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New Delhi, May 22 () Finance Minister Nirmala Sitharaman on Friday held a review meeting with CEOs of public sector banks (PSBs) and asked them to implement the mega 'Aatmanirbhar' relief package to revive the COVID-hit economy. The meeting via video conferencing took place in the backdrop of the Rs 21 lakh crore stimulus package announcement and the Reserve Bank coming out with fresh measures, including interest rate cuts. The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday gave its nod for many of the schemes announced as part of 'Aatmanirbhar Bharat Abhiyan' package to prop up the economy reeling under the COVID-19 crisis. "Finance Minister Smt.@nsitharaman chairing the review meeting, through VC, with the chief executives of PSBs today to review the readiness of banks in implementing 'Aatmanirbhar' relief package," the Finance Ministry said in a tweet. "To operationalise the announcements made by Hon'ble FM @nsitharaman ji under #AatmanirbharBharat, review meeting through VC was held with all PSBs. Everyone aligned on the need for quickly addressing the needs of MSMEs &amp; other customers. Operational details to be released soon," the Department of Financial Services, Ministry of Finance, said in a tweet. The finance minister has emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation, Indian Bank managing director Padmaja Chunduru said after the meeting. Since the Union Cabinet has already given approval to various schemes announced under the package, operational guidelines have been issued to banks. The most important among them is the Emergency Credit Line Guarantee Scheme (ECLGS) worth Rs 3-lakh crore for MSMEs hit hard by the coronavirus crisis. The 100 per cent guarantee scheme at the concessional rate of 9.25 per cent was the second-biggest component of the Rs 20 lakh crore comprehensive package announced by Sitharaman last week. Currently, the rate of interest on loans given by banks to the MSME sector varies from Rs 9.5 per cent to 17 per cent, depending on the risk perception. The MSME sector is considered as the backbone of country's economy as the sector contributes over 28 per cent of the GDP and more than 40 per cent of exports, while creating employment for about 11 crore people, second highest after agriculture. The scheme is expected to benefit 45 lakh MSME units. Other scheme to help the stressed MSME sector also included Rs 20,000 crore subordinate debt for stressed or loan defaulting MSMEs, which could benefit 2 lakh such businesses. A fund of funds for MSME is also being created, which will infuse Rs 50,000 crore equity in MSMEs with growth potential. After the meeting, Central Bank of India managing director and CEO Pallav Mohapatra said the finance minister took stock of the situation and reviewed the progress of various schemes. "All the banks are very-very optimistic about the schemes that have been announced in the recent past by the government to support the economy. State-run banks sanction in the COVID-19 period is more than the corresponding period last year, which was a normal year," he said. "Loans worth over Rs 6.68 lakh crore were sanctioned by PSBs during March 1 - May 19 for 59.79 lakh accounts from MSME, Retail, Agriculture &amp; Corporate sectors. A steady increase in credit availability for each of these vital sectors" the finance ministry had tweeted earlier in the day. "Public Sector Banks sanctioned over Rs 1.07 lakh crore as emergency credit lines &amp; working capital enhancements in the period March 20 to May 19, with Rs 25,527 crore of this amount already being availed by customers," it said. Later, in an interview with DD News, the finance minister said the meeting with the public sector banks was "very good". She commended the work done by the public sector banks for the implementation of the Rs 1.70 lakh crore PM Garib Kalyan Yojana, which was an announcement made within two days after the lockdown was announced. "I must give credit to the public sector banks for having done a splendid job in implementing PM Garib Kalyan Yojana. So now with that same spirit this (Rs 20 lakh crore) package we have come up with, a partial guarantee, full guarantee for all enterprises... which banks will have to do. I was very reassured that the banks spoke in a very positive way," she said. On the credit guarantee scheme, Mohapatra said the government's commitment is for the entire Rs 3 lakh crore. "The commitment on the government under this Rs 3 lakh crore collateral free loans is 100 per cent." During deliberations, Indian Bank's Chunduru said, "Banks decided to focus also on Tier Ii and Tier III towns in all states to ensure needy MSMEs get the succour. CEOs of PSBs welcomed the Rs 3 lakh crore fully guaranteed loan component to MSMEs and assured the FM that all eligible units will get these loans promptly." Central Bank's Mohapatra said, "Risk aversion, to a great extent, has gone. No actions are being taken for any commercial decision going wrong because of other reasons." The meeting also took stock of interest rate transmission to borrowers by banks and progress on moratorium on loan repayments. The RBI has increased the moratorium on loan repayment by another three months till August 2020 to provide relief to borrowers whose income has been hit due to the crisis. DP MKJ

