Atanasio Babush Monserrate, Minister for Revenue, Labour and Waste Management, has announced that the Department of Labour has hired a central government approved organisation as a consultant to assist in using the roughly 500 crore in funds that are available to the Department for the welfare of building and construction workers.
The consulting agency is supposed to advice ways and means by which this sum could be utilised for the welfare of the beneficiaries, noting that the cess received from the construction companies towards the welfare of these workers has accumulated over the years. Monserrate continued by stating that minimum wage announcement will be made prior to the upcoming budget session, which is starting on March 27.
The Bainguinim-based waste treatment plant is a necessity according to the Labour Minister, and will be built soon. He also warned the village panchayats that if a Material Recovery Facility for garbage management is not in place, they will not be able to grant building permits.
Goa to collaborate with Portugal on tech-driven tourism experiences
According to Tourism Minister Rohan Khaunte, Goa and Portugal will explore prospects for partnership in cutting edge technologies and tourism practises to assist and improve the travel experience. Antonio Costa Silva, Portugal’s Minister of Economy and Foreign Trade, had an in-depth conversation with Khaunte. Both leaders had extensive conversations about a range of topics in the fields of tourism and IT.
Silva and Khaunte discussed potential future partnerships in the tourism industry,” said a statement from the Tourism Minister’s office. The statement says that Goa and Portugal will cooperate, exchange ideas and knowledge, and soon sign a Memorandum of Understanding (MoU) in the fields of tourism and Information Technology (IT) regarding the discussion of ideas relating to the expansion of tourism, creating demand for Goa from Portugal, alternative fuels, startup ecosystem, discussion of views, and many other topics.
Increased air connectivity between Portugal and Goa is essential, and with the opening of Mopa Airport, the potential of a new route was addressed at one of Khaunte’s meetings with Christine Ourmières-Widener, CEO of TAP Group, Portugal.
Goa Chamber of Commerce & Industry welcomes uniform tax for commercial spaces
Goa Chamber of Commerce & Industry (GCCI) has urged the Corporation of the City of Panjim (CCP) to pursue tax defaulters aggressively. CCP has implemented a consistent rate for all business establishments by drastically reducing the municipal tax on them through a gazette notification.
All of these commercial buildings would now be charged a flat rate of Rs.237.6 per square metre, a decrease for some buildings of up to 200%. According to the industry group, CCP must now establish a proper system to detect tax evaders and take corrective action, such as refusing to renew a commercial licence if arrears are not paid. “The CCP should launch a war-footing collecting effort to recoup unpaid housing tax. The campaign should be launched in a timely manner,” Ralph de Sousa, president of GCCI, remarked. “Defaulters may receive incentives in the form of a waiver of interest or penalty or a grant of an installment payment schedule over a period of three to four months.” The municipal tax rates for businesses had been raised by CCP while new categories were added. The tax rates had been imposed, but according to GCCI, no scientific basis of calculation had been used. An appropriate system for timely home tax payment, particularly one that ensures the owner receives the notice to pay house tax well in advance, has also been advised by GCCI for CCP to implement.
Goa government’s short courses to help youth acquire in-demand skills
The State government has launched a new programme that provides short-term skill development courses as part of the continuous efforts to up-skill and re-skill local youth. The Chief Minister’s Kaushalya Path Plan (CMKPS), attempts to eliminate the skill shortage in Goa and bridge the gap between demand and supply of skilled workforce in the State.
Short-term courses in industries like hospitality, tourism, construction, automobiles, information technology, electrical, plumbing, agriculture, and sewing technology will be made available through the Directorate of Skill Development & Entrepreneurship.
To oversee the operation of the programme and the short-term courses, two committees will be established, each with nine members. There will only be a batch of 15 to 30 students for every course. The programme also includes a clause for awarding Recognition of Previous Learning certifications to artisans. As the monitoring committee determines the curricula, a project management unit will be established to run the courses in collaboration with industry participants. Three business representatives who are qualified to offer feedback on the courses will be part of the monitoring committee.
STATE BUDGET WILL FOCUS ON EDUCATION, HEALTHCARE, SANITATION: DR PRAMOD SAWANT
Goa’s Budget for this year, according to Chief Minister Dr Pramod Sawant, would be practical and forward looking, with a focus on things like education, healthcare, sanitation, tribal welfare, and other areas.“The goal that my administration has set is to get the most out of government sponsored programmes. The state will implement programmes in priority sectors such tribal welfare, healthcare, sanitation, and education. The budget will be both practical and forward-looking,” added Dr Sawant.
