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Warning: Brace yourself to read some stark realities on the economic front.My prediction: India will continue to gloriously muddle through economically and we will pay a very high price for growth (through stimulus) as can be seen in India’s economic history.Expert view[1][1][1][1]: “I think India, because I think the kind of growth that India has had, I don’t think it’s sustainable. Partly going back to our earlier discussion about premature deindustrialization. I think they have these plans to significantly strengthen their manufacturing base. I just don’t see it happening. I think India can grow at 4, 5 percent per year on a sustainable basis. I don’t think it’s going to be 8 or 9 percent. When this sinks in, I think there’s going to be a negative overreaction, would be my fear “India’s economic potential, in theory, is quite high. However, in practice, it has always fallen short of expectations. The first step on the long road to redemption is to accept that a higher growth rate for India and its rise to pre-eminence (economic and otherwise) in the twenty-first century are not preordained. The primary causes that impede realisation of the economic potential can be summed up as follows:The country’s domestic structural deficiencies—namely poor human resource capabilities; a narrow and predominantly informal industrial base; and a fragmented, low-productivity primary sector—keep a lid on growth and a floor on inflation.Our premature deindustrialization, the limitations of a services-led growth model, the plateauing of global trade, stagnation in developed economies, and the costs associated with climate change.The government’s capacity deficiencies to implement any meaningful program amplify the effects of these constraints.I now quote various statistical measures to support my claim:GDP growth [2][2][2][2]and its overhang on the economy: Heated growth (whenever we had) invariably led to high NPA and we don’t have the mechanisms to handle that.In the three financial years ending March 1995, March 1996, and March 1997, India recorded real GDP growth rates of 6.6 percent, 7.6 percent, and 7.6 percent, respectively. Since the year ending in 1997, India’s scheduled commercial banks, and particularly the public sector banks, endured a high ratio of nonperforming assets to gross advances. e ratio was in double digits up to 2001–2002.India’s high-growth years of April 2003 to March 2008, during which the compound annual growth rate of the economy in real terms was 8.8 percent, was characterised by several critical inputs that were not sustainable.The problem resurfaced again in the aftermath of the global financial crisis of 2008–2009. Restructured corporate loans helped bank management understate the extent of stressed assets. Now that the RBI now reports the total stressed assets in the banking system all the dirty linen is out there and we are yet to fix them.Inflation and its impact:In the years from 1960- 2014, the average inflation rate, measured by the Consumer Price Index for Industrial Workers (CPI-IW), was 7.6 percent, with little difference in average inflation rates before and after 1991. Between 1991 and 1999, the average annual inflation rate was around 9 percent.The recent decline in the inflation rate was the result of an extraordinary combination of declining energy prices on the international market and declining food prices, and a tepid domestic economic growth environment with subdued pricing power for sellers. The lower inflation rate will be tested when India experiences even a brief period of accelerated economic growth. So, I am quite sanguine about it.The reasons that I see India muddling through is the abject neglect of some factors that lead to growth. Here they are:Education and skilled manpower:High growth requires an almost inexhaustibly large supply of skilled manpower. Let’s look at the reality.51.9% of Class 5 children in rural India cannot read a Class 2 text; only 25% of children in Class 5 and 46.8% in Class 8 could read simple English sentences; just 25.3% of Class 3 children could do a two-digit subtraction, 26.1% of Class 5 children and 44.1% of Class 8 students could do division. India was placed 72 of the 73 countries as evaluated by PISA. Subsequently (partly ashamed of the results), India never participated in the study[3].Only 10 percent of new graduates and 25 percent of graduates of engineering and MBA programs had adequate skills to be employabl[4]eIs it any wonder that our demographic dividend is turning to be a demographic liability?Healthcare[5][5][5][5] and its impact on the economy:Public spending on healthcare, has remained at about 1 % of GDP for decades despite commitments from successive governments at the Centre. India has one of the highest shares of out-of-pocket healthcare expenditures among major developing countries. Nearly 60 percent of healthcare spending in India is paid out of pocket, and catastrophic health expenses are the largest contributor to poverty.The government-affiliated erstwhile Planning Commission estimated that health problems push 39 million people into poverty