THIS YEAR IS the year of the National Election and there will be a new government. Even if the political composition of that government is the same as the present one, technically, it will be a new government. India is on a trajectory for Amrit Kaal, with an aspirational target of becoming a developed economy (interpreted as high income) in 2047. The year 2024 is roughly midway and is time to take stock and review. Also, the target of a $5-trillion economy will be reached midway—or a few months earlier—into the term of the 2024-29 government. Not to forget Sustainable Development Goals (SDGs), with a terminal goal of 2030; most countries have deviated from this, India less so. Several people will suggest comprehensive reform agendas for the new government. But whatever the case may be, the new government needs to look at the following agendas.
First, there are direct taxes. The ultimate goal of direct tax reform is a simplified system, with removal of exemptions, so that compliance costs and litigation are reduced. For both personal income taxation and corporate taxes, there are two channels, one with fewer exemptions and lower rates. But for both channels, personal and corporate, the fewer-exemption route is not yet attractive enough and needs to be incentivised more. Stated more strongly, one needs a direct tax code with zero exemptions, in the process, unifying personal income rates (which unincorporated enterprises also pay) and corporate taxation. This cannot be accomplished overnight, but the Budget for 202425 can set the tone and timeline.
WITH INDIA BECOMING A MEMBER OF THE UN STATISTICAL COMMISSION IN JANUARY 2024, IT IS TIME TO REVIVE ITS ONCE-RESPECTED STATISTICS SYSTEM
This story is from the February 18, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February 18, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky
