ACT Chief Minister Andrew Barr is in India to promote the ACT across a range of sectors including tourism, aviation, education, sustainability, and transport.
Four days will be spent across Mumbai and Delhi as India is currently the second biggest inbound market for international visitors to Canberra – accounting for 20,000 visitors in the year ending September 2023. India is the strongest international market to rebound from pre-covid levels at 121%.
Accompanied by the Canberra Convention Bureau, meetings in Mumbai will be held with tourism industry partners and Tourism Australia representatives to promote Canberra as a destination to visit and hold conferences and business events. The delegation will also meet with Air India on developing direct flights over the coming years.
India is the ACT’s second largest international student market. To further promote Canberra as a study destination we are joined by Professor Lucy Johnson, Interim Vice Chancellor of the University of Canberra, senior representatives from UNSW, the Australian National University, the Australian Catholic University and CIT to meet with industry stakeholders including IDP Education – the world’s largest overseas student placement company.
Cricket ACT will join the delegation to promote Canberra in the world’s biggest cricket market.
Jabalpur, Feb 20, 2024: The Central Zone Regional Abilympics 2024 is all set to unfold at Agriculture College, Jawaharlal Nehru Krishi Vishwa Vidhyalaya, Jabalpur, MP on 24th & 25th Feb. 2024. Promising to be a celebration of abilities and talents, the coveted competition will see 200+ Persons with Disabilities (PwDs), hailing from various cities like Bhopal, Ujjain, Indore, Sagar, Jabalpur, Balaghat from MP and Bilaspur, Raipur, Ambikapur from the state of Chhattisgarh in 15 skills. categories.
Hosted by The National Abilympic Association of India (NAAI), which has been promoting the Abilympics movement across India, with the support of DEPwD, Tata Power and Jabalpur District Administration. The event celebrates the talents of persons with disabilities and fosters a more inclusive and diverse society.
The Information and Communication Technology (ICT) category will see the maximum participation with 60+ PwD’s registered, followed by 35+ PwD’s showcasing the artistic skills in the Painting category. Crafts to have 25+ PwD participants showcasing their prowess, Hospitality around 20+ skilled individuals and in Services 15+ Persons with Disabilities (PwD) are all set to shine. The expected participation of 200+ selected individuals underscores the enthusiasm and commitment towards making Central Zone Abilympics a grand success.
Dr. Jitender Aggarwal, Secretary General, National Abilympic Association of India (NAAI) and Founder CEO, Sarthak Educational Trust shared, “Persons with Disabilities (PwDs) constitute over 5% of the country’s population. It’s crucial to provide them with skill development opportunities for employment, self-respect, and independence. The Abilympics isn’t solely about showcasing skills; it’s a celebration of resilience, determination, and the incredible abilities that transcend limitations”.
India made history at the 10th International Abilympics in France in March 2023, securing 7 medals with a small 13-member team. India now aims to participate in big numbers at the 2027 International Abilympics, Finland, continuing to highlight talent, commitment, and the pursuit of excellence.
The National Abilympic Association of India (NAAI), was established in May 2001 by the Ministries of Social Justice & Empowerment and Human Resource Development, and the association facilitates India’s participation in international competitions like the Abilympics.
The Central Zone Abilympics 2024, is surely set to be an event where abilities take center stage, breaking barriers and redefining possibilities.
Union Minister for MSME Shri Narayan Rane said that MSMEs are the backbone of our economy and the Ministry of MSME is doing all possible efforts to ensure that the MSMEs are duly supported.
Inaugurating four Technology centres, two Extension centres in Grater Noida, Uttar Pradesh he said these Technology Centres will go a long way in hand holding the MSMEs of the adjoining areas. He also stressed that the MSMEs should strive hard and become world class, so that India can become self reliant.
On this occasion, Minister of MSME, UP, Shri Rakesh Sachan mentioned that in view of the vision of the Prime Minister that youths should become employment providers rather than job seekers, a number of initiatives under the leadership of Chief Minister, Shri Yogi Adityanath have been taken by the State of UP for MSMEs and the sector will be further strengthened by the policies of the State Government.
