Simplification of Taxes: An essential step for India to be more business-friendly

In the midst of the debilitating issue of economic slowdown in India, the country is looking for ways to reduce the fiscal deficit. Initiatives like GST, infrastructure development, reducing bureaucracy and regulation, simplifying the tax code, insolvency and IBC, and recent corporate tax rate cut targeted towards economic reform, allow India to improve its growth trajectory for the better. However, even with all these efforts, it seems that the country is currently facing challenges to back its mandate. And in this situation, India’s business sector is facing flak in dealing with tax administration, resulting in limiting economic growth.

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Is India’s Oil Dependence Dwarfing Renewable Energy Goals?

Despite the aggressive and inspiring initiatives towards green energy development in India, the country is still the 3rd biggest oil consumer in the world. With a consumption record of 4.69/million barrels per day, India is expected to join China in coming years to account for nearly 50% global oil demand. Now, that is a scary prediction for a country that is actively engaging in policy reformation, manufacturing sector and infrastructure development to increase green energy usage.

Why? Because as the dependence on oil increases it will give rise to the forex outflow, which could have been invested towards a speedier green energy adoption that promises to save billions on fossil fuel imports, create jobs, improve export demand, and restore climate degradation.

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