CHIEF
OF BUSINESS BUREAU
PRESS
RELEASE
THE
INSTITUTE OF COMPANY SECRETARIES OF INDIA (ICSI) WELCOMES THE UNION BUDGET
2012-13
“Government
is progressing towards the implementation of the Direct Taxes Code (DTC) Bill
and Goods & Service Tax. Moving towards the new tax reforms government has
introduced the concept of negative list of services and simplified procedural
aspect of indirect taxes. To reduce the tax litigation and eliminate the tax
evasion, certain stringent steps are proposed in the budget. The proposed
provisions on Advance Pricing Agreements would bring certainty to the foreign
investors”.
–
CS NESAR AHMAD, President, ICSI
“Simplification
of process of issuing Initial Public Offers (IPOs) and lowering of cost would
improve the investment climate in the country. Moreover, IPO equity offer
of Rs 10 crore and above to be made in addition to existing mechanism
electronically is a step ahead”.
–
CS N K Jain, Secretary & CEO, ICSI
CS
N K JAIN
Secretary
& CEO, ICSI
The
ICSI welcomes the Union Budget 2012-13 focussing on inclusive growth of the
economy. Budget identifies five objectives to be addressed effectively in the
ensuing fiscal year. They include focus on domestic demand driven growth
recovery; create conditions for rapid revival of high growth in private
investment; governance, and transparency and address the problem of black money
and corruption in public life. The India’s GDP growth in 2012-13 is expected
to be 7.6 per cent as compared to India’s GDP which is estimated to grow at
6.9 per cent.
Financial health
of Public Sector Banks and Financial Institutions is committed to be protected
in the budget. Further, for strengthening investment environment, efforts are
proposed to arrive at a broad-based consensus in respect of decision to allow
FDI in multi-brand retail up to 51 per cent. The subvention scheme of interest
has been continued to give relief to the agriculture sector as well as to the
housing sector. The main concerns of the economy are adequately dealt in the
budget such as corruption, black money etc.
The Government
also proposes certain initiatives towards e-governance such as issue of Resident
Identity Cards bearing UID- Aadhaar numbers. Rajiv Gandhi equity Savings Scheme
is proposed to encourage flow of savings in financial instruments and improve
the depth of domestic capital market. Simplification of process of issuing
Initial Public Offers (IPOs) and lowering of cost would improve the investment climate
in the country. Moreover, IPO equity offer of Rs 10 crore and above to be made
in addition to existing mechanism electronically is a step ahead.
Government
is progressing towards the implementation of the Direct Taxes Code (DTC) Bill
and Goods & Service Tax. Moving towards the new tax reforms government has
introduced the concept of negative list of services and simplified procedural
aspect of indirect taxes. To reduce the tax litigation and eliminate the tax
evasion, certain stringent steps are proposed in the budget. The proposed
provisions on Advance Pricing Agreements would bring certainty to the foreign
investors.
(Dr.
Amita Ahuja)
Senior Director
(Public Relations & Corporate Communication)
The Institute of Company Secretaries of India
ICSI House, 22 Institutional Area
Lodi Road, New Delhi- 110 003
Telefax- 011 -24604756, Mob- 9717196255
Email:
dprpp1@icsi.edu