Budget 2018-19

  A new voluntary vehicle scrapping policy, to phase out old and unfit vehicles, is to be announced, to encourage fuel-efficient, environment-friendly vehicles New impetus for the manufacturing sector Production-linked incentive schemes to create manufacturing global champions have been announced for 13 sectors. Rs 1.97 trillion over a five-year period starting FY22 has been allocated for these sectors, to enable manufacturers to develop scale and become an integral part of global supply chains. A voluntary vehicle scrapping policy soon A new voluntary vehicle scrapping policy, to phase out old and unfit vehicles, is to be announced, to encourage fuel-efficient, environment-friendly vehicles. Vehicles will undergo fitness tests in automated fitness centres after 20 years in the case of personal vehicles, and after 15 years in the case of commercial vehicles. New development finance institution to be created A new development finance institution (DFI) is to be created to provide lon...

  So, if a person moves to India and becomes a resident Indian for tax purposes, they get taxed on any income they earn in these accounts The FM announced relief for non-resident Indians (NRIs) from double taxation. In the US, there are pension plans like 401K and Individual Retirement Accounts, which are not taxable unless the subscriber withdraws from them. However, any income earned in these accounts gets taxed in India. This is because according to the current provisions of the I-T Act, income is taxable on accrual basis. So, if a person moves to India and becomes a resident Indian for tax purposes, they get taxed on any income they earn in these accounts. “The mismatch in the timing of taxation and double taxation is sought to be addressed by prescribing I-T Rules such that there is relief from double taxation,” said Sonu Iyer, tax partner & national leader, People Advisory Services, EY India.

  In the Budget for 2021-22, finance minister Nirmala Sitharaman introduced higher import duty rates on over a dozen handset and automobile components. To give a push to its Atmanirbhar Bharat policy, the Centre on Monday unveiled a revised Customs duty structure that will effectively increase duties on a wide range of items. The upward revision in rates, effective from Tuesday itself, are intended to curb import of auto components and agri produce. In sectors like electronics, they may lead to further price hikes in the coming months. In the  Budget 202 1  , finance minister Nirmala Sitharaman introduced higher import duty rates on over a dozen handset and automobile components. Key electronic components like printed circuit board assembly, camera module and connectors will now attract 2.5 per cent duty. In the automobile sector, Customs duty rates for dozens of items, like safety glasses, parts of the signalling equipment, brakes and ignition wire sets have been raised ...

  The government on Monday announced a Rs 18,000 crore scheme to augment public transport in urban areas Budget 2021 updates: Finance Minister Nirmala Sitharaman is presenting her third Union Budget in Parliament. Sitharaman said the Budget for 2021-22 rests on six pillars – from healthcare to infrastructure. The finance minister has also announced a total spend of around Rs 2 trillion on healthcare and mega national highway projects in election-bound states of Tamil Nadu, West Bengal, Assam and Kerala. The Budget speech is being keenly watched by both domestic and foreign investors, various interest groups like farmers, anxious middle class and corporate entities, besides parliamentarians. As the Covid-19 pandemic hit India last year, the government witnessed a rising expenditure and tumbling revenue, even as economic activity came to a standstill due to the pandemic-induced lockdown. However, the economy is now in a recovery mode. On Friday, the government tabled the Economic Sur...

  Budget 2021 LIVE: Finance Minister Nirmala Sitharaman is presenting Union Budget 2021-22 in the Parliament. Follow Business Standard for LIVE updates Budget 2021 LIVE updates: Finance Minister Nirmala Sitharaman is presenting her third Union Budget in Parliament. Sitharaman said the Budget for 2021-22 rests on six pillars – from healthcare to infrastructure. The finance minister has also announced a total spend of around Rs 2 trillion on healthcare and mega national highway projects in election-bound states of Tamil Nadu, West Bengal, Assam and Kerala. The Budget speech is being keenly watched by both domestic and foreign investors, various interest groups like farmers, anxious middle class and corporate entities, besides parliamentarians. As the Covid-19 pandemic hit India last year, the government witnessed a rising expenditure and tumbling revenue, even as economic activity came to a standstill due to the pandemic-induced lockdown.  However , the economy is now in a recov...

  BUDGET SESSION 2021  UPDATES: Finance Minister Nirmala Sitharaman will present the Economic Survey today. Stay tuned for LIVE updates on Budget session of the Parliament BUDGET SESSION 2021 LIVE UPDATES: The Budget Session of Parliament begins today, two days before the Union Budget 2021-22 is presented. Union Finance Minister Nirmala Sitharaman will table the Economic Survey 2020-21 in Parliament today, which provides a summary of the annual economic development across the country during the financial year. With the ongoing farmers’ protest, this year’s Budget session is expected to be a stormy one. The Budget session will begin with President Ram Nath Kovind addressing a joint session of Parliament. However, as many as 18 Opposition parties have announced that they will boycott the President’s address in solidarity with farmers protesting against the three Union laws. Announcing the decision, Ghulam Nabi Azad, leader of Opposition in Rajya Sabha, said the 16 parties also d...

  A combination of stepped-up social spending – including on long-neglected healthcare – and a state-led infrastructure push will make the recovery both durable and inclusive Union Budget 2021:  India’s federal budget Monday will be a much tougher balancing act than New Delhi’s regular annual fiscal trapeze. For one thing, the pandemic has upset business-as-usual calculations of how much to spend, on what, and how to finance it. For another, an impatience to make up for lost time has to be weighed against a shrinking of policy space in emerging markets: A reprise of the 2013 global taper tantrum could compound the country’s considerable domestic challenges. On the first question — how much to spend — Finance Minister Nirmala Sitharaman must simply do a lot more. Even with some loosening of the purse strings in the final months of the fiscal year that will end in March, Moody’s Investors Service affiliate ICRA Ltd. expects annual government expenditure to have been broadly unch...

