India’s commitment to reforms is evident from the width and scale of reforms undertaken at pan- India level since 2014 under the visionary leadership of Hon. Prime Minister. This is reflected in the meteoric rise of India’s rank in World Bank’s Ease of Doing Business Report from 142nd in 2014 to 63rd in 2019.

In order to translate the Atmanirbhar Bharat Abhiyan into a reality, the next generation of reforms relating to minimizing regulatory burden on businesses and citizens are being taken up by Central Ministries and States/UTs on a mission mode. Making Government to Business and Government to Citizen interfaces online, transparent and time bound are among the key priorities of the Government of India.

Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry has been directed by Cabinet Secretary to act as the nodal department for coordinating the exercise of minimizing regulatory compliance burden for citizens and businesses. A systematic exercise across Central Ministries/Departments and States/UTs is being undertaken by DPIIT to eliminate/reduce compliances which have an adverse impact on time and cost of businesses.

A major initiative in this regard is the launch of Regulatory Compliance Portal by DPIIT on 1stJanuary 2021. The objective of this portal is to act as a bridge between citizens, industries and the Government in order to minimize burdensome compliances. It will also act as a first-of-its-kind central online repository of all Central and State-level compliances.

All Central Ministries/Departments and States/UTs would examine laws/regulations/rules under their purview and implement an Action Plan to rationalize and simplify all the processes and remove burdensome compliances, decriminalize laws and repeal redundant Acts. These details would be captured and tracked on the Regulatory Compliance Portal. Industry stakeholders from Trade bodies such as CII, FICCI and ASSOCHAM would also be able to submit compliances and proposed recommendations.This will be assessed by concerned Government authorities and suitable action would be undertaken to minimize the regulatory compliance burden.

Performance of activities on this portal would be closely reviewed by the senior Government officers. Cabinet Secretary would have real-time comprehensive view of all compliances and status of all requests raised across Central Ministries/Departments and States/UTs. Customized reports of action taken by each Ministry/Department and State/UT also gets generated for monitoring and evaluation.

The Regulatory Compliance Portal will be instrumental in achieving the vision of a truly Atmanirbhar Bharat and help usher ease of doing business for industry and ease of living for citizens.

DPIIT has conducted 21 training sessions from 04.01.2021 to 14.01.2021 for all ministries and states to familiarize them with Regulatory Compliance Portal. Additional 12 training sessions are also underway from 18.01.2021 to 23.01.21. These training sessions involve detailed information about submitting details in Regulatory Compliance Portal by respective Nodal Officers in Central Ministries and States.

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?Govt to set up Development Financial Institutions (DFIs) to create a lending portfolio of Rs.5 lakh crore.

?Debt financing of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trust (REITs) will be eased for Foreign Institution Investors (FIIs).

?Capex will increase to Rs.5.54 lakh crore, an increase of 35%.

?Government to launch a new healthcare system scheme with an outlay of Rs 64,000 crore..

?FM: Government announces Rs.35,000 crore for covid 19 vaccines.

?Govt. gives boost to infrastructure sector: Announced host of projects to develop road transport, railway, power plants etc.

?Government to set up investor charter for all financial products..

?SEBI will regulate commodity market in India

?Government increases foreign direct investment (FDI) in insurance sector from 49% to 74%..

?The new investor charter will enable investors to lodge complaints and register grievances against all financial products through a single platform..

?LIC to launch IPO in financial year 2021-22..

?Govt to raise Rs.1.75 lakh crore through disinvestment..

?Fiscal deficit projections raised to 9.5 of GDP in the 2020-21.

?Govt. intents to reach below 4.5% of GDP in the financial year 2021-22.

?Govt. targets fiscal deficit of 3% of GDP in 2022-23..

?6.48 crore people have filed income tax returns this assessment year..

?Senior citizen of over 75 years of age are exempted from filing returns if they have pension income only..

?Investors of REITs and Invits are exempted from paying dividend distribution tax..

?Companies having turnover of up to Rs.10 crore and receive at least 95% digitally are no longer required to get their accounts audited..

?Govt to set up infrastructure debt fund..

?Details of capital gains, dividend income, interest from banks/ post office savings will be pre-filled in income tax portal..

?Employers cannot avail tax deduction if they delay their employees’ contribution in EPFO ..

Union Budget 2021 impact on Share Market is visible as Sensex zooms over 1966 points, Nifty touches above 13,850.

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The Central Government has approved the Rs 945-crore ‘Start-up India Seed Fund Scheme’ (SISFS), which aims to provide financial assistance to start-ups for the product trials, market-entry, proof of concept, prototype development and commercialization.
The Rs 945 crore Startup India Seed Fund Scheme (SISFS) will become operational from April 1 of this year till 2025 and this will be disbursed through selected incubators across India, according to a gazette notification by the government. The scheme will be implemented by the Department for Promotion of Industry and Internal Trade (DIIT). The funds under the scheme will be disbursed through the selected incubators across the country. The startup will receive seed support only once.

Eligibility criteria for startups

The incubator should be operational for at least two years on the date of application to the scheme.