Shri Narayan Rane, inaugurated MSME Technology Centres at (i) Greater NOIDA; (ii) Kanpur (Uttar Pradesh); (iii) Baddi (Himachal Pradesh) and (iv) Imphal (Manipur) along with 2 Extension Centres at Karimnagar and Bhavanipatna (Odisha). The Technology Centres under the Ministry of MSME provides state of the art facilities for manufacturing and production, including support through high-end machinery, technology and consultancy. Development and Facilitation Office of DC (MSME) at Dehradun (Uttarakhand) and Development and Facilitation Office (Nucleus Centre) at Ladakh were also inaugurated on this occasion.
A special Scheme for Informal Micro Enterprises by Credit Guarantee Fund Trust for Micro and Small Enterprises for extending Loans upto Rs 20 Lakhs was also launched. This Scheme will provide support and opportunity for micro/nano enterprises and is aimed at moderating the credit risk perception and will prompt the lending institutions to lend to IMEs. As this initiative unfolds, it is expected to not only empower individual entrepreneurs but also create an inclusive, dynamic, and resilient economic ecosystem.
Two MoUs with India EXIM Bank were signed by the Ministry, which will benefit the MSME Exporters immensely by providing Trade and Export related information.
As the MSMEs contribute substantially to the exports of the country, this initiative will not only bring synergy, but will also create a ripple effect. Further, a number of women entrepreneurs trained under ODOP scheme of the Government of Uttar Pradesh were distributed toolkits. An Exhibition was also organized, where MSMEs from different sectors participated. A number of stalls were allocated to Incubators. Stalls of special ODOP Products from various districts of Uttar Pradesh and stalls of KVIC and COIR Board were also put up.
The PM Vishwakarma Scheme which was launched on 17.09.2023 by the Prime Minister of India will provide end to end support to the artisans & craftspeople belonging to 18 trades. As on 14.02.2024, a total of 4,40,172 applications have been registered successfully under the scheme and a significant number of registrations have been made in Uttar Pradesh. Experience Centre with respect to trades covered under the scheme was also put up to spread awareness about the Scheme.
Bombay Chamber of Commerce & Industry has announced that Deloitte, a leading professional services firm, will be the Knowledge Partner for the Bombay Chamber Diversity, Equity, and Inclusion (DEI) Awards 2024. The Awards ceremony is scheduled to be held on June 12, 2024 at Four Seasons Hotel Mumbai. Nominations for the six Award categories will roll out in February 2024. Both members and non-members of the Chamber can apply for the same.
Deloitte will work closely with Bombay Chamber on various aspects of the Awards program including conceptualise the Awards framework and developing selection criteria and assessment processes. Their extensive knowledge and experience in DEI will ensure the Awards’ rigour and effectiveness in recognising truly impactful practices.The debut Diversity, Equity and Inclusion (DEI) Awards was successfully hosted in July 2023 at the same venue in Mumbai.
The DEI Awards 2023, which received overwhelming response from industry, recognised and honoured organisations who had taken exceptional and outstanding measures to ensure that all individuals in their workplace felt valued and accepted – not only despite their differences, but also engaged for the diversity they bring to the table. This was also the only Awards by a Chamber that recognised MSMEs for their achievements in the DEI space.
Meenakshi Priyam
Commenting on the announcement, Meenakshi Priyam, Chair, Diversity & Inclusion Committee, Bombay Chamber, said, “We are delighted to announce our next edition of the Bombay Chamber DEI Awards with Deloitte as our Knowledge Partner. This year too, we look forward to more innovative and inspirational nominations that will come to be known as industry benchmarks in the DEI space.”
Sathish Gopalaiah
“Creating a world where there are no longer any glass ceilings to break, and where everyone is encouraged to bring their authentic selves to work, requires a collective endeavour – you and your organisation can play a pivotal role in this transformative movement,” said Sathish Gopalaiah, President, Consulting, Deloitte South Asia.
