And for another Friday when first time Private Corporate is defended, some thoughts….. some musings……

The Income Tax Juggernaut….

In my Corporate life of last 45 years I cannot recall ever when the Honest Wealth Creators of the Nation, the Private Corporate Sector, was defended and their role acknowledged as was done by the PM in Parliament. The culture of abusing the Private sector and targeting them as exploiters of the National wealth, in the garb of pseudo-socialism, must stop. PM stressing the vital role of the private sector said, “Wealth creators are a necessity for the country as only then, wealth can be redistributed to help the poor”. The Punjabi farmers who started their agitation with genuine apprehensions and fears have now morphed into a Political mess. The non Tax paying, free inputs using rich farmers, allegedly also funded from abroad, supported by opportunist groups are spewing hatred against Corporates as being exploiters of farmers. Who can deny the role of Good corporates in creating national wealth. Companies from Tata group, HLL, HDFC group, ITC, BOSCH, Siemens, BASF, L&T, Murugappa Group, TVS, Aditya Birla Group, Kotak Mahindra, Cipla, Dr.Reddy, etc. etc. am not even mentioning the IT companies and startups. The list is endless. Of course there are cheat businessmen. They are nurtured and in turn they feed into the corrupt system. But these cheaters and swindlers do not represent the Corporate Private Sector. They need to be hounded out of the system. Need to uplift Governance and tighten Anti-corruption measures.

Most member companies of Industry associations like IGCC, CII, BCCI, FICCI etc. of which I have been associated for decades have Professionals of the highest caliber and Gold standards of Integrity. As trustees of Capital, most of us manage large Company Boards. We mediate Public savings into Credit, enable successful businesses, create jobs, generate investments, wealth and returns, pay taxes, help build infrastructure, thus reduce poverty and drive our Nation to Prosperity. When rewarded, as individuals, 42.7% is paid as Income tax – among the highest in Asia. As late Dr. Abdul Kalam often said, there is nothing wrong in wanting to be rich – the means are as important as the Goal.

Post COVID, the Global economy is recalibrating itself. Brexit hit UK, a fragmenting EU, Sino-US trade wars and global shortage of India manufactured Vaccines, all herald a great new opportunity for our country. Let us all support the Indian Economic revival, the together way, the corporate way, the SEEGOS way.