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Sunday, January 22, 2012||PERMALINK
Labels:
#lrose,
India,
Social Web,
Supreme Court,
Vodafone
Labels:
#lrose,
India,
Social Web,
Supreme Court,
Vodafone
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While India Hutchinson India
No doubt, the remaining ‘five
star’ communists of India Delhi India
The credibility of India, as a democratic nation ripe and mature for free market and
holding out huge potential for growth, which attracted massive inflow of
western capital in recent years, was going for a toss, abetted by all kinds of
obstructionist and partisan politics as well as sporadic
vigilante activism.
In fact one of the Supreme Court
judges who qualified the tax as “Capital Punishment”, an act against capitalism.
The demand for $2.2 billion in capital gains tax "would amount to imposing
capital punishment for capital investment since it lacks authority of
law...," K.S. Radhakrishnan, one of the three judges ruling on the case,
said in his order.
It looks like, fortunately for
India, its judiciary, the only democratic institution with power to arbitrate
on contentious political issues, has come to realise that it is time for India
to behave like a true G20 nation to lay its claim to a seat.
Despite the moral aspect of the
case, arising out of the fact that the case related to taxing a deal between
two foreign multinationals which operated and generated the capital gain over
operations in the Indian soil, and previous judgement by the lower courts and
by itself against Vodafone, the Supreme Court has chosen to arrest the damage
to the reputation of India as a safe destination for foreign capital.
Can this be taken as a sign that doing
business in India is entirely safe for foreign companies? The truth is that
India
For the political movements which
prefer to drive looking in the rear
mirror, like that of Prakash Karat, it is time to stop over and consult their
road maps like the political redefining of ideology he has recently published.
For the Indian leadership which
in fact realised that this is only way out, from the days when India went
nearly bankrupt from its socialist agenda of four decades, in the late
nineties, it is a matter of continuing the reforms it has initiated and taking
the fast lane to progress.
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