FM meets PSU bank chiefs, prods them to implement 'Aatmanirbhar' relief package

India’s <keyword id="23445999" type="General" weightage="100" keywordseo="carbonated-soft-drinks" source="keywords">carbonated soft drinks</keyword> (CSD) segment has hit a roadblock, unable to expand and reach its full potential, largely due to the high tax burden under the Goods and Services Tax (GST) regime. A recent report from PTI, originally attributed to the economic think tank ICRIER says that despite the government’s initiatives like ‘Make in India’ and ‘Aatmanirbhar Bharat’, the CSD industry is struggling to scale up due to the steep taxation. According to the report, India imposes one of the highest tax rates on sugar-sweetened beverages (SSBs), with a total tax rate of 40% as of 2023. This figure is significantly higher than that of over 90% of the countries that tax SSBs, based on comparative data compiled by the World Bank. The report also added that global and domestic consumers are increasingly opting for low-sugar and zero-sugar varieties. Manufacturers around the world are reformulating their products to cater to health-conscious consumers, offering options like low-sugar, fruit-flavored, and zero-calorie drinks. In India, however, companies face an uphill battle. The high tax of 40%, irrespective of sugar content, is preventing firms from innovating and scaling their low-sugar or fruit-based CSD offerings. The report also highlighted that India, a leading global producer of fruits like mangoes and bananas, has untapped potential for incorporating these ingredients into the CSD sector. Yet, the country’s CSD industry lags behind other developing nations, such as Thailand and the Philippines, in terms of product variety and revenue generation. Despite generating $18.25 billion in revenue in 2022 and growing at a compound annual growth rate (CAGR) of 19.8% from 2017 to 2022, the sector remains underdeveloped. The report also underscored that India’s CSD market could be a major driver for investment and job creation, particularly in Tier 2 and 3 cities. However, the high tax rates, seen as a lucrative source of revenue for the government, are acting as a deterrent to the sector’s growth, preventing it from becoming a global competitor and unlocking its full economic potential. (With PTI inputs)

Indian consumers shifting towards low-sugar beverages, high GST rates stalling growth in carbonated soft drinks market

<ul><li>The <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword> will be tabled by the finance minister Nirmala Sitharaman on July 23.</li><li>The tech and electronics industry’s expectations from the Budget 2024 include a push for localisation, <keyword id="20335594" type="General" weightage="20" keywordseo="reduced-GST" source="keywords">reduced GST</keyword> and more.</li><li>Here are the key expectations from the tech and electronics industry from Budget 2024.</li></ul> The Budget 2024 is set to be tabled on July 23 by the finance minister Nirmala Sitharaman and like each sector, the Indian tech and electronics industry is ready with its list of expectations from the Narendra Modi-led government in the upcoming budget. The Indian government has been pushing for an increase in electronics manufacturing in India with schemes like Make in India and the Production Linked Incentive (PLI) scheme. This article delves into the key budget expectations of the tech and electronics industry in India. <h2><keyword id="19869633" type="General" weightage="20" keywordseo="Budget-2024-expectations" source="Orion">Budget 2024 expectations</keyword></h2>In the last budget, the government had reduced taxes on key smartphone components such as camera lenses and lithium-ion batteries. This move was aimed at boosting smartphone production in India and bringing the costs down. Companies and consumers both will hope for similar boosts in the upcoming budget as well. <div type="Article" hostid="261" msid="111573138" title="Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?" mstype="2" mssubtype="0"></div> The <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> has played a key role in boosting domestic production in various sectors. The introduction of a revamped PLI scheme for the manufacture of various consumer technology products such as smartphones, laptops, wearables and more will give a good boost to domestic production. “Guided by Aatmanirbhar Bharat, we seek government support for extensively localizing component production, fostering a lucrative environment where homegrown brands can lead globally. Incentivizing domestic production through tax breaks, subsidies, and R&amp;D funding will enhance India's manufacturing capabilities,” said Amit Khatri, co-founder, Noise. Industry leaders are hoping for steps aimed at boosting the disposable income of consumers. “Higher disposable incomes will lead to a promising growth impetus. We look forward to a budget that will create a stable and growth-oriented tax environment, which will help in ease of doing business, and will lead to increased economic activity and demand generation,” said Pradeep Bakshi, chief executive officer, Voltas. Companies are also hoping for simplified GST rules and reduced GST rates. In one such instance, TV makers are hoping for a reduced GST rate for TVs sized above 32 inches. “One expected move is reducing the GST rate on LED TVs larger than 32-inches from 28% to 18%. This change aims to boost consumer spending in the electronics sector. Expanding PLI schemes to include smart TVs, refrigerators, and washing machines is also important for market growth and improving manufacturing capabilities,” said Avneet Singh Marwah, chief executive officer, Super Plastronics. In addition to measures aimed at boosting domestic production, companies are also hoping for antidumping duties to ensure fair competition with Chinese companies. "While the government has made significant strides in supporting Indian manufacturers through initiatives like the 'Made in India' campaign and the PLI scheme, there is a pressing need to level the competitive playing field. Anticipations include measures such as antidumping duties to ensure fair competition against Chinese and other international companies in the industry,” said Imran Kagalwala, co-founder, UNIX India. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/economic-survey-2024-public-sector-investment-drives-infrastructure-growth-but-private-investment-needed/articleshow/111927594.cms">Economic Survey highlights public sector investment's role in driving infra growth; Underlines need for private sector to step up</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-expectations-fame-scheme-aid-for-vehicle-scrapping-and-other-expectations-of-the-auto-industry/articleshow/111783199.cms">Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-key-sustainability-and-energy-initiatives-that-indian-government-plans-to-implement-this-year/articleshow/111917956.cms">Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year</a>

