Union budget 2021 India Inc expectations: Industry representatives are hopeful that the Union Budget 2021 would play a vital role in achieving the objective of putting India on a sustained high-growth trajectory
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Centre unveils draft ‘Blue Economy’ policy
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It calls for tapping economic potential from oceans and includes coastal tourism, mariculture, fisheries.
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It calls for tapping economic potential from oceans and includes coastal tourism, mariculture, fisheries.
India should deploy a dedicated satellite system for tracking and managing its fisheries sector. It should expand its patrolling in the high seas and put in place a 30-year “holistic” shipbuilding plan under the Atmanirbhar initiative to give a boost to shipping and shipbuilding sector, recommends a draft policy prepared by multiple committees and led by the Prime Minister’s Economic Advisory Council. (PM-EAC).
Income Tax Relief on Cards? Standard Deduction Limit May be Increased in Budget 2021, Say Experts
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The Federation of Indian Chambers of Commerce & Industry (FICCI) was quoted as saying in a
Livemint report that the standard deduction for salaried employees should be increased to Rs 1 lakh. Citing the expenses incurred by employees in setting up home offices, FICCI said that the Centre should consider such a raise in the limit. The Confederation of Indian Industry (CII) has also said that the limit of standard deduction should be hiked substantially due to rising inflation.
The report quoted Aditya Chopra, Managing Partner of Victoriam Legalis, as saying that the for taxpayers awaiting a pleasant surprise at a time when the economy is battered by the pandemic, the announcement could be a rabbit in the hat moment . Another expert, co-founder of MoneyTrap Kunal Varma opined that the tax relief would be welcome as people s incomes have taken a hit over the past year
FICCI survey forecasts 8% GDP contraction in FY21
January 26, 2021
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Economists called upon the Centre to announce temporary fiscal stimulus to support consumption in the form of income-tax breaks or direct income transfers India’s GDP at market prices will contract by 8 per cent in the financial year 2021, according to a survey of economists from industry, banking and financial sectors carried out by the Federation of Indian Chambers of Commerce & Industry (FICCI).
Among the three main sectors of the Indian economy, agriculture is the only one which will register growth in the current fiscal year, as signalled by higher rabi acreage, good monsoons, higher reservoir levels and strong growth in tractor sales.