“I read the analysis of the last budget. We could execute a 90% budget while still collecting 98% of the money from the previous year. Our attention in this Budget will be on the areas of cleanliness, tribal affairs, and education,” he said. “With skill development, we will fully emphasise the idea of ‘Swayampurna Goa’ in this Budget, and make sure that schemes are carried out to the very end,” Dr. Sawant maintained.
The Goa government has requested thoughts and suggestions for a public-centric budget from businesspeople, academicians, and the general public ahead of the Budget session, which is slated to take place from March 27 to 31. The government has urged citizens to submit their ideas in this regard. “People are welcome to offer comments in any sector, which will enable us to create an effective Budget,” Dr Sawant insisted. Dr Sawant submitted a budget last year, just after the swearing-in of his second government that was centered on reviving the mining industry and boosting the economy without raising new taxes.
Goa sees 35% growth in February GST collection
In February, Goa’s Goods and Services Tax (GST) income increased by 35% to Rs.493 crore. The amount of taxes collected in February of last year was 364 crore. With the Rs. 493 crore tax mop-up, the monthly GST income has exceeded Rs.400 crore for the fourth consecutive month. The tourism industry is a major contributor to the state’s GST collection. Hotels and other lodging facilities, nightclubs, casinos, and restaurants, among other hospitality-related enterprises, account for almost 50% of the tax.
Comparatively, the manufacturing sector helps keep GST lower because most state-produced items are sold outside of the country and GST is a consumption-based tax. After monthly payments in the month of February 2023, the combined income of the federal government and the states will be Rs.62,432 crore for CGST and Rs.63,969 crore for SGST.
16 BIDDERS ATTEND PRE-BID MEET FOR AUCTION OF 5 MINERAL BLOCKS
Directorate of Mines and Geology has revealed that the reserves for the state’s second round of iron ore e-auction, for which the bidding procedure will soon begin, had a value of Rs.12,000 crore. The technical documentation and the initial price offer must be submitted by March 27; the bid document must be purchased by potential bidders no later than March. The second round of the auction window is from April 17 to April 27, and the administration anticipates a strong turnout. The government will aid mining businesses who were successful in winning mineral blocks in the first round of the e-auction in obtaining the necessary consents and licences, the Mines Director stated.
The government has already received rs.43 crore from the first installment of the upfront fees from the first round of the e-auction. On the day the lease agreements are signed with the relevant mining companies, the remaining advance payment of Rs.172 crore will be due.
Startups find funding difficult in 2023
The economic turmoil of 2022 has continued into 2023 and is only getting worse, making it even harder for company founders to raise money. Only 53% of company founders reported a positive fundraising experience in 2022, down from 92% in 2021 as a result of the worsening financial crisis.
According to a recent research by InnoVen Capital, Asia’s top venture loan firm, startup owners anticipate a difficult year, with 58% anticipating a difficult fundraising environment. The focus on profitability and unit economics has also intensified in 2023 as a result of the tightening funding climate. Although profitability and growth are both crucial, for the first time in seven years, founders have shown a stronger preference for profitability over growth. According to the InnoVen Capital report, 55% of founders stated profitability was a higher concern in 2023 than it was in 2021 (17%). Notwithstanding the recent volatility of public market, tech businesses and startup founders are increasingly focusing on a domestic IPO as the most likely mode of departure. In order to survive the 2023 global funding winter, experts advise Indian entrepreneurs to set aside money, establish long-term goals, and cultivate a culture of user feedback.
Block-chain technology to be used in industries across India
With the surge in popularity of Bitcoin, a block-chain-based crypto-currency, block-chain technology became well known. According to Gartner, block-chain has been widely used across businesses in India and has the potential to generate $176 billion in revenue by 2025. This precise ledger system is secure, resistant to assaults, and transparent due to its decentralised nature. As a result, it is becoming extremely popular in various applications worldwide.
To combat the issue of spam calls, the Telecom Regulatory Authority of India (TRAI) has ordered all telecom providers to begin utilising block chain technology. In order to increase transparency in the record-keeping process, the Securities and Exchange Board of India (SEBI) has directed all depositories to embrace block chain technology. For the distribution of educational diplomas and fertiliser subsidies, NITI Aayog has created a block-chain based system. The IT ministry has even created a draft framework for the implementation of block-chain technology in public services, with intentions to utilise it for supply chain management, digital certificates, power distribution, and the management of property records and health information.
