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‘Investment will set the pace for industries’
In the run-up to the Budget, we ask stakeholders to share their expectations for the economy.
Chennai
Make in India has been one of the major campaigns of the current government and promises job creation. However, in the backdrop of weakening private sector investments, the budget has to find innovative ways of spurring investment in the core sectors of the economy. We expect significant investments in core sectors by the Public-private partnership (PPP) route.
- The ease of doing business in India has received a lot of attention in the recent times. Further progress on this is going to attract private investments.
- The budget must increase must incorporate technology with all government services and announce deeper reforms especially in the systems for audits and inspections. The process of reforms on this front has started but they haven’t made an impact for attracting investment and raise efficiency while ensuring compliance.
- Inclusive growth is the other critical objective that the government will need to pursue in the budget. This can be done by reforms in the labour laws which will bring millions of people from informal employment to formal employment.
- Reforms in the education sector must be announced in the budget. The reforms must aim at ensuring that graduates have the skills required for joining the industry.
- On the taxation front, we expect the budget to address another concern of the industry, especially Staffing industry to either apply service tax on the part of value addition like aVAT or reduce the same. And then, reducing the TDS rates for flexi staffing industry will make the industry thrive.
The writer is CEO, CIEL HR Services, Ma Foi Group.
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