NAMASTE INDIA

My beloved Members,

“India inspired creations, only for you”, said a Samsung Initiative ‘Ad’ titled –
“Namaste India”, published on the front page of Economic Times dated 16th March, 2015. It instantly attracted my attention and thought process the way they do business in our country. The Ad further continued,
“At Samsung, the world’s leading electronics company, innovation starts by listening carefully to what you need. For us there is no greater satisfaction than creating products that enhanced your life. And that is preciously why we ‘Make For India’.” This diagnosis of theirs touched my heart.

2. As we all know that Samsung Electronics, a Korean electronics major, by the end of 2016 proposes to surpass the US but behind China. Following statistics of their ‘Make For India’ initiative is quite illuminating for doing their focused business in India.

3. Who will say that the above Samsung Initiative established in India has not added growth to India’s economy and enriched the living standard of Indians using the above qualitatively excellent products? When I say so, please bear in mind that am simply bringing to your kind attention the mission of India’s growth is in their mind, of course, in the mutual interest of India and Korea. Incidentally, it may be stated that Mr. Hyunchil Hong, Samsung India President said,
“India’s Budget (2015-16) has acted as catalyst to its intention of ‘making for India’.” He further said, “we do have some specific products for online…… we are keeping a close eye the way e-commerce is growing.” Indeed, Samsung presented their views in the ‘Ad’ humbly and in a lovely manner to attract customers in India. We must therefore appreciate their business initiative and the process of their thinking.

4. To take forward our growth story Hon’ble PM will be starting a monthly conference call with State Chief Secretaries and Secretaries of Union Government starting March 25, 2015 for the speedy redressal of grievances, and monitoring and implementation of projects. The new governance programme has been named as
“Pragati” i.e. pro-active governance and timely implementation. This initiative of the PM shows how he is restless about the implementation of the growth of our motherland.

5. In the meantime, RBI report said –
“We are now looking at just 5% earnings growth in F.Y. 2015-16 compared to 15% growth estimate at the beginning of the year. While retail inflation accelerated to 5.37% in February, industrial production growth hit a three-month low in January 2015, the Government said in data released on March 12, 2015”. Simultaneously, Mr. Marc Faber, Global Investor & Publisher of the widely read – Gloom, Boom & Doom report said, “Indian markets may correct 10-20% this year (2015-16) as implementation of Government’s reforms programme
has been disappointing so far. I do not think the economy is growing
anywhere near 8%. It may be growing at 5%. But when I compare this
5% growth with 0% or 1% growth elsewhere in the world, 5% growth is
very good !.” Thus, he supported the views of the RBI.

6. Arising out of the GST Bill tabled in the Parliament, the trade and industry desires to have clarity on
“Supply Rules”, which is a barrier for GST roll out in as much as, because of the surge in e-commerce and electronic delivery of services, this aspect refers to rules that allocate the right to tax services between States. So far, it seems, importing dealer will get credit for goods and services supplied from another State. What is unclear is which State would have the right to tax different services. This is the backbone of GST, which will ensure the services are taxed at the right jurisdiction. Without supply rules, there is a possibility of certain services going out of tax net and some being taxed over again.

7. For a common man RTI is a good weapon to use for redressal of his grievances or bring the same to the notice of the Government and administration for improvement. But sadly, delays are weakening RTI. In March 2009, there were 6,917 appeals pending with the CIC and in March 2015, the number of such cases has gone upto 37,878. On top of that the Central Information Commission has been headless for 6 months now. For a common man, RTI route is treated as a mini Constitution, but, it appears that it is being neglected by the Union Government. How sad the scenario is!

8. Last but not the least, I appeal and invite our members including NEC members to participate in the National Tax Conference, Darjeeling, scheduled for 17th and 18th April, 2015. For details you may refer to AIFTP Times for March 2015 which is already in your hands.

With best wishes and regards,

J. D. Nankani
National President