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Business leaders expect dynamism for robust economy

Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE

A stable, forward-looking government goes a long way in building a robust economy which in turn will further strengthen India Inc.  From policy overhauls to amendments in the older acts to ensure that these acts are  relevant in today’s times, the foundations laid down by the Government during its last tenure will bear fruit during this term and will further boost the growth of the country. CBRE is committed to bringing the best real estate consulting services to India and are positive that the elected party will further work towards strengthening the Indian economy and successfully implement the promising schemes and programs.

Hardika Shah, Founder & CEO, Kinara Capital

The upside of the current administration winning the majority vote and coming back to office for five more years signals political stability, especially important for foreign investors to continue to confidently invest in India via debt or equity structures. It also signals a vote of confidence by the people on the many policy decisions made by the current government such as GST, skills development, and focus on the MSME sector. NBFCs are critical for the growth of the country and easing of stringent rules around co-investment by foreign entities by the new government will provide them with much-needed funding.

Punit Shah, Partner, Dhruva Advisors LPP

The Business Community in India as well as Foreign investors will certainly have a very high expectation from the new government. The current NDA government had commenced and implemented several reforms such as GST, IBC etc., however there have been several issues and hurdles in implementing these reforms such as complexity of GST regime, multiplicity of GST rates etc. Similarly under IBC reforms, the experience has not been fully satisfactory in terms of the speed and the manner of the resolution of the cases. It would be an expectation that these difficulties are addressed under the current regime of the NDA government.

In spite of several assurances by the UPA as well as the NDA Governments, the Tax Administration and the scenario of the tax litigation with the revenue authorities have not substantially improved. The current NDA Government and the CBDT has made some efforts in clarifying applicability of several Tax provisions by way of issue of circulars. However, there remains several ambiguities in interpretation of the Tax Laws, which need to be clarified. Similarly one of the stated objectives of the Government was to reduce tax litigation by undertaking several measures. Although a few steps have been taken such as non-filing of appeals for smaller amounts of litigation, the same doesn't seem adequate considering the number of cases pending and amounts involved in the current litigation at various levels of judiciary. Measures such as activating AAR regime, speedier disposal of cases by setting up additional benches etc. would need to be undertaken.

Lastly the NDA Government has laid out a road-map to reduction of tax rates coupled with elimination of exemption / deduction in most cases. Some measures have been taken to reduce tax rates in certain cases and some rationalization has already happened in the areas of exemption / deductions; however, this process needs to be taken to its logical conclusion.

Navtej Singh - CEO Digital Business, Hitachi Payment Services

“It is our belief that the (new) government will take steps to further strengthen the fintech ecosystem in India. With the consumer in mind, the government should introduce regulations that are flexible in nature and benefit multiple stakeholders. While regulations like sandbox and ‘no-compromise’ approach towards safety will further drive innovation and security in the fintech space, a more market driven approach towards pricing, the timelines to implement the norms and flexibility would be equally important. The push towards more convenience, cost effectiveness and adoption of technology that make lives easier for every Indian citizen such as UPI, IMPS etc. should be the topmost priority.”

Himanshu Pujara -  Managing Director, Euronet Services India Pvt. Ltd.

“A right mix of policies, regulation and incentives are required to further the fintech space. The Government thus far has been extremely supportive by promoting the platform for real time and faster payments, creating an environment that has let to huge investments in the fintech space which has allowed mushrooming of several hundreds of start-ups who are enabling innovation. Going forward the Government has to ensure that policy and regulation have a coordinated run with industry requirements and innovation to foster creativity, new investments and secure growth of the sector.”

Harshil Mathur, CEO and Co-Founder, Razorpay

This government has had a very strong focus on Digital India and FinTech, and we are happy that they will continue to do so. A lot of programs were initiated towards digitisation of the country and increasing access to fintech last year - this must progress with a fresh commitment to democratise digital payments. The impact of GST should bring more people into the tax bracket. One reform that I am expecting is the tax and GST benefit for businesses opting for digital transactions. We were looking forward for this to happen last year, however, hopefully, the government will do it this year.

 

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