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Partners Column -May, 2016

Dear Readers, Greetings from R & A At a time when the global growth is facing increasing downside risks, India continues to remain a bright spot as being the fastest growing major economy in 2016-17, growing at 7.5%, ahead of China, as per the World Economic outlook released by the International Monetary Fund.  This indeed is very encouraging and a positive result of the various schemes launched by the present government. Foreign direct investment (FDI) into the country has increased 37 percent after the launch of 'Make in India' program in September 2014 with an aim to make the country a global manufacturing hub.  With this trend continuing, the forecast is that India may this year surpass China in attracting foreign direct investment, in terms of percentage of its GDP. As a step towards reduction of inflation, the Finance Bill 2016, which has been approved by the Lok Sabha, contains an amendment to the Reserve Bank of India Act of 1934, where in a six-member monetary policy committee (MPC), which will include RBI Governor and three nominees of the government, will set interest rates to bring consumer or CPI inflation to pre-set targets. Another positive development is the enhancement of the Real Estate Regulation and Development Act, 2016 to ensure that transactions in real estate are done in an efficient and transparent manner to protect the interest of consumers and pave the way for speedier dispute resolution between property consumers and real estate developers. To give a boost to the real estate sector, 2,508 cities of 26 states have been selected for Pradhan Mantri Awas Yojana-Housing Scheme. The beneficiaries of this scheme will be the poor falling under the lower Income group in urban establishments. The houses have to be constructed in conformity with the National Building Code and other relevant Bureau of Indian Standards Codes. RBI and the Government are working closely to put in place a regulatory framework to address the issues relating to money laundering as well as customer grievance and liability issues arising out of frauds in electronic transactions. To help corporates and startups with the ease of doing business in India, the government have introduced single window clearances for approvals under various enactments as well introduced concessions and other benefits. However, on the flip side, due to the major glitches in the MCA Website, all the activities have slowed down considerably causing several issues for the Corporates and business houses. On the lighter side, today IPL has gripped the Indian household and so also the mangoes and with the schools closed and competitive exams almost getting over many would be set for going on vacations…… Wishing one an all happy times. Rashida Adenwala

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