Structural reform in ease of doing biz to look for

It will be interesting to see if the government uses this opportunity to announce structural reforms to further accelerate the ease of doing business in India.

Measures such as recognition of SAFE like instruments, relaxation of pricing norms with respect to such instruments and tax holidays will give new impetus to this endeavour. This will also be an opportunity to course-correct on some of the past actions which have hampered new investments to India such as the ambiguity created by the Press Note 3.

It is imperative that the government provides clarity with respect to the minimum beneficial ownership percentage which should be exempt from the general restrictions- this will not only help with the new investments but also clear the roadblocks in so far as existing investments are concerned.