Categorise industries as per their job offerings and help them accordingly
Indore: How can the Capital market of Madhya Pradesh improve? Simple— Improve industrial climate of the state, the Capital market will grow automatically. A Capital market’s growth depends on the performance of industry. If you can’t make the State industry- friendly, the Capital market won’t grow.
These wide words were expressed by Managing Director Sunil Nyati of Indore- based and BSE- listed broking house, Swastika Investmart.Expressing his views in ‘ Free Press Corporate Talk,’ he laments that so far no such kind of atmosphere is created in the state. If no new investments come to the state, the investors will bereft of benefit, he said while replying to a question.
Nyati gave a fresh suggestion in this regard. He said along with the investor protection, the broker protection should also be focused. He said the State Government charges Rs 200 per Rs 1 crore on square- up ( intra- day) trade and Rs 1000 per Rs 1 crore on delivery as Stamp Duty for the contract note of every trade. He said in MP on an average Rs 500 crore trade takes place every day and it means the state receives Rs 25 lakh revenue every month.
The Managing Director of 40,000- plus registered client broking house said that either the Stamp Duty should be scraped or the amount collected from this head should be spent on the Capital market development in a way of development of highly sophisticated corporate centre. He claims that then NSE, BSE SEBI and big corporate houses will prefer Madhya Pradesh instead of Gurgaon.
He lamented that some people were not paying even the Stamp Duty and the government didn’t have machinery to check it.On a question how the picture of the State can be changed, Nyati suggested that the industries should be categoried as per their capability of offering jobs and accordingly the government should provide help to them. Those industries which are offering maximum jobs, they should be treated as ‘ son in- law’ ( Jamairaja).
He favours reforms in the power sector. He raised questions that why the charges are levied from a firm which is using a generator for their power back- up? He said that how it is justified to hang a board on a business firm describing that ‘ child labor is prohibited here’, even though they are not employing any child labour. Nyati said: Gujarat Model can really transform the State.