GCCI BULLETIN JUNE - JULY 2024
June - July 2024
At the outset, I would like to thank Smt. Nirmala Sitharaman, Hon. Finance Minister, Government of India for considering GCCI’s pre-budget suggestions for the Union Budget 2024. These include relief for taxpayers by increasing the standard deduction for salaried class, abolishing of Angel Tax for providing relief to the startup sector, rationalising withholding tax provisions, raising the allowable limits of remuneration for working partners in a partnership firm, considerate approach towards charitable institutions for non- registration under the Income Tax statute, rationalisation of indirect tax rates to address classification and inverted duty structures, waiver of interest/penalty for notices issued in initial years of GST implementation, and extending the dates for availing of input tax credit for initial years of GST implementation.
Finance is one of the most important parts of our businesses. Focus on the fundamentals of your business. Be disciplined, plan strategically, think globally and act locally.
For all of us, it’s tempting to chase rapid growth, but sustainable success comes from a strong financial foundation. Keep your costs low, reinvest profits wisely, and maintain the highest standards of quality. If you are considering debt, financial institutions can be invaluable partners. Use their resources strategically to fuel your growth, but do not overextend yourself in the quest for growth. All growth is not necessarily good. Be the best in Goa, but also seek out global markets. Strive for global competitiveness. Understand your market, know your customers, and expand thoughtfully. Remember, the key is patience and persistence.
Heavy monsoon rains have led to significant disruptions in transport due to flooding and landslides, particularly affecting Goa’s connectivity via crucial routes like Chorla and Anmod. Our access to Karwar was snapped. The scenario of Goa getting cut off during heavy rainfall or a cyclone is a real and present danger when we actually need routes for evacuation or for incoming relief. Goa is not a food surplus state. Sustained rainfall, floodwaters, and landslides increase the risk of disruptions. We are left with no option but to strengthen our connectivity for our safety and security, and movement of people. We must work with all government agencies, as also civil society, to help plan and implement this.
High-quality road, rail, air, and port infrastructure is also essential for the growth and competitiveness of MSMEs and the broader economy in Goa and in the Konkan region. Efficient transport networks reduce costs and boost productivity, enabling MSMEs to reach domestic and international markets and expand. Prioritising resilient and modern infrastructure investments can unlock significant economic potential from our region. It’s an opportunity to support businesses, particularly MSMEs, in accessing new markets and driving exports. Let us consciously sensitise all stakeholders in Goa to the importance of robust infrastructure and connectivity, ensuring that our region can thrive economically while remaining resilient to climate challenges.
We look forward to your continued support for GCCI’s push for infrastructure, policy advocacy and all our events.
Regards,
Shrinivas V Dempo
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