BUSINESS
Government Slashes Customs Duty on Mobile Phones and Components to 15%, Boosts Industry Morale
Presenting the Union Budget 2024-2025, the Finance Minister, while announcing the consumer benefits in the House, said, "In the interest of consumers, I now propose to reduce the BCD on mobile phones, mobile PCBA, and mobile chargers to 15 percent." The electronics sector in India has witnessed rapid expansion, scaled to the $155-billion mark in FY23, and doubled the production from a mere $48 billion in FY17 to $101 billion in FY23. Mobile phones now alone constitute 43 percent of total electronics production.
Union Budget 2024: Changes in Pricing for Consumers and Industries
In addition to the cancer drugs, he also announced relief in reducing customs duty on mobile chargers to 15%. This move is aimed at lowering the cost of mobile appliances and accessories to the consumer.
Enhanced Benefits for Salaried Workers: Standard Deduction Increased by 50% to Rs 75,000
Besides, Sitharaman brought in changes in the tax slabs in the new income tax regime, which would come into force from April 1, 2024, that is, Assessment Year 2025-26. This restructuring of the regime shall lead to a further rise in disposable income and is likely to save salaried employees up to Rs 17,500 annually in income tax.
CII Projects Strong GDP Growth for India Beyond Economic Survey's FY25 Forecast
He further added that such optimism is due to the fact that it was a result of nimble macro-financial management supported by a slew of policies which focused on capital expenditure and kept a fine rein on inflation."
Unemployment Falls to 3.2%, Economic Survey Emphasizes Job and Skill Development
It also pointed out that a workforce of around 565 million across various sectors in India is distributed as follows: more than 45 per cent are engaged in agriculture, 11.4 per cent in manufacturing, 28.9 per cent in services, and 13 per cent in the construction sector.
Economic Survey Highlights Increased Private Capital Expenditure and Government Investment in Key Sectors to Propel Growth in FY24
Government capital expenditure at ₹9.5 lakh crore for FY24 was 28.2 percent higher than the preceding year and 2.8 times of that in FY20. It has also found that capital spending by private companies has increased in the financial year closing in March from FY23. The Survey reiterated that GFCF is one of the principal drivers of growth and mirrored it in its rising share in nominal GDP. Capital expenditure by the government has been the ventilator for economic progress, more so in times of global uncertainty and volatility.
Six Strategic Growth Areas Highlighted in Economic Survey for ‘Amrit Kaal’
For the last ten years, the government has been meticulously working on substantial reforms for the rejuvenation of the economy. The aim was to increase potential growth and address supply-side constraints while creating an economy that would ensure its capability of meeting current and future growth aspirations during the 'Amrit Kaal'.
Economic Survey Forecasts India's GDP Growth at 6.5-7% for 2024-25
India has managed to carry over the positive momentum from FY23 into FY24, despite numerous external obstacles. In FY24, India’s real GDP expanded by 8.2%, surpassing the 8% growth threshold in three out of four quarters. This achievement was supported by a focus on maintaining macroeconomic stability, which minimized the impact of external challenges on the economy.
Sharp Rise in Japanese Bankruptcies Hits 10-Year Peak: Survey
According to Teikoku Databank of Japan, the number of bankruptcies totaled as high as 4,887 for January to June, the highest since 2014. Service industry bankruptcies were the highest, at 1,228, followed by retail and construction at 917, showing its across-industry effect.
Display names & mobile numbers outside business establishments: MP Government
First, these new guidelines will be applied in the sacred city of Ujjain. The name and contact number of the owner outside shops, hotels, and eateries will be compulsive, according to Ujjain Mayor Mukesh Tatwal. The non-compliance will attract a fine of Rs 2,000 for the first violation and Rs 5,000 for the subsequent violations.
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