Budget And Industry

Stakeholders from the micro, small and medium enterprises (MSME) sought a reduction in GST, technology upgrade, and production-linked incentive scheme benefits for various segments in a pre-Budget meeting with Finance Minister Nirmala Sitharaman on Saturday. The meeting aimed to seek inputs and suggestions for the Budget for 2025-26, expected to be presented on February 1. Members from the Association of Women Entrepreneurs of Karnataka (AWAKE); Karnataka SC and ST Entrepreneurs' Association; Plant-Based Food Industry Association (PBFIA); Ambala Scientific Instruments Manufacturers' Association (ASIMA); Rajasthan Footwear Manufacturers' Association were among the participants at the meeting. The All-India Plastics Manufacturers' Association; All India Manufacturers' Association; Gujarat Chamber of Small Industries Association; Federation of Associations of Cottage and Small Industries (based in West Bengal); Federation of Andhra Pradesh Small and Medium Association; and Laghu Udyog

The West Bengal government on Friday said its export and logistics policies will strengthen the state's export sector, which currently generates approximately USD 11.7 billion in merchandise exports. At the launch of the Kolkata chapter of the National Centre for Export Promotion (NCEP), Bengal Industry and Commerce Secretary Vandana Yadav highlighted that engineering goods exports alone account for nearly USD 3.5 billion. Addressing industry representatives at the Institute of Indian Foundrymen (IIF), Yadav emphasised that the policies are designed to create favourable conditions for the private sector, which drives 100 per cent of the state's exports. "The government's role is to enable conditions whereby you can export more," Yadav said, noting that the focus is on sustaining traditional sectors like the foundry industry while integrating modern, knowledge-based methods. She described the establishment of the NCEP as a timely initiative to enhance traditional skills and provide

Commerce and Industry Minister Piyush Goyal would chair a meeting of state industry ministers on September 5 to discuss ways to promote industrial growth of the country, an official said. As industry is a state subject, they are key stakeholders in promoting the sector, the official said. "Issues like ways to promote manufacturing, promotion of industries and state issues may come up for deliberations on September 5 here," the official added. The Centre is already taking a number of measures in this direction and that includes reducing compliance burden, promoting ease of doing business and setting up of industrial townships. Recently, the Government of India approved 12 new industrial cities in 10 states on the lines of Greater Noida in Uttar Pradesh and Dholera in Gujarat to boost domestic manufacturing with an estimated investment of Rs 28,602 crore. These industrial areas will be in Khurpia in Uttarakhand, Rajpura-Patiala in Punjab, Dighi in Maharashtra, Palakkad in Kerala, Ag

There is a lot of liquidity, shift from bank deposits to financial markets and capital formation is finally happening, said Motilal Oswal's Raamdeo Agrawal at 'Budget with BS: The Fine Print' event

The country will have 12 new industrial cities in different states like the ones developed in Greater Noida, Uttar Pradesh and Dholera in Gujarat to further boost domestic manufacturing, a top government official said. Out of this, two are coming up in Andhra Pradesh and one in Bihar. The Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh said that eight such cities are already under different stages of implementation. Trunk infrastructure has been created in four cities - Dholera, Auric (Maharashtra), Vikram Udyogpuri (Madhya Pradesh) and Krishnapatnam (Andhra Pradesh) and allotment of land plots is underway for the industry. Similarly in the other four, the government's special purpose vehicle is in the process of construction of the basic infrastructure like road connectivity, water and power supply. With eight already under the development stage and the announcement of 12 new in the Budget, the total count of these cities in the countr

The Budget announcements related to critical minerals and green transition will not only make India self reliant in resources but also help in meeting net-zero goals, energy industry players said. In her Budget speech on Tuesday, Finance Minister Nirmala Sitharaman announced a slew of measures for sectors, including infrastructure, manufacturing, healthcare, education, startups, and green energy, among others. Amit Rautela, CFO of state-owned Meja Urja Nigam said the Budget has strategically addressed present requirement of thermal power with a focus on Advanced Ultra Super Critical (AUSC) technology through joint venture route. Further, duty related measures for critical minerals will make the country self reliant in these important resources. According to Rahul Walawalkar, President of India Energy Storage Alliance (IESA), the announcement for pumped hydro storage in budget is a key step for supporting long duration energy storage technologies. Abolishment of angel tax is a great

Encouraged by the budget on measures to increase integration into global value chains, the US India Business Council on Tuesday lauded the ambitious Union Budget as a key step in strengthening its global leadership in the Indo-Pacific and across the world. USIBC is eager to work closely with the Government of India to help it realize the full potential of Viksit Bharat, and we laud the Government's ambitious Union Budget 2024 as a key step in strengthening its global leadership in the Indo-Pacific and across the world as well as ushering new opportunities for partnership and collaboration between the United States and India, the world's oldest and largest democracies, USIBC president Atul Keshap said. Several of the budget's economic measures are likely to have important strategic impact in areas of shared priority between India and the US where USIBC has been a key partner to both governments, he said. Abolishing the angel tax clears an obstacle to ever closer bilateral technology

