The government plans to operate a second unit of Dabhol project on naphtha from May to partly tide over the massive electricity shortages in Maharashtra during summer.
Fuelled by growing markets and a liberalised economy, the Indian biotech industry is set to witness an exponential growth with an estimated turnover of $4,500 million by 2010.
The Minister said the department is yet to calculate the exact interest-free loans to be provided to the industry.
Excise duty and other tax exemptions for attracting industries to hilly states may not go away, but could be limited to fresh investments in the Budget for 2007-08.
The government could look at providing deductions for expenses incurred by salaried employees while working from home in the upcoming Budget as it looks to boost demand, consulting firm PwC India said on Thursday. Addressing a pre-Budget session, Pwc India senior tax partner Rahul Garg said demand creation is particularly focussed on money being given or left in the hands of the individuals.
Automobile manufacturer General Motors on Wednesday cut the price of its vehicles by up to Rs 30,500, following the government reducing excise duty.
The price of the company's premium hatchback Fusion has been reduced by Rs 18,500, Ford India said in a statement. Likewise the mid-sized sedan Fiesta's price was cut between Rs 21,000 and Rs 25,000, while that of sports-utility vehicle Endeavour has been reduced by Rs 47,000-Rs 54,000.
Here are the highlights of the economic package announced by the government on Sunday.
While the Budget might have been a sentiment booster for the sector, firms with market dominance emerge as favourites.
The recent surge in crude oil prices could shave off the gains made by India Inc in profit margins in the past few quarters. Worse, it comes at a time when consumer demand in the country is slipping and major global economies are witnessing a slowdown. A back-of-the-envelope calculation suggests that the margin expansion accounted for three-fourths of the rise in the listed firms' operating profit between the April-June quarter (Q1) of FY23 and Q1FY24, and only a quarter of profits gains came from revenue growth.
The Monopolies and Restrictive Trade Practices Commission has slammed auto giant Tata Motors for over booking and 'embezzling' government money by retaining taxes at the time of mega-launch of its first car Indica in 1999.
The government has sacked these officers ranging from the ranks of principal commissioner to assistant commissioner, some of whom were already under suspension.
