Finance Minister Nirmala Sitharaman will present her sixth straight Budget ahead of the Parliamentary elections, matching the record of former Prime Minister Morarji Desai. Sitharaman in her pre-election Budget, which technically is a vote on account and popularly termed an interim Budget, will seek Parliament's nod for a grant in advance to meet the central government's essential expenditure for the first four months of the new fiscal year that starts in April. A new government elected after the April/May general elections will present the full Budget, likely in July.
Rasna, which became a household name in the 80s and 90s and is still ruling the pre-mix market, is now looking at overseas franchise arrangements for manufacturing abroad. As part of the arrangement, the franchisee would invest in the plant and machinery and it would also take care of day-to-day operations. Rasna would supply the pre-mix, technical know-how and some financial support.
While foreign direct investment is not allowed in the multi-brand retail, the organised retail stores promoted by the domestic industrial houses have been steadily growing.
The National Security Strategy document should flag all major issues concerning security strategy and provide guidelines to concerned departments to work out suitable action plans. Since the global and regional geopolitical canvas is dynamic, the NSS document should be deliberated at length before formulation and should be reviewed periodically, recommends Commodore Venugopal Menon (retd).
To give impetus to the real estate sector, Goyal proposed to extend the period of exemption from levy of tax on notional rent on unsold inventories from one year to two years.
A slew of sops were announced for teachers, employees of municipalities and others.
In a big-ticket measure, the direct tax benefits to 100 per cent export-oriented units (EoUs) have been extended till March 31, 2010. These benefits, available under Section 10 B of the Income Tax Act, were to expire on March 31, 2009.
The government has decided to extend the Rs 25,938-crore production-linked incentive scheme for the automotive sector by one year, Union Heavy Industries Minister Mahendra Nath Pandey said on Tuesday. Post extension, the five-year scheme, originally in place from 2022-23 to 2026-27, will be active until 2027-28. At present, incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from 1 April 2022 onwards for a period of five consecutive years.
Empathising with Indian exporters hit by a rising rupee, the World Bank on Monday said government should look at options beyond tax sops to raise productivity and make the industry globally competitive.
The Directorate General of Foreign Trade said in a directive that telecom operators will have to refund the duty sops availed under the commerce ministry's export promotion scheme for services -- Served From India Scheme.
Indian companies are expecting generous tax incentives from the Union Budget that will help them invest more in building capacities in the coming years. While the productivity-linked incentives (PLIs) are a good start to spur local manufacturing, the government should also take steps to boost consumer demand, which is not showing encouraging signs, say chief executive officers (CEOs) of India Inc. Statistics released by the Reserve Bank of India (RBI) shows that Indian banks had sanctioned loans worth Rs 75,558 crore in 220 new projects - a record low - in the pandemic-hit financial year ending March 2021. This is not showing any signs of a significant pick up in the last nine months of the ongoing financial year.
Finance Minister Nirmala Sitharaman on Monday held a meeting with representatives of the semiconductor industry of the US and invited them to make further investments in India. The finance minister spoke about opportunities for companies situated in Silicon Valley and about the government of India's commitment to be a reliable player in the entire semiconductor value chain with dedicated incentive for the sector in mission mode through the Indian Semiconductor Mission. Last year, the government approved a Rs 76,000-crore scheme to boost semiconductor and display manufacturing in the country in a bid to position India as a global hub for hi-tech production, and attract large chip makers.
Under pressure from textile industry for more concessions, government on Thursday announced more tax sops including raising of excise duty exemption limits for powerloom weavers and readymade garments.
India has set a target of $160 billion for merchandise exports during 2007-08.
The agency is under criticism amid allegations of irregularities and inflation of marks in the crucial medical entrance exam.
Finance Minister P Chidambaram has ruled out any more sops for the exporters hit hard by the rising rupee, asking them to get used to stronger currency as dollar inflows would continue to grow.
Navy officials on Monday said that the swift response by the Indian Navy's mission deployed warship INS Sumitra ensured the safe release of the hijacked vessel and its crew.
Sugar industry suffered another jolt this week when the Central government dropped its plans to offer incentives to mills for raw sugar exports.
The decision to permit the third child came after this month's once-in-a-decade census showed that China's population grew at the slowest pace to 1.412 billion amid official projections that the decline may begin as early as next year.
The top court also sought the assistance of Solicitor General Tushar Mehta, who was present in the case, in formulating the standard operating procedure (SOP) and fixed the plea for hearing after the summer vacation in July.
As severe cyclonic storm 'Remal' initiated its landfall process between the coasts of Bangladesh and adjoining West Bengal on Sunday evening, authorities took swift action, evacuating over 1 lakh people from vulnerable areas of the state to safety.
Investigation has revealed that the Special Force Operation team had not followed the Standard Operating Procedure and the Rules of Engagement
RIL subsidiary Reliance New Energy Solar, Ola Electric, Hyundai Global Motors Company and Rajesh Exports have been approved for receiving incentives under the Rs 18,100 crore Production Linked Incentive (PLI) scheme for battery manufacturing in India, sources said on Thursday. "The ministry had received bids from 10 companies with a capacity of 130 GWh. Reliance, Ola Electric, Hyundai and Rajesh Exports have qualified for ACC batteries," a source said. Other companies which had applied for the PLI scheme for Advanced Chemistry Cell (ACC) batteries were Lucas-TVS, Mahindra & Mahindra, Amara Raja Batteries, Exide Industries, Larsen & Toubro and India Power Corporation Limited.
'Companies like Tesla and others have been given a long rope in India.'
Concerned over the development, the security agencies reworked their strategy, especially keeping in mind the Amarnath Yatra beginning June 30.
The finance ministry on Friday said revenue loss on account of fiscal sops to Special Economic Zones is estimated to be Rs 1,02,621 crore.
Having faced a debacle in four Assembly elections recently, the UPA government is exploring ways to woo voters before the coming general elections - without deviating from the path of fiscal consolidation.
Each bottle of pickle that leaves FarmDidi, headed to a consumer, has a little kahani behind it -- it's linked to the tale of a life, the life of a simple, striving village woman who created it, and that's what gives Manjari Sharma satisfaction and happiness.
Slapped a 10 per cent surcharge on 'super-rich' and corporates. Levied an inheritance tax and raised duties on mobile phones, cigarettes, and luxury vehicles.
Measures may include tax slab and rate revisions for individuals, companies.
Crisil Ltd on Tuesday said the Centre's sops to Food Corporation of India including cut in interest rate on bank loans to FCI by 1.5%, will negatively impact the bottom line of public sector banks pulling down pretax-profit by 4.5% in the near term.
The Prime Minister's Economic Advisory Council on Wednesday favoured more income tax sops as also a revision in indirect tax rates on consumer durables in Budget 2008-09 to fire up the economy.
Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a record Rs 27.23 lakh crore in March this year, according to RBI's data on 'Sectoral Deployment of Bank Credit'. Experts from banking and real estate sectors attributed this growth in housing credit outstanding to a strong revival in the residential property market post-COVID pandemic on pent-up demand. According to the data of the Reserve Bank of India (RBI) on sectoral deployment of bank credit for March 2024, the credit outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022.
The development comes in the wake of an indefinite hunger strike launched by activist Manoj Jarange in Jalna district on Wednesday to demand reservation for the Maratha community.
According to FADA, automobile retail trade and service industry comprises a network of 9,500 automobile dealers and their service stations engaged in sale, service/repair and spares of vehicles across segments, is an essential link in automotive business and a significant stakeholder.
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Says high inflation has to be reversed to achieve sustainable GDP expansion.
