Page 22 - Budget 2024

To boost electronics production, ICEA demands lower input tariffs in Budget

Ahead of the Union Budget, India Cellular & Electronics Association (ICEA) has recommended reduction in input tariffs for building a strong components ecosystem. ICEA based its recommendations on a "tariff study" it conducted across seven competing economies, including India. "...high tariffs on inputs limit the very engine of growth that would lead to higher production. High tariffs on inputs reduce exports because they become uncompetitive, leading to lower production of the final product, i.e., mobile phones. Addressing this requires a reduction in tariffs on inputs. "We recognise that developing the domestic supply chain is extremely critical but the right way is not by protecting with high tariff but drastically reducing disabilities by creating competitiveness and infuse incentive schemes wherever there are gaps," the report, which was released on Tuesday, said. To attract global value chains (GVCs) and increase the scale of production, ICEA said all tariff lines that ...

Full Budgets tend to realign fiscal deficits set in interim Budgets

Analysis of fiscal trends since 1991 reveals that full Budgets typically reduce fiscal and revenue deficits set in interim budgets, with notable exceptions during economic crises and major reforms

Insurance firms eye tax reliefs in upcoming Budget to boost penetration

Life insurance companies have called for tax deductions on annuity products as well as lower goods and services tax (GST) on their products

Union Budget 2024-25: MSMEs bat for Rs 5,000 crore export booster

India SME Forum suggested setting up an export promotion and development organisation to support MSMEs in market intelligence, trade opportunities, B2B outreach and connections

Budget 2024: Standard deduction for salaried persons may rise to Rs 1 lakh

Budget 2024: Under the Indian taxation laws, the standard deduction is a provision for the salaried employees and taxpayers receiving a pension

Budget Watch: FinMin confident of sticking to fiscal deficit of 5.1% of GDP

However, this path may not be as easy for the government to tread

Modi govt's Budget to send India's soaring stocks higher, shows survey

The upcoming government budget will likely boost consumer spending and infrastructure building, which bode well for businesses, strategists and investors surveyed by Bloomberg said

Budget 2024: Centre may hike Provident Fund limit to Rs 25k after a decade

Budget 2024: For the Provident Fund, the current limit of Rs 15,000 came into effect after the wage ceiling for coverage was revised almost a decade ago in September 2014

Ahead of Union Budget 2024-25, DPIIT recommends angel tax removal

The angel tax is on the amount received by a company above the fair market value as income

Budget 2024: What does India's power sector expects from FM Sitharaman

Union Budget 2024: Securing supply chain stability and embracing new technologies are essential for the sector's long-term sustainability and efficiency

Budget Watch: Sitharaman likely to address banking, insurance reforms

Government's equity dilution in state-owned lenders will be one issue financial market observers will monitor

Union Budget 2024: FM Nirmala Sitharaman set to present Budget on July 23

The Budget session of Parliament is slated to take place from July 22 to August 12

Union Budget 2024: Push for Lakhpati Didi 2.0 to boost women empowerment

Budget 2024: The Union Budget for the financial year 2024-25 is scheduled to be presented in the Lok Sabha on July 23

Ahead of Budget, hospitality players demand infra status for hotels

Hospitality players want the government to accord infrastructure status to hotels to make investments on new properties more attractive rather than categorising them as luxury or even 'sin goods' in the upcoming Union Budget considering the sector's potential to play a key role in India's growth. They also want the government to consider incentives in the form of tax breaks or subsidies for adopting sustainable and eco-friendly practices, while asserting that the upcoming budget must accelerate the tourism agenda saying it is an opportunity to make Indian hospitality the emerging engine for GDP growth and employment generation. "The sector is burdened with high taxation, expensive and multifarious licences, approvals and compliances. Hotels are capital intensive with a long gestation period. Cost of operating hotels is high and largely fixed. This makes investments in hotels risky. There is a need to make hotel investments more attractive with an improved rate of investment and to .

Budget wish list: Pharma industry seeks tax benefits, effective IPR regime

There is a need to incentivise R&D investments, offer corporate tax concessions and establish an effective intellectual property rights regime in order to push the growth of domestic pharmaceutical industry, as per the industry bodies. Outlining the sector's wish list for the upcoming Union Budget, Organisation of Pharmaceutical Producers of India (OPPI) Director General Anil Matai urged the government to explore methods to incentivise R&D investments, such as deductions on R&D expenses, research-linked incentives for MNCs, and corporate tax concessions. The initiatives will help in accelerating R&D and innovation in the sector, he added. "Recognising the high-risk, long-gestation nature of R&D, we suggest extending the scope of section 115BAB of the Income Tax Act, 1961 to companies solely engaged in pharmaceutical research and development and providing a 200 per cent deduction rate on R&D expenditures," Matai said. This would significantly boost the sector's .

Budget Watch: What path will the finance minister take in Budget 2024?

It will be interesting to see the path the FM opts for in the Budget and how she strikes a balance between the govt's political compulsions and economy's medium-term needs

Economic vision and not stimulus in Modi 3.0 Budget: Goldman Sachs

The government, Goldman Sachs believes, is likely to stick to the announced fiscal deficit target of 5.1 per cent of gross domestic product (GDP) for FY25

Pre-budget wish list: Set up Credit Guarantee Fund for agri loans, says SBI

The SBI report said that this fund is expected to boost fresh agriculture credit multiple times

Budget 2024: Govt may double beneficiaries under Ayushman Bharat scheme

Union Budget 2024: Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha on July 23; the Budget session of Parliament to take place from July 22 to August 12

Budget 2024 must focus on tax relief to stimulate consumption: India Inc

The Union Budget FY25 should focus on offering relief to taxpayers, especially in the lower income brackets, to stimulate consumption, industry players suggested. Finance Minister Nirmala Sitharaman is scheduled to present the full Budget for fiscal 2024-25 on July 23 which will be the first major policy document of the new government. The industry also urged the finance minister to lower corporate tax, phase out tax exemptions, and broaden tax base to boost economic growth. "Rationalise and simplify the tax system to improve compliance and promote investment. Consider measures such as reducing corporate tax rates, phasing out tax exemptions, and broadening the tax base to make the tax regime more efficient and equitable," Assocham said. Rating agency ICRA said the government is likely to set a fiscal deficit target at 4.9-5 per cent for FY25, as against 5.1 per cent estimated in the Interim Budget on February 1, without compromising the capital expenditure target of Rs 11.1 lakh .