Higher allocations for the Indian Railways and the proposal for greater involvement of the private sector, including by asset monetisation, could change the face of the transportation sector in India, reduce the cost of doing business and, thus, improve the competitiveness of Indian products in the domestic and global markets.
Finance Minister Nirmala Sitharaman has rejigged customs duty rates and indicated a further overhaul by October in a bid to boost its manufacturing sector. These follow the PKI scheme and the cut in corporate tax rates that are also designed to help position India as the world’s next factory.
In this instalment of ‘The Small Print’, Dr Param Shah, Director (UK) FICCI explains what the new union budget means for Indian start-ups.
Shedding the incrementalism that has marked much of India’s reform programmes, Indian Prime Minister Narendra Modi has gone the whole hog and bet on India’s intrinsic entrepreneurial spirit to pull the country out of its Covid-induced economic stupor and into the ranks of the world’s leading nations, writes India Inc Founder and CEO Manoj Ladwa.
Food ecosystem offers huge opportunities with stimulating growth in food retail, favourable economic policies and attractive fiscal incentives.
For the first time since 1991, analysts are praising the intent of the Budget rather than its fine print. By clearly outlining a reforms roadmap and eschewing populist measures, the Modi government may have set the stage for double-digit growth in the next 3-4 years. That is why the bulls are running riot over the Indian stock markets.
The $40 billion allocated for providing water connections across the country will not only better health and hygiene standards and improve the ease of living for citizens, but it will also create huge demand for products such as steel, cement, sanitaryware and labour and help generate millions of jobs and provide a further fillip to India’s fast recovering growth engine.
Don’t look at the headline defence allocation numbers. The most important segment of the defence budget, the outlay for capital expenditure, has been increased 18.7 per cent to enable the armed forces acquire the latest weaponry it needs to tackle a possible two-front threat against China and Pakistan.
India's finance minister in her budget speech proposed a tax holiday for aircraft-leasing companies and tax exemptions for airlines paying lease rentals to foreign lessors if they choose to be based in the country's upcoming international finance hub.