Adv Sherry Samuel Oommen This article is authored by Adv Sherry Samuel Oommen. Adv Oommen, who specializes in constitution, tax and corporate laws has also cleared the final exams of the Institute of Chartered Accountants of India, the Institute of Cost Accountants of India and the Institute of Company Secretaries of India. He has also completed his Masters Degree in Commerce, apart from obtaining a Post Graduate Diploma in Business and Corporate Laws from Symbiosis Pune. The views expressly are personal and should not be construed as a legal firstname.lastname@example.org.
In this article, moving away from what some would coin a “tax/ legal” rigmarole or a rodomontade, I thought I would pen some of my views on what India Inc should evaluate considering the recent pandemic and what lies ahead for us as a nation. Some of these points are also supported by research undertaken by various institutions would indeed add further credence to the views stated in this article.
To put things in perspective, it is no secret that there is a strong need to restore a strong GDP growth in order to create sufficient gainful jobs for the tens of millions of people who join the labour force between now and 2030. Studies estimate that new jobs in the non-farm section for at least 90 million would need to be created by 2030. This would require creation of at least 12 million new jobs annually (as against the current rate of 4 million new jobs). By 2030, it is also expected that an additional 55 million women could enter the workforce by 2030 if their long-standing underrepresentation is at least partially corrected.
Viewed in the context of the above, India’s economy has faced severe structural challenges, and the GDP growth had fallen to 4.2percent prior to the pandemic. The recent pandemic has compounded the crisis. A low growth rate implies negligible job creation.
Thus, the only solution lies in identifying avenues of structural growth, coupled with structural reforms, which should be undertaken by both the Centre and the State. In my view, the Centre should be on the path of reforms unmindful of the political ramifications, as India’s growing young population needs employment. The current measures of the Government in allowing farmers to sell produce more freely in the agricultural sector; starting the process of privatising power distribution companies in states and union territories; and providing more robust and portable benefits to migrant workers, is indeed in the right direction.
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October - November 2020