each year: 47 percent of hospital admissions in rural areas and 31 percent in urban areas are financed by loans and asset sales, while 30 percent of those needing care in rural India and 20 percent of those in urban areas go untreated because of inability to pay for healthcare.Agriculture and its impact on the economy:It is sick baby which continues to stay alive due to tens of thousands of crores of loan waivers each year.The fragmentation of farmland has contributed to India’s low level of agricultural production. Moreover, growth in yield per hectare has slowed considerably since the start of the new millennium: small farm size does not lend itself to the application of yield- increasing technology, improved production methods, or even monetisation.The nation spends thousands of crores each year doing the loan waivers and yet there has been no turnaround.Not MSME, but micro enterprises which doesn’t scale:India has a preponderance of microenterprises and a tiny set of large enterprises. It has neither small nor medium-sized enterprises.At 83.6 percent, the share of informal employment in
the country’s overall nonagricultural employment total is the highest in the world. It is not something to be proud of.Jobs eh: Where will it come from:India must address its missing agricultural and industrial middle if it is to avoid sudden stops and economic crises and to make headway in manufacturing and farming. Without these sectors, there will not be jobs for the millions of young people seeking entry into the workplace each year.Investment by public and private sectorsCapital expenditure by corporations has also been on a continuously declining trajectory since 2011 both by public and private sectors. Where shall the young go for jobs?Finally, the poor efficiency by the government:The inability to implement government programs is pervasive and dominates the public’s perception of weak governance.India’s government-run schools are noteworthy for neglect and apathy. Teacher absenteeism is rampant; learning levels are abysmal; toilets, where available, are mostly non-functional; and so on.In healthcare, doctor and nurse absenteeism is very high, and the quality of primary care services is unacceptable.Even when resources and personnel are made available, most large government-run hospitals remain badly managed. In both sectors, well-designed national programs with adequate implementation flexibility have fallen far short of expectations when subjected to the field test of implementation.Conclusion:As aptly summarised and put eloquently Dr. Raghuram Rajan said in his C. D. Deshmukh lecture, delivered in January 2016: “It is possible to grow too fast with substantial stimulus, as we did in 2010 and 2011, only to pay the price in higher inflation, higher deficits, and lower growth in 2013 and 2014”[6][6][6][6]Giving up is not really an option. It is important to recognise that post-independence, India has survived and made progress on several fronts. Challenges remain because the problems have kept getting bigger and more complex with the relentless rise in population.It is where India is today and despite Modi making claims, we are unlikely to see significant progress even in next 10 years because we are shy to make the big changes that needs to be done.Footnotes[1] https://medium.com/conversations-with-tyler/a-conversation-with-dani- rodrik-e02cf8784b9d. [1] https://medium.com/conversations-with-tyler/a-conversation-with-dani- rodrik-e02cf8784b9d. [1] https://medium.com/conversations-with-tyler/a-conversation-with-dani- rodrik-e02cf8784b9d. [1] https://medium.com/conversations-with-tyler/a-conversation-with-dani- rodrik-e02cf8784b9d. [2] http:// http://data.worldbank.org/country/india[2] http:// http://data.worldbank.org/country/india[2] http:// http://data.worldbank.org/country/india[2] http:// http://data.worldbank.org/country/india[3] http://img. asercentre.org/docs/Publications/ASER%20Reports/ASER%202014/National%20PPTs/aser- 2014indiaenglish.pdf.[4] http://www.dnaindia.com/academy/report-only- 10-fresh-graduates-and-25-mba-passouts-are-employable-says-tiss-study-1455242.[5] http://planningcommission.nic.in/reports/ genrep/rep_uhc0812.pdf.[5] http://planningcommission.nic.in/reports/ genrep/rep_uhc0812.pdf.[5] http://planningcommission.nic.in/reports/ genrep/rep_uhc0812.pdf.[5] http://planningcommission.nic.in/reports/ genrep/rep_uhc0812.pdf.[6] http://Dr. Raghuran jan 2016[6] http://Dr. Raghuran jan 2016[6] http://Dr. Raghuran jan 2016[6] http://Dr. Raghuran jan 2016

