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The <keyword id="19915423" type="General" weightage="20" keywordseo="Indian-Chamber-of-Commerce" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Chamber of Commerce" meta.hostid="153" meta.entityid="Indian Chamber of Commerce">Indian Chamber of Commerce</keyword> (ICC) has suggested the government to rationalise <keyword id="6360806" type="General" weightage="20" keywordseo="customs" source="Orion">customs</keyword> duties in various sectors including steel, solar battery, aluminum, and lithium cells in a bid to boost <keyword id="20053977" type="General" weightage="20" keywordseo="domestic-manufacturing" source="keywords">domestic manufacturing</keyword>. Finance Minister Nirmala Sitharaman is scheduled to present the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword> for financial year 2024-25 on July 23. ICC President Ameya Prabhu said protective measures are needed for the growth of domestic industry in sectors including steel, solar battery, aluminum, and lithium cells. "There is a need for rationalisation of <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> in these specific sectors in a holistic manner. Huge potential is there to boost domestic manufacturing and make India a global hub for manufacturing," Prabhu said. He added that levies on raw materials impact domestic players particularly the downstream firms. He also asked for correction in inverted duty structure by cutting down duty on mixed petroleum gas from 5 per cent to 2.5 per cent. "To boost domestic manufacturing, there is a need to increase duty on polymers - polyvinyl chloride, polyethylene terephthalate, polypropylene and polyesters to 10 per cent. This will help in reducing import dependency and will drive India towards self-sufficiency in the petrochemical manufacturing segment," Prabhu said. Talking about the importance of the aluminium foil sector, the President said the domestic industry has been facing severe losses as there is anti-dumping duty on raw materials whereas the finished goods are not subject to any duties on imports from China. "This dual effect has resulted in extensive net losses to the companies that have made significant investments into this industry," Prabhu noted. On the taxation side, the chamber has suggested setting up a commission to review the Income Tax Act 1961 in its entirety and simplify the provisions. "This is an old Act. Every year in the <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">Budget</keyword>, amendments are made which has made this Act complex to understand. These amendments have resulted in many anomalies which in turn have given rise to a large number of legal cases," the chamber has said. Prabhu further recommended the government not to impose tax on dividends. He added that during his tenure so far the ICC has spread its wings further nationally and internationally and become a truly world-class chamber. "We have opened 25 chapters globally in countries including New Zealand, the US, Europe, Australia, Korea and Middle East nations," he said.

Government should rationalise customs duty in Budget to boost domestic manufacturing: Indian Chamber of Commerce

Union <keyword id="25455" type="General" weightage="20" keywordseo="FINANCE" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Wednesday delivered her shortest-ever Budget speech of 86 minutes. This was her fifth budget speech. Her budget speech in 2022 ended in about 92 minutes, while it was 110 minutes long in 2021. Sitharaman broke all records in 2020, when she delivered the longest-ever budget speech of 160 minutes. Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> thumped his desk 124 times during the budget speech on Wednesday. He later said that the first budget of the "<keyword id="13005152" type="General" weightage="50" keywordseo="amrit-kaal" source="Orion">Amrit Kaal</keyword>" provides the foundation to fulfil the resolve for a developed <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>. "The first budget of Amrit Kaal will build a strong foundation for building a developed India. It gives priority to the deprived. This budget will fulfil the dreams of an aspirational society including poor people, middle-class people, and farmers. I congratulate Nirmala Sitharaman and his team for this historic budget," he said in a televised address. Prime Minister <keyword id="6354642" type="General" weightage="80" keywordseo="modi" source="Orion">Modi</keyword> described the middle class as a "big force", and said that the government has taken many decisions to empower them. SEE ALSO:

It's Sitharaman's shortest-ever budget speech, during which PM thumped his desk 124 times

<ul><li>The Indian government will release the Union Budget for this year on 5 July. </li><li>In 2018, the country allocated ₹850 billion to the education fund, which was increased by 10% in 2019 at ₹938 billion. </li><li>According to government think tank Niti Aayog, India should increase its education expenditure to nearly 6% of GDP over the next four years. </li><li>India reportedly ranks third in terms of education score of BRICS nations.</li></ul>The Indian education system needs an overhaul and it is to be seen if that is indeed high on the agenda of the Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> as she announces Union Budget on July 5. In 2018-19, the former Finance Minister, <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> allocated ₹850 billion towards the <a href="https://www.businessinsider.in/an-in-depth-analysis-of-indias-education-budget/articleshow/67777731.cms">education fund</a>. This year, in the interim budget, he announced a 10% increase in the education budget, dedicating a total of ₹938 billion for schools and higher education programmes. The economic survey conducted last year has shown that the government had limited fiscal space to increase spending on education. While the school education budget increased in 2019 with a ₹500 billion fund, the higher education budget allocated for prominent institutions including Indian Institute of Technology (IITs) and Indian Institute of Management (IIM) saw a drop. In the 2017-18, the government provided funds to the tune of ₹818 billion to the education sector, which accounted for nearly 2.7% of the total GDP of the country. 
 
