Page 2 - Budget And Industry

Industries across fields expect host of measures in Budget to propel growth

With Finance Minister Nirmala Sitharaman preparing to present the first full Budget of the Modi 3.0 government, industry players from various fields have put forth their demands for raising income tax limits, taking measures for more job creation, and further improving doing business to propel growth. The industry is hopeful that the government will announce a slew of measures to boost consumption by ensuring more money in the hands of people, boosting capital expenditure, giving relief to the housing sector and technological innovations. Moin Ladha, Partner at Khaitan & Co, opined that with the Union Budget 2025 fast approaching, the industry as a whole is confident of some interesting changes to the regulatory landscape, particularly changes to foreign investment policy, streamlined compliance, and key policy changes in certain sectors. One such key change that the Budget 2025 may bring is the introduction of 100 per cent foreign direct investment (FDI) in the insurance sector, .

Budget 2025-26: Industry expects steps for labour-intensive industries

Employment Linked Incentive Scheme and the Prime Minister Internship Scheme likely to get support

India's plastic pipe market to grow, but PVC prices may pose challenge

The report by Jefferies highlighted India's lag in pipe consumption compared to developed regions like the US, Europe, and China

Budget FY26: Goldman Sachs highlights focus on fiscal deficit, growth

India's elevated public debt-to-GDP ratio remains a concern. A reduction in the general fiscal deficit from 8 per cent in FY25 to 7 per cent by FY30 is critical to keeping public debt sustainable

Budget 2025-26: Sitharaman chairs 4th pre-budget meet with key stakeholders

On Tuesday this week, Prime Minister Narendra Modi also interacted with a panel of distinguished economists and thought leaders at NITI Aayog on the strategies for the Union Budget 2025-26

Pre-Budget meet: MSME stakeholders seek tech upgrade, PLI benefits, GST cut

Stakeholders from the micro, small and medium enterprises (MSME) sought a reduction in GST, technology upgrade, and production-linked incentive scheme benefits for various segments in a pre-Budget meeting with Finance Minister Nirmala Sitharaman on Saturday. The meeting aimed to seek inputs and suggestions for the Budget for 2025-26, expected to be presented on February 1. Members from the Association of Women Entrepreneurs of Karnataka (AWAKE); Karnataka SC and ST Entrepreneurs' Association; Plant-Based Food Industry Association (PBFIA); Ambala Scientific Instruments Manufacturers' Association (ASIMA); Rajasthan Footwear Manufacturers' Association were among the participants at the meeting. The All-India Plastics Manufacturers' Association; All India Manufacturers' Association; Gujarat Chamber of Small Industries Association; Federation of Associations of Cottage and Small Industries (based in West Bengal); Federation of Andhra Pradesh Small and Medium Association; and Laghu Udyog

Govt's role to enable conditions to boost exports: WB industry secretary

The West Bengal government on Friday said its export and logistics policies will strengthen the state's export sector, which currently generates approximately USD 11.7 billion in merchandise exports. At the launch of the Kolkata chapter of the National Centre for Export Promotion (NCEP), Bengal Industry and Commerce Secretary Vandana Yadav highlighted that engineering goods exports alone account for nearly USD 3.5 billion. Addressing industry representatives at the Institute of Indian Foundrymen (IIF), Yadav emphasised that the policies are designed to create favourable conditions for the private sector, which drives 100 per cent of the state's exports. "The government's role is to enable conditions whereby you can export more," Yadav said, noting that the focus is on sustaining traditional sectors like the foundry industry while integrating modern, knowledge-based methods. She described the establishment of the NCEP as a timely initiative to enhance traditional skills and provide

Piyush Goyal to chair meet with states on Sept 5, discuss industrial growth

Commerce and Industry Minister Piyush Goyal would chair a meeting of state industry ministers on September 5 to discuss ways to promote industrial growth of the country, an official said. As industry is a state subject, they are key stakeholders in promoting the sector, the official said. "Issues like ways to promote manufacturing, promotion of industries and state issues may come up for deliberations on September 5 here," the official added. The Centre is already taking a number of measures in this direction and that includes reducing compliance burden, promoting ease of doing business and setting up of industrial townships. Recently, the Government of India approved 12 new industrial cities in 10 states on the lines of Greater Noida in Uttar Pradesh and Dholera in Gujarat to boost domestic manufacturing with an estimated investment of Rs 28,602 crore. These industrial areas will be in Khurpia in Uttarakhand, Rajpura-Patiala in Punjab, Dighi in Maharashtra, Palakkad in Kerala, Ag

Raamdeo Agrawal on why the Budget couldn't dent retail investors' sentiment

There is a lot of liquidity, shift from bank deposits to financial markets and capital formation is finally happening, said Motilal Oswal's Raamdeo Agrawal at 'Budget with BS: The Fine Print' event

DPIIT working on proposal for setting up 12 new industrial cities: Official

The country will have 12 new industrial cities in different states like the ones developed in Greater Noida, Uttar Pradesh and Dholera in Gujarat to further boost domestic manufacturing, a top government official said. Out of this, two are coming up in Andhra Pradesh and one in Bihar. The Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh said that eight such cities are already under different stages of implementation. Trunk infrastructure has been created in four cities - Dholera, Auric (Maharashtra), Vikram Udyogpuri (Madhya Pradesh) and Krishnapatnam (Andhra Pradesh) and allotment of land plots is underway for the industry. Similarly in the other four, the government's special purpose vehicle is in the process of construction of the basic infrastructure like road connectivity, water and power supply. With eight already under the development stage and the announcement of 12 new in the Budget, the total count of these cities in the countr

