Unless a general election is crucial there is no purpose to conduct such a huge exercise. The best part of democracy is to give the opportunity for new ideas. Without going to any political prediction we will discuss possible post-election scenario after 23rd May 2019. This may help us to be prepared for the volatility of corporate law in India.
We picked promises of two major political parties to get an idea of the near future.
Common Minimum Promises
BJP clearly promises more amendment in the Companies Act, 2013 in the near future. We all know, the Companies Amendment Ordinance 2018 (now the Companies Amendment Ordinance 2019) will be due to become law in the first session of next parliament irrespective of the party to be in power. It may be with or without amendment in the present structure of the Amendment Ordinance. The congress also promises to amend the Companies Act and Rules made thereunder, but for different objectives.
Both major political parties mainly focus on the micro small medium sector. The law facilitating and regulating the MSME sector is surely going to be amended in the near future. BJP manifesto gives a broad overview of their thought while INC manifesto provides minutes details scattered all over.
Labour reforms are also on cards but not very clear thought on these reforms among both parties. It seems both parties try to focus on the unorganized sector and micro enterprises.
Both parties suggest some changes in tax structure under GST and long proposed Direct Tax Code. It seems both parties are eyeing towards the same directions but in different languages. Simplification is key. It seems both parties will try to focus on GST first. Tough INC promises its early focus on the Direct Tax Code but it seems they will wait for one or two years, same may be true for the BJP.
Both parties focus on skill development for labours but their priorities include different sectors or skill sets. One Party focuses on Artificial Intelligence, electric mobility, robotics, Internet of Things, virtual Reality, Block Chain technology and Zero Defect Zero Effect. Another party have a different list of age-old industrial sectors with most of these new age technologies.
Without any hesitation, both parties promise to improve conditions of manufacturing towards more contribution to GDP. There are promises to support manufacturing.
Export-oriented industries have a place in both manifestos.
Both parties have a love for Tourism sectors as its focus area. Both parties may try promotes tourism as a cash cow but without any new idea. Ecotourism is not their minds it seems irrespective of words they use.
BJP focuses on recent achievement in its manifesto while INC naturally put efforts on the future. We cannot prepare an unbiased comparative study of these manifestoes due to different presentation style, different focus and different length of explanation and expression of thought.
This is good to have a reading of both manifestos as they have the prediction of our near and clear future.
A reader may read BJP manifesto here and INC manifesto here. This is our democratic and professional duty to have informed decision-making while voting and while planning and advising our client for post-election policy planning and legal compliance.
AishMGhrana 