The Budget 2021-22 has covered welfare scheme for women plantation workers in Assam and West Bengal, the reduced margin money requirements from 25% to 15% under the scheme of Stand Up India and permission to work in all sectors and also in night shifts with more security. However, these measures will have limited contribution for women who are worst hit by the pandemic. Practically, the women entrepreneurs, domestic helps in cities, at construction sites, and in handicraft and retail units needed a boost and some incentives. Data show that more than eight months after the pandemic, 13% fewer women than a year ago were employed or looking for jobs, compared to 2% fewer men!
On corporate governance front, we were expecting the decriminalization under the LLP Act, 2008 and this is a good move to ease the doing of business in India. To relax the compliance burden, the definition of Small Companies is expanded by increasing the thresholds for paid-up capital from 'not exceeding INR 50 Lakh' to 'not exceeding INR 2 Crore' and turnover from 'not exceeding INR 2 Crore' to 'not exceeding INR 20 Crore'. Further, the Government seems to incentivize the start-ups by allowing One Person Companies (OPCs) to grow without any restrictions on paid-up capital and turnover; the residency limit to set up an OPC is reduced from 182 days to 120 days and Non Resident Indians are permitted to incorporate OPCs.
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