 
 
 
 
 
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 The chart above shows that there has been an increase in India’s expenditure on education. However, it is low compared to other countries like China and Mauritius — which spend 3.3% and 5% of their total GDP on education. According to government think tank Niti Ayog, India should increase its education expenditure to nearly 6% of its GDP, over the next four years. This is necessary to improve the quality of education. India ranks third in terms of education score of BRICS nations (Brazil, Russia, India, China, South Africa). Amongst South Asian countries, India has the second-lowest score in education quality, coming ahead only of Afghanistan. Sri Lanka also ranked much higher than India. 
 
 
 
 
 
 
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 The <a href="https://www.indiaspend.com/india-risking-economic-future-by-underinvesting-in-health-education-new-study/">low quality score</a> may be attributed to teacher shortages and improper assessment criteria, according to an Indiaspend report from 2018. Therefore, it is necessary for Nirmala Sitharaman to allocate more resources and attention to improving the quality of education in India. See also: <a href="https://www.businessinsider.in/india-draft-national-education-policy-one-common-admission-entrance-test/articleshow/69825504.cms">India may have one common exam for all college admissions-- if the draft National Education Policy is passed</a> <a href="https://www.businessinsider.in/an-in-depth-analysis-of-indias-education-budget/articleshow/67777731.cms">An in-depth analysis of India’s past education budgets</a>

India’s education budget has improved over the years — but it’s still too low

<ul><li>The union budget will be presented in the parliament on July 5, 2019. </li><li>The defence forces are hopeful of increased budget allocation as Smt <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> herself is the former defence minister. </li><li>India is the <keyword id="7821032" type="UNKNOWN" weightage="20" keywordseo="fourth-largest-defence-spender">fourth largest defence spender</keyword> globally.</li></ul>The <keyword id="112134" type="COMPANY" weightage="20" keywordseo="Indian-Armed-Forces">Indian armed forces</keyword> expect the Union Budget 2019, to be announced on July 5, to provide more money to modernise and upgrade the country’s defence establishment amidst ever-increasing global and internal challenges. Fuelling this hope is the fact that the newly-appointed Finance Minister Nirmala Sitharaman was in charge of the defence ministry in her last role and therefore, she would be well aware of the challenges and requirements of the forces. The defence budget has increased nearly doubled in the last five years, the first term of the Narendra Modi government. But the money was still not enough to upgrade the weapons because the lion’s share of the allocation for the ministry of defence (MoD) goes into paying salaries and pensions. 
 
 
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 The Indian army has the largest share in the defence budget, more than half. Second in the list comes that <keyword id="15141" type="COMPANY" weightage="20" keywordseo="Indian-Air-Force">Indian Air Force</keyword> followed by the navy, DRDO and ordnance factories. 
 
 
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 INDIA’S GLOBAL RANK In 2018, India became the fourth largest military spender in the world, with the United States of America, China and Saudi Arabia ahead in the list and France at the fifth spot. Global military expenditure also grew 2.6 % to $1.8 trillion in 2018 compared to a year earlier, according to the Stockholm International Peace Research Institute (SIPRI). India’s defence allocation grew 6.5% in the year ending March 2019. Geopolitical tensions are rising around the world- tensions between the <a href="https://www.businessinsider.in/Simple-economics-show-how-Trump-is-beating-up-on-Iran-without-firing-a-shot/articleshow/69934762.cms">US and Iran</a>, simmering conflict in <a href="https://www.businessinsider.in/It-looks-like-the-US-has-been-quietly-lowering-the-threshold-for-conflict-in-the-South-China-Sea/articleshow/69832087.cms">the South China sea</a>, the constantly <a href="https://www.haaretz.com/middle-east-news/.premium-the-iran-crisis-is-exposing-a-far-deeper-conflict-between-trump-and-europe-1.7427507">volatile middle east</a>, and last but not the least <a href="https://www.businessinsider.in/if-india-and-pakistan-have-a-limited-nuclear-war-scientists-say-it-could-wreck-earths-climate-and-trigger-global-famine/articleshow/68207655.cms">India’s own conflict with Pakistan</a> and the <a href="https://www.businessinsider.in/Tensions-are-still-simmering-a-year-after-the-worlds-2-biggest-countries-almost-clashed-over-a-border-at-the-top-of-the-world/articleshow/65507895.cms">threats from China</a>, make the modernisation of India’s military necessary. 
 
