GCCI BULLETIN NOVEMBER 2019
14TH JANUARY 2020
Dear members,
Where is the world economy heading?
What is the economic outlook for next quarter or next year? Is the Indian economic scenario grim? These and many such questions come up on everybody’s minds today. And does anyone have an answer? Probably only Nostradamus would if he was here.
We are amidst a huge slowdown or should I term it as a meltdown!! U.S GDP is expected to bottom around 2% and further go southwards in 2020 & 2021. From that perspective are we better off in India?? Doubtful!!
In India, We had almost six quarters of the economy tumbling. The tax collections have gone down substantially, which is very much worrisome, to say the least. The industrial output is down across the spectrum be it in Steel, Cement, Coal, Natural Gas, etc. The meltdown in the Automobile sector is there for everyone to see. Also, the final nail has been huge job losses in the Auto and Textile sectors. Agriculture too has been hit due to natural factors like excessive rains resulting in damaging crops and taking farmers deeper into debt traps. And to top it all the judgment in the telecom sector by the Supreme Court has done no good to foreign investment sentiments. In a nutshell, looks like the whole economy, industry, and consumer sentiments are at an all-time low.
Having acknowledged all the above, what do we do? Guess it’s time to hold the fort, be minimal in spending, and hope for an early revival. Also, clean up the house and settle all and every past matter especially involving the tax authorities. A case in point is the current ” Sabka Vishwas” scheme by tax authorities which is a golden opportunity for all businesses to solve their tax disputes in one go. Hence we have dedicated our bulletin cover this month for this initiative which I am sure is very much industry-friendly.
“Code on Wages” is a huge development in the sphere of IRHR. There are a lot of positive initiatives for both the employer & employee. However, this complex new development has to be correctly understood. Hence we at GCCI have organized some experts to throw more light on the subject which I am sure will benefit our Goan trade & industry.
Back home in Goa, The tourism season is about to start and although there is a downturn expected in charter arrivals, Let’s hope that the domestic numbers increase to cover up for the decline in the interest of all our stakeholders.
In conclusion, an earnest request to all members to please contribute to our GCCI monthly bulletin with any articles reports from your sectors to spread the light of knowledge across the industrial spectrum.
Best Regards
Manoj M. Caculo
ABOUT GGCI
Goa Chamber of Commerce & Industry (GCCI) is Goa’s premier non-profit business, support-services and networking organization. We represent and liaise with SME’s, Corporate Organisations and Government bodies.
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GOA CHAMBER OF COMMERCE & INDUSTRY
Narayan Rajaram Bandekar Bhavan, T.B. Cunha Road, Panaji, Goa