The Bombay Chamber DEI Awards is different from other Awards in this genre. Apart from being a neutral leadership body, the Chamber has grown from its traditional role of advocacy with the government and facilitation of trade and industry to involve the promotion of good governance and ethical conduct in business and public life towards the greater good of society encompassing promotion of skills training, arts and culture, in addition to ensuring equitable and balanced industrial growth in a sustainable manner.
The purpose of these Awards is to raise the overall level of awareness, action and policy around DEI and to promote and facilitate the adoption of leading practices in diversity and cross-pollination of effective and forward-looking DEI practices among organisations.
Bombay Chamber of Commerce & Industry is India’s premier Chamber of commerce and industry situated in Mumbai, the industrial, financial and commercial capital of India. Established in 1836, it is the oldest Chamber in the country and has a long and illustrious history of 188 years of continuous service to trade and industry. Fostering Diversity, Equity and Inclusion is one of the four pillars of the Collaborative Development mission of the Chamber.
The first trial movement of vessels carrying stone aggregates from Maia Port in India to the Sultanganj Port in Bangladesh Maia-Aricha route successfully took place today. The Bangladesh flag vessel M V Desh Bangla carrying stone aggregates was flagged-off by Minister of State for Ports, Shipping and Waterways Shri Shantanu Thakur from Maia Inland Customs Port in West Bengal.
This marks a new chapter of bilateral cooperation between the two neighbouring countries which is in line with Prime Minister Shri Narendra Modi’s Act East Policy.
Addressing the gathering today, Shri Thakur said, “Under the visionary leadership of Hon’ble Prime Minister Shri Narendra Modi and able direction of Hon’ble Union Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal, India has embarked on a transformative journey focusing on a comprehensive multi-pronged plan to harness the power of its inland waterways sector.”
Shri Thakur added, “The trial movement from Maia to Sultanganj through IBP route no. 5 & 6 will add new dimensions to the waterways based transportation between India and Bangladesh as it is the shortest waterway route between the two countries.”
Organised by the Inland Waterways Authority of India, the flagging-off event was attended by first secretary, B’desh High Commission in Kolkata, Additional Commissioner Customs, Kolkata, owner-operator of the Maia riverine port along with senior officials of the authority and other dignitaries.
Underlining the advancement made in the IWT sector in the last ten years, the Chairman of Inland Waterways Authority of India Shri Vijay Kumar noted that “the consistent flow of goods from the Maia terminal will invigorate trade not only with India’s neighboring countries but also with the North Eastern States, ushering in new opportunities for economic growth and regional development.”
The Ministry of Ports, Shipping and Waterways (MoPSW) has taken up several infrastructure projects on National Waterways 1, Indo-Bangladesh Protocol Route and NW2 through the Inland Waterways Authority of India (IWAI) with the objective of improving connectivity with Bangladesh and the North Eastern Region through waterways.
The operationalisation of Maia Terminal is expected to be a game-changer as it would shift 2.6 million tonnes per annum of Bangladesh bound export cargo from road to waterways.
The Maia-Aricha route (Protocol Route 5 & 6) will reduce the distance from NW1 to Bangladesh and North Eastern Region by 930 kilometres.
In order to improve bilateral trade between the two nations, the government of Bangladesh has agreed to carry out five trial runs of vessel movement between Maia and Sultanganj.
The trial shipment of cargo on the said route not only demonstrates the expanding potential of waterways but also marks a new beginning for improved connectivity and cooperation between India and Bangladesh.
Over the last 9 years West Bengal has seen massive development in maritime and inland waterways sector. In West Bengal, The Sagarmala Programme of MoPSW oversees 62 projects valued at Rs. 16,300 Crore, with 19 completed projects worth approximately Rs. 1,100 Crore and 43 projects at various stages of implementation totaling around Rs. 15 thousand Crore. Additionally, 11 projects, partially funded by MoPSW, amounting to around Rs. 650 Crore, have seen 6 projects completed (worth Rs. 400 Crore) and 5 projects (worth Rs. 250 Crore) under development. Among the achievements, projects like Road Connectivity Improvement (worth ~Rs. 100 Crore) have led to traffic decongestion and improved port connectivity, while the Upgradation of tracks at EJC yard of Kolkata Port (Rs. 47 Crore) has enhanced operational efficiency and reduced incidents of derailment.