I have assisted several hundred Americans to renounce/relinquish their US citizenship for the past 27 years. For many individuals, it comes as a surprise to them that they have US citizenship and they do not know what the tax and financial ramifications are of US citizenship on themselves, their family and their executor.The first step for many who think they MAY be US citizens is to confirm same and begin to understand the tax ramifications of this discovery. I cover those issues here David S. Lesperance's answer to I was born in Canada by an American mother, so am I an American citizen?Once an individual understands that they are a US citizen AND that status is accompanied by very specific tax and financial filing obligations, then the individual should closely examine the pros and cons of keeping US citizenship.The first step is to contact a qualified accountant to understand the cost of bringing themselves into compliance. Without being in compliance, renunciation by itself is worse than useless in dealing with prior and future tax liability.I do not do compliance work, but have watched the results of countless clients who I advised to go through this step. Almost universally, the individual had vastly overestimated the cost (in professional fees and actual tax liability) of coming into compliance. This was because they were frightened by on-line forum hysteria; had assumed the imposition of an Exit Tax (Expatriation Tax) and also had not taken into account Foreign Tax Credit for the tax that they had paid to their current country of tax residence.Once one knows the actual cost of coming into compliance (accounting fees, tax, interest penalties (if any)) then one needs to add on the cost of expatriating ($2350 Expatriation Fee; possibly the imposition of Expatriation Tax if they are considered a “Covered Expatriate” after their accountant complete a draft https://www.irs.gov/pub/irs-pdf/...; and then finally possibly legal fees to assist in the process).Once one has the cost of renunciation, then one needs to access the value that they place on US citizenship. Setting aside blind patriotism for a moment and looking at practical issues, the value that one places on retaining depends greatly upon their position in life. Here are three different examples:A) 24 Year Old US citizen graduating in Masters or Computer Science or Finance. Unmarried and childless: Given that this person is at the start of their career, they would probably place a great emphasis on the value of their uninhibited ability to work (at least in the beginning of their career) in these fields in the US. Undoubtedly, employment opportunities are significant. They may also want to be able to pass on US citizenship to their future children;B) 64 Year Old Canadian Citizen who was born in the US but moved to Canada when a young child: This person would essentially think of themselves as primarily Canadian. Their career and child rearing life periods are over. They may view the future avoidance of on-going compliance and hassle of remaining a US taxpayer in the Foreign Account Tax Compliance Act - Wikipedia era to be worth more than retaining a US citizen;C) 45 Year Old HNW Venture Capitalist: This person is weighing on an on-going basis the value of being in the US for business versus the on-going and future (estate) tax liability. This person may not be ready to expatriate at this time, but is prudently getting a Back Up Plan in place to allow them to execute a renunciation if and when they deem appropriate for them. (Peter Thiel, Trump Adviser, Has a Backup Country: New Zealand; How Today’s Rich Families Are Different; Lesperance & Associates " Could the loss of carried interest double your tax bill?)Once an individual has determined that for them, compliance and renunciation is appropriate, then they have to decide if it is worth while to retain legal counsel to assist or try and do it themselves. One might want to retain legal counsel if there is a matter of required co-ordination with tax counsel and accountants because one is subject to the Expatriation Tax Regime. In addition, there is sometimes a co-ordination and timing issue for setting up the Renunciation Interview. Finally, some individuals determine it worthwhile to have an experienced advisor make sure that the paperwork is properly completed and that they are properly prepared for the interview questions and future US border official questions. Those who retain counsel are individuals who believe that the cost of fees is minimal compared to the cost of not doing their expatriation and departure from the US tax system properly.Whether retaining counsel or not, the renouncing individual or their counsel, needs to schedule an appointment with US Citizen Services at a US mission outside of the US. At that interview, a US Consular official will go through various paperwork. Although many missions have their own specific additional forms, they all must complete this documentation (7 FAM 1260 RENUNCIATION OF U.S. CITIZENSHIP ABROAD).Once the renunciation interview is completed at the US mission, then the individual is no longer a US citizen under US law. However, in order to also get out of the US tax system, it is necessary for them to file the IRS 8854. A significant portion of which is an attestation that they are fully up to date and compliant with their US tax obligations. They will also need to file a terminal US tax return and appropriate filings such as Report of Foreign Bank and Financial Accounts (FBAR) for the short year from January 1st to their date of renunciation.The final step in the process is that the US Mission will forward the documentation that it receives to the State Department in Washington. Officials there will review the material to ensure that the renunciation was