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India Business News: Union Budget 2021 needs to give further impetus to affordable housing, particularly in metro cities, says FICCI in its pre-Budget 2021 memorandum.
India aviation manufacturing: Time to move from generics to specifics
January 8, 2021
India is looking at beefing up the aviation industry through aerospace components manufacturing. As aircraft need to be maintained and repaired, this industry can grow exponentially as the country is already witnessing robust growth in this area. Civil aviation is emerging as an engine for development and India wants to be on everyone’s aviation manufacturing radar.
India is working to grow its role in the aviation manufacturing sector, which was made clear by the papers presented at an event held in Delhi today, January 7, 2021.
Mr. Pradeep Singh Kharola, Secretary, Ministry of Civil Aviation, Government of India, today said the state governments must play an important role in aerospace components manufacturing. State policies on investment, taxation, and labor attract manufacturing units from all over the country.
ISSUE DATE: January 18, 2021
UPDATED: January 9, 2021 08:18 IST
India Today issue, January 18, 2021
If 2020 was the year that changed everything, 2021 begins with many questions about what lies ahead. We are trapped between a pandemic that is still raging in many parts of the world and the promise of a post-pandemic world with the launch of several Covid-19 vaccines. This is a hopeful beginning for the new year, especially with two vaccines cleared for use in India. As we know, the vaccine is not a cure for Covid-19, only a means to slow the spread of the virus. It will be at least two years before a large percentage of the global population is vaccinated. We are, therefore, now in a twilight zone with the pandemic.
Union Budget 2021 should look to substantially increase the standard deduction. (Representative image)
Union Budget 2021 by Finance Minister Nirmala Sitharaman should look to substantially increase the standard deduction from salary income, feel industry bodies. Standard deduction allows for a predetermined amount to be subtracted from an individual s salary income before their taxable income is calculated. At present, the standard deduction for salaried persons is Rs 50,000.
According to the Federation of Indian Chambers of Commerce & Industry (FICCI), the standard deduction for salaried employees should be increased to Rs 1 lakh in India Budget 2021. The recommended hike takes into account the Work From Home culture that has been necessitated by the COVID-19 pandemic. The industry body has said that since employees incur higher work-related personal expenditure - food, higher electricity cost etc - due to work from home, the Rs 100,000 limit should be considered.