Page 7 - Budget 2023

Hits and misses: India's disinvestment strategy needs to mind markets

It is rare for the government to sell assets when prices and sentiment are high

No extension to lower withholding tax triggers concern among FPIs: Report

Currently, FPIs investing in government securities and corporate bonds avail concessional 5 per cent withholding tax rate

Customs duty changes in Budget will promote Make in India initiative: GTRI

Customs duty changes for several products such as precious metals, small cars, bicycles, toys and telecommunication components in the Budget will help promote the Make in India initiative of the government, economic think tank GTRI said on Friday. The Global Trade Research Initiative (GTRI) also said the import duty changes in Union Budget 2023-24 affect products that count for less than USD 14 billion or 2 per cent of the value in India's current import basket. A large part of the Budget exercise was devoted to reducing the number of duty slabs and exemptions. The government continued with the current import duty structure, making changes only when it has big reason to do so. This will allow the firms to think long-term, GTRI co-founder Ajay Srivastava said. Customs duty changes fall into four broad groups - duty hike , duty reduction, correcting inverted duty structure, and reducing the number of duty slabs. He said the combined imports value for products where duty was raised i

Kerala Budget: Rs 2,000 cr to manage price rise, Rs 80 cr for the poor

Kerala Finance Minister K N Balagopal on Friday presented the Left government's budget for the fiscal 2023-24, allocating Rs 100 crore for welfare programmes and setting aside Rs 2,000 crore for tackling price rise, besides announcing a slew of initiatives for the infrastructure and higher education sector. Beginning the budget speech on a positive note, the Minister said the southern state has bravely overcome COVID challenges and finally returned to the path of growth and prosperity. Though the state's economy is facing challenges due to the financial policies of the Centre and its decision to impose cuts on its borrowing limit, Kerala is not in a debt trap, he said. Assuring that the financial constraints would not impact the welfare and social security schemes of the government, Balagopal said Rs 100 crore would be set aside for welfare development programmes in the budget. "A total of Rs 2,000 crore will be allocated for tackling price rise in the state," he said. The FM said

Singapore chamber says pro-SME budget offers opportunities in India

Describing India's budget for the financial year 2023-24 as a pro-business and pro-SME friendly, the Singapore Indian Chamber of Commerce and Industry (SICCI) on Friday said it provides many collaborative opportunities in developing close business ties with the small and medium enterprises of both Singapore and India. SICCI chairman Neil Parekh said he was particularly encouraged by Finance Minister Nirmala Sitharaman's announcement of the target of Saptarishi' unleashing the potential, green growth, youth power and growth of the financial sector. My team at the Singapore Indian Chamber of Commerce and Industry intend to build on these announcements and work closely with our counterparts in India to grow the opportunities between the SMEs of both countries, Parekh said on the Budget 2023-24. Describing the budget as A pro-business and a pro-SME friendly Budget, Parekh said: As an immediate step, we will be contacting the leadership of ASSOCHAM (The Associated Chambers of Commerce an

Top headlines: Adani group ratings under surveillance, Rs 8,083 cr for PLIs

Business Standard brings you the top headlines at this hour

TMS Ep361: Adani Group, Adani-Hindenburg saga, Budget impact, Budget terms

What's next for the Adani group? How will the Adani-Hindenburg saga unfold? Can Budget ease Adani-inflicted pain on Dalal Street? Five Budget terms you should know about. All answers here

US body welcomes govt's budget proposal to reduce import tariffs on pecan

America's National Pecan Federation has welcomed the annual budgetary proposal of Union Finance Minister Nirmala Sitharaman to reduce the import duty on pecan by 70 per cent, a move it said would benefit thousands of farmers in the country, especially in Georgia. This is great news for the pecan industry, Larry Don Womack, chairman of National Pecan Federation (NPF), said after Sitharaman in her budget proposed to reduce the import tariff on pecan from 100 per cent to just 30 per cent. The federation, in a statement on Thursday, described it as a significant positive change for the pecan industry that opens the US pecan export market to India. Pecans are grown in 15 states and have a significant impact on these rural economies. Opening the India market will be a great opportunity for our industry to expand and grow, Womack said. Over the last few years, the NPF had been working with pecan growers, lawmakers and US trade representatives asking them to urge India to reduce the tariff

Budget 2023: Finance Minister to brief all BJP MPs in Parliament today

Union Finance Minister Nirmala Sitharaman will on Friday brief all BJP MPs on the Union Budget in Parliament

Budget 2023: New tax regime (II) can help you save more in taxes

But high-income individuals who avail of a variety of deductions will still prefer the old regime

Union Budget 2023-24: Push for ELS cotton yield to reduce imports

ELS cotton usually comprises those that are 32-36 mm

Budget 2023: P-notes, SGX Nifty trading at GIFT City likely to get a boost

Experts said p-notes issued at GIFT would not boost flows into the onshore markets in a big way but would be used for securities traded at the IFSC

Budget 2023: 20% TCS may take sheen off investments in foreign stocks

The money can be adjusted later, but the blocking of 20 per cent capital till tax filing is likely to dissuade direct investment in foreign equities

Budget 2023: Tax on high-premium policy may hit life insurers' top line

The stocks of life insurance companies reacted sharply to the announcement of the finance minister on Wednesday, with most scrip witnessing around 10 per cent fall in a day

Union Budget 2023-24: Advantage MFs after tax blow on MLDs, insurance

Investors may divert flows towards debt funds, say experts

Duty hike won't apply brakes on luxury car demand, say automakers

For mass segment cars priced above Rs 35 lakh, move can lead to more localisation

Rs 8,083 crore for PLIs in Budget: The lion's share goes to electronics

As much as Rs 4499 core has been earmarked for large-scale manufacturing of electronics, including mobile devices

Rs 35K cr for energy transition: Energy sector awaits disbursement details

No decision has been taken on how to utilise this money for green initiatives and the government is yet to come out with any guidelines too

Capex proposals from states may come early in FY24: FM Sitharaman

The 50 year interest free capex loans worth Rs 1.3 trillion are part of the Centre's FY24 capex budget of Rs 10 trillion

Budget 2023-24: Online gaming companies welcome clarity on taxation

The Finance Bill has made a critical distinction between games of skill and games of chance, classifying them into separate sections