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Partners Column

October 7, 2013
The fastest way to pass your own expectations is to add passion to your labour

- Mike Litman

Greetings from R & A!

The month of September is the busiest month for Corporate and Professionals. Companies have been busy with their Annual General Meetings, Income Tax filings, Compliance Audits, Cost Audits etc., and professionals were engaged in assisting the companies meet their deadlines. The month of September also witnessed the implementation of the part of Companies Act, 2013, an Act which after years of deliberation, procrastination and uncertainty has become a law. The Act provides for a lot of delegated legislations in the form of rules to the extent of 70% and will therefore not be complete unless read with the rules.

The Ministry of Corporate Affairs has released the draft rules and forms for most of the Chapters under the Companies Act, 2013 for public comments. The general observation of the new Act and the proposed rules is that compliances will have to be taken up seriously by the corporate sector considering the amount of penalties and other penal provisions prescribed for non-compliances. With the notification for implementation of 98 Section of the Companies Act, 2013, the Ministry of Corporate Affairs seems committed to implement the new law as soon as possible and one must not wonder if the entire Act is implemented before December, 2013. Lot has been expected that the new law will boost the ease of doing business in India and improve its ranking globally. Let’s hope that the dream turns true.

Mr.Raghuram Rajan has taken over as the 23rdGovernor of Reserve Bank of India, the new head of the Country’s Apex Bank amid the economy battling plummeting rupee storm, the industrial slowdown, rising prices and an all-time high Current Account Deficit.

Mr. Rajan has set up a number of Committees for revising and strengthening monetary policy, bringing financial stability, financial inclusion, reducing NPAs, etc., The Committees formed will suggest ways to identify the relative backwardness of the States for equitable allocation of Central funds and provide a fresh approach to allocation of centre funds based on the state’s development needs as well as its development performance. This approach is laudable, novel and will help boost the development equally across the country. But it may be tough to implement the suggestions in true spirit specially as a result of the political criticism by a few. If the suggestions are truly implemented, it will help achieve the balance growth so that the concentration of power, wealth and employment at few places can be avoided.

The World Economic Forum has placed India at 78th position out of the 122 countries, on a global Human Capital Index, which ranks countries on the basis of economic potential of their labour force.The index measures countries on their ability to develop and deploy healthy, educated and able workers through four distinct pillars – education, health and wellness, workforce and employment and enabling environment. The Countries need to engage and design plans to improve this ranking. Though we are 2nd in terms of population, these facts indicates that there is lot that needs to be done to achieve the so called belief that India is going to become a Superpower in near feature, else the belief may be a LIE.

With regards, R.Ramakrishna Gupta Partner
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