 
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 Vintage weapons In 2018, the then Vice Chief of Army Lt Gen Sarath Chand said that 68% of the Army’s equipment is in the ‘<a href="https://www.rediff.com/news/report/sixty-eight-per-cent-of-armys-equipment-is-in-vintage-category/20180313.htm">vintage category</a>’, adding fund crunch will also impact the serviceability of the existing equipment and may even affect payment of instalments for past purchases. It had set up of the Special Forces Division, Defence Cyber Agency, the Defence Space Agency and the Defence Space Research Agency (DSRA). It also came up with the concept of <a href="https://www.businessinsider.in/indian-army-is-setting-up-integrated-battle-groups-along-the-pakistan-border-which-will-be-self-sufficient-to-fight-a-war/articleshow/69884097.cms">Integrated Battle Groups (IBGs)</a>. Insufficient allocation will hit its modernisation at a time when Chinese military is competing to reach the level of the US and Pakistan bolstering capability of its forces, the Army had told a <a href="https://economictimes.indiatimes.com/news/defence/parliamentary-standing-committee-criticises-govt-for-inadequate-allocation-of-funds-to-army/articleshow/67427334.cms?from=mdr">parliamentary panel</a>. SEE ALSO: <a href="https://www.businessinsider.in/indian-army-is-setting-up-integrated-battle-groups-along-the-pakistan-border-which-will-be-self-sufficient-to-fight-a-war/articleshow/69884097.cms">Indian Army is setting up ‘Integrated battle groups’ along the Pakistan border which will be self-sufficient to fight a war</a>

India’s defence budget has nearly doubled in 5 years but the money is not enough to upgrade the weapons

<ul><li>The Indian IT sector is looking at tax cuts and incentives from the Indian government’s upcoming Union Budget on Friday. </li><li><keyword id="6372077" type="COMPANY" weightage="20" keywordseo="nasscom">NASSCOM</keyword>, the <keyword id="211817" type="ORGANIZATION" weightage="20" keywordseo="Trade-Association">trade association</keyword> of Indian IT firms, recommended that the Indian government set up effective SEZs and provide impetus to investment in R&amp;D to ensure that India hits its $5 trillion GDP target by 2024. </li><li><keyword id="6355001" type="ORGANIZATION" weightage="20" keywordseo="ficci">FICCI</keyword> and other Indian players in the India IT sector are also looking at incentives to upskill the workforce and seek clarifications on taxation laws.</li></ul>The Indian IT sector might be the trump card that could turn India into a $5 trillion economy by 2024. But to be able to that, the sector needs a push, says industry body NASSCOM. India’s IT industry which accounts for over 6.6% of the country’s GDP and employs 4.1 million skilled individuals; wants the government to clear the path for its growth. And it is expecting some of the changes, this Budget. The trade association recommended that the Indian government introduce tax friendly Special Economic Zone (SEZ) policy for the next 20 years, give more incentives to push R&amp;D investment, promote India as a start-up hub by encouraging funding and easing tax. Yet another industry body FICCI also wants the government to entice global tech product manufacturers into the country with liberal incentives. It believes that the global demand for electronics, green technology, medical devices and other emerging sectors is going to rise in the next couple of years and it’s important for the Indian government to have measures in place, for their entry. Incentives for R&amp;D Apart from manufacturing, the IT sector also wants to capitalise on the country’s intellectual capital. This, in turn can spur innovation and act as a catalyst to the growth of startups in the country. Easy regulation can help, especially with regards to fintech innovation. “Regulatory sandbox initiative needs to go live as quickly as possible starting with all the financial regulators enabling all the fintech players to develop more products in an accelerated manner - this will be a big boost for the fintech landscape of India,” said Saru Tumuluri, the CEO of Khosla Labs and provider of Veri5Digital. The government should also help drive new-age technologies. Snehashish Bhattacharjee, Global CEO of Denave believes that the expectations have risen a notch since the Interim Budget. “It held promise of greater focus on emerging technologies with plans of a National programme on <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">Artificial Intelligence</keyword> (AI) comprising establishing a national centre on AI along with Centre of Excellence (CoE). It is now important that the pace of the change is quickened and we hope the government will have multiple things in their bucket to offer in this section.” Along with infrastructure, the government should also aid the growth of skills too. “Initiatives like making National centre for Artificial Intelligence and building Centre of Excellence in collaboration with universities will open the path for the youth in India to leverage the new state-of-the-art development infrastructure and upskill themselves to widen the job opportunity pool for themselves,” said Rishi Bhatnagar, the President of Aeris Communications &amp; Chairman IET IoT Panel India. World leader for tech startups Then, there is the long-standing request of an eased tax regime. NASSCOM wants India to follow the example of Singapore and UK. They provide tax deductions to those investing in startups with an intention to improve their value. It recommends that Long Term Capital Gains from selling shares of unlisted companies should be exempted from tax. And, Shorter Term Capital Gains should only be taxed at 15% rather than vary with an individual’s tax slab. “Lowering the GST slabs in manufacturing devices can pose as an opportunity for the youth to lead India in this endeavour with innumerable innovative start-ups,” states Bhatnagar. In order to incentivise startups, small and medium enterprises that have a turnover of less than ₹500 million should also be exempt from the Minimum Alternate Tax. Taking away the 18.5% taxation rate of MAT would also promote the ease of doing business in India along with clarifying on how tax is treated once a contract is terminated or modified. Saurav Goyal, the CFO of Money View, states, “The Government as part of the Budget should provide necessary clarity in terms of taxation norms and make a requisite change in the policies in accordance with the latest business practices, post factoring another regulatory requirement.” Goyal also asserts that, going forward, India should follow and consultative model that can help the country comply with international best practices. That, in turn, will allow India balance its national interests while providing access to the global market.

