V O L U M E 1 1 3 | I S S U E 4 | M A R C H - A P R I L 2 0 2 1 KDOW C O N L V.2 Insight Cover Story Tax Corner Improving Accessibility, Affordability Towards Nutritious Background and and Quality of Primary Healthcare Food and Overview of Delivery in rural and Healthy Lifestyle Faceless 07 low-income Groups 11 for all 26 Assessments R E B O O T R E F O R M R E S U R G E March- ContentsApril 2021 President Mr. Rajiv Podar Vice-President Mr. Juzar Khorakiwala Editor & Publisher Mr. Ajit Mangrulkar Director-General Executive Editor Mr. Sanjay Mehta Dy. Director-General Copy Editing & Concept Ms. Chitra Kamath Jt. Director-Membership Ms. Jayshree Poojary Asst.Director-PR Views expressed in the IMC Journal are not necessarily those of the Committees of the Chamber. Non-receipt claims will not be entertained after four months of the Insight Advocacy publication of the journal; 7 Improving Accessibility, Affordability Representations to : six months in the case of and Quality of Primary Healthcare 32 Shri Dharmendra Pradhan, overseas subscribers. Delivery in rural and low-income Honourable Union Minister of Steel, Groups Please send correspondence Petroleum & Natural Gas concerning this journal to: Editor, IMC Journal Cover Story 33 Shri P C Mody, Chairman, Central Board of Direct Tax, Department IMC Chamber of 11 Towards Nutritious Food and Healthy Commerce and Industry of Revenue, Ministry of Finance on Lifestyle for all IMC Marg, Churchgate, Funding of innovators by incubating Mumbai- 400 020 14 Alternative Medicine during the time centres funded by Central and State Tel: +91-022-71226633 of COVID-19 Govts Fax: 2204 8508 E-mail: [email protected] 17 World Wellness Wonders 35 Smt. Nirmala Sitharaman, Hon’ble Website: www.imcnet.org Union Minister for Finance, 20 The Role Food Plays in Managing Government of India on Proposal Single Copy Price Mental and Emotional Health of Amendments in the Finance Bill, ` 50/- 22 It is the Decisions that we make 2021 to replace the Authority for today that will define our Destiny Annual Subscription Advance Rulings with the Board for (For 6 Issues) 24 Love Your Customer, Serve Your Advance Rulings. ` 200/- (India) | $ 30 (Abroad) Customer 37 Ms. Surabhi Gupta, General Manager, Corporation Finance Design & Printing: Finesse Graphics & Prints Pvt. Ltd. Tax Corner Department, CMD-II, SEBI on The Tel: +91-022-4036 4600 26 Background and Overview of Consultation Paper on Review of E-mail : [email protected] Faceless Assessments Regulatory Provisions Related to Independent Directors Reboot | Reform | Resurge IMC Journal n March-April 2021 1 38 Honourable Shri Uddhav Thackeray ji, Chief Minister 64 Energising the Startup Ecosystem in Maharashtra: A of Maharashtra on unprecedented spike in the Conversation with Aaditya Thackeray number of Covid-19 65 Government Initiatives: New Opportunities for 38 Dr. P. K. Mishra, Principal Secretary, Prime Minister’s Commodity Market Office on Suggestions for reducing the unfair burden 66 Series on Entrepreneurship Innovate, Integrate, on promoters to conform to PM’s call for ease of Motivate - Leadership Mantra 2021 doing business and for fairness. 66 Seminar on Commodities: Options in Goods Contract 41 Smt. Nirmala Sitharaman, Hon’ble Union Minister - Gold and Investment Tool for Finance, Government of India to replace the Authority for Advance Rulings with the Board for 67 Launch of India-Japan Bilateral Business Forum Advance Rulings, and its adverse impact on foreign 68 Session on Independent Directorship – A Tightrope investors Walk 41 Shri P C Mody, Chairman, Central Board of Direct- 68 Meeting with Mr. Nabin Ballodia, Partner – Tax & taxes, Department of Revenue, Ministry of Finance Regulatory, KPMG on the Faceless Assessment and Faceless Appeal Scheme 69 Webinar with Shri Sadguru - Kilachand Memorial Lecture 42 Shri Subhash R. Desai, Hon’ble Minister for Industries and Mining Government of Maharashtra 70 Webinar on TDS and TCS Provisions – A 360° on Urgent intervention needed by Maharashtra Perspective Government to ensure that price of natural gas 71 Post-COVID-19, Emerging Business Opportunities to industries and end-consumers of Maharashtra between India and Singapore remains under control. 