'The dakiyas will be our partners, receiving credit proposals from micro-enterprises at the grassroots level.'
Replying to a question about women empowerment, Sitharaman insisted that patriarchy is a concept invented by the Left.
Also seek 5-year tax holiday for SSIs, simplified procedures for SMEs, technology upgrade.
Exporters on Thursday sought a fund of Rs 750 crore for three years to tap USD 25 billion export potential in the US, aiming to seize potential opportunities that may arise as the US President-elect, Donald Trump, has threatened to impose high tariffs on Chinese goods. In its pre-Budget meeting with the finance ministry, Federation of Indian Export Organisations (FIEO) President Ashwani Kumar has also demanded extension of the five per cent Interest Equalisation Scheme (IES).
Announcing a slew of measures for the sector, he said GST-registered micro, small and medium enterprises will be sanctioned a loan of Rs 1 crore in just 59 minutes through a new portal.
Reacting to the announcement, MSME Minister Nitin Gadkari said clearing GST dues within 30 days will be highly beneficial for the MSME sector and will also be instrumental in increasing job opportunities.
The additional amount will be exclusively earmarked for the hospitality and related segments to help them recover to pre-pandemic levels. Presenting the Budget 2022-23 in Parliament, the finance minister said the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) scheme will be revamped with required infusion of funds.
The most striking features of this Budget was its focus on simplification and improving the ease of doing business in India, asserts Kaku Nakhate.
'The scrapping of import duty would help Indian companies compete in international markets, thus paving the way for India becoming a space manufacturing hub for the world.'
The finance minister chaired a meeting through video conference with major private banks and NBFCs to ensure effective rollout of ECLGS and uninterrupted liquidity to Indian MSMEs in this difficult time.
The Ministry of Micro, Small and Medium Enterprises (MSME) has received "positive" feedback from industry regarding the 45-day payments cycle for MSMEs, according to a senior official familiar with the matter. The comment assumes significance amid concerns raised by some MSMEs that big companies may stop buying from small and medium suppliers and instead choose to make purchases from unregistered enterprises.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
From the 30-share blue-chip pack, Zomato surged over 7 per cent. Maruti, ITC Hotels, ITC, Mahindra & Mahindra, Asian Paints, Titan and IndusInd Bank were among the biggest gainers. Power Grid, Larsen & Toubro, NTPC, UltraTech Cement, HCL Tech, Tech Mahindra, Infosys and Adani Ports were among the laggards.
These are the highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday.
Demonetisation and GST are the main reasons for the job losses.
'2025 is the year to build a portfolio for the future. Focus this year should be on valuations and visible growth.'
Nibe Space (NSPL), a subsidiary of Nibe, announced its vision to establish India's first multi-sensor, all-weather, high-revisit Earth observation satellite constellation. Aiming to strengthen India's self-reliance in the strategically crucial defence-space sector, NSPL signed memoranda of agreement with Indian and global partners, including Larsen & Toubro, Centum, AgniKul, Skyroot Aerospace, SpaceFields, SISIR Radar, CYRAN AI Solutions, and Thales Alenia Space as a technology partner.
Given the high priority accorded to the manufacturing sector, several policy initiatives around the theme of Atmanirbhar Bharat have been set in motion to address its competitiveness and growth. Some notable examples include the PLI scheme and the employment-linked incentive scheme announced in the recent Union Budget. The Budget also announced the setting up of 12 industrial parks under the National Industrial Corridor Development Programme (NICDP).
'The finance minister has done as much as she can when you look into the fiscal constraints she had.'
As the Union Budget 2025-2026 (FY26) inches closer, the Indian real estate industry is seeking stamp duty cuts, revised home loan limits and updated affordable housing norms through Pradhan Mantri Awas Yojna (PMAY), single-window clearance and eco-friendly policies, among others. Industry leaders and consultancy firms, including Anarock, Raheja, Gaurs, Kanodia Group, Reach, Urban Space, Justo and Eros Group, have shared their expectations.