IT sector wants to help the country grow, with aid from the government

<ul><li>Former Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> has slated the two years of Good &amp; Services Tax(<keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword>) saying that GST has proved to be both “consumer &amp; assessee friendly.” </li><li>The revenue hit a ₹900 billion annual loss due to heavy tax reductions under the Goods &amp; Services Tax (GST) scheme. </li><li>Jaitley rolled out the GST scheme in July 2017, which has widened the consumer base for tax collection by 84%.</li></ul>Just a few days ahead of the Union Budget, former Finance Minister Arun Jaitley said that the government has taken an annual revenue hit of ₹900 billion due to tax reductions under the Goods &amp; Services Tax (GST) scheme. In a blog written to commemorate two years of introduction GST, Jaitley said that the new tax regime is both “assessee and consumer-friendly.” Most of the consumer products now come under lower GST slabs and daily-use items are under the lowest tax bracket of 5%. While only luxury goods have been in the “white goods.” Luxury items such as small cars, consumer durables like AC and Refrigerators and cigarettes have been kept in 28% tax range. 
 
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 He also said that arriving to a consensus in the Parliament over the implementation of the scheme had been difficult for the government. “The critical point which enabled the Government to persuade the States was to cushion them with a 14% annual increase from the tax base of 2015-16 for a period of five years,” Jaitley reminisced. Wider Tax Net The consumer base for tax collection has widened over the last two years by 84%, enabling higher tax collections, thereby. The present consumer base has hit 12 million, which was 6.5 million. “The high taxation of pre GST era pinched the consumers’ pocket and acted as a disincentive against tax compliance,” said Jaitley who has stepped down from the cabinet due to health reasons. According to him, the transition to GST in India has been smooth, as this tax had brought down governments in many countries. There were protests in Surat following GST. However, two years on, the Narendra Modi-led BJP government was able to secure seats in Gujarat with high margin. See also: <a href="https://www.businessinsider.in/niti-aayog-wants-education-budget-to-increase-further/articleshow/69941463.cms">India’s education budget has improved over the years — but it’s still too low</a> <a href="https://www.businessinsider.in/health-budget-2019-india-might-increase-spending-on-healthcare-but-that-may-not-be-enough/articleshow/69956156.cms">Health Budget 2019: India might increase spending on healthcare but that may not be enough</a>

India lost ₹900 billion due to tax rate cuts under GST, says former Finance Minister Arun Jaitley

