The positive steps taken by the Indian government like the implementation of the Goods and Services Tax and the ease of doing business are heartening, a senior business executive said here today.
The positive steps taken by the Indian government like the implementation of the Goods and Services Tax and the ease of doing business are heartening, a senior business executive said here today, but voiced concern over the slow litigation process. Sunil Peter, chief executive officer of the Singapore Indian Chambers of Commerce and Industry (SICCI), said the arbitration courts could help in quick conflict resolution which will strengthen and encourage companies to enter and grow their investments in India. “The positive steps that the Indian government was taking to do business in India such as the GST implementation, are heartening and very encouraging,” Peter said.
But there is a concern about the “slow” litigation process especially involving business contracts, he said. “We understand that steps are being taken to address this concern,” Peter said while summing up the feedback received from investors after SICCI’s inaugural conference ‘Understanding and Overcoming Challenges in India’ held on October 2. The conference stressed on forming right partnership with Indian businesses to understanding local nuances and business practices in the mega market of 1.3 billion people. “The conference, an eye opener on India in terms of the various opportunities and the various investment vehicles through which they could enter the Indian market with a comparative overview, was well received by delegates,” Peter said.
Nearly 300 delegates attended the conference, which had sessions on the complexity of Indian tax structures, understanding the massive legal system and underlined the need for having a clearer joint venture contract in case a need arises to pull out of the partnership. Goods and Services Tax (GST) is an indirect tax which was introduced in India on July 1 and was applicable throughout India which replaced multiple cascading taxes levied by the central and state governments.