'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.'
Despite deregulation of petrol prices and a hike in retail prices of other regulated fuels in June 2010, oil marketing companies continue to incur.
The flare up in the global non ferrous metal prices since June 2010 has benefited the players in general and the aluminium, lead and zinc producers in particular.
Mobile phones and TV sets manufactured in India would become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in Basic Customs Duty (BCD) on import of their components but smokers would have to pay more as the government has increased taxes.
Implementation of nutrient-based subsidy and direct payment of subsidy to the farmers might be taken care of in the Budget.
Textiles are the major users of dyes and pigments. So, any benefit to textile sector will also indirectly benefit the dyes and pigment sector, in terms of better demand.
India and the US have mutually resolved all six trade disputes pending at the World Trade Organisation (WTO), in line with the commitment made by the two countries during the US visit of Prime Minister Narendra Modi last month, an official said. The official said that both countries have informed the WTO's dispute settlement body (DSB) about the resolution of all the pending disputes. The WTO has already issued a communication with regard to one of the disputes related to the imposition of additional customs duties by India on 28 US products.
Since the last nine years, gold investors have made money each year, while gains in silver have been consistent only in the last five years.
Expects duty drawback to be at par with the present DEPB rates; seeks hike in depreciation to 35% seeks special fund for R & D center for the industry.
Here's what the construction industry would like the Budget to do -- introduce GST, exempt customs duty on construction equipment for projects, introduce secondary market for debt trading to facilitate the infra developers to raise money through long term corporate bonds.
Seeks 100% depreciation on hardware and peripherals, exemption of customs duty on goods imported by ISP, seeks measures to increase penetration.
The Tyre Industry is one of the industries that have been majorly affected by the global economic meltdown.
Bollywood actor Shah Rukh Khan and five members of his team were stopped for an hour at the Mumbai airport by customs officials for not paying customs duty for six luxury watches as the payment facility was not operational in the early hours of Saturday, an official said.
American tech billionaire Elon Musk on Saturday said his proposed visit to India has been postponed due to "very heavy Tesla obligations". The electric carmaker Tesla CEO -- who was expected to be in India on April 21 and 22 and scheduled to meet Prime Minister Narendra Modi -- wrote on X that he is looking forward to coming to India later this year.
The iron and steel industry in India consists of integrated steel plants based on Blast Furnace, Basic Oxygen Furnace route, main producers based on Cores, Finex or PCI Technology, mini steel plants and standalone finished steel producers
The common examples of alloy steel are Stain less steel, Silicon Electrical steel and High Speed Steel.
It is likely that the import duty on input materials would be maintained at the current levels. However many finished products with lower import duty compared to duty on input materials may be increased.
A day ahead of the interim Budget, India slashed import duty on spare parts, like battery cover, lens and SIM socket, used in mobile phone manufacturing to 10 per cent, from 15 per cent. The duty cut is aimed at boosting local production and exports, as well as reducing prices in local markets. The finance ministry on January 30, notified the cut in duty on all goods for use in manufacture of cellular mobile phones to 10 per cent.
The Indian tyre industry is net exporter and is currently improving on the radialization particularly in the truck and bus tyre segment.
Also seeks that the aggregate GST levies by the Centre and State should not exceed 6% for the paper and paperboard
Continue the lower excise duty on various commodities, as similar to FY 09-10, says the glass industry.
BMW Group India recorded its highest annual sales on the back of strong demand for its top-end ICE (internal combustion engine) and electric vehicles (EVs). The German luxury automaker on Thursday announced that its domestic car sales jumped 18 per cent year-on-year (Y-o-Y) to 14,172 units in calendar year 2023 (CY23). This mirrored a trend in the luxury space, with its peers also reporting record numbers.
Seeks removal of customs duty on soda ash, retain excise duty at current levels and stricter enforcement of ban on use of old bottles in select sectors like pharma, etc.
To reduce the cost of captive power generation, seeks removal of import duty on all capital goods used for small and medium power projects.
The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
The sector needs urgent attention as it face threat from China.
Import Duty of Alloy Steel Long Products is likely to increase
Among the Sensex firms, Larsen & Toubro, UltraTech Cement, JSW Steel, Titan, Bajaj Finance, Wipro, Tech Mahindra and Nestle were the major laggards. Maruti, Power Grid, Axis Bank, State Bank of India, NTPC, HDFC Bank, ITC and IndusInd Bank were the gainers.
If Tesla comes in, India's position as a manufacturing hub will rise many notches, as it will become only the second country, after China, to have both Apple as well as Tesla.
Aluminium, one of the major industries in the base metal sector, is moving fast may surpass the tensile strength of steel and share the leading position with steel.
Industry expects that the import duties on dyestuff should be at least retained to the present level to enable them to compete with the imported products.
In a major development, India and the US have agreed to end six trade disputes at the WTO through mutually agreed solutions, while New Delhi will remove retaliatory customs duties on certain American products such as almonds, walnuts, and apples.
India's recent move to remove additional 'retaliatory' duty on eight products from the United States (US), including apples and walnuts, would not have any negative impact on the domestic producers, the government clarified, even as the issue threatened to snowball into a political slugfest between the ruling and Opposition parties. The move would, in fact, result in competition in the premium market segment, ensuring better quality at better prices for consumers, especially for apples, a senior government official said. "There were certain concerns that were being raised on the mutually agreed solution that has come in, more specific to seven-eight agriculture products where we had levied additional import duties in retaliation to the steel and aluminum measures (imposed by the US)," Peeyush Kumar, additional secretary in the commerce department, told reporters in a briefing.
The California walnuts shipped from the US to India have seen a sharp uptick with imports more than doubling from September to November against the same period last year. This comes after New Delhi removed its retaliatory customs tariffs on the key dry fruit. Two days ahead of US President Joe Biden's visit to New Delhi to attend the G20 Summit on September 9-10, India dropped additional customs duties on about half a dozen US goods that were imposed in 2019 in response to America raising tariffs on certain steel and aluminum products coming from India.
India has allocated Rs 1.72 trillion, or 27.67 per cent of the total defence budget to cater to modernisation of the country's arsenal. Modern militaries spend up to 50 to 60 per cent of their total defence budget so that they go into combat with superior weaponry and equipment.
Commerce and Industry Minister Piyush Goyal has visited the manufacturing facility of US-based electric vehicle major Tesla at Fremont, California and said that the company would be doubling its auto components imports from India. The minister is in the US on a four-day visit. The world's largest electric car producer Tesla Inc's chief Elon Musk met Prime Minister Narendra Modi in June in New York and after the meeting Musk had said that he planned to visit India in 2024.
Also seeks removal of excise duties on set top boxes for free to air transmission, and removal of service tax for broadcasters.
Paper sector wants the aggregate GST levies by the Centre and State to not exceed 6 per cent.
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