<a data-type="tilCustomLink">Check Live Budget Update</a> Amidst growing anticipations about the 2019 <keyword id="547606" type="ORGANIZATION" weightage="20" keywordseo="interim-budget">interim budget</keyword> by the present government, let us look back at the budget 2018 and compare it with the earlier ones to understand the amount of focus the public health sector receives in India. The spending on health by budget 2018-19 shows a rise of about 13% over what was allotted for this sector in the earlier budget. As part of this budget, the Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> declared the globe’s largest national health insurance program. The budget also sanctioned scholarships for about 1,000 doctorate engineering students at the IIT and IIS. Construction of 18.8 million toilets across the country was announced to be completed by 2019. Some key points on the 2018 budget allotment towards public health There was a 2.1% decrease in the allocation towards the national health mission, which is the country’s largest primary health infrastructure program. In order the fund the increased allotment towards the health and education sector, Arun Jaitley said the cess on education and health payable by the taxpayers will rise to 4 percent from 3 percent. Presenting the bill in the Lok Sabha, he said, “This will enable us to collect an estimated additional amount of 11,000 crores.” Spending on health by the Narendra Modi Government <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Budget </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Allocation on health </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Percentage share of the total budget </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">2014-15 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">33121.42 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">1.8 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">2015-16 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30626.39 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">1.7 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">2016-17 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">37671.3 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">1.9 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">2017-18 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">51550.85 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">2.4 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">2018-19 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">52800 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">2.1 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;"> </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;"> </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;"> </td></tr></tbody></table> Budget 2018 introduced a new national health insurance scheme which came as the world’s largest one covering 100 million households for Rs 5,00,000 per year per family. This scheme covered 30,000 more individuals than the one that preceded it. The spending on the Health Ministry decreased to 2.1% of the total Union Budget from the 2.4% in 2017-18. There was a 2.1% decline in the allocation towards National Health Mission, a National Health Program that provides the primary healthcare infrastructure by sliding from Rs 31,292 crores (2017-18 budget) to Rs 30,634 crores (2018-19 budget). As part of the government’s commitment to improve the nutrition status of the Indian children, the budget for the National Nutrition Mission that addresses under-nutrition, anemia and stunting increased by three times from Rs 950 crores in the 2017-18 budget to Rs 3,000 crores in the 2018-19 budget. Arun Jaitley said, “The Ayushman Bharat will build a New India 2022 and ensure enhanced productivity, well-being and avert wage loss and impoverishment. These schemes will also generate lakhs of jobs, particularly for women.” He added, “The government will also set up 24 new medical colleges and hospitals and upgrade existing district hospitals in the country.” The other kinds of investments in budget 2018 towards health Rs 600 crores was allotted for providing nutritional support to all the tuberculosis patients registered with the primary health centers. This scheme will spend Rs 500 per month per patient for 10 months over the full duration of the treatment provided. Rs 1,200 crores went for the National Health Policy, 2017 to support more than 150,000 health and wellness centers. This allotment aimed at combating the rising tide of non-communicable diseases like diabetes and other cardiovascular ailments.

Understanding the budget allocation for health In India

There are strong hopes and indications that the upcoming budget could contain some good news for the farmers in the country. Addressing the gathering during a recent conference, the Union Minister for Agriculture and Farmers, Radha Mohan Singh said, “Union <keyword id="6147670" type="UNKNOWN" weightage="20" keywordseo="budget-2019">Budget 2019</keyword> will be dedicated to the farmer. It will be another step forward, in contributing to the realization of the goal of doubling farmers’ income by the year 2022.” Amidst rising anticipations, we list out some possible areas that could receive some boost in a way benefiting the farmers of the country. Development measures Singh has indicated that the government might implement many programs to develop the agricultural sector and augment the economic condition of the farmers. Part of the government’s mission could work on the areas including bringing down the production cost, announcing profitable prices to farmers, preventing the wastage of farmers’ produce, and creating alternative sources of income to the farmers’ community. Agricultural credit target and interest rates Some insider views say that the Modi Government could hike the agricultural credit target to Rs 12 Lakh crore in the <keyword id="547606" type="ORGANIZATION" weightage="20" keywordseo="interim-budget">interim budget</keyword> 2019. This will mark a 10% increase in the farm credit target over the earlier budget. Singh added, "The government has been increasing the credit target for the farm sector every year. This time too, the target is likely to be increased by around 10% or Rs 1 lakh crore to Rs 12 lakh crore for the 2019-20 fiscal." For those looking forward to achieve a higher farm output, credit is a critical input. Institutional credit can enable farmers depend less on non-institutional sources that might charge usurious rates of interest. The government has also plans to provide 2% subsidy on the interest on short-term farm loans up to Rs 3 lakh resulting in an effective 7% per annum interest rate. The incentive of 3% that will be given to the farmers on prompt repayment of loans within the due date will finally see the interest rates slide to just 4% over the year. Other measures Here are a few other expectations from the interim budget and the potential benefit for farmers <ul><li>There could be another round of loan waivers costing the government over Rs 2 lakh crores. </li><li>There could be measures to bring about some market reforms in the states that can help free up the agricultural markets to benefit the farmers with better earning over their produce. </li><li>In some states of the country, there is a second consecutive failure of monsoons that is threatening the agricultural economy. As El-Nino could loom large over the coming year, crop insurance can provide the farmers a much needed relief. Hence steps to lower the premiums of agricultural insurance could be part of the interim budget 2019. </li><li>There could be some provisions of direct investment support to the farmers. This can help reach out the farmers with an efficient, corrupt free and prompt assistance. </li><li>Across the nation, there is a common consensus that state support is the need of the hour to help farmers survive. There are strong hopes that the interim budget 2019 will pave way for the same. </li></ul>

