GCCI BULLETIN OCT - NOV 2024
OCT - NOV 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.
Despite global economic challenges, India, the world’s fifth-largest economy, has resilience and promise. Our long-term structural growth story remains intact. India remains the fastest-growing major economy. Our over 100 unicorn startups are a sign of our growing innovation and entrepreneurial ecosystem. Strong domestic demand and government capital expenditure continue to drive growth. Foreign exchange reserves ensure financial stability. India’s push toward renewable energy and its ambitious Net Zero target further solidify its global economic leadership. With focused reforms and robust fundamentals, India is poised for sustained growth and global prominence.
As Goa chases a transformational leap in sustainable and inclusive growth, it’s time to look at how each of these points had an impact on our favourite hubs of prosperity in the world. We can pick and choose any of these hubs or add our own names to this list – New York City, London, Singapore, San Francisco / Silicon Valley, Hong Kong, Dubai, Zurich, Shanghai.. These hubs have had visionary leaders who identified and acted on opportunities. They invested significantly in physical infrastructure including roads and public transport. They had universities or policies that attract skilled professionals. The tax, legal, and regulatory environments encouraged investment. These centres leveraged natural or strategic locational benefits, and they identified and nurtured key industries. It’s time for us in Goa to collectively talk about this potential to all stakeholders.
Warm regards,
Shrinivas V Dempo
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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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