Page 3 - Budget

Budget 2024: Apparel exporters seek fiscal incentives to boost exports

Apparel exporters on Monday sought fiscal incentives including cut in customs duties and fund support in the forthcoming Budget to boost the outbound shipments from the sector. Finance Minister Nirmala Sitharaman is scheduled to present the Budget on July 22. The Apparel Export Promotion Council (AEPC) suggested the government should increase the rates under the interest equalization scheme to 5 per cent for all the apparel exporters for a period of five years. "This will increase the apparel industry's competitiveness in the international market," AEPC Chairman Sudhir Sekhri said in a statement. He also said that all types of trimmings and embellishments should be covered under Import of Goods at Concessional Rates of Duty Rules. Sekhri said that with the complete value chain and commitment for compliance driven quality products, India is all set to unleash its prowess in the textiles and apparel sector by being a significant global player. "The long-term policy for garment indu

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Budget 2024: India's space sector eyes strategic allocations and incentives

Union Budget 2024: The space sector in India is expected to reach $44 billion by 2033. Industry leaders call for incentives to push private sector growth

Power sector Budget wish list: Funds for green energy, more domestic mfg

Sector executives are expecting a relook of GST rates across the renewable energy supply chain, and viability gap funding for newer sectors

Budget 2024: What does India's power sector expects from FM Sitharaman

Union Budget 2024: Securing supply chain stability and embracing new technologies are essential for the sector's long-term sustainability and efficiency

Budget 2024: EEPC urges revival of interest subvention scheme for exporters

The Engineering Export Promotion Council (EEPC India) has urged the government to revive the interest subvention scheme for exporters in its pre-budget recommendations. EEPC India Chairman Arun Kumar Garodia emphasised the scheme's importance, especially with rising interest rates. He called for restoring the three per cent subvention rate for specific tariff lines and a 5 per cent rate for MSME exporters across all product categories. The recent exclusion of merchant exporters from the Interest Equalisation Scheme (IES) raised concerns. EEPC India argued that merchant exporters, with low profit margins, are significantly impacted by credit costs. They proposed extending the IES benefits to them with a three per cent subvention rate. A government notice extended the IES for two months, but only for MSMEs. This left merchants and large exporters ineligible after June 30. The apex engineering exports promotion body warned this exclusion could hurt these businesses, especially those

Budget 2024 wish list: ATMA urges govt to restrict import of waste tyres

The Automotive Tyre Manufacturers' Association (ATMA) on Tuesday said there is a need to restrict import of waste tyres into India, saying the country is becoming a 'dumping ground' for scrap tyres. The import of waste/scrap tyres into India has increased by more than five times since FY20-21, ATMA said in its pre-budget submission to the finance ministry. "Such indiscriminate import of waste/scrap tyres is not only an environmental and safety concern but also undermines the very purpose of Extended Producers Responsibility (EPR) Regulation on Waste Tyres which is in place since July 2022," it added. Raising the concern, ATMA Chairman Arnab Banerjee said,"The import of waste/scrap tyres into India needs to be restricted through policy measures and, if necessary, allowed only in multiple cut or shredded form." India has emerged as one of the leading manufacturers of tyres in the world with domestic manufacturing of tyres surpassing 200 million per annum. Accordingly, there is enough

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Maha Budget: Women to get Rs 1,500 monthly; 3 cylinders for family of 5

Maharashtra Deputy Chief Minister Ajit Pawar on Friday announced a financial assistance scheme entailing a monthly allowance of Rs 1,500 to eligible women in the age group of 21 to 60 years in the state Budget for 2024-25. Pawar, who holds the finance portfolio, said in his budget speech in the assembly that the scheme, "Mukhyamantri Majhi Ladki Bahin Yojana", will be implemented from July, four months ahead of the state polls which are due in October. An annual budgetary allocation of Rs 46,000 crore will be made for the scheme, he said. Announcing another welfare scheme, the finance minister said an eligible family of five will get three cooking gas cylinders free every year under the 'Mukhyamantri Annapurna Yojana'.

Oppn demands clarity on fundraising after Maha Budget announcement

The opposition in Maharashtra on Friday targeted the Eknath Shinde government over its last budget before the state goes to the polls later this year, describing it as a "torrent of assurances" but said there was no clarity on how the money will be raised for the schemes announced. Deputy Chief Minister Ajit Pawar, who holds the finance portfolio, earlier in the day presented a Rs 20,051 crore revenue deficit budget in which he announced sops for women, youth and farmers and other segments of society that entail an outlay of more than Rs 80,000 crore. Shiv Sena (UBT) chief Uddhav Thackeray said the budget was a "false narrative" pretending to offer something to every section of society. Talking to reporters at the legislative complex here, the former chief minister said the 'Mukhyamantri Majhi Ladki Bahin' scheme under which a monthly allowance of Rs 1,500 would be given to the eligible women was a "pitiable attempt" to woo women voters ahead of the assembly elections. Thackeray ..

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The Budget Show with BS: Policy or politics