Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: empanelment :: ACCOUNTING STANDARDS :: cpt :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: form 3cd :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: VAT Audit :: list of goods taxed at 4% :: TDS
« From the Courts »
  Dr. Gautam Sen vs. CCIT (Bombay High Court)
 Dr. Gautam Sen vs. CCIT (Bombay High Court)
 DCIT vs. Shivshankar R. Sharma (ITAT Mumbai)
 ACIT vs. Jawaharlal Agicha (ITAT Mumbai)
 CIT vs. M/s. D. Chetan & Co (Bombay High Court)
 Makes further amendments to Notification no. 157/90-Customs dated 28th March, 1990 regarding temporary admission under the ATA Carnet
 Appointment of Common Adjudicating Authority by DGRI - 2/2016-Customs
 ransfers Of Hon’ble Members Of The ITAT (September 2016)
 M. G. Contractors Pvt. Ltd vs. DCIT (ITAT Delhi)
 Haryana State Road & Bridges Development Corporation Ltd vs. CIT (P&H High Court)
 Dharamshibhai Sonani vs. DCIT (ITAT Ahmedabad)

Economic reforms in India must be seen touching lives of people
October, 25th 2012

Every government in India, since 1991, has espoused the cause of economic reforms. This has created the impression that reforms are now widely accepted across the political spectrum. This is erroneous and recent events only confirm this.

We must remember that we did not embrace reforms voluntarily but did so under duress in 1991in the wake of a severe balance of payments crisis and, therefore, the 21-year old history of economic reforms in India is chequered.

It has been an era of stop, go, sometimes no-go. The constituency for reforms is limited to the government of the day, the economic commentators, the corporates and the English language newspapers. Most political parties remain staunchly opposed to reforms.

Why have economic reforms not become acceptable in India even after 21 years? Firstly, the East-India Company's experience is deeply rooted in the Indian psyche.

This may sound strange but it is true. Until the British Crown took over governance directly, for about a hundred years India was ruled by a company. Conquest through commerce is, therefore, deeply etched in the Indian mind. So, all foreign enterprises and foreign investments are looked upon with suspicion.

Secondly, the majority of our people still live in utter poverty, misery and deprivation. Sixty five years of independence and twenty one years of economic reforms have made very little difference to their wretched lives. If the people have no employment, no potable drinking water, no roads, no sanitation, no schools or hospitals, you can hardly expect them to stand up and clap when the government announces 51 per cent FDI in multi- brand retail!

Thirdly, economic reforms are responsible for accentuating regional disparities, income disparities and class disparities. The unrest that we see in the rural areas, including Left Wing Extremism, can be directly ascribed to this sense of deprivation. A major weakness in our planning process has been the top down approach- Delhi knows best.

The fact of the matter is Delhi knows nothing. The rural areas were neglected in the socialist era; they remain neglected even in the era of liberalisation. The slogans have changed over the years; the latest war cry being inclusive growth, but without much effect. The only difference is that these disparities were tolerated when India was growing at the Hindu rate of growth. It has become unacceptable when India is growing at 8 per cent.

Fourthly, the pro-reformers have also damaged the cause of reforms by always identifying economic reforms with foreign investment and foreign investment alone. The recent announcements of the government of India are a case in point. They have been hailed as historic, path-breaking and earthshaking. The common people do not have any interest in them.

They will only feel the pain of the diesel price hike and hold reforms responsible for that pain. Fifthly, though the share of agriculture in the GDP is dwindling day by day, about 60 per cent of India's population continues to depend on agriculture and allied activities.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions