Search Result for : Union Budget

The Dollar Business Bureau International credit rating agency Fitch on Thursday projected India’s economic growth rate at 7.3% in the next financial year of 2018-19 and at 7.5% in the 2019-20 fiscal, as the Indian economy is showing signs of recovery because the disruptions caused due to demonetisation and goods and services tax (GST) have gradually diminished. However, India’s economic growth rate is estimated at 6.5% in the current fiscal, a little lower than the official estimates of 6.6% by the Central Statistics Office (CSO),” according the Fitch’s Global Economic Outlook report. Indian economy grew at the rate of 7.1% in 2016-17. “The pick-up in growth is likely as the influence of one-off policy-related factor which was dragging growth has now waned,” the US-based ...

The Dollar Business Bureau Petroleum and Natural Gas Minister Dharmendra Pradhan said on Wednesday that biofuels has the business potential worth Rs.1 lakh crore in the ‘waste-to-wealth’ sector, while adding that there are challenges in encouraging advanced biofuels. Pradhan also stressed on the importance of research for promoting the use of biofuels in the country. “While there are challenges in promoting advanced biofuels but it also offers business opportunities worth Rs.1 lakh crore in the ‘waste to wealth’ sector,” he said, while delivering the inaugural speech at the “EU-India Conference on Advanced Biofuels”, jointly organised by the Ministry of Petroleum and Natural Gas and European Commission’s Directorate-General for Energy. The Minister emphasised on the need for synergies to enable industrialisation of biofuels so that there are economies ...

The Dollar Business Bureau Textiles Minister Smriti Zubin Irani said on Tuesday that the hike in customs duty on silk and manmade fibre, announced in the Budget, will discourage cheap imports of textile products from China and benefit the local manufacturers. “Increase in customs duty on silk and manmade fibre will discourage cheap Chinese textile products from flooding the market and benefit domestic manufacturers in the power loom sector,” Irani said while addressing media in New Delhi on Budget allocation for the Ministry. On reduction of corporate tax to 25% from 30% announced in the Budget, the Minister said that reclassification of micro, medium and small enterprises (MSMEs) and reduction in tax by 5% of enterprises having turnover up to Rs.250 crore will ...

The Dollar Business Bureau The Export Promotion Council for EOUs and SEZs (EPCES) asked the Government to remove minimum alternate tax (MAT) and continue tax incentives that have been enjoyed by the units in these zones. “The Government should reconsider the restoration of the original Special Economic Zone (SEZ) Act as it can help the sector and generate employment,” said Vinay Sharma, Officiating Chairman, EPCES. The Government should reconsider the industry’s demand for restoring tax benefits in order to support the sector’s growth and creating jobs as the Union Budget 2018-19 did not bring any concrete measure, EPCES said in a statement. “The budget has absolutely nothing important for the SEZs despite flagging the key issues affecting the sector,” it said. ...

The Dollar Business Bureau International credit rating agency Moody’s Investors Service said on Monday that India’s Union Budget 2018-19 had struck a balance between growth and fiscal prudence. And a little slippage in the target of fiscal deficit would not have material effect on the overall fiscal strength of the country. In the Budget, presented on February 1 by Finance Minister Arun Jaitley, the Government has revised its fiscal deficit target for 2018-19 to 3.3% of gross domestic product (GDP) from the previous estimates of 3%. The estimate for 2017-18 has also been revised to 3.5% of GDP, from the original projections of 3.2%. “The revised fiscal consolidation path is modestly shallower than the previous road map, but it does not fundamentally alter India's overall fiscal strength,” said ...

Aamir H Kaki Industry players have welcomed and appreciated the Union Budget 2018-19 and called it a balancing act aimed at inclusive growth for boosting the country’s economy. Focused on strengthening agriculture, rural economy, infrastructure, MSME and exports, the Budget for fiscal 2018-19 was presented by Finance Minister Arun Jaitley on Thursday. Welcoming the Budget, Federation of Indian Export Organisation (FIEO) said that it’s a balanced Budget for the country aiming at inclusive growth and transforming rural India.  FIEO President Ganesh Kumar Gupta said that the target to take agri-exports from $30 billion to $100 billion is very encouraging as agri-exports would be instrumental in doubling farmers’ income. A stable Agri Export Policy based on digitalised current stock position, scientific forecasting of ...

The Dollar Business Bureau Guided by mission to strengthen agriculture, employment, rural development, health, education, MSMEs and infrastructure sectors, Finance Minister Arun Jaitley presented the Union Budget 2018-19 in Parliament on Thursday. Reiterating the pledge given by the Government to the people of the country four years ago to give an honest, clean and transparent Government, Jaitley said that the Government under Prime Minister Narendra Modi has successfully implemented a series of fundamental structural reforms to propel India among the fastest growing economies of the world. Jaitley said that India’s agri-exports potential is as high as $100 billion against current exports of $30 billion and to realise this potential, export of agri-commodities will be liberalised. While presenting the Budget, he said, “Indian society, polity ...

The Dollar Business Bureau Bauxite production in India is likely to increase to 49.4 million tonnes by 2021 from 22.08 million tonnes in 2016, according to a report.   The production of bauxite in the country is estimated to be 26.1 million tonnes in 2017, an increase of 18 compared to last year 2016, the report by BMI Research said. The production of the metal is likely to reach to 49.4 million tonnes in 2021, the report said.  “We forecast Indian bauxite production to grow from 26.1 million tonnes in 2017 to 49.4 million tonnes in 2021, averaging an annual growth rate of 17.5% during 2017-2021, significantly higher than the annual average 3.9% growth over 2012-2016,” the Research report said.  The growth of bauxite production in ...