Prime Minister Narendra Modi recently claimed that the cooperative movement in Gujarat has developed a successful alternative model to both socialism and capitalism. It has to be noted that, India’s 1st home minister Sardar Patel who as chairman of Ahmedabad Municipality had started India’s first cooperative housing society, Pritamnagar, in Ahmedabad in 1927.
In September 2019, the Finance Minister Nirmala Sitharaman had made a deep cut in the corporate tax rate from 30% to 22%. India’s combined effective tax rate was among the highest in the world. After the tax cut, the effective tax rate for all domestic companies has been reduced to 25.17%. India’s base corporate tax, due to this move, is now on par with most Asian countries – increasing its competitiveness in the global market. This move comes in response to the brewing problem of the economic slowdown in the country. The cut in the corporate tax rate was seen as a boon by the corporates in the midst of the growing crisis within the Indian economy.
Indian elections cost huge sums of money. This money hardly comes from contributions by sympathizers of the political party but from big corporate houses. Such contributions have largely come from undeclared income/black money and this increases corruption in the electoral process. It highlights the need for implementing effective reforms in electoral finance.In the previous article, we have discussed the Electoral Bonds Scheme for bringing transparency in electoral finance. In this article, we are going to discuss another such reform called State funding of elections as a measure to bring transparency and eliminate corruption in the electoral process.
The menace of corruption is the most talked-about issue in India which grapples the sphere of public debate very often. The phenomenon touches every human being from the one living in slums to the person occupying the highest echelons of the State system. Just like the fictional Voldemort, corruption grows at every utterance of it. In the words of Kautilya “Just as it is impossible not to taste the honey that finds itself in the tip of the tongue, so it is impossible for a government assistant not to eat up, at least a bit of King’s revenue.”
The Competition Commission of India (CCI) had turned a decade old recently. 10 years since its establishment, the Commission is undertaken numerous measures to assure ease and freedom of trade and prevention of unfair practices in the Indian market. However, the current development of technology and business models is posing new and varied challenges to the CCI.