km reach of each child
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ing irrigation systems, promoting
agro-based industry and increas-
ing farm incomes, and reason-
able prices for farm produce.
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by making India as the manu-
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Skill India and Make in India
programmes.
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preneurship in India and sup-
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rest of the country in develop-
ment on many fronts.
PHOTO BY ISTOCKPHOTO.COM
Team India’s Vision
“This Budget
has laid down
the roadmap
for double digit
growth...we see
the key mile-
stones to be
crossed...”
—Sachin Kapoor
Director
Home For Food Traditions
“Initiatives like
Self Employ-
ment Talent
Utilisation and
Atal Innova-
tion Mission will
help promote
innovation...”
—R Chandrashekhar
President, Nasscom
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