Times of frugality……

February, 2018

We are living in times of frugality…………….not of money, materialistic comforts, food or ideas (at least most of us if not the whole world). But of time. Time is a premium product. We want as much in as little time. A 10 minute video seems ages. A 7 minute talk seems a sermon. Anything more than 160 words is an essay. Though we spend hours on facebook, instagram and whatsapp we feel vowels and consonants take up too much of our time. We prefer short forms and acronyms…… TGIF (Thank God It is Friday), LOL (Laugh out Loud), ROFL (Roll on the Floor Laughing), OK (Oll Korrect), Eg. (Exempli Gratia), etc. (et cetra i.e. and the rest).

Not to be left behind, the Government is toying with several acronyms…..NITI (National Institution for Transforming India), SBA (Swacch Bharat Abhiyaan), SMILE (Sidbi Make In India For Small Enterprises), CODS (Condonation of Delay Scheme), POEM (Place of Effective Management), SPICE (Simplified Proforma for Incorporating Company Electronically) and the latest RUN (Reserve Unique Name). RUN is meant to be an EODB (Ease of Doing Business) initiative by the MCA for company incorporation. However the initial experience of users is that most names are getting rejected which means Rs. 1000 lost for each application since there is no resubmission option. It appears that there is Zero government fee upto Rs. 10 lacs authorised share capital. This will work well and deliver the intended incentive to entrepreneurs to start up as a company only if RUN works well. Professionals are apprehensive considering the past experience of dealing with the MCA help-desk which does anything but help.

Mere acronyms don’t ease business. Intention coupled with trained personnel who are accountable in a transparent system does. This is the need of the hour!

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