73 Fireside Chat on Wisdom for Startups from Knowledge Series Grownups 41 Indo-US Partnership Vision Summit 73 Interaction on Multi-Pronged Strategies to Rebuild Tourism and Travel POETRY 46 Indo Africa Virtual Summit 74 Mediating (and Arbitrating) Online with IRO 49 India Calling Conference 2021 75 Pre – Packed Insolvency :An Alternative insolvency 52 Nxtgen Health Summit Re-imagine Healthcare resolution framework for MSMEs 54 Emerge India’s Foremost Sports Opportunities Convlave Ladies Wing 56 INDCON 2020-21 – Building Stronger Research & 76 Launch of – Aamchi Mumbai, Safe Mumbai project Development Ecosystem – Enabling Saksham Bharat in partnership with UN Women Abhiyaan (Kolkata & Guwahati Region) 77 IMPACT 2021 – Unleash Your Inner Power 58 INDCON 2020-21 – Building Stronger Research & 78 GeNext Espresso Series 2 Development Ecosystem – Enabling Saksham Bharat Abhiyaan (Ahmedabad Indore & Hyderabad Region) 79 Wanderlust Duo - Korea and Taiwan 60 IMC Ramkrishna Bajaj National Quality Awards 2019 79 Stripes and Strifes - A Journey in the Armed Forces & 2020 Medical Services 62 Mediating (and Arbitrating) Online with RDO V2 79 Managing Wellness in among People in Current Times by Dr. Muffazal Lakdawala 63 Discussion on “Where do the Equity Markets go from here?” Reboot | Reform | Resurge 2 IMC Journal n March-April 2021 From the President’s Desk Mr. Rajiv Podar As we move from survival to revival pIndiahase has, IM enteredC alon gthe w isecondth our wave 26 sofp eCOVIDc i f i c -pandemice x p e r t cwitho m ma ivaccinet t e e s cadvantage.ontinues tTheo w oCOVIDrk on pandemicrange of phasrog putram thes a nspotlightd virtu aonl eImmunity,vents to galvanize,Prevention inspire and andHealth empower and ourthe membersimportance with of wellness a shared which lear isning also experience as we navigate through the theme for this month’s IMC COVID crisis. Journal issue. WTheit hseverity the vofa ctheci nCOVIDe now pandemic being developedis devastating and appr andoved has by ataken few countries, we hope we can begin the entire country with surprise. “normal living” in the coming Shortages of hospitals, beds, oxygens, months. vaccines has seen the nation being Wparalyzed.orld Economy Many State Governments social distancing through 2021, contraction in government spend- have been forced to declare weighing heavily on GDP. ing). Itlockdowns is expected in theorder decline to control in world the support. The outlook depends not Indian Economy GDP in 2020 to be less severe at spread of the Pandemic. It’s been justIndian on Economythe outcome of the battle GDP:• Basis Although the recent the Reserve elevated Bank CPI of –3.7% compared to –4.4% in the inflation prints and expectations on encouraging to see global community between the virus and vaccines— India has not yet revised its earlier September Global Economic • India’s GDP growth, while still evolving price pressures (food and step in to help – from foreign it also hinges on how effectively projection for real GDP growth for Outlook(GEO). The Fitch Rating in contraction, registered a shal- cost-push), inflation trajectory for governments to private enterprises economic policies deployed under FY2021-22 of 10.5% many rating Research Reports have also revised lower contraction of 7.5% YoY in Q2 H2FY21; was revised by RBI sending oxygen, medicines and high uncertainty can limit lasting up their annual world GDP growth FY21 vis-à-vis broad market agenciesprojecting have inflation projected at 6.8% it for to Q3be forecastmedical for equipment. 2021, but only This modestly is ,a damageexpectation from of 8-9%this unprecedentedcontraction. muchand 5.8% lower for ranging Q4 (vs. from a range 8.2% of -9.5% 4.5- topowerful 5.3% (fr omreminder 5.2%), asof thehow deterio- strong crisis. depending5.4% announced on the intime Oct-21). taken Fforor ratingwe are outlook when in we the act ver asy near a united term • Q2 GDP data has pushed India containment of the Covid. Global growth is projected at 6 FY22, it estimates a range of 4.6- pfrontarti aacrosslly is geographies,offset by a sectors stron gander into a technical recession. However, 5.2% in H1. percent in April 2021 (from 5.5 per Inflation outlookindustries. from The the Government second half on ofits the economy has shown signs of the year. We are now significantly centreviv iprojectedng due to in e aJanuarysing of s2021),upply part is doing best possible to ramp The• Recoverprojectiony in for the CPI manufacturing inflation has more optimistic for 2022, as we moderatingdisruptions toas 4.4well percent as unlocking in 2022. of space in Q2 was driven by the up production of vaccines, medicines been revised to 5% in Q4 of FY2021; assume vaccine rollout will facili- Thepent-up projections demand. for 2021 and 2022 sectors of Motor Vehicles and and oxygen. Our armed forces have 5.2% in Q1 FY2021-22; 5.2% also in tate a material easing in social are stronger than in the October Transport Equipment, Electrical also been actively chipping in to help. Q2 of FY22; 4.4% in Q3 and 5.1% in distancing and boosting economic 2020• On World supply Economic side, the Outlook. noteworthy The Equipment, Fabricated Metals, feature is the return of Manufactur- Q4 with risks broadly balanced. activity. A significant uplift to upward revision reflects additional Tobacco, Textiles and Apparels, EurWorldozone Economy GDP growth in 2022 is ing and Utilities GVA to expansion fiscal support in a few large RBIL ea hasthe r,been El eactivelyctroni cworkings, Hea vtoy expectedGlobal prospects from grant remaindisbursements highly territory.