The incubator must have facilities to seat at least 25 individuals. The incubator must have at least five startups undergoing incubation physically on the date of application.

The incubator must have a full-time Chief Executive Officer, experienced in business development and entrepreneurship.

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When I talk about 15Five’s mission, I like to say that we are in the business of employee feedback. Because when it comes to enacting positive change, managers are most effective when they’re aware of what’s really going on around them.

Throughout my time in leadership, I’ve found that by uncovering what’s most meaningful for my team and the company as a whole, I’m better able to take action on what matters most.

You can start gathering feedback from your employees today by learning to ask the right questions. Here are some of the best I’ve found:

1. What’s going well for you and your team this week? Any wins (big or small)?
   This is a great place to start because it sets a positive tone for the conversation and it allows employees to celebrate their wins and accomplishments. Be sure to highlight the small but critical things that might get overlooked. And as you listen, pay attention to what your employees consider triumphs relative to the goals of the organization.
2. What barriers are in the way of your success? Where are you stuck?
   The first step in overcoming challenges is identifying the barriers that are getting in the way. It’s also important to normalize that everyone feels stuck occasionally and to remind your employees that help is available when they need it. In talking about challenges, make sure that you are offering coaching in a way that helps your employees feel supported. Brainstorm actionable solutions together and listen for patterns within these conversations.
3. What can I do to help you be more successful?
   Employee success is a dynamic and always evolving process that is influenced by organizational KPIs and personal definitions alike. But you can support your employees’ success by giving them permission to ask for the things that will move the needle forward and build more engaged teams. Of course, regardless of the type of support that’s needed, always be prepared to follow through with any solutions you propose.
4. How are you feeling at work lately? How’s the morale around you?
   Asking this question in an authentic way increases drive and job satisfaction because it makes your employees feel validated and heard. When you know how your employees are doing, you can time certain initiatives and changes within the company to set them up for success. And aside from providing you with valuable insight and feedback, asking these questions can also enhance self awareness and promote better communication within the whole team.
5. On a scale of 1-10, how satisfied are you? Why?
   The research on positive psychology is clear: positivity is a precursor to success and accomplishment, not the other way around. When your team is happy, they not only come up with better solutions, but their satisfaction also helps to build a culture of high performance and low turnover.

Plus, asking this question sends the message that your employees matter beyond performance and work-related issues. Of course, remind your employees that they don’t have to disclose anything they’re uncomfortable sharing. But by quantifying how they’re feeling in a broad sense, you can get a quick snapshot of this metric across the team.

6. What’s the best thing that happened to you this week, either at work or outside of it?
   Learning about direct reports can help you develop a more committed and engaged team. But on a more personal level, when employees feel that their manager knows them and understands their personal goals, it helps foster team cohesion and employee retention. Use this question as an opportunity to build meaningful connections and discover common ground.
7. If you had the chance, what’s one thing you would do to improve the product or service provided by our company?
   The best source of innovation is often found by people who already work for you because they have insider knowledge of your product or service but with a unique perspective. Since suggestion boxes have gone the way of the fax machine, asking this question opens the door for team members to share ideas for improvement, no matter how big or small.
8. If you owned the company, what’s one thing you would do differently?
   While the previous question is aimed at fostering ideas and innovation, this question is designed to give you insight into the human side of your workplace. If you’re recruiting and retaining effectively, then you have leaders and future executives among your ranks. So when you ask this question, you’re encouraging a leadership mentality that can uncover some potent ideas on helping the company succeed. This question also offers a sense of empowerment and ownership of the company by allowing everyone a few minutes in the driver’s seat.
9. What were some great contributions made by other team members recently?
   Rather than asking for feedback on the performance of a specific employee, asking this question in an open-ended way allows employees to acknowledge each other positively and organically. And in asking it regularly, you’ll normalize noticing and highlighting what’s going well with the team both individually and collectively. You can also use the answers to this question to develop an understanding of the top traits to look for in a new hire.
10. What can I do to be a better leader?
    There are few better ways to model seeking and accepting constructive criticism than by asking this question. And while it might be difficult to ask at first, it will get easier over time and the responses will be incredibly worthwhile. You will learn what your employees perceive as core leadership values, and determine if they are in sync with the values of management and the company as a whole. The insights offered here will also aid you to promote internally as it takes a courageous and skillful employee to tell their manager where they have room to grow.

Author : David Hassel

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Union Budget 2021-22 which will be presented on 1st February 2021 will be the first budget in the history of India in the paperless form. Union Finance Minister Nirmala Sitharaman has launched a mobile application named “Union Budget Mobile App” which will provide quick easy and hassle-free access to Union Budget information to all stakeholders

Union Budget Mobile App:-
To download the App go to the Union Budget Web Portal www.indiabudget.gov.in

The App has been developed by the NIC (National Informatics Centre)

The App will be available on both Android and iOS platforms.

The App will be available in English as well as Hindi language

The App will have features of downloading, printing, searching, zooming in and out, bidirectional scrolling, table of contents and external links, etc.

The App will provide complete access to 14 Union Budget documents including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution.

The Budget documents will be made available on the Mobile App after the Finance Minister completes the Budget Speech in the Parliament.

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