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Indian Merits
All branches of knowledge and civilization are said to have emanated from the Indian Philosophy and Culture which were disseminated across the globe. India was supposed to be the eminent guide of the entire world in pre and post vedic . Being an Indian is itself a Merit for an Indian, still there are other things which makes India a better place.
The Globalization
By: guest on 26th June, 2010 with 0 comments
India can be classified as a developing country. It has grown steadily over the last decade or so to become the 18Th largest economy in the world (as in Total GDP). It has a population over a billion, with more than 30% of its people living under the poverty line.Over the years it has become one of the fastest growing economies in the world. Promotion of economic growth and development.
The Indian government is highly focused on bringing changes to the economy and promotes high economic growth. Realizing the potential of the world market and foreign investors the government has set up numerous policies, which promote investment and provide incentives for foreign and local investors.
The Fiscal budget for the year 2001/02 was released around mid February; this brought in new policies and changes including:
There are tax exemptions for 15 years for units in infrastructure and the core sectors (not specified).
This tax exemption will attract more investors to invest their funds in infrastructure and core sectors, promoting economic growth and benefiting many other businesses and consumers through flow on effects of improved infrastructure. There will also be high employment (of skilled and unskilled labor) and better living standards, which contributes to economic development.
Venture capital made simpler. This will allow small businesses to get started quicker and easier,and “made simpler- is likely to suggest the cut down of red tape to allow easy access into the market. This contributes to economic growth and creates employment and greater competition and consumer choice (as a result of increasing number of businesses). It will also attract higher direct foreign investment, which is a great benefit for the nation especially at trouble periods.
Long term capital gains tax capped at 10% for all. This would mean more people would invest in shares, which encourages businesses to expand and employment would increase. The value of the businesses will also increase because shareholders are likely to prefer capital gains overtime rather than instant returns (dividends). The businesses can now invest the profits to increase its value. This will of course contribute to the economy.
IT is given special status. The reason for this is because the Indian government wants to promote it-s nation a as a technological advanced nation and in order to do this they must stimulate the IT sector. The “special status- means the sector and investors (willing to invest in the sector) will receive many benefits and incentives from the government to do so.
Tax-free status for bonds targeted at housing development activities. This will not only lead to higher investment in property development, it will also lead to overall economic development because housing development activities include housing middle to lower class people, by providing them a better environment to live in the standards of living are dramatically improving.
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Industrial Growth
Information Technology
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