The real achievement of the BRICS New Delhi Declaration is not the handshake. It is the sentence that almost did not get written. The West Asia paragraph expresses “deep concern,” recalls the members’ respective national positions and calls for “maximum restraint.”
An engineer in Bengaluru working for an American client earns foreign exchange without a container leaving an Indian port.
India’s latest growth number deserves some pride. Real GDP grew 7.8% in the April–June quarter, ahead of the Reserve Bank of India’s projection of 7%. It came at a difficult time: expensive energy, continuing turmoil in West Asia and weak growth across much of the developed world.
A hundred years later, that is exactly what the organisation looks like from the outside: not a victory, a persistence.
When a company with little visible business sends crores of rupees abroad for consultancy, software or freight, the first question should not be whether tax was deducted correctly. It should be whether there was a real business transaction at all.
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