Budget 2019: What it could bring for India’s farmers

<keyword id="6354427" type="COMPANY" weightage="20" keywordseo="apple">Apple</keyword> has increased the price of some of its high-end iPhone models in India owing to an increase in customs duty on imported <keyword id="6354485" type="COMPANY" weightage="20" keywordseo="Mobile">mobile</keyword> phones and chargers along with social welfare surcharge in the Union Budget 2020. The price hike on iPhone 11 Pro and iPhone 11 Pro Max models along with <keyword id="3152023" type="PERSON" weightage="20" keywordseo="iphone-8">iPhone 8</keyword> will be effective from Monday. Since iPhone XR and <keyword id="6388494" type="UNKNOWN" weightage="20" keywordseo="iphone-7">iPhone 7</keyword> are being assembled in India by Apple supplier <keyword id="6354671" type="COMPANY" weightage="20" keywordseo="Foxconn">Foxconn</keyword> and Wistron, there is no price change on these hot-selling models. The company has also exempted the popular iPhone 11 and iPad, Apple Watch and Mac desktops from any price hike. The iPhone 11 Pro Max 64 GB will now be priced Rs 1,11,200, while the 256 GB model will be at Rs 1,25,200 and the 512 GB version at Rs 1,43,200. Earlier, the iPhone 11 Pro Max price started at Rs 1,09,900. The iPhone 11 Pro 64 GB version will be priced Rs 1,01,200, 256 GB at Rs 1,15,200 and iPhone 11 Pro 512 GB at Rs 1,33,200. The iPhone 11 Pro earlier used to start at Rs 99,900. The iPhone 11 Pro Max 64 GB will now be priced Rs 1,11,200. The price hike is about Rs 1,300 on iPhone 11 Pro series. The iPhone 8 prices have also gone up. The iPhone 8+ 64GB model is now at Rs 50,600, 128GB at Rs 55,600 -- up about Rs 700 from the earlier starting price of Rs 49,900. The iPhone 8 64 GB will cost Rs 40,500 and 128 GB at Rs 45,500. Unlike the assumption, the coronavirus impact in China which has put stress on the production and supply of some Chinese brands has nothing to do with Apple, according to industry sources. The price hike is solely on the bases of customs duty hike on imported mobile phones and chargers. Mobile phones were earlier exempted from 10 per cent service welfare cess but it will now be re-imposed on imported handsets over and above existing 20 per cent basic customs duty in India. The government has increased the import duty on PCBA (printed circuit board assembly) from 10 per cent to 20 per cent and chargers from 15 per cent to 20 per cent.

Apple iPhones 11 Pro series get costly in India by ₹1,300 after import duty hike

Union Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Thursday asserted that the anti-CAA protests and the recent violence in Delhi have not dampened the spirit of investors. Addressing a press conference here after meeting various shareholders post the Union Budget, Sitharaman said investors whom she met in her recent visit to Saudi Arabia expressed <keyword id="574429" type="PERSON" weightage="20" keywordseo="Willingness">willingness</keyword> to invest more in India. "I met several investors... both Saudi and Indian investors there. No one showed any concern. On the contrary, they were willing to invest more in India," she said. Sitharaman claimed that the companies also explored possibilities for opening representative offices in India, reflecting their willingness to invest more. "Lots of interest were shown on various projects," the finance minister said. Asked specifically about protests against the Citizenship (Amendment) Act or the recent violence in Delhi, Sitharaman said, "The sentiment of foreign investors has not dampened at all." On the possible impact of coronavirus scare on the industry and the economy, she said there is none as of now. "I have met 20-23 industries and they did not express any anxiety about raw material supply. However, if the situation does not improve in the next two months, there might have been problems of raw material shortage, which we are trying to see how best we can help them out," she added. On the slowdown of the economy, Sitharaman said the mood is gradually changing and positive signs are seen due to continuous efforts by the government and the RBI together. "There are green shoots visible. Many of them sustained, while some were revived. Our foreign exchange is at good condition. Though climatic conditions affected onion prices, now it is stable and we lifted the ban on exports. "RBI announced stimulus package for growth of MSME and real estate. Lending to banks has been made at a lesser rate...," she added. On the AGR dues by telecom operators, the minister said, "The department concerned is working on it after having met with the industries. Whatever is the decision of the government, they will be announced when they are ready." Sitharaman, who met the bankers in her day-long trip to Guwahati, said lenders have been asked to work on financial inclusions in the North East and be "a lot more agile". "I specifically instructed them to reach out to the tea garden workers. Asked them to sort out the difficulties and challenges in including them in the banking net," she said. The finance minister said banks have been directed to activate all frozen accounts of the tea garden workers and make them DBT compliant by March 15. "We also asked the lenders to install ATMs within 40 days in all the locations of the 17 districts after the state government gives the list of places. The state has already spoken to service providers for network and there is no issue," she added. Where installing an ATM is not possible, the number of 'Bank Mitras' should be increased there, she said. <keyword id="4156651" type="COMPANY" weightage="20" keywordseo="assam-finance">Assam Finance</keyword> Minister <keyword id="90408" type="PERSON" weightage="20" keywordseo="Himanta-Biswa-Sarma">Himanta Biswa Sarma</keyword> said eight lakh bank accounts were opened for tea garden workers after demonetisation, but 30 per cent of them are not functional due to KYC related issues.