Budget 2024: Proposals for critical minerals to help achieve net-zero goals

The Budget announcements related to critical minerals and green transition will not only make India self reliant in resources but also help in meeting net-zero goals, energy industry players said. In her Budget speech on Tuesday, Finance Minister Nirmala Sitharaman announced a slew of measures for sectors, including infrastructure, manufacturing, healthcare, education, startups, and green energy, among others. Amit Rautela, CFO of state-owned Meja Urja Nigam said the Budget has strategically addressed present requirement of thermal power with a focus on Advanced Ultra Super Critical (AUSC) technology through joint venture route. Further, duty related measures for critical minerals will make the country self reliant in these important resources. According to Rahul Walawalkar, President of India Energy Storage Alliance (IESA), the announcement for pumped hydro storage in budget is a key step for supporting long duration energy storage technologies. Abolishment of angel tax is a great

Encouraged by Budget's focus to increase integration into GVCs: USIBC

Encouraged by the budget on measures to increase integration into global value chains, the US India Business Council on Tuesday lauded the ambitious Union Budget as a key step in strengthening its global leadership in the Indo-Pacific and across the world. USIBC is eager to work closely with the Government of India to help it realize the full potential of Viksit Bharat, and we laud the Government's ambitious Union Budget 2024 as a key step in strengthening its global leadership in the Indo-Pacific and across the world as well as ushering new opportunities for partnership and collaboration between the United States and India, the world's oldest and largest democracies, USIBC president Atul Keshap said. Several of the budget's economic measures are likely to have important strategic impact in areas of shared priority between India and the US where USIBC has been a key partner to both governments, he said. Abolishing the angel tax clears an obstacle to ever closer bilateral technology

Govt brings listed equity & units of REITs, InvITs at par to calculate LTCG

The government on Tuesday brought units of listed business trusts -- REITs and InvITs -- at par with listed equity shares while calculating long-term capital gain tax, a move that will foster a more agile investment environment. According to the Union Budget document, the government has reduced the holding period for determining long-term capital gains for business trusts from 36 months to 12 months. "Thus units of listed business trust will now be at par with listed equity shares at 12 months instead of earlier 36 months," the document noted. Real estate Investment Trusts (REITs) and infrastructure investment trusts (InvITs) are new concepts in the Indian market but have been a popular choice globally for their lucrative returns and capital appreciation. A REIT is made up of a portfolio of commercial real estate assets, the majority of which are already leased out, and InvITs consist of a portfolio of infrastructure assets like highways. Indian REITs Association, which has been

Union Budget 2024: Here are the key highlights from FM Sitharaman's speech

Finance Minister Nirmala Sitharaman's Union Budget 2024 speech focused on increased spending, job creation, and tax reforms

Budget news: A look at landmark Union Budget announcements in the past

From the introduction of wealth tax to economic liberalisation to privatisation, here is a look back at landmark Union Budgets

FM Sitharaman's record 7th Union Budget presentation: All you need to know

Finance Minister Nirmala Sitharaman is set to make history with her seventh consecutive Union Budget presentation today, laying out Modi 3.0's fiscal plan for the India Budget for FY25

Tax overhaul, populism: ICRA on proposals that Modi 3.0 Budget must avoid

The Union Budget for fiscal 2024-25 (FY25) will be presented on July 23, 2024

Budget 2024: MSME sector eyes double loan limit under MUDRA to Rs 20 lakh

The finance ministry in the forthcoming Union Budget needs to double the loan limit to Rs 20 lakh under the MUDRA Yojana, and expand the credit guarantee cover for unsecured loans for MSMEs from Rs 2 crore to Rs 5 crore. MSMEs also want incentives from the government to help them sell products globally. Finance Minister Nirmala Sitharaman will present the Union Budget for the current fiscal on July 23 in the Lok Sabha. On expectations from the Budget, Navin Saini, chief business officer (Retail & MSME), Arka Fincap said the government will continue its agenda to provide a strong foundation for MSMEs, bolstering their growth. "To achieve this, they should consider increasing the loan limit of the Pradhan Mantri MUDRA Yojana (PMMY) scheme from Rs 10 lakh to Rs 20 lakh and expanding the credit guarantee cover for unsecured loans for MSMEs from Rs 2 crore to Rs 5 crore. "These measures will provide MSMEs with greater access to necessary financial resources, enabling them to thrive and

India's fintech industry projected to reach $420 bn by 2029 at CAGR of 31%

The Indian fintech industry is estimated to be around USD 110 billion in 2024 and its projected to reach about USD 420 billion by 2029, Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, National Payments Corporation of India, said. The sector, he said, is expected to continue to grow due to factors like favourable policies of the government. The government's push towards a digital economy, coupled with a young and tech-savvy population, is likely to propel the fintech sector to new heights, he added. "As of 2024, Indian FinTech Industry is estimated to be around USD 110 billion and by 2029, it is projected to reach an impressive number of around 420 billion at a cumulative annual growth rate of 31 per cent," industry chamber Assocham said in a statement, quoting Choudhary. It said the advent of the fintech ecosystem, driven by technology-linked innovation, has revolutionised traditional financial services and led to improvement in the efficiency of delivery of

The Balancing Act: Budget expectations of India's automobile sector

At the heart of the debate lies the future of automotive propulsion technologies