Inland Water Transport (IWT) is a highly cost-effective mode of transportation, particularly for bulk cargo like coal, iron ore, cement, food grains, and fertiliser. Despite its advantages, its current share in India’s modal mix is only 2%. The government aims to increase this share to 5% by 2030 under the Maritime India Vision (MIV)-2030. To achieve this goal, the Inland Waterways Authority of India (IWAI) has identified 25 new National Waterways (NWs) through feasibility studies to make them navigable for transportation.
To enhance the modal share of coastal shipping and inland water transport, 46 initiatives have been identified in Amrit Kaal Vision 2047. Key initiatives include the creation of port-based agglomeration centers, coastal berths near production/demand centers, and projects to improve road, rail, and inland waterway connectivity. Additionally, reducing port dues and terminal charges, providing fiscal incentives such as input tax credit on bunker fuel and spares, and lowering GST for multimodal transportation are proposed measures. The plan also aims to operationalize 50 waterways by 2047 and introduce low-draft vessel designs with possible tug-barge combinations to enhance efficiency and accessibility.
Department for Promotion of Industry and Internal trade (DPIIT), Ministry of Commerce and Industry, Government of India held consultation with representatives of Indian Cement Industry yesterday on the mechanism to collect cement production data ensuring 100% coverage of the industry.
Cement is one of the eight core industries in India. The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). The cement production data is used by office of Economic Advisor, DPIIT to calculate the Index of Eight Core Industries in which weightage of Cement production is 5.37%. Indian cement industry is second largest in the world with installed cement capacity of 600 million tonnes and production of 391 million tonnes of cement in 2022-23. Presently, the cement production data is collected by DPIIT through Cement Information System (CIS) portal. However, some plants are not providing data regularly.
Cement production data is used by government for policy decisions and for calculating the index of industrial production. He opined that robust and accurate data will benefit everyone including the cement industry in making informed decisions. This data is being relied upon by various agencies and investors also. He requested cement industry to ensure 100% coverage and regular submission of production data.
Join Secretary, DPIIT Shri Sanjiv informed that DPIIT is giving Ad-hoc permissions to cement plants as part of Ease of Doing Business, for manufacture and sale of cement without ISI mark for a period upto 150 days or till the plant gets BIS certification, whichever is earlier. In future registration in CIS portal will be a pre requisite for considering the proposal for grant of Ad-hoc permission. He also informed that the CIS portal is being revised and the modified CIS portal will be launched shortly. For updation of CIS portal, he directed National Council for Cement and Building Materials (NCCBM) to discuss with representatives of cement industry.
The representatives of cement industry assured DPIIT that the cement production data will be provided regularly and agreed that the accurate and authentic production data of the cement industry will be beneficial for all. The industry representatives also assured that remaining plants will be onboarded on CIS portal by 31st March 2024.
The meeting was organised in hybrid mode on 09.02.2023. Besides, officers from NCCBM the meeting was attended by the representatives of Cement Manufacturing Association(CMA) and various cement companies namely, Saurashtra Cement Ltd.; Dalmia Cement (B) Ltd.; Shree Cement Ltd.; Adani Group; Star Cement Ltd; Jammu and Kashmir Cement Ltd. (JKCL); Heidelberg Cement; Orient Cement; Shree Cement; Nuvoco Vistas Corp; Zuari Cement Ltd.; My Home Industries Ltd., UltraTech Cement Ltd., The India Cement Ltd. and officials from Cement Section, DPIIT
According to the World Bank’s ‘Logistics Performance Index Report (2023): Connecting to Compete 2023’, India ranks 38 out of 139 countries. India’s rank has improved by six places from 44 in 2018 and sixteen places from 54 in 2014.
