Diwali to remain glittered & sparkled!
Business Sentiment just ahead of IIJS 2019 was not a good! Virtually every exhibitors was fearing that there would be a great short in visitors footfalls, even if fewer is visiting IIJS, there would not be any healthy inquiries & buying in the B2B dome! And the 36th edition of the IIJS would not be able to recover their expenses which being incurred as an exhibitors!
I had inked this fear in the last IIJS Exclusive issue & about the show further that the business sentiment for the festive season up to Diwali was poor, very negative! Yet, this edit is of courageous & cheerful business sentiment! Yes, the show remained fantastic! Changed the dull-n-gloomy business sentiment to a good festive season ahead! Yes, Festive season ahead & up to Diwali is most likely to remain glittered -n-sparkled!
Additionally two points are being added over post IIJS positive sentiment, 1: estimate of Kharif Crop & 2: India Reform Spree.
Ahead of IIJS this Kharif Crop estimate was not available and about half of the India was flooded! Divested people & flooded crop could not bring any light in Diwali was a worry & one of the adverse reason; but now cool, despite flood & natural adverse, the government has issued estimated crop production figures and this is good-n-satisfactory.
The Advance Estimates of production of major crops for 2018-19 says, Total Food grain production in the country is estimated at 284.95 million tonnes which is higher by 19.20 million tonnes than the previous five years’ (2013-14 to 2017-18) average production of food grain.
On the other hand we have seen two major reform announcements by FM India, Nirmala Sitharaman so far from post IIJS and she has announced to carry all together three announcements. From business point of view she has announced, ease of tax paying system be that Income tax, GST, Customs or a Prefilling of IT returns!
Modi 2.0 has been introducing a faceless scrutiny from Vijaya Dashmi 2019, Reduction in GST returns and simplification of forms, Refund process of GST simplified. Contribution of ESIC reduced from 6.5% to 4%, also introduced Web-based and jurisdiction-free Inspections, Inspection report to be uploaded within 48 hours!
Self-certification for start-ups announced! With the new announcements, CSR violation would not be treated as criminal offence and would instead be civil liability. Government introduced Centralized Computer System. Accordingly, on or after 1st October, 2019 all notices, summons, orders et al from I-T authorities shall be issued through a Centralized Computer System and will contain a computer generated unique Document Identification Number. Any communication issued without computer-generated unique document identification number shall be non-established in law.
According to reform pronouncement, all old notices to be decided by 1st October 2019 or uploaded again through the system. From 1st October, 2019 all notices to be disposed-off within the three months from the date of reply. De facto the concluded IIJS 2019 enhanced business sentiment and additionally positive crop estimate & reform announcements have also boosted the sentiment to stay ready to cater festive season in a better way untill Diwali.
On export front, it is likely to a see vibrant season! Footfalls at Bharat Diamond Week may hike up by about 30% as HK September Show is looking in limbo, additionally BDB has inked several MoUs with overseas trade associations is a positive step to catch a trade of the season-n-festive!
Now, another additional favourable point is global trade war especially between US & China. I think a blaze of trade war is not going to attain a normal position at least by the year end! And US is our top destination for merchandise exports. India has jump up in the list of US Import. As of today India is the top 9th nation in the US import list. At this season there is a positive sign to jump up further from the 9th!
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