Page 23 - Budget 2024

Budget 2024: EEPC urges revival of interest subvention scheme for exporters

The Engineering Export Promotion Council (EEPC India) has urged the government to revive the interest subvention scheme for exporters in its pre-budget recommendations. EEPC India Chairman Arun Kumar Garodia emphasised the scheme's importance, especially with rising interest rates. He called for restoring the three per cent subvention rate for specific tariff lines and a 5 per cent rate for MSME exporters across all product categories. The recent exclusion of merchant exporters from the Interest Equalisation Scheme (IES) raised concerns. EEPC India argued that merchant exporters, with low profit margins, are significantly impacted by credit costs. They proposed extending the IES benefits to them with a three per cent subvention rate. A government notice extended the IES for two months, but only for MSMEs. This left merchants and large exporters ineligible after June 30. The apex engineering exports promotion body warned this exclusion could hurt these businesses, especially those

Fair trade, focus on manufacturing, infra on steel firms' Budget wish list

Steel companies hope the govt will continue to focus on infra expansion while also giving the industry a level playing field to compete with imports

Budget 2024: 7 key demands listed by govt employees' union for Centre

Ahead of the Budget on July 23, the union has called for a lunch hour demonstration in front of all central government offices from July 17-19 in support of these demands

Budget 2024 wish list: ATMA urges govt to restrict import of waste tyres

The Automotive Tyre Manufacturers' Association (ATMA) on Tuesday said there is a need to restrict import of waste tyres into India, saying the country is becoming a 'dumping ground' for scrap tyres. The import of waste/scrap tyres into India has increased by more than five times since FY20-21, ATMA said in its pre-budget submission to the finance ministry. "Such indiscriminate import of waste/scrap tyres is not only an environmental and safety concern but also undermines the very purpose of Extended Producers Responsibility (EPR) Regulation on Waste Tyres which is in place since July 2022," it added. Raising the concern, ATMA Chairman Arnab Banerjee said,"The import of waste/scrap tyres into India needs to be restricted through policy measures and, if necessary, allowed only in multiple cut or shredded form." India has emerged as one of the leading manufacturers of tyres in the world with domestic manufacturing of tyres surpassing 200 million per annum. Accordingly, there is enough

Budget 2024: What does the healthcare sector expect from FM Sitharaman?

Union Budget 2024: Finance Minister Nirmala Sitharaman is set to present the Budget in the Lok Sabha on July 23

Union Budget 2024-25 likely to go vocal for higher local procurement

Greater local content norms may kick in first in steel, chemicals, pharma sectors

Exports to jobs: 5 macro signals FM should heed ahead of Budget 2024

Rural consumption slowdown and slowing bank deposits are among other issues she should consider

Union Budget 2024: Here's what startups, investors expect from Modi 3.0

Expectations rise for investments, simplified tax norms, and sectoral support

Union Budget 2024: PM Narendra Modi to meet top economists on July 11

Budget 2024: At the key meeting, economists and industry experts as well as Niti Aayog Vice Chairman Suman Bery will present their views and recommendations regarding the Budget

On Budget table: 100% MSP for oilseeds, pulses; Centre may tweak PM-AASHA

India's dependence on imports for meeting its domestic demand for edible oils has increased during the last few decades and roughly 60 percent of domestic consumption is met through imports

Morgan Stanley expects Budget 2024 to focus on road map for 'Viksit Bharat'

Global brokerage firm Morgan Stanley expects Finance Minister Nirmala Sitharaman's upcoming Budget to focus on the government's road map for 'Viksit Bharat' by 2047 and spell out the medium-term plan for fiscal consolidation. "With fiscal prudence guiding the overall fiscal policy stance, we expect the focus to remain on capex expenditure over revenue expenditure and targeted social sector spending with a focus on improving access to physical, social and digital infrastructure," said Morgan Stanley's research report on Wednesday. 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 brokerage firm expects the central government's fiscal deficit target to be retained at 5.1 per cent of GDP in 2024-25 in line with the interim budget (against 5.6 per cent of GDP in 2023-24) and to be on track to attain the target of 4.5 per cent of GDP by the next financial year. "The fiscal headroom h

Telcos call for tax reforms in telecom sector in Union Budget 2024-25

COAI has restated calls to stop USOF payments, reduce customs duty on equipment

What does the middle class want from Budget 2024?

As the Union Budget for 2024 draws closer, anticipation is brewing among the middle class about whether this time the Budget will offer any more relief when it comes to taxes, housing, and prices. Wat

Focus back on raising revenue

With the fiscal deficit target staring at the government, the FY25 Budget has limited expenditure options

Budget 2024: FinMin concludes consultations, When is the Union Budget?

Finance Minister Nirmala Sitharaman has wrapped up consultations for Budget 2024 with various stakeholders from across sectors. What were the key demands and suggestions?

Sensex sees third fastest 5,000-point gain in history to reach 80,000 mark

The fastest 5,000-point rally for the Sensex was nearly three years ago (September 24, 2021) when the index hit an intraday high of 60,333 in a span of just 28 trading days

Rail stocks rally: RVNL, IRFC, TexRail surge up to 15% on July 08; check why

The GoI is focusing on improving the railway infra and ensures faster development and completion of tracks, rail electrification, rolling stock manufacturing and delivery of passenger freight services

Govt mulls doubling no of AB-PMJAY beneficiaries, insurance amount in 3 yrs

The government is actively considering doubling the beneficiary base under its flagship Ayushman Bharat health insurance scheme over the next three years, with all those aged above 70 years to be brought under its ambit to begin with, and also increase the insurance coverage to Rs 10 lakh per year. The proposals, if given a go ahead, would entail an additional expenditure of Rs 12,076 crore per annum for the exchequer as per estimates prepared by the National Health Authority, official sources told PTI. "Discussions are happening to double the beneficiary base under the AB-PMJAY over the next three years, which, if implemented, will cover more than two-third population of the country with health cover, the sources said while noting that medical expenditure is one of the biggest reasons that push families to indebtedness. "Deliberations are also underway over finalising a proposal to double the limit of the coverage amount from the existing Rs 5 lakh to Rs 10 lakh," they said. These

FY24 defence production grows 17% to record high of Rs 1.27 trillion

MoD says value of defence production has grown by over 60 per cent in the five years since FY20

Train travel woes to ease: Railways to add 10k non-AC coaches in two years

In FY25, 4,485 coaches will be produced, including 2,605 general coaches, 1,470 non-AC sleeper coaches, 323 SLR coaches, 32 high-capacity parcel vans, and 55 pantry cars, featuring Amrit Bharat models