An Inter-Ministerial dedicated team comprising of Stakeholder Ministries /Departments has been formed. These stakeholder Ministries /Departments focus on targeted action plans with interventions needed to improve logistics performance across all six LPI parameters i.e. Customs, Infrastructure, Ease of arranging shipments, Quality of logistics services, Tracking and Tracing, and Timeliness. In addition, National Committee for Trade Facilitation (NCTF) has a three-tiered structure, constituting of a National Committee on Trade Facilitation, a Steering Committee, and Focused Working Groups (Outreach, Legislative Issues, Time Release Study, Infrastructure Up-gradation, PGA regulation and procedure). Concerning NTFAP 2020-23, 27 action points have been identified under the working group on infrastructure up gradation.
The Hon’ble Prime Minister launched the PM GatiShakti National Master Plan for multimodal connectivity on 13 October 2021 and National Logistics Policy on 17th Sept. 2022, for improving logistics efficiency and reducing logistics costs. Digital reforms such as Unified Logistics Interface Platform (ULIP) for ease of doing business and Logistics Data Bank which has digitized track and trace of 100% containerised EXIM cargo, are presently operational. In addition, the line Ministries are taking various measures, which include:
Expansion of electrification of railway tracks by MoR; Land Ports Authority of India (LPAI) has reduced the average export and import release time through interventions; NLP Marine, which is a single window interface platform for port-related logistics operations, has been launched by MoPSW. In addition, the automation of weighbridges is being undertaken; to name a few key initiatives.This information has been provided by the Union Minister of State for Commerce and Industry, Shri Som Parkash in a written reply in the Lok Sabha recently.
The ‘Cyber Surakshit Bharat’ initiative of the Ministry of Electronics and Information Technology (MeitY) was conceptualised with the mission to spread awareness about cyber-crime and build capacities of Chief Information Security Officers (CISOs) and frontline IT officials, across all government departments, for ensuring adequate safety measures to combat the growing menace of cyber crime and enable organisations to defend their digital infrastructures and become future-ready in tackling cyber-attacks.
The National e-Governance Division (NeGD) under its Capacity Building scheme, organised the 42nd CISO Deep-Dive training programme from February 5-9, 2024 with participants from Andhra Pradesh, Bihar, Kerala, Karnataka, Tamil Nadu, Telangana, Uttar Pradesh, Madhya Pradesh, Maharashtra and New Delhi at the Indian Institute of Public Administration, New Delhi.
The inaugural session of the programme was attended by eminent dignitaries – Shri Bhuvnesh Kumar, Additional Secretary, MeitY; Shri S N Tripathi, DG-IIPA and other senior officials from MeitY, NeGD & IIPA. Stressing upon the importance of cyber security in the present scenario of growing cyber-attacks, Shri Bhuvnesh Kumar highlighted the significant role of CISOs in the digital era and laid emphasis on two steps wherein CISOs play a critical role i.e., mitigation of threats and incidental response. He also highlighted the importance of CERT-In guidelines for all CISOs.
The aim of the programme is to spread awareness, build capacities as well as enable Government departments to take steps to create a cyber resilient eco system. The endeavour of the programme is to sensitise and orient participants on cyber safety and security, thus facilitating the Digital India programme for integrated delivery of various Government services to citizens. The programme also imparts holistic information and knowledge about cyber security to enable government departments to look after their cyber hygiene, safety and security.
Since June 2018 until February 2024, NeGD has efficaciously conducted 42 batches of CISO deep-dive training programmes for over 1,574 CISOs and frontline IT officials.
Union Minister of State for Electronics and IT, Skill Development and Entrepreneurship, and Jal Shakti, Shri Rajeev Chandrasekhar recently launched the “Digital India FutureLABS” and delivered the keynote address at the ‘Digital India FutureLABS Summit 2024,’ focused on ‘Catalysing the Next-generation Electronics System Design through Digital India FutureLABS.’
The Summit also witnessed an announcement of 22 MoUs of C-DAC with Industry for implementation of the futureLABS. Companies like NXP Semiconductors, Tenstorrent and Qualcomm India have signed MoUs in areas like High Performance Computing space, Design & Innovation in Compute space and Indian Telecom Stack.