properly completed. If so, then they will issue a Certificate of Loss of Nationality - Wikipedia(https://eforms.state.gov/Forms/d...) confirming that the individual ceased to be a US Citizen as of the expatriation interview date.Note: Relinquishment of US Citizenship: In certain specific cases, an individual can demonstrate BOTH a potentially relinquishing act AND an intention to relinquish US citizenship (Advice about Possible Loss of U.S. Nationality and Dual Nationality). If the individual meets this standard then they might be able to claim that they lost their US citizenship (and therefore basis for tax liability) at a much earlier date. In these types of cases it is definitely worth retaining experienced counsel to determine a) if you have a proper potentially successful case; and b) properly file a relinquishment claim. Relinquishment applications take much longer to process (and therefore determine if successful) BUT may have great financial value if possible and every effort is made toward success. Unfortunately, I have seen many cases filed which were either weak or dead at the outset or poorly documented. The individual was often under the mistaken belief that they had lost their US citizenship (and US tax liability) until their application was ultimately rejected. Given that such cases can take a minimum of a year and often 2 or more years to be reviewed and assessed, it is critical to know at the outset whether an application is potentially viable.Note 2: Return of US Passport until CLN is issued:I want to thank Chris-Garcia for bringing up a very interesting point in the comments section. A few years ago, the State Department revised the Foreign Affairs Manual - WikipediaThe State Department said that a potential renunciant may, if they request, retain their US passport for immediate travel back to the US. (7 FAM 1227 e (4), and then required to surrender same when their renunciation is approved.Here is the specific language:(1) 7 FAM 1229 provides guidance on disposition of citizenship-related documentation;(2) The post should obtain any and all valid U.S. passport(s) of the individual when the individual executes either Form DS-4080, Oath of Renunciation of the Nationality of the United States, or the statement of voluntary relinquishment portion of Form DS-4079, Questionnaire: Information for Determining Possible Loss of U.S. Citizenship;(3) The post should not cancel the U.S. passport, but rather retain the passport in a secure location until the approved CLN is received back from CA/OCS/ACS;(4) If the intended expatriate advises the post that he or she needs the U.S. passport immediately because of intended travel to the United States, the consular officer should return the passport to the individual for such travel only until the loss of nationality case is approved. When post receives the approved Certificate of Loss of Nationality for the individual, post should inform the individual to appear in person at post to return the passport and receive the CLN. The CLN should not be provided to the individual unless the passport is returned. If the individual reports the passport as stolen or lost, applicable procedures should be followed;(5) If the intended expatriate advises the post that he or she needs the U.S. passport immediately because it contains valid foreign visas, the post may cancel the book in accordance with 7 FAM 1300 Appendix Z, “Cancelation of Passport Books and Passport Cards.” Do not damage the entry/exit or visa stamp or foreign visas;(6) When the approved CLN is received, the post should cancel the passport. The canceled passport may be returned to the expatriate upon request. If the expatriate does not desire the canceled passport the post may locally destroy non e-passports. Canceled e-passports should be sent to the Bureau of Consular Affairs, Executive Office, General Services Division (CA/EX/GSD) (under cover of a memo) at the following address:Mr. Garcia then posed the question of what would happen if, when the renunciation is finally approved, he just continue living in the US? What if he held no other nationality? Can he be deported from the US as an illegal immigrant?The first thing to understand is that someone who is renouncing their citizenship is exercising a right that they have. This is in dramatic contrast to a foreigner who is asking an American official to exercise their discretion to grant them a visitor visa.While the FAM uses the wording “approves” the CLN (Certificate of Loss of Nationality - Wikipedia), it more accurately describes the administrative process of ensuring that when the applicant renounced their US citizenship, that it was done properly. If the State Department confirms that the applicant properly exercised their right to renounce, they “confirm” same by issuing a CLN, which is the US government’s confirmation that the individual ceased to be a US citizen as of the date of the renunciation appointment. In short, under US law, the individual ceases to be a US citizen at the moment that they sign https://eforms.state.gov/Forms/d... in front of a consular officer at a US mission outside of the US. The later issuance of