Budget 2018 Review The Winners And The Losers
Considering that the Indian economy is reeling under a 1 lakh crore deficit due to GST tax cuts on more than 200 products, low tax collections since November, less than the anticipated dividend, a decrease in telecom spectrum revenue, rising fuel prices, excise duty cuts on petrol and diesel.
Moreover, the exports grew slowly at a steady rate of 12 percent a month while private investments have reduced from 2014-15 to 8-lakh cr. Farmers were unable to get remunerative prices for their produce and the agriculture was reeling under distress.
Did the Budget meet your expectations? Well, not really. There were a few hits and misses. The Union Budget 2018 was an election budget where the Indian middle class was left out while the salaried class and investors were left disappointed. The budget focuses more on therural economy, farmers, healthcare, education, and infrastructure.
The MD & CEO, Yes Bank Rana Kapoor said, “In the framework of past reforms concluding into early green shoots for savings, a sincere increase in provision for infrastructure by 21% with an increase of corporate tax relaxation for MSMEs, a chiseled emphasis on creating livelihood in agronomy and rural sectors through new Operation Green and National Health Protection schemes, inducements to augment employment in labor-intensive sectors of textile, leather and footwear will ensure a robust consumption and investment push in FY 2019. In addition, the global economy directedrenewal in exports will really let India’s growth become multi-dimensional hereafter. The fiscal strategy appears to channelizeexpenditure to sectors that have the potential to maximize backward and forward links in the economy through capacity augmentation and job creation.”
The Hits and Misses of the Union Budget 2018
SME’s and MSME’s:
この記事は Small Enterprise の February 2018 版に掲載されています。
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この記事は Small Enterprise の February 2018 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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Job Creation: Startups Starting Up!
Do startups create jobs? This could unarguably be one of the most sought after questions in recent times. While it is out and clear that startups make way for employment opportunities, the discussion boils down to the importance of startups in creating jobs. The startup ecosystem indeed plays a major role in job creation and is touted as an economic panacea.
Importance Of Technology For SMEs
We, humans, by nature, tend to be lazy. We always try to make tools, machines, gadgets, etc., to save us time and energy and give us satisfactory results. Technology is the charisma that kept changing our way of living and our style of doing things drastically. Our way of conducting business is also not spared by the Tsunami of technology.
Importance Of Digital Economy
Economic activities that result from billions of interactions between individuals, businesses, data, devices, and processes constitute a digital economy and India is well on its path to becoming a digitally advanced economy. Driven by cheap data cost, faster connectivity, and affordable smartphones, India had over 1,160 million internet subscribers in February 2020, as per the Telecom Regulatory authority of India (TRAI), second only to China.
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Recent years showed a considerable rise in the startups of India. During globalization, MNCs or Multi-National Companies had a massive role in India’s economic growth. Now, it seems that startups are revolutionizing the Indian economy. These startups are amplifying the revenue generation and enriching the GDP.
ENTREPRENEURSHIP EDUCATION FOR BUDDING MINDS
In the present economic situation, having knowledge of an academic subject is no longer sufficient for a new graduate. Students are increasingly required to have skills and abilities which will increase their employability, such as: the retrieval and handling of information; communication and presentation; planning and problem solving; and social development and interaction.
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The Economic survey in 2019-20 using World Bank’s data on entrepreneurship stated that India ranks third in the number of new firms created. However, India ranks significantly lower in terms of intensity when compared with countries like UK and US.
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The year 2021 marked 30 years since economic liberalisation surfaced in India and writing on this occasion, the richest man of India; Mukesh Ambani said that bold economic reforms such as ending the license –quota raj, liberalisation of trade and industrial policies, freeing up capital markets and financial sector helped our GDP grow ten folds since 1991 and India transformed from an economy of scarcity in 1991 to an economy of sufficiency in 2021.
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As per the 2019-20 annual report of the MSME ministry, among 63.3 million MSMEs that India has, women–owned 20.4% of them up from 13.72 % in 2013-14. This data supports the fact that there has been growing acceptance of women in entrepreneurial roles but it hasn’t always been the case.
TECHNOLOGY AN ENABLER FOR SMALL BUSINESSES
Today times are such that firms operate in a dynamic environment and they must act dynamically too, at least firms should keep an eye on obsolete processes and technologies and replace them with updated versions to stay competitively ahead.
