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The 2019 interim budget provided income tax rebate, social security coverage, and railway capex. The latest budget focused on fiscal discipline and ease of doing business. It reduced the fiscal deficit for this year and set lower targets for the next. The private sector can benefit from increased borrowing and infrastructure creation. The budget allocated funds for rural poverty alleviation, semiconductor manufacturing, solar power, and economic railway corridors. It also introduced schemes for housing, innovation, and economic growth.
The 2019 interim budget provided income tax rebate, social security coverage, and railway capex. The latest budget focused on fiscal discipline and ease of doing business. It reduced the fiscal deficit for this year and set lower targets for the next. The private sector can benefit from increased borrowing and infrastructure creation. The budget allocated funds for rural poverty alleviation, semiconductor manufacturing, solar power, and economic railway corridors. It also introduced schemes for housing, innovation, and economic growth.
The Telecom Regulatory Authority of India (TRAI) has proposed a 'concurrent PLI scheme' aimed at promoting manufacturing of networking and telecom gear in India. The recommendations include tax benefits, a dedicated master fund, and incentives for design-led PLI schemes. TRAI also suggests lower corporate income tax for companies engaged in R&D manufacturing and with a significant turnover from owned intellectual property rights.
Tax incentives and flexible payment plans are motivating prospective homebuyers to purchase residential properties, according to a survey by proptech firm and realtors' body Naredco. The survey found that 48% of respondents preferred real estate as an investment, outperforming stocks, fixed deposits, and gold. The demand for ready-to-move-in properties is higher than that for under-construction projects. The survey also highlighted the importance of personalized support in the homebuying process.
The finance, commerce and industry ministries have firmed up the contours of Development of Enterprise and Service Hubs, or DESH, which could allow companies to defer their import duty liabilities, among other concessions, officials privy to the deliberations told ET.
Finance Minister Nirmala Sitharaman will have to do a tight-rope walk between staying fiscally prudent and general public expectations of lower taxes and a wider social security net, while at the same time firing the engines of the economy before general elections. Budget 2023: Tax Sops, Fiscal Consolidation Tight Rope Walk for Finance Minister Nirmala Sitharaman.
The government may also announce measures to encourage investments in R&D of advanced battery technologies to reduce dependence on lithium-ion batteries.