India Inc sees growth revival and job creation with Budget 2021 ANI | Updated: Feb 02, 2021 12:56 IST
New Delhi [India], February 2 (ANI/NewsVoir): Karthikeyan Natarajan, President and Chief Operating Officer, Cyient - Coming out of the pandemic year, the Finance Minister has laid down a well-rounded Budget. Focus on setting up of Fintech Hub at Gift City, enhancing digital payments and use of AI in governance - all provide a strong platform for Digital India. Allocation of Rs 50,000 crore towards National Research Foundation will work towards boosting India s Innovation Quotient on the global map and is a welcome move. Allocation of funds as incentives for promoting digital payments is also a step in the right direction and a significant step in ease of doing business. Lastly, increase in allocation for highways and railways will lead to employment generation and boost the economic growth of the nation.
Highlights
The government looks to spend Rs 1.97 lakh crore on various PLI schemes over the next 5 years, says FM Sitharaman.
A scheme of Mega Investments Textile Park will be launched in addition to the PLI Scheme which will create world-class infrastructure with plug and play facilities to enable global champions in exports, said Union Finance Minister Nirmala Sitharaman.
In November, the government announced a mega PLI scheme for 10 sectors, including advanced chemistry cell battery, electronic products, automobiles and auto components, pharma, telecom and networking products, textile, food products, white goods and speciality steel.
Finance minister Nirmala Sitharaman, while presenting the union budget on February 1, announced in her speech that the government looks to spend Rs 1.97 lakh crore on various Production Linked Incentive (PLI) schemes over the next 5 years which will be an addition to the Rs 40,951 crore announced for the PLI for electronic manufacturing scheme
Budget 2021: Full text of Finance Minister Nirmala Sitharaman s speech; here s how to download full budget freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.
New Delhi [India], February 1 (ANI): A scheme of Mega Investments Textile Park will be launched in addition to the Production-Linked Incentive (PLI) Scheme which will create world-class infrastructure with plug and play facilities to enable global champions in exports, said Union Finance Minister Nirmala Sitharaman while presenting the Union Budget 2021-22 on Monday.
Taxation
Tax System. We slashed our Corporate Tax rate to make it lowest in the world.
- For senior citizens with the only pension as a source of income, government grants exemption from filing income tax returns.
- I propose to reduce the time limit for reopening of assessments (tax assessments) to 3 years from the present 6 years: FM
- Govt to set-up a faceless dispute resolution mechanism for small taxpayers.
- Govt proposes to increase the threshold for tax audit to Rs.10 crore vs Rs. 5crore (for those transacting 95 per cent digitally).
- Rs 1.5 Lakh additional deduction on
loan for affordable homes.