Experts weigh in whether Modi's recent speech at Company Secretaries of India golden jubilee ceremony put to rest anxieties over India's economic situation.
The note ban affected the demand, while GST raised production costs, forcing small industry owners to fire both contracted labourers and skilled artisans.
The owner of a gold bangle manufacturing unit in Old Delhi’s Kucha Mahajani market speaks about job losses due to a slowing economy and other factors like demonetisation and GST.
Ventures by Japan, South Korea and Taiwan illustrate how the race for REE security is accelerating, powered by both geopolitical tension and industrial strategy.
ThePrint had previously reported that India & Russia are talking about 5 more regiments of the S-400, but no contracts are to be signed during the Russian president's visit.
It is a brilliant, reasonably priced, and mostly homemade aircraft with a stellar safety record; only two crashes in 24 years since its first flight. But its crash is a moment of introspection.
Actually, business community is not used to paying taxes. They always flourished in the era of opaqueness when tax evasion was easy. They have no issues about ethics. For them, a good businessman has to be an expert in tax evasion and unethical practices, although they never hesitate to cry corruption for everything else. Transparency is a death knell for them.
Now India is going to right way so bad people feeling bad and good peoples feeling proud just like me bcoz we have nothing for to lose and good luck Modi ji god bless you
People at hosiery are feeling heat because of their bosses who are goons, owners of hosiery factories made big bungalows and flashy cars just by avoiding taxes and now if government has asked to be organised they are just killing jobs of poor people who let them earn for 50 years.
I have seen many with an annual turnover of 20 crore and income tax return of just 2lacs.
The game to loot poor is over man, be organised. And do not talk about foreign countries where these goons make trip after every season. They are much organised if you create that such environment here no need to spend bucks going out..that would add to your saving.
Khel khatam paisa hajam.
The textile/woollen industry in Ludhiana was running largely with black money. Neither the seller not the buyer used to issue any pucca bill. Raw material suppliers were part of it.
Now, the demonatization and more so the GST has tightened the noise around there necks. It has become extremely difficult for most of them to run their units as black money is no more available to the extent they need.
There are units which produce duplicate stuff only. You can get the duplicates of most of the international brands like Tommy Hilfiger, Zara, Levis, Adidas etc. in Ludhiana. There is a market in Ludhiana comprising of 200-300 shops under one roof which does business only in duplicate garment brands. The manufactures of the spurious brands have taken the beating.
The lavish lifestyles of Ludhiana manufacturers were basically due the amount of the black money they generated and handled. Now, their frequency of their dining outside or entertaining each other in top hotels or making leisure trips to foreign destinations has drastically reduced. They don’t want to be noticed.
Also, it is one of their ploy to play the victim card. They are responsible for the reduced employment in the industry and also for the workforce to go home.
The article here has conveniently ignored the role of black money played in running of this industry.
Went through entire article with an intent to find linkage of GST with fallin employment in Hosiery Industry. Sorry I could not find. The problem is Formalisation of an informal industry. It had to come sooner than later. Book keeping and payment of Taxes are devils. In other words, Do Number ka Dhanda band karane kaa.
Commenting without knowing the depth of the problem will make even a logical debate futile. Hosiery industry in Ludhiana is basically a seasonal industry which is highly dependent on winter season. Their peak time of sale are the months of October, November, December and January. Last year at the time of demonetisation this industry had a stock of billions piled up for the season and November was just a beginning month of their trade cycle. You are very much right that this sector is highly informal in functioning. This industry is highly dependent on cash as it serves all the segments of society starting from poorest of the poors to the richest of the riches in our society. Clothes are basic needs of every human. Poors and middle class segment of our society is highly dependent on there transactions because they feel security in cash dealings.
Demonetisation highly ruined this industry. When u have to chose out of food or clothes undoubtedly food is a bigger need. Scraping 85% of the currency in an economy led to an economical depression. People were busy in exchanging tender notes not buying hosiery products. Huge losses and stocks were left to hosiery manufacturers.
This year there was a hope that people will turn in huge amount as they will need new clothes but Gst struck.
Good and simple tax as said by our pm shri Narender Modi ji was neither good nor simple for hosiery industry.
High tax rates were imposed without proper study of there effects on the market. Sudden changes in taxation rates and complexity of gst has left hosieries in Ludhiana in extreme tensions.