Minister Rajeev Chandrasekhar addressed the summit that included senior leadership of major industry players, startups, young Indians and academia from the electronics manufacturing field.
Shri Rajeev Chandrasekhar said, “So over the last ten years, India’s journey has transformed from being a consumer of technologies and a provider of talent for large technology companies worldwide to becoming a country where talent is certainly available. We continue to support global companies and enterprises with our talent, while also taking the lead in developing technologies, intellectual properties, and solutions for ourselves and the world.
India’s tech & innovation ecosystem is expanding and growing while catalysing the next wave of startups in AI to Semiconductors, Electronics System Design & Innovation starting at Digital India futureLABS. The Digital India futureLABS is the final piece in architecture for innovation being built by PM Narendra Modi ji since the Digital India programme in 2015. It represents an opportunity for Indian startups at the forefront of developing NextGen Electronics in Automotive, Compute, Telecom, Industrial and Strategic Electronics. Digital India futureLABS will act as a catalyst for this and in rounding off our ambitions of ensuring the Indian flag on every segment of emerging Tech Innovation.”
The Minister also said, “What we expect from the FutureLabs is what emerged from AT&T’s Bell Labs and other laboratories in Albany, such as nanotech. These high-performance systems will be globally competitive, affordable, low-cost and trusted. Openness, safety, and trust are principles we want to build broadly into our digital ecosystem.”
The Digital India FutureLABS, coordinated by C-DAC, aims to tap into the trillion-dollar opportunity presented by the Electronics System Design and Manufacturing (ESDM) sector. The initiative seeks to move up the value chain, fortify domestic R&D, and create a collaborative ecosystem for the development of IPs, standards, and the next-generation Electronics System Design in the country.
Focusing on key growth areas such as Compute, Communication, Automotive & Mobility, Strategic Electronics, and Industrial IoT, the FutureLABS initiative is strategically positioned to leverage futuristic technologies, including AI, Big Data, and Quantum Computing, marking a transformative phase in Indian research.
Union Finance Minister Nirmala Sitharaman, in her sixth consecutive budget presentation, delivered the Interim Budget 2024-25, making history as the shortest budget speech ever at 58 minutes. The Finance Minister refrained from major announcements, reserving comprehensive policy details for the full-fledged budget slated for July, following the General Elections.
In her address, FM Sitharaman highlighted the government’s commitment to “First Develop India” (FDI), and introduced a more holistic concept of GDP, denoting Governance, Development, and Performance. She expressed the government’s dedication to achieving high growth in Gross Domestic Product alongside enhanced governance, development, and performance metrics. “Aligning with the ‘Panchamrit’ goals, our Government will facilitate sustaining high and more resource-efficient economic growth. This will work towards energy security in terms of availability, accessibility and affordability,” the Minister said in her budget speech.
Sharing his insights on the Interim Budget, Ritesh Tiwari, President, Bombay Chamber & CFO, Hindustan Unilever Limited and Unilever South Asia, said, “The interim budget presented was in line with expectations. The budget’s focus on infrastructure spends, incentives for rural development and the welfare of the poor is in the right direction, propelling India faster towards the goal of “Viksit Bharat” by 2047.”
Commenting on the interim budget announced today, Sandeep Khosla, Director General, Bombay Chamber of Commerce & Industry, said, “Finance Minister Nirmala Sitharaman has presented a short and balanced budget. While no major announcements have been made, as was expected, the budget places much emphasis on the need to ‘First Develop India’ (FDI) and on prioritising the poor, women, youth, and farmers, charting a transformative course. Further, with a substantial outlay of ₹11.11 lakh crores in FY25, constituting 3.4% of GDP, the emphasis on infrastructure spending not only enhances the broader economy but also catalyses long-term investment activity. This strategic approach aligns with the aggressive fiscal consolidation targets and positions India on a trajectory towards a $5 trillion economy, fostering growth and ensuring inclusive development.”