Budget 2024 expectations – PLI scheme to GST reduction, budget expectations from the tech industry

<ul><li>34.7 crore <keyword id="20290357" type="General" weightage="20" keywordseo="ayushmann-bharat" source="keywords">Ayushmann Bharat</keyword> cards generated </li><li>Avg growth of the manufacturing sector at 5% over last decade</li><li>Reduction in dependence on non-institutional credit </li></ul> The <keyword id="6354872" type="General" weightage="100" keywordseo="economic-survey" source="Orion">Economic Survey</keyword> 2023-24 noted that the country's energy requirements are set to burgeon by 2-2.5x by 2027, underlining the need for energy efficiency and seamlessly transitioning to clean energy solutions. By means of sovereign green bonds, the government managed to raise Rs 16,000 crore between January-February 2023, alongside an additional Rs 20,000 crore between October and December 2023. As for social security, Ayushmann Bharat, of which over 34.7 crore cards have been generated, has saved over Rs 1.25 lakh crore of OPD expenses of the poor and under-privileged families. The country's labor market has also seen solid improvement, with unemployment rates declining to 3.2% in 2022-23. The net payroll additions under Employee Provident Fund Organization has also doubled over the past 5 years, signaling a healthy growth in formal employment. As per the survey, care economy and agro-processing are the two key areas where there is untapped potential for boosting quality employment, and increasing women participation in the labor force. The agriculture sector has registered an average annual growth of 4.18% over the last 5 years, with the sector growing about 1.4% during 2023-24, as per provisional estimates. To provide further fillip to the sector, the government has been focused on reducing the sector's dependence on non-institutional, informal credit. As a result, its share has come down from 90% in 1950, to just 23.4% in 2021-22. However, as the survey observed, the country's agricultural growth policies should be consistent with climate change and water security practises. <h2>Thrust on MSMEs, manufacturing and clean energy</h2>Over the last decade, the manufacturing sector managed to mark an average annual growth rate of 5.2%, majorly driven by chemicals, wood products and furniture, transport equipment, pharmaceuticals, machinery, and equipment. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> also emerged as a net exporter of finished steel over the last 10 years, and was a significant producer and consumer of the same during FY24. India's indigenous coal production also jumped up, with India actively working to reduce its import dependence. In FY 24, India producued 997.2 million tonnes of coal, imported 261 million tonnes, and consumed 1233.86 million tonnes. India's pharma market, valued at $50 billion, is the 3rd largest in the world, and India ranks prominently amongst clothing manufacturing nations as well. As of FY24, it is the second largest manufacturer, and one of the top 5 exporting nations of clothing, with the export of textiles and apparel, including handicrafts increasing by 1% to reach Rs 2.97 lakh crore. A similar growth was witnessed in India's electronics manufacturing segment, making up for 3.7% of global market share, with exports rising to Rs 1.9 lakh Crore in FY23. Per the survey, "the PLI schemes for key sectors have attracted significant investments, boosted production, sales and exports and generated jobs, particularly in the case of white goods. Keeping in view India’s vision of becoming ‘Aatmanirbhar’, over Rs 1.28 Lakh Crore of investment was reported until May 2024, which has led to production/sales of Rs 10.8 Lakh Crore and employment generation (direct &amp; indirect) of over Rs 8.5 Lakh under PLI scheme". Focus has also been on boosting research, development, innovation and entrepreneurship in the country. The number of granted patents increased seventeen-fold from 5,978 in 2014-15 to 1,03,057 in 2023-24. More than 45% of the recognised start-ups are emerging from Tier 2/3 cities. The country's services sector contributed to about 55% of the total size of the economy in FY24. The clean energy sector in the country also saw new investment of Rs 8.5 lakh crore between 2014 and 2023. India is prominently making a mark in space, with 55 active space assets, out of which 18 are communication satellites, nine navigation satellites, five scientific satellites, three Meteorological Satellites, and 20 are Earth Observation satellites.

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FM meets PSU bank chiefs, prods them to implement 'Aatmanirbhar' relief package

PTI

Indian consumers shifting towards low-sugar beverages, high GST rates stalling growth in carbonated soft drinks market

BI India Bureau

Budget 2024 expectations – PLI scheme to GST reduction, budget expectations from the tech industry

Sourabh Jain

Economic Survey shows India's energy needs to grow 2.5x, healthy growth in formal employment

Ira Alok Puranik

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