Sitharaman claims that anti-CAA stir has not affected investor sentiment

New Delhi, The new Budget proposal of taxing income distributed by asset managers to unit holders if such transfers are more than Rs 5,000 in a financial year may not make returns <keyword id="6354820" type="DEFINITION" weightage="20" keywordseo="mutual-fund">mutual fund</keyword> schemes less attractive as government has clarified that additional tax will be levied only on dividend payment. In a clarification issued by CBDT, the nodal tax governing agency has said a Mutual Fund shall be required to deduct TDS (tax deduction at source) at the rate of 10 per cent only on dividend payment and no tax shall be required to be deducted by the MFs on income which is in the nature of capital gains. The clarification makes it clear entire capital gains in the hands of a mutual fund holder will not be taxed but only to the extent of amount received as dividend. The tax will also alloy if such dividend income is over Rs 5,000 in a year. CBDT has said that necessary clarification regarding the application of taxes would be made in the relevant provision of the law so that there is no confusion about its proper and fair application. Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> in the Union Budget for 2020-21 has introduced a 10 per cent TDS provision on the income distributed by a mutual fund to its unitholders if such income exceeds Rs 5,000. The Finance Bill, 2020, has proposed the insertion of a new section A-194K - in the Income Tax Act, which states "any person responsible for paying income arising from units of mutual fund or a specified company must deduct tax at the rate of ten percent of such income". The provision generated doubts whether capital gains will be taxed or the entire redemption amount made by the unitholders will be taxed at source. According to Section 194K, any "resident" deriving an "income" from mutual funds, specified under Section 10 Clause (23D), will be subject to have a 10 per cent TDS. Before the clause was introduced, TDS on mutual funds was deducted for NRI investors and not residents. Earlier, only dividend income on mutual funds exceeding Rs 1 lakh was taxed at 10 per cent.

Mutual funds will be taxes 10% only on dividend income, clarifies tax department

New Delhi, Jan 31 () India's GDP growth is neither overestimated nor underestimated and the concerns on data are "unfounded", the Economic Survey 2019-20 said on Friday as it tried to settle the debate over veracity of the macroeconomic data following change in estimation methodology. Recently, <keyword id="6355547" type="PERSON" weightage="20" keywordseo="arvind-subramanian">Arvind Subramanian</keyword>, the <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> government's former chief economic adviser, had said India's economic growth rate has been overestimated by around 2.5 percentage points between 2011-12 and 2016-17 due to a change in methodology for calculating GDP. India's <keyword id="6354971" type="DEFINITION" weightage="20" keywordseo="gross-domestic-product">gross domestic product</keyword> (GDP) growth rate between this period should be about 4.5 per cent instead of the official estimate of close to 7 per cent, he had said in a research paper published at Harvard University. The Economic Survey tabled in Parliament on Friday said the level and growth of a country's GDP informs several critical policy initiatives as it is a barometer of the economy's size and health.
 "It is also a pre-eminent driver of investment. Therefore, it is important that GDP is measured as accurately as possible," it said.
 The survey notes that the recent debate and discussion among scholars, policymakers and citizens alike about India's GDP growth rates following the revision in GDP estimation methodology in 2011 assumes significance, especially given the recent slowdown.
 Using careful statistical and econometric analysis that "does justice" to the importance of the issue, the Survey in a dedicated chapter said it has found no evidence of mis-estimation of India's GDP growth.
 It said that cross-country comparisons are fraught with risks of incorrect inference due to various confounding factors that stem from such inherent differences.
 As a result, cross-country analysis has to be carefully undertaken so that correlation is distinguished from causality.
 The models that incorrectly overestimate GDP growth by 2.77 per cent for India post-2011 also mis-estimate GDP growth over the same time period for 51 other countries out of 95 nations in the sample, it said.
 However, when the models are estimated correctly by accounting for all unobserved differences among countries as well as the differential trends in GDP growth across countries, growth for most of these 52 countries (including India) is neither over- nor underestimated.
 "In sum, concerns of over-estimation of India's GDP are unfounded," it said.
 It further said the need to invest in ramping up India's statistical infrastructure is undoubted.
 In this context, setting up of a 28-member Standing Committee on <keyword id="1112111" type="COMPANY" weightage="20" keywordseo="economic-statistics">Economic Statistics</keyword> (SCES) headed by India's former chief statistician is important, it said. Nevertheless, carefully constructed evidence in the Survey must be taken on board when assessing the quality of Indian data, said the survey tabled in Parliament by Finance Minister Nirmala Sitharaman a day before she presents the Union Budget. NKD CS ABM