Changing rates and no proper knowledge had left this industry crippled. Customers are unaware of banking and taxing procedures. Accountants are not properly equipped. Another flop season is on the cards for hosiery industry.
Ludhiana is the Manchester of India. We have a huge share in tax paying to the govt. Not every businessman is corrupt and not every one is running there business with black money. We buy raw material on dues and pay heavy interest for them. Without proper knowledge please don’t judge
Actually, business community is not used to paying taxes. They always flourished in the era of opaqueness when tax evasion was easy. They have no issues about ethics. For them, a good businessman has to be an expert in tax evasion and unethical practices, although they never hesitate to cry corruption for everything else. Transparency is a death knell for them.
Now India is going to right way so bad people feeling bad and good peoples feeling proud just like me bcoz we have nothing for to lose and good luck Modi ji god bless you
Abolish. Black. Money. And
Finish. Industry & business
Kill. Enterepreneuers & enjoy
Workers. Dieing. & celebrate
Acche. Din
People at hosiery are feeling heat because of their bosses who are goons, owners of hosiery factories made big bungalows and flashy cars just by avoiding taxes and now if government has asked to be organised they are just killing jobs of poor people who let them earn for 50 years.
I have seen many with an annual turnover of 20 crore and income tax return of just 2lacs.
The game to loot poor is over man, be organised. And do not talk about foreign countries where these goons make trip after every season. They are much organised if you create that such environment here no need to spend bucks going out..that would add to your saving.
Khel khatam paisa hajam.
Time to wake up and smell the lassi – everyone is hurting.
The textile/woollen industry in Ludhiana was running largely with black money. Neither the seller not the buyer used to issue any pucca bill. Raw material suppliers were part of it.
Now, the demonatization and more so the GST has tightened the noise around there necks. It has become extremely difficult for most of them to run their units as black money is no more available to the extent they need.
There are units which produce duplicate stuff only. You can get the duplicates of most of the international brands like Tommy Hilfiger, Zara, Levis, Adidas etc. in Ludhiana. There is a market in Ludhiana comprising of 200-300 shops under one roof which does business only in duplicate garment brands. The manufactures of the spurious brands have taken the beating.
The lavish lifestyles of Ludhiana manufacturers were basically due the amount of the black money they generated and handled. Now, their frequency of their dining outside or entertaining each other in top hotels or making leisure trips to foreign destinations has drastically reduced. They don’t want to be noticed.
Also, it is one of their ploy to play the victim card. They are responsible for the reduced employment in the industry and also for the workforce to go home.
The article here has conveniently ignored the role of black money played in running of this industry.
Went through entire article with an intent to find linkage of GST with fallin employment in Hosiery Industry. Sorry I could not find. The problem is Formalisation of an informal industry. It had to come sooner than later. Book keeping and payment of Taxes are devils. In other words, Do Number ka Dhanda band karane kaa.
Commenting without knowing the depth of the problem will make even a logical debate futile. Hosiery industry in Ludhiana is basically a seasonal industry which is highly dependent on winter season. Their peak time of sale are the months of October, November, December and January. Last year at the time of demonetisation this industry had a stock of billions piled up for the season and November was just a beginning month of their trade cycle. You are very much right that this sector is highly informal in functioning. This industry is highly dependent on cash as it serves all the segments of society starting from poorest of the poors to the richest of the riches in our society. Clothes are basic needs of every human. Poors and middle class segment of our society is highly dependent on there transactions because they feel security in cash dealings.
Demonetisation highly ruined this industry. When u have to chose out of food or clothes undoubtedly food is a bigger need. Scraping 85% of the currency in an economy led to an economical depression. People were busy in exchanging tender notes not buying hosiery products. Huge losses and stocks were left to hosiery manufacturers.
This year there was a hope that people will turn in huge amount as they will need new clothes but Gst struck.
Good and simple tax as said by our pm shri Narender Modi ji was neither good nor simple for hosiery industry.
High tax rates were imposed without proper study of there effects on the market. Sudden changes in taxation rates and complexity of gst has left hosieries in Ludhiana in extreme tensions.
Changing rates and no proper knowledge had left this industry crippled. Customers are unaware of banking and taxing procedures. Accountants are not properly equipped. Another flop season is on the cards for hosiery industry.
Ludhiana is the Manchester of India. We have a huge share in tax paying to the govt. Not every businessman is corrupt and not every one is running there business with black money. We buy raw material on dues and pay heavy interest for them. Without proper knowledge please don’t judge