She added that the government has extended the PM Garib Kalyan Anna Yojana for five years which is benefiting 80 crore people of the country.
The RBI panel has also recommended a government-sponsored 'fund of funds' of Rs 10,000 crore to support the venture capital and private equity firms investing in the MSME sector.
The finance minister, in her Budget speech, should focus more on what she is directly responsible for, rather than on programmes where her role is largely supportive, notes Nitin Desai.
The Kerala unit of the Congress instantly gets a headache when Shashi Tharoor lets loose one of his observations showering flowers on enemy territory. With every such action triggering controversy within a nervous Congress party, some feel it is high time Tharoor showed a degree of solidarity with the ideals of his party, notes Shyam G Menon.
The Union Cabinet on Wednesday approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through the Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector hit hard by the coronavirus crisis. The ECLGS was the second-biggest component of Rs 21 lakh crore comprehensive package announced by Finance Minister Nirmala Sitharaman last week.
The eight-member committee under Sinha will also examine the factors affecting the timely and adequate availability of finance to the sector.
Sri Annapoorna Hotel on Saturday appealed to the people to put to rest unnecessary assumptions and political misunderstanding after a video of its owner apologising to Union Finance Minister Nirmala Sitharaman over his remarks on Goods and Services Tax (GST) went viral on September 13.
The opposition Maha Vikas Aghadi on Sunday released its manifesto for the Maharashtra assembly polls, promising free cervical cancer vaccines for girls aged 9 to 16 and and two optional leave days for women employees during menstruation.
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
The Industries Association of Uttarakhand, an organisation of MSMEs, has prepared an agenda for the Budget.
Reserve Bank Governor Shaktikanta Das on Thursday said the fundamental drivers of the Indian economy are gaining momentum and the country is moving on a sustainable growth path. In the inaugural address at FIBAC 2024, the governor said that massive changes are taking shape in various economic sectors and markets, and the country is geared for orbital shifts.
'I am optimistic about the Budget because of the fiscal discipline the government has committed to.'
An increase in the farmer income support scheme PM Kisan Nidhi, the introduction of a 'robot tax' to fund reskilling of people who lose their jobs to artificial intelligence (AI), and a reduced income-tax (I-T) to bring relief to the middle classes - these are some of the items in the Budget wish list submitted by Sangh Parivar affiliates to Finance Minister (FM) Nirmala Sitharaman. Representatives of the affiliates of the Rashtriya Swayamsevak Sangh (RSS), such as the farmer organisation Bharatiya Kisan Sangh (BKS); trade union Bharatiya Mazdoor Sangh (BMS); Laghu Udyog Bharati, which works for micro and small industries; and Swadeshi Jagran Manch (SJM), which works on economic and policy issues, met the FM and other officials over the last couple of weeks as part of the pre-Budget consultations.
Households are likely to remain the primary net lenders to the economy in the coming decades.
The FM proposed reduction in basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
Logistics major Delhivery has had promising Q2FY25 results. The Q2FY25 consolidated revenue was Rs 2,190 crore (up 0.8 per cent quarter-on-quarter or Q-o-Q and 12.8 per cent year-on-year or Y-o-Y). Express parcel revenue was Rs 1,300 crore, (up 1.7 per cent Q-o-Q/7.3 per cent Y-o-Y) alongside better yield (+5 per cent Y-o-Y) in the segment.
The approval for provisioning of Rs 20,000 crore as subordinate debt to provide equity support will benefit 2 lakh stressed MSMEs.
The MSME sector, which is employment-intensive, accounts for 45 per cent of the country's manufacturing, 40 per cent of exports and nearly 8 per cent of gross domestic product.
Five bridges, big and small, have collapsed across the state in just over a week. One incident each was reported from Araria, Siwan, East Champaran, Kishanganj and Madhubani districts.
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