India's GDP growth neither over- nor underestimated, says Eco Survey

<ul><li>The <keyword id="63618" type="ORGANIZATION" weightage="20" keywordseo="Indian-Institute-of-Management">Indian Institute of Management</keyword> (IIM), Calcutta, on Thursday, signed two Memorandum of Understanding with <keyword id="663053" type="COMPANY" weightage="20" keywordseo="Carleton-University">Carleton University</keyword>, Canada and Montpellier Business School, France. </li><li>The move initiated under the Student Exchange Programme (STEP). </li><li>The five-year long pact with Carleton University will foster research programmes and collaborations. </li><li>To make India a ‘hub of higher education, the government will infuse ₹400 crores to build world class institutions in India.</li></ul>The Indian Institute of Management (IIM) Calcutta signed agreements with two international universities — Carleton University of Canada and Montpellier Business School in France, the university said in a press release. The MoUs will initiate a Student Exchange Programme (STEP) which will focus on boosting teaching, research, and cultural understanding. “STEP is an integral part of <keyword id="78512" type="ORGANIZATION" weightage="20" keywordseo="IIM-Calcutta">IIM Calcutta</keyword>’s internationalization efforts. It is aimed at providing IIM Calcutta students an opportunity to have learning experience from international environment,” Professor Prashant Mishra, Dean, New Initiatives and External Relations said. The five-year long agreement with Carleton University will foster research, collaboration, executive training and capacity building with scholarship programmes. “It is the intent of Indian Institute of Management Calcutta to establish precise academic and financial arrangements, and to support, as appropriate, the exchange of personnel between Indian Institute of Management Calcutta and Carleton University,” the university noted. The association between Montpellier Business School and Indian Institute of Management Calcutta will cater to postgraduate and doctoral students, along with teachers and research aspirants. As a part of this, the university will introduce joint executive development programmes, joint research programmes, joint conferences and workshops. “This helps them sharpen their practical skills, equips them with the ability to work in culturally diverse teams and contributes largely to their personal and professional development,” Mishra added. The Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> announced in the Union Budget 2019 that she wants to make India a hub of higher education. To this extent, the government would infuse ₹400 crore to build world class institutions. See also: <a href="https://www.businessinsider.in/muzamil-anwar-iim-ahmedabad-alumni-wants-to-coach-students-of-war-hit-kargil-students-crack-cat-exam/articleshow/70340045.cms">This IIM alumni wants to coach students of war-hit Kargil crack CAT exam</a> <a href="https://www.businessinsider.in/union-budget-2019-for-education-study-in-india-program-announced-by-nirmala-sitharaman/articleshow/70083474.cms">Study in India program to turn the country into an education hub for foreign students</a> <a href="https://www.businessinsider.in/budget-2019-nrf-announcement-reforms-in-education-sector-by-nirmala-sitharaman/articleshow/70087654.cms">A new government body will funnel research grants based on whether they are of 'national importance'</a>

You Searched For "union budget of india" and got 13 results

Government should rationalise customs duty in Budget to boost domestic manufacturing: Indian Chamber of Commerce

PTI

It's Sitharaman's shortest-ever budget speech, during which PM thumped his desk 124 times

IANS

India’s education budget has improved over the years — but it’s still too low

Prerna Sindwani

India’s defence budget has nearly doubled in 5 years but the money is not enough to upgrade the weapons

BI India Bureau

IT sector wants to help the country grow, with aid from the government

Prabhjote Gill

India lost ₹900 billion due to tax rate cuts under GST, says former Finance Minister Arun Jaitley

Prerna Sindwani

Understanding the budget allocation for health In India

BI India Bureau

Budget 2019: What it could bring for India’s farmers

BI India Bureau

Apple iPhones 11 Pro series get costly in India by ₹1,300 after import duty hike

IANS

Sitharaman claims that anti-CAA stir has not affected investor sentiment

PTI

Mutual funds will be taxes 10% only on dividend income, clarifies tax department

IANS

India's GDP growth neither over- nor underestimated, says Eco Survey

PTI

IIM Calcutta to exchange students with universities in France and Canada

Prerna Sindwani

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