the CLN is simply the US government confirming an existing state of fact (i.e. that the person had ceased to be a US citizen as of that moment).From a practical viewpoint, when an individual walks out of the US mission, they can immediately seek entry into the US as a visitor IF they were a Canadian citizen or British Overseas Territories citizen - Wikipedia -Bermuda (without requiring a B1/B2 visa) OR IF they were a citizen of a Visa Waiver Program - Wikipedia country. Over the years, I have had countless clients do exactly this.A practical difficulty arose when the individual only was a citizen of a country which required a US Visitor B visa - Wikipedia. These individuals would need to apply for this visa from the Visa Section in a US mission abroad. US visa officers cannot consider applications for visas from US citizens and the only evidence that they would accept that the individual was no longer a US citizen is a CLN! This meant that those individuals would effectively be unable to try and travel to the US until the CLN was issued which was a minimum of weeks and over the last decade has sometimes taken well over a year to process. To deal with this problem, the State Department created this particular section.Mr. Garcia brings up some issues which are in practice not really going to happen. This is because it is difficult (I would say extraordinarily unlikely) that an individual is going to be able to renounce without providing proof of another non-American citizenship (https://www.quora.com/Could-a-gr...).Furthermore, one of the key reasons that people renounce their US citizenship is to sever their future US tax liability. If they renounce but continue to be physically present in the US, they will remain a US taxpayer as a result of the https://en.wikipedia.org/wiki/Su..., thus defeating the purpose of expatriating.Of course, if they are a foreigner who overstays their visitor status, they are in the same position as an illegal immigrant. However, the obvious question is what would ever be the reason that a person would pay a $2350 fee to renounce their US citizenship thereby forgoing the legal ability to live in the US and receive benefits all in exchange for the experience of being an illegal alien.However, while this section would benefit that subset of US expatriates who needed a visa during the CLN “gap period”, it also raised some significant potential tax issues. This is for the simple fact that a US passport indicates that the holder is a US citizen and therefore by definition still a https://www.irs.gov/individuals/...). If the individual did accept and use the US passport after the date of renunciation, this could later bring into question their position that they cease to be a US taxpayer as of the date of renunciation appointment. In short, this is a poisoned chalice for those who are expatriating as part of a tax plan and yet another one of the many demonstrations as to why this is not a DIY exercise.

In 2021, paperwork no longer has to be filled out on paper to be legally binding. eSign or electronic signature apps enable you to sign paperwork digitally officially.A couple of years ago, it was a matter of personal choice for any company, any private or government organization, whether to use electronic signatures or keep using old methods.The ongoing pandemic that we have been facing for more than a year put millions of people in a position when e-signature has become the only option to keep the business running.Without eSign apps and other digital tools like PDF editors or cloud storage systems, that wouldn't be possible.The list of good use cases for e-signature software is endless. These are just a few most common examples of them:ContractsCorporate documentsReal Estate documentsBill of Sale documents (e.g., Bill of Sale for Artwork or Work of Art or Painting)Rental AgreementsOfficial LettersPower of Attorneys (e.g., General Durable Power of Attorney: Finance, Property, and Health Care)Waiver and Release Documents (e.g., Parent Permission and Release of Liability)Premarital AgreementsMarriage documentsDivorce PapersAffidavitsWillsLiving Trust documentsState-Specific Forms for Name ChangeCivil Procedure documentsCivil Actions documentsArbitration AgreementsVisitation AgreementsLegal GuidesCriminal Law documentsHowever, you should know that while many e-signature solutions can simply add a signature, it has much more sense to use those that could fit into a lot of different workflows.Here are the best most reliable and secure e-signature apps that you might consider if you want to get the best-in-class technology and take your business to a new level:DocuSign - an excellent tool for companies that sign lots of things;DottedSign - a multi-featured eSignature solution for you to sign, assign and manage documents online;Adobe Acrobat Reader - a professional solution for those who deal with lots of PDFs and occasionally sign documents of different kinds;Docsketch - a straightforward e-signing platform that offers a free-forever plan;PandaDoc - a great tool for large enterprises that allows payment collection when people sign;SignNow - all-in-one-solution for small teams.