Reforms on Information Technology and Textile
We expect Manmohan Singh's budget to focus on all the sectors particularly IT and Textile industry to bring back the growth.
Allow More FDI in Information Technology:
Looking at the current scenario, due to global crises, growth in IT sector has come down from 28% to 20% in 2008-09 when compare to 2007-08. IT industry is the one which has more potential to attract foreign direct investment of $4–5 billion and 2.2 million employments within a year. To achieve this projected level significant change has to be done in IT and Enabled services to make strong global as well as domestic based industry, where more professionals can be employed.
Lighten to Textile
The forthcoming budget should focus on textile sector which has been affected more by this downturn. The textile industry is the second largest provider of employment after agriculture. Thus, the growth and all round development of industry has a direct bearing on the improvement of the economy of the nation. Currently it contributes 14% to industrial production, 4 percent to the GDP and 13.50 percent to the country's export earnings. It provides direct employment to over 35 million people, which includes a substantial number of SC/ST, women and illiterate. 25% of the total population in India is below the poverty line and this can be overcome to a great extent by focusing on this sector, the industry which was growing at 3-4 % during the last decades has now accelerated to an annual growth rate of 16% in value terms and will reach a level of $115 billion (Exports $55 billion: Domestic market $60 billion) by 2012, from $52 billion in 2007-08.
To throw light and to achieve the target within the time frame, Restriction on CENVAT, Custom duty on textile machineries has to be relaxed, and polyester can be replaced with Lycra to compete with china's market!
PROFILE:
Name : Boopathi Chandrasekaran,
Place : Chennai,
Graduation : MBA (Finance), BharathiarUniversity,
PGDCA, AllagapaUniversity,
BBM (CA), BharathiarUniversity,
Working : As a Senior Executive Officer in Tata Consultancy Service since June 08.
Employee ID : 250242.
Cell : 9787917338
Mailto : boopathi1.c@tcs.com
boopskgm@rediffmail.com
Website :http://www.tcs.com
____________________________________________
Tata Consultancy Services
Experience certainty. IT Services
Business Solutions
Outsourcing
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