They also stressed the need to increase allocation for improving the quality of education and improving infrastructure in rural areas.
Policymakers are examining the possibility of increasing the tax-free slab to Rs 5 lakh in the two-year-old alternative personal income tax regime to make it attractive, a government official said. At present, taxpayers don't pay income tax if their taxable income is Rs 2.5 lakh and below. Increasing the threshold will reduce the tax outgo for assessees, thereby leaving more money with them to invest, the official said.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
Before 2019, an estimated 22 million individual income-tax returns did not have to pay any taxes. But after the change in the exemption level, another 13 million individual tax returns did not require to pay taxes. Thus, of about 58 million returns, as much as 63 per cent or 35 million went out of the direct tax net, A K Bhattacharya points out.
'If we don't want to be the poorest large economy even in 2030, we need to be doing very much more than is being attempted.'
International Monetary Fund (IMF) Deputy Managing Director (MD) Gita Gopinath has condemned the "terrible and disturbing" incident of rape and murder of a trainee doctor in Kolkata. "Personally, it is terrible to have any event of this kind. It is disturbing," she told Business Standard in New Delhi.
"In rural India, even minimal infrastructural facilities are not available for farmers. It is unthinkable to impose a tax on agricultural income, says Rajnath Singh
'Investors looking at the next 6-12 months can be certain that the Fed will maintain its easing cycle, and we expect the overall environment to be conducive for fixed income investments for portfolio diversification.'
IMF, which has also lowered its global economic growth forecast for 2016 and 2017 by a marginal 0.1 per cent to 3.1 and 3.4 per cent respectively, recommended six 'reform priorities' for India
India will probably unveil bold reforms in its budget on Thursday in a bid to turn around an economy growing at decade lows.
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
Schemes like the Mukhyamantri Majhi Ladki Bahin Yojana strain fiscal resources amid rising unemployment and prices of food items.
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
India Inc on Thursday pitched for lowering income tax burden on common man, increase in capital expenditure, and firm steps to contain food inflation in their nearly two-hour long interaction with finance minister Nirmala Shitharaman ahead of the Union Budget. During pre-Budget consultation with Sitharaman, the industry leaders and associations also urged the government to focus more on infrastructure development with a view to maintaining the economic growth momentum. The industry leaders also laid stress on boosting the MSME (micro, small, and medium enterprises) sector, considered a backbone of the Indian economy and main employment generator.
Majority expect economy to slow down, but are satisfied with Modi govt's performance.
There is nothing to be worried about as bilateral ties are robust with solid foundations. Both are on the same page on the economic and defence/security ties bilaterally and globally and that shall continue irrespective of change in political dispensation in either country, points out Dr Rajaram Panda.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
All pre-election opinion polls indicate a strong majority for the Opposition Labour Party, forcing the incumbent Sunak-led Conservatives on the back foot to caution voters against handing a "supermajority" to the Keir Starmer-led Labour.
Few finance ministers announce any taxation measure that could upset the stock market. Ms Sitharaman decided to take that risk, observes A K Bhattacharya.
Ahead of the upcoming budget, eminent economists during a meeting with Prime Minister Narendra Modi on Thursday urged the government to take steps to accelerate economic growth and improve infrastructure, sources said. The meeting was organised by the NITI Aayog on Thursday to elicit views and suggestions of economists for the first budget of the Modi 3.0 government. "Earlier today, interacted with eminent economists and heard their insightful views on issues pertaining to furthering growth," Modi said in a post on X.
It proposes to bring down the corporate tax from the current 35 per cent to 15 per cent, significantly lower individual tax rates, and eliminate several tax rates like the death tax.
'We are confident that over the next few years the government will strike a fine balance between populist measures and growth, and manage coalition partners well.'
US IT industry has opposed Obama's move to tax overseas earnings.
The regulatory burden is the highest on small cars, a key segment of the Indian automobile industry and having a uniform tax structure across all segments of vehicles will not augur well for the sector growth, according to Maruti Suzuki India chairman RC Bhargava. He also said India's economic growth rate could be higher if the manufacturing sector grows fast, which 'unfortunately' has remained a laggard despite the best efforts of the Narendra Modi-led government at the Centre due to implementation gaps at the ground level. "The burden of regulatory changes on the small cars is far higher than the regulatory burden on big cars and that is changing the whole market behaviour.
Modi's reform agenda suffered a major setback earlier this month when lawmakers in the Rajya Sabha refused to support the the Goods and Service Tax bill.
Between August and September Finance Minister Nirmala Sitharaman toured the length and breadth of India meeting traders, experts and entrepreneurs to gauge the pulse of the nation, reports Ruchika Chitravanshi.
Here are some goods that will be expensive after GST's implementation.
"GST should not become a 'grossly scary tax'. It should be a 'good and simple tax'," Surjewala said.
A tax reforms panel, headed by finance minister's advisor Parthasarathi Shome, is considering moving away from setting fixed tax-collection targets and linking these with the changing economic scenario during the year.
Indian IT companies like Tata Consultancy Services, Infosys, HCL Technologies and others have taken the buyback route to return some wealth to their shareholders, while potentially boosting their stock prices.
'If there is a push towards a Marxist oriented government it will be dangerous.' 'We have seen this in Nepal and Myanmar and it will be a concern for India if it is surrounded by countries with such political dispensations.'
Besides Vodafone, several other major MNCs like Nokia and Shell were locked in tax dispute with the revenue department.
As the voting process for the new Conservative Party leader formally opened with postal ballots being mailed out to Tory members from Monday, Rishi Sunak vowed to cut the basic rate of income tax by 20 per cent in a few years if he is elected Britain's prime minister.
His about-turn in the farm laws proves that he sees everything in just one dimension: Politics. That helps sometimes. But not always, observes T C A Srinivasa-Raghavan.
Cargill believes the reforms would act as a catalyst in attracting private sector investment in building supply chains for taking Indian farm produce to national and global markets.
"Of the structural reforms, the GST has been the most historic in our country. Its chief architect is not with us today. I pay homage to the visionary leader late Arun Jaitely. GST has been gradually maturing into a tax that has integrated the country economically," she said during her budget speech.
Finance Minister Nirmala Sitharaman on Thursday presented her sixth Budget in a row, equalling the record of former Prime Minister Morarji Desai.
Eminent economist Arvind Panagariya has said India is on the cusp of returning to a high growth trajectory and voiced confidence that the country will become the world's third-largest economy by 2027-28. Currently, India is the fifth largest economy "so it's another five years.We are already in (the year) 2023. "So 2027-28, India should be the third-largest economy," Panagariya, Columbia University Professor and former Vice Chairman of NITI Aayog, told PTI in an interview in New York.
Atishi will have a brief tenure in office as assembly elections in the national capital are due in February.
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