The government on Tuesday brought units of listed business trusts -- REITs and InvITs -- at par with listed equity shares while calculating long-term capital gain tax, a move that will foster a more agile investment environment. According to the Union Budget document, the government has reduced the holding period for determining long-term capital gains for business trusts from 36 months to 12 months. "Thus units of listed business trust will now be at par with listed equity shares at 12 months instead of earlier 36 months," the document noted. Real estate Investment Trusts (REITs) and infrastructure investment trusts (InvITs) are new concepts in the Indian market but have been a popular choice globally for their lucrative returns and capital appreciation. A REIT is made up of a portfolio of commercial real estate assets, the majority of which are already leased out, and InvITs consist of a portfolio of infrastructure assets like highways. Indian REITs Association, which has been

Finance Minister Nirmala Sitharaman's Union Budget 2024 speech focused on increased spending, job creation, and tax reforms

From the introduction of wealth tax to economic liberalisation to privatisation, here is a look back at landmark Union Budgets

Finance Minister Nirmala Sitharaman is set to make history with her seventh consecutive Union Budget presentation today, laying out Modi 3.0's fiscal plan for the India Budget for FY25

The Union Budget for fiscal 2024-25 (FY25) will be presented on July 23, 2024

The finance ministry in the forthcoming Union Budget needs to double the loan limit to Rs 20 lakh under the MUDRA Yojana, and expand the credit guarantee cover for unsecured loans for MSMEs from Rs 2 crore to Rs 5 crore. MSMEs also want incentives from the government to help them sell products globally. Finance Minister Nirmala Sitharaman will present the Union Budget for the current fiscal on July 23 in the Lok Sabha. On expectations from the Budget, Navin Saini, chief business officer (Retail & MSME), Arka Fincap said the government will continue its agenda to provide a strong foundation for MSMEs, bolstering their growth. "To achieve this, they should consider increasing the loan limit of the Pradhan Mantri MUDRA Yojana (PMMY) scheme from Rs 10 lakh to Rs 20 lakh and expanding the credit guarantee cover for unsecured loans for MSMEs from Rs 2 crore to Rs 5 crore. "These measures will provide MSMEs with greater access to necessary financial resources, enabling them to thrive and

The Indian fintech industry is estimated to be around USD 110 billion in 2024 and its projected to reach about USD 420 billion by 2029, Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, National Payments Corporation of India, said. The sector, he said, is expected to continue to grow due to factors like favourable policies of the government. The government's push towards a digital economy, coupled with a young and tech-savvy population, is likely to propel the fintech sector to new heights, he added. "As of 2024, Indian FinTech Industry is estimated to be around USD 110 billion and by 2029, it is projected to reach an impressive number of around 420 billion at a cumulative annual growth rate of 31 per cent," industry chamber Assocham said in a statement, quoting Choudhary. It said the advent of the fintech ecosystem, driven by technology-linked innovation, has revolutionised traditional financial services and led to improvement in the efficiency of delivery of

At the heart of the debate lies the future of automotive propulsion technologies

The Modi government needs to focus on welfare of ordinary citizens in the upcoming Budget and earmark more funds for the manufacturing sector to boost small businesses and create more jobs, former World Bank chief economist Kaushik Basu said on Tuesday. In an interview with PTI, Basu further said it is critically important for the government to shift some of its attention to ground-level economic welfare. "I hope that, starting with the Union Budget this month, the government will turn its attention to the welfare of ordinary citizens and not just to climbing up the chart of aggregate GDP," he said. Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget for 2024-25 in the Lok Sabha on July 23. "I believe that the rich can afford to pay higher taxes and using this money to incentivize the manufacturing sector can go a long way in boosting demand for labour, helping small businesses and raising the income of ordinary people," the eminent economist suggested. Ba

Import holidays, GST exemption for components of launch vehicles, productivity-linked incentives (PLI) and government stepping in as a customer are some of the expectations of the private space sector from Finance Minister Nirmala Sitharaman as she presents the Union Budget next week. "More money for space related acquisitions, tax holidays, import holidays, and PLI scheme for space," Pixxel Space co-founder and CEO Awais Ahmed told PTI when asked about his wishlist for the budget. Industry bodies Indian Space Association (ISpA) and Satcom Industry Association (SIA-India) have sought greater government expenditure on the space sector in the form of an anchor customer for the nascent private sector. "ISpA calls for a commitment from the government to procure and adopt space technology solutions across various governance areas such as agriculture, disaster management, infrastructure planning and development monitoring, urban development, and remote area connectivity," ISpA director .

Capital gains taxes can range from 10 per cent to as high as 30 per cent, depending on the holding period, which spans from one to three years

In Union Budget for FY25, experts anticipate expanded coverage and increased funding for major health initiatives in the upcoming budget

The government is looking to expand funds for research in rural 5G use cases