100 returns belie claims on business ease
Chennai: To make the Central government’s ‘Make in India’ programme successful, India needs to invest 10 per cent of its GDP in infrastructure as against the current level of six per cent, a joint study by Assocham and Thought Arbitrage Research Institute (TARI) said.
“In services, which contribute over 67 per cent to the GDP, employment generation is just about 27 per cent of the working population, whereas in manufacturing the contribution to GDP was 15 per cent and the equal proportion of employment,” the study noted. “But for the manufacturing to grow at the entrepreneurship level, the eco system must improve,” said Mr D.S. Rawat, secretary general, Assocham.
“As many as 70 laws need to be complied with and 100 annual returns to be filed by a manufacturing unit, this is unsustainable,” he said while releasing the report. The report stressed on the need to encourage entrepreneurship among Indians as only 4.12 per cent of the population in the age group of 18 to 64 was involved in business.