: ‘Goa must position itself as Florida of India’ #finance #StockMarketNEWS #Business Panaji: Despite the emphasis on ease of doing business, corporate India continues to be troubled by outdated

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‘Goa must position itself as Florida of India’ #finance #StockMarketNEWS #Business
Panaji: Despite the emphasis on ease of doing business, corporate India continues to be troubled by outdated laws.

This view was expressed by Manish Bhatnagar, managing director of SKF India Ltd, while addressing an audience of Goan business owners, at a CII-Goa function on Thursday.

He said that India in the post-pandemic world has several good things going for it.

“On the supply and demand side things are good but on the downside are useless laws that weaken the necessary ones,�? said Bhatnagar.

He said that the Factory Act with its 485 rules is one of the useless laws.

“Breaking even one of the 485 rules can send me to jail. The Inspector Raj continues. Companies have to pay off the local inspector because even if they break one of the rules, for instance failure to mention the working hours on the display board at the premises they can go to jail,�? pointed out the managing director.

He said that a more necessary law would be bringing in uniform working hours for women.

“How do they (women) reach home safely? Replace the licence raj and put in its place sensible laws,�? said Bhatnagar, in his address on India’s decade for manufacturing- macro, and geopolitical view.

Delivering a speech on the roadmap for progressive Goa, Saugata Bhattacharya, chief economist at Axis Bank, said, “Goa must position itself as the Florida of India, a state which attracts wealthy and retired individuals. Goa must aim for niche segments and be a part of the knowledge economy. The state must encash its premier tag vis-à-vis other states.�?

Other speakers at the CII function included R. Mukundan, past chairman of CII western region, B. Thiagarajan, chairman of CII western region, and Atul Jadhav, managing director of New Era Shipping, whose term as CII-Goa chairman ended on Thursday.