  Police book Tikait, many other farmer leaders Farmers Protest:  A day after the tractor parade to Delhi spiralled into chaos and violence, farmer unions on Wednesday cancelled their planned foot march to Parliament on February 1 when the Budget would be presented in the House. Farmers protesting the new farm laws would instead hold public meetings and a hunger strike on January 30, on Mahatma Gandhi’s death anniversary. The Delhi police, on the other hand, have booked farmer leader Rakesh Tikait and 36 others, and also detained around 200 people in connection with incidents of violence and vandalism in various parts of Delhi, including at Red Fort. They have also filed 25 FIRs naming activists Yogendra Yadav, Darshan Pal, Gurnam Singh Chaduni, and others. FIRs were filed under various sections of the IPC, including 147, 148 (related to rioting), 307 (attempt to murder) and 120B (punishment of criminal conspiracy). Two farmer unions — the Bharatiya Kisan Union (Bhanu) and the...

  India’s Finance Minister Nirmala Sitharaman has described her upcoming  Union budget  as unlike anything seen in the last 100 years India’s Finance Minister Nirmala Sitharaman has described her upcoming budget as unlike anything seen in the last 100 years. When she presents it on Feb. 1, Sitharaman will not only aim to repair battered government finances and ensure demand recovers in an economy facing its worst contraction since 1952, she must also revive declining revenue and restore millions of jobs lost during the pandemic. That will be crucial to boosting consumer sentiment in a country where local demand contributes nearly 60% of gross domestic product. “The virus has led to a demand shock and the budget might need to focus on that,” said Bank of America economist Indranil Sen Gupta, pointing to in-house surveys that showed 19% of respondents were laid off during the pandemic. Demand has to be created either through cutting taxes on fuels or providing income suppor...

  Inadequate physical, digital infrastructure affecting efficiencies in supply chain management Key challenges   of  Union Budget 2021 – 22 Lack of a National Retail Policy harmonising multiple laws governing the sector Low consumption demand, further triggered due to pandemic, leading to reduction in investments Frequent and sudden tariff & non-tariff barriers leading to supply chain disruptions, increasing costs and thus reducing demand Inadequate physical, digital infrastructure affecting efficiencies in supply chain management Industry ask A National Retail Policy seeking alignment between sectoral policies and regulations Retail sector is governed by multiple laws and regulations, including economic and product specific regulations like FSSA, legal metrology, Drugs and cosmetics etc. Further, there are disparities in inter­pretation and implem­entation at all levels of the government. Thus, the proposed National Retail Policy needs to focus on the aspect of harmo...

  This daily series of graphs provides context on some of the critical issues relating to the Union Budget on February 1 The government set an ambitious target of Rs 2.1 trillion from divestment of its stake in public sector companies. But the actual realisation so far has been nowhere near it. The high profile disinvestment of BPCL and Air India are yet to see the light of the day. Data shows that the current year has achieved only 7% of the budgeted target to date, making things more difficult for the fisc in a revenue-stretched year. The coming year may see some of the high-profile sales that the government has been talking about. The initial public offer of LIC may give a further boost… Read Full Story on Union Budget 2021

There are no provisions for effective monitoring and support for farmers to sell outside the APMC Key challenges Budget 2020 – 2021 :  The agri value chain is disrupted by Covid. Ensuring support for storage and distribution can help. Agri commodities see a huge fluctuation in prices during peak season. There are no provisions for effective monitoring and support for farmers to sell outside the APMC. Every year there is substantial crop loss due to erratic climatic events. Industry ask The share of India in the global export of food co-mmodities is less than 1%. A package to boost exports from farmer organisations and small enterprises can be a good start Boosting farmer income has been one of the key goals. A package supporting farmers to convert to organic farming or supporting SMEs in developing organic processed product can help increase the share of organic farming in India. After the roll-out of the AMPC reforms there are concerns among stakeholders on how things will shape u...

  Companies plan to hire more, expect staff to return to offices in new year With a tumultuous year behind them, chief executive officers (CEOs) in India are eyeing the 2021 Budget to help kick-start the next wave of the investment cycle, which was hit by the pandemic. Backed by several steps taken by the government and the Reserve Bank of India (RBI) including the debt moratorium scheme, the CEOs are expecting the economy to show growth next fiscal year if India succeeds in its vaccination drive. A survey of 33 CEOs across India in December shows that almost 73 per cent of the respondents plan to invest more in the new year even because they expect their employees to return to work as the country rolls out vaccination in January. The Budget will be the key as CEOs are expecting the government to dole out more incentives. “The government was prompt in listening to industry after the outbreak of the pandemic, and its multi-billion-dollar economic package will be helpful in long-term...

  Curbs imposed by the finance ministry on more than 80 government departments and ministries earlier in the year to preserve cash were relaxed this quarter India is set to swing from being a cautious spender in 2020 to opening the fiscal floodgates as Prime Minister Narendra Modi seeks to pull Asia’s third-biggest economy bank from the worst of the pandemic. Curbs imposed by the finance ministry on more than 80 government departments and ministries earlier in the year to preserve cash were relaxed this quarter. In addition, this year’s budget will be increased from its current 30 trillion rupees ($407 billion) when new spending plans are announced Feb. 1, according to people familiar with discussions, who asked not to be identified as the information isn’t public and subject to change. The developments will give a boost to much-needed spending to help weather the hit from the coronavirus pandemic. Government expenditures have barely hit the half way mark seven months into the fisc...