Odisha keen to sign up for PLI scheme for electronics and IT
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“We are keen on the IT PLI because the state is well connected and there is availability of skilled labor. It is a huge and aspirational sector for us,” said Nitin B Jawale, Managing Director, Industrial Promotion and Investment Corporation of Odisha, the investment promotion agency of the state.
Reuters
PM Narendra Modi has asked states to synchronise their budgets with that of the Centre and take full advantage of the PLI schemes to boost manufacturing by tapping the private sector.
New Delhi: Odisha is keen to sign up for the Production Linked Incentive (PLI) scheme for electronics and information technology as the industry is one of the six priority areas for the state.
Implications of India’s Union Budget for NRIs residing in Oman and other countries
By: CA. Sarweshwar Biyani
CA. Sarweshwar Biyani, Vice President – Finance and Accounts, SV Pittie Sohar Textiles [FZC] SAOC, Sohar Free Zone.
The Union Budget of India is equally important for non-resident Indians residing in Oman as it is for resident Indians. Various reasons contribute to this, specially NRI’s saving, investment, income and tax implications in India.
In 2021 budget, announcement was expected to make residency conditions favourable to NRIs for their investments and income in India, however, budget kept silence on the same.
Last year budget linked residency conditions with NRIs annual income in India. In case annual income in India is more than Rs.15 lakh, NRIs allowed to stay in India only up to 120 days in a year. This is to maintain NRI status and to avoid paying taxes in India. This change considered widely to discourage investment by NRIs in India.
Does the Budget address the distress caused by the pandemic? A significant increase in allocation towards capital expenditure, healthcare support, an extension of affordable housing deduction, social security benefits for gig workers and various measures to raise financing for infrastructure have been proposed to benefit a wide section.
Will this Budget help the economy and create jobs? The government has emphasised increasing capital expenditure and infrastructure spending in our economy to create jobs. The Budget proposes capex spending of Rs 5.54 trillion for FY22, an increase of 34.5 per cent YoY. Also, various initiatives like the tax-efficient zero coupon bonds for notified infra debt funds and the introduction of a bill to set up a Development Finance Institution for infrastructure financing would help create jobs.
The quality of economic growth matters more than the rate
The mantra of Simplify, Rationalise and Digitise works not just for Ease of Doing Business, but also to protect the right of workers – this is the key reform that must be implemented across the board by governments at every level Sumita Kale
Representative image
2020 will stand out in history as the year that stalled the world. Borders closed, priorities and expectations were rejigged, and the fragility of lives and livelihoods was exposed. While there has been much speculation of the shape of the recovery in India, the economy came out through the lockdown faster than expected. This was thanks to the rural economy holding up with a good monsoon, sufficient labour - ironically from migrants returning home, and stimulus from the PM Kisan Yojana, Pradhan Mantri Garib Kalyan Package, MGNREGA etc.