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Partners Column

February 5, 2015
Dear Friends, India is on growth track: When the Prime Minister Mr. Narendra Modi took charge on May 26, 2014, India looked at him with high expectations. This was because India was in a dire need of a strong leader who could steer the country towards the path of growth and bring in renewed hope and optimism to a crumbling economy. As expected, the following major initiatives by the Government under his leadership  are applauded as major reform measures:
  • Calrion call to global investors to “Come, Make in India” with a view to create a millions of jobs.
  • Government’s decision not appeal to the Bombay High Court order  giving an indication that “where Income Tax liability is ambiguous, over-stretched without any legal authority, the government will be fair” indicating a tax-friendly atmosphere to attract long-term investments.
  • FDI restrictions are being eased in key areas like Insurance, defence and railway infrastructure, etc.,
  • Policies to improve the constraints posed by labour laws and move towards a more efficient labour market
  • A new ministry for skill development tasked to oversee the biggest challenges that can slow down any growth aspiration.
  • Plan to revamp the Planning Commission by Neeti Ayog headed by Prime Minister – meeting with the Chief Ministers of all the States
The government has made its intent clear that it is ready to do business. Almost every overseas trip by Mr. Narendra Modi reinforced this message and its commitment to make India a top investment destination. Falling price of crude is a blessing in disguise and created a significant fiscal space for a country that imports over 70% of its oil. It is said that “well begun is half done”. The recent success story of Coal India Limited’s disinvestment issue, largest ever disinvestment among Central Public Sector Enterprises, proves this sentiment and fosters confidence of many waiting to hit the capital market. @ MCA Not much has happened to relax the stringent provisions of the Companies Act, 2013. The recent Companies (Amendment) Bill, 2014 passed by Lok Sabha could not please many. While there are many ambiguous provisions yet to be addressed, it seems the Government is having a wait and watch approach. Only hope is that the Budget Session may bring more breather . The government  has eased the rules with regard to CSR allowing companies to partner with its peers for carrying out corporate social responsibility (CSR) activities through a separate legal entity. This will open a window for promoting social entrepreneurship, businesses that serve people and communities. @ R & A We are pleased to share that at R & A, we have brought in few major initiatives with the objective to serve better. We have launched a new venture M/s. Samisti Legal LLP, a Firm of advocates & Legal Advisors to provide specialized legal services to our clients. We have also developed a proprietary first of its kind software for generation of search report accessible through the web based portal Looking forward for your support in our new initiatives. With best regards CS R.Ramakrishna Gupta Partner  
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