Nilesh Shah, MD, Kotak Mahindra AMC and former President Bombay Chamber observed, “The Vote on account is Citizen’s pride and Peers envy. It has achieved the impossible trinity of inclusive growth (through support to agriculture, rural housing, fisheries and micro finance for SHGs), infrastructure investment (enhanced allocation) and fiscal prudence.”
Bombay Chamber of Commerce & Industry invited several industry leaders to watch and share insights on the Budget in its Conference Hall in Mumbai today.
Sudhir Kapadia, Partner, Tax and Regulatory Services, Ernst & Young, stated, “The Finance Minister gave a very clear and strong signal of continuing with the path of physical, digital and social infrastructure development in the next five years. Some interesting announcements include rooftop solarisation of one crore households, a special housing scheme for middle class households, a one lac crore fund for extending long term financing at concessional rates for innovation projects and long-term interest free loans to states for tourism development. At the same time, by making no changes whatsoever in both direct and indirect tax rates, stability and certainty of tax regime is sought to be maintained. The FM has also reiterated her resolve to adhere to the fiscal deficit glide path and has budgeted a lower fiscal deficit of 5.1% of GDP in FY 24-25. Also, by projecting lower amounts of market borrowings next year, larger availability of credit for private sector investments is sought to be facilitated.”
He however, pointed out that one major wrinkle in the announcements is the surprising omission of extension of concessional tax rate of 15% for new manufacturing units set up beyond March 31, 2024. “Given the continued focus on PLIs for various sectors in manufacturing industries as well as the challenge of adequate job creation, it would have been better if this concessional tax rate was extended at least for a further two years,” he said.
Kunal Reshamwala, Associate Vice President, Taxation, IHCL (Indian Hotels Company) opined, “There is no tinkering with the tax proposal, just an extension; ITR6 (TAX RETURNS for the corporates) will be benefited in the coming Union Budget. Also the tourism sector has got a great support after the pandemic as government is taking huge initiative towards developing infrastructure i.e Port, Railways, Parks, etc.”
Hemant Tawde, Co-founder, Revti Industries, commented, “The Interim Budget has consistency in the thought process about the promises it has given to the industry. We are an MSME working in the sector of Energy, so looking forward to the full-fledged and bigger budget. The path seems correct, with government’s strategies about solar and other renewable sources of energy, the positives will come as a result of it.”
Prashant Deshpande, Legal Advisor, India Law Alliance shared his views, “On the indirect taxes front, GST is handled by the GST council, so there were no major expectations about what will happen in GST, except some of the unfulfilled recommendations made by the GST council. However, on the Customs front, there were two expectations. Whenever you are speaking about ease of doing business, you must keep in mind ease of doing export and import. Curtailing the time for custom clearance done in the last few years, the expectations are how ease of doing business is going to be implemented. Maybe the fine print will reveal that. The most important part of the budget is that the rates have been left unchanged. Because of this, there is going to be stability in decision making and strategic decisions. But, because there is no reference to Make in India scheme, we have to see in the fine print, what exact changes have been proposed, hopefully that initiative will be seen in the full-fledged budget.
Manish Balwani, Founder & MD, Value Creation Catalyst Services commented, “As this is an interim budget, significant changes to business perks and tax rates are not to be expected; the budget did maintain its focus on prioritising social expenditures and took a positive step forward. The government’s announcement that PPP in the agriculture sector will be promoted and facilitated has helped MSMEs get the backing of the Center.” He also commended the government’s emphasis on renewable energy, such as wind energy, solar electricity on rooftops, biogas, and the “No to Plastics” initiative. Furthermore, he observed that FDI will undoubtedly pour into states that receive loans and funding to enhance tourism attractions.
Key Highlights of the Interim Budget 2024-25:
Sitharaman reiterated the government’s commitment to inclusive and balanced growth, farmer-centric policies, income support, and the promotion of technologies through start-ups. The full-fledged budget in July is anticipated to provide further details on the comprehensive development agenda outlined in the Interim Budget.
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