Page 30 - Budget 2023

Top Headlines: Govt payout under PLI, India-made 4G, 5G tech stacks & more

Business Standard brings you the top headlines at this hour

Govt may announce measures in Budget to strengthen startup ecosystem

The government is expected to announce in the forthcoming Budget steps to further strengthen the startup ecosystem in the country and address inverted duty issues in certain sectors to promote domestic manufacturing, official sources said. Fiscal incentives under the production linked incentive (PLI) scheme to some more sectors are also likely to be announced in the Budget, which will be presented on February 1. Besides, the government may consider providing funds to infrastructure projects approved by the Network Planning Group (NPG), constituted under the PM Gati Shakti initiative, they said. On October 13 last year, Prime Minister Narendra Modi launched the Gati Shakti - National Master Plan aimed at developing integrated infrastructure to reduce logistics costs. The NPG has representations from various connectivity infrastructure ministries/ departments involving their heads of network planning division for unified planning and integration of the proposals. All these departmen

Budget 2023 wishlist: ICEA calls for rationalisation of duties on parts

India Cellular and Electronics Association (ICEA) has batted for rationalisation of duties on parts and components of mobile phones and sub-assemblies, saying some of the smaller tariffs should be done away with, while all inputs duties on 'mechanics' should be removed immediately. The industry body has also suggested that the government should ease the Basic Customs Duty (BCD) on high-end phones. The 20 per cent customs duty on high-end phones should be continued only with a maximum BCD pegged at Rs 4,000 per device, the association has said in its Budget wishlist. Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2023-24 on February 1. ICEA contended that tariffs on inputs and components are a barrier to increasing localisation. It has said that some of the smaller tariffs should be done away with, to support local businesses and bring ease of doing business. In this regard, ICEA suggested that the tariff of 2.75 per cent (including social welfare surcharge

Budget 2023: FHRAI pitches for infrastructure status to hospitality sector

The hospitality sector needs to be accorded infrastructure status by the Centre to help it avail long-term funds under the RBI infrastructure lending norm criteria, according to Federation of Hotel & Restaurant Associations of India. In its pre-Budget demand, the Federation of Hotel & Restaurant Associations of India (FHRAI) said although industry status has been accorded to tourism and hospitality by many state governments, the incentives and privileges associated with an industry have not been conferred to the sector. "The industry needs infrastructure status to be accorded by Government of India to enable the hospitality sector avail long-term funds under the RBI Infrastructure lending norm criteria," FHRAI Secretary General Jaison Chacko said in a statement. This will enhance quality accommodation supply and therefore, stimulate higher global and domestic travel demand, he added. Chacko further said tourism and hospitality should be placed on the concurrent list of the ...

Budget 2023-24 wishlist: Here're key challenges in renewable energy sector

India missed the 175-Gw green energy target by the end of 2022 by 55 Gw as due to slow progress in project development

Budget 2023-24: T V Somanathan to Ajay Seth, meet the FM's crack squad

The Modi government will present its last full Budget on February 1 as the 2024 Budget will be a vote on account because the nation will be heading for the hustings from April next year

Budget 2023-24: Govt set to pay out Rs 4K cr under PLI by March end

The Budget may extend the PLI scheme to six-seven more sectors such as toys, textiles, electronics, bicycle components, leather, and furniture

Finance Ministry contemplating sops for middle class in upcoming Budget

The finance ministry is considering proposals to benefit the middle class in its last full Budget of the Narendra Modi 2.0 government to be presented on February 1 in the Lok Sabha. The finance ministry is looking into proposals sent by various government departments on specific steps which may be announced in the Budget, benefitting a large section of the middle class, sources said. The government has not raised income tax exemption limit from Rs 2.5 lakh which was fixed in 2014 by the then Finance Minister Arun Jaitley in his first Budget. Also the standard deduction has remained at Rs 50,000 since 2019. Several experts are of the opinion that the exemption limit as well as standard deduction need to be increased to compensate salaried middle class for elevated level of inflation. The recent statement of Finance Minister Nirmala Sitharaman that she was aware of pressures of the middle class has raised hope that some incentives may come for them in the upcoming Budget. "I too bel

FM takes part in Halwa ceremony to mark final stage of budget preparations

The ceremony was held within North Block premises, which houses the finance ministry

Budget 2023-24 wishlist: Here are the key challenges in technology sector

"India is the best market right now in the world with the digital initiatives the government has implemented," says C Vijayakumar, CEO & MD HCLTech

Budget 2023-24 wishlist: Here're the key challenges in manufacturing sector

The IIP manufacturing for November expanded to its highest in five months after a subdued performance in October 2022

Budget 2023-24 wishlist: Here're the key challenges in agriculture sector

The emerging trends in Indian agribusiness point at the shift in focus from a production-driven sector to market-driven factors

Budget 2023-24 wishlist: Here're the key challenges in healthcare sector

Covid has highlighted the need for adequate infrastructure and health care workforce, especially doctors and nurses

Budget to see poll-oriented spending boost to focus on infra capex: Report

Ahead of the national elections, the last full budget of the Modi government is likely to boost welfare spending with a focus on rural and infra capex, according to a report. However, it may pencil in for a lower fiscal gap at 5.8 per cent next fiscal, given the likely reduction in subsidies, even though nominal GDP growth is likely to fall by a third to 10.5 per cent, it added. The government is likely to miss the medium-term fiscal roadmap of bringing down the fiscal deficit to 4.5 per cent by FY26, given the overall domestic and global slowdown, as per the report by Swiss brokerage UBS. The government will present its last full budget on February 1 amid global and domestic headwinds. The nation is bound for hustings mid-next 2024, which will have its sway on the budget, the report said, adding the government is expected to support growth by boosting welfare spending, albeit within fiscal boundaries, which will also help it manage macro stability risks amid the rising global ...

Edtechs' Budget wishlist: Lower taxes, higher funding, greater incentives

Struggling with drying investment, dealing with cost cutting, the sector hopes Budget eases the pain

Tax cut, restoration of OPS on citizens' Budget wish list this year

Like every year, multiple suggestions come in from citizens on MyGov, some reasonable, others clearly whacky

Three points for the Budget

Of the many things to watch in the Budget, three things-growth, fiscal deficit and stance on trade-will receive special attention from analysts. Getting the tone right will be crucial

Stocks slide in volatile trading in run-up to Budget, Fed Reserve meet

Nifty50 down 1.3%; Bank Nifty slips 2.5%; FPIs withdraw Rs 2,394 cr

Budget 2023: Citizens' expectations from FM Nirmala Sitharaman | Union Budget 2023 | Budget

Finance Minister Nirmala Sitharaman will present the Union Budget 2023 on Feb 1. Watch the video to find out what citizens expect from the government this time

Budget to continue social welfare spends as poor consuming less: Ind-Ra

Economic recovery has not yet become broadbased and sustainable as only creamier sections are consuming, India Ratings and Research said on Wednesday and added that the FY24 budget is expected to continue with social sector spending. The annual budget for the financial year 2023-24 will be presented in parliament on February 1. Finance Minister Nirmala Sitharaman will focus on making consumption demand resilient, boosting infrastructure and manufacturing capex, skill development and increasing productivity, fiscal consolidation and climate change in the last budget of this government, the agency said. It said there is likely to be a "stark difference" between economic performances of the first and second halves of FY23, which will suggest that it is only the upper layers which are driving the private final consumption, the agency said. "Anecdotal evidence suggests that the gap between have and have nots has widened. ...various social welfare schemes such as PM-KISAN and MGNREGA wil