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The Union Government introduced tax cuts as measures to help the aging economy. In the Corporate sector, the break up was as follows –
All the heads of major corporates in India , welcomed the move including Kiran Mazumdar Shaw , the Founder of Biocon.
This comes in light of reforms already started by the Government such as ,the Ministry of Corporate Affairs in an order dated 18th September 2019, announced the formation of a Company Law Committee. It is to be chaired by the Secretary , Ministry of Corporate Affairs and will have a tenure of 1 year
NEED FOR REFORM
India is ranked 142 in 2015 Ease of doing business rankings published on 29 October 2014 by the World Bank. Since then it has jumped 65 places to reach its current 77th position in 2019 rankings, published on 31 October 2018. The Ease of doing business rankings is published by the World Bank and is of international repute. A Country’s ranking is a reflection of its business policies and the overall conditions in the Country that either foster or inhibit growth of businesses.
The impact of major policy changes by the Union Government that are primarily the De-monetization and the GST introduction, is seen heavily on foreign investors. There has to be the reduction in red tapes and bureaucracy that hamper the climate of doing business in India. Some incentives have been undertaken like the setup of Special Economic Zones (SEZ) and the tax exemption to startups and angel investors
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