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Showing posts with the label industry

The Lost Story of Bihar's Industrialization

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Today, this tweet came up to my knowledge, as I was walking through on the top trends on Twitter for a brief glance. What caught my eye was the image that was inserted in the tweet. Contrary to perceptions about Bihar being some agricultural rustic land, one saw some big plants having been named in the list. The tweet had an angry tone, and was asking that people are wanting to re-develop Bihar's industries so that the migrant labourers do not have to ever leave their state again. Ironically, while this topic rages on among the tweeters of Bihari origin, the topic seems to have hit a stonewall of silence, as if no one wants to talk about the story behind these pictures. https://twitter.com/25kumaranup/status/1263031899993198593 Migrants are not able to get work within Bihar has always been a major driver of the migrant exodus from the state. In 2015, when there were state elections, there was a detailed discussion after perhaps several decades in the news media about ind

COVID Relief Package - What Other Countries Have Done

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Courtesy: The Hindu COVID-19 has impacted economies across the world, forcing people to seek government assistance in times of desperation. India already announced the PM Garib Kalyan Package and there are talks of a package to help the besieged Micro, Small and Medium Enterprises (MSME) sector. Reserved Bank of India (RBI) too has announced a host of measures along with Ministry of Finance to ease compliance issues and infuse liquidity in the hands of the people to tide over the crisis.  Interestingly in India, a debate has also started on the very need of a stimulus package given its potential impact on fiscal credit, led by Ila Patnaik and Haseeb Drabu. This section is advocating that instead of fiscal package, states should rather be allowed to raise funds on their own, an ability they lost with the implementation of the GST. While the Indian government is working towards resolving the economic and human crisis in the most appropriate manner, we take a look at other

Government of India Announces Major Relief on Deadlines and Compliance

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Nirmala Sitharaman and Anurag Thakur at Yesterday's Press Conference (source: PIB) In yesterday’s press conference via video conferencing, Finance Minister Nirmala Sitharaman in English and her deputy Anurag Thakur addressed the media and clearly stated that the aim of these announcements was to help companies and individuals to ease out worries sitting in the mind of the people with respect to various kinds of regulatory requirements. Ms. Sitharaman noted that as efforts of the lockdown to flatten the curve for the Covid-19 spread are being undertaken, she also assured everyone of an upcoming economic package. The first step however, as Mr. Thakur stated, was to ensure that the first step is taken in the direction of addressing statutory and regulatory compliance related issues. Relief on Income Tax Compliance and Regulation Deadline for filing IT returns for FY18-19 have been extended to 30 June 2020. Moreover, a reduced interest rate of 9% shall now be levied till 30 June 2