What to expect from Rail Budget 2022
Finance Minister Nirmala Sitharaman will present her fourth budget on February 1 and according to sources, the Central government is going to increase the outlay for the rail budget this time by 15-20 per cent. Last year, the government had allocated Rs 1,10,055 crore to the Railways. This time, an amount of around Rs 2.5 lakh crore is likely to be earmarked.
QR codes on drug manufacturing ingredients mandatory from next year
"Every active pharmaceutical ingredient manufactured or imported in India shall bear a quick response code on its label at each level, packaging that store data or information readable with software application to facilitate tracking," said Union Health Ministry in a gazette notified guidelines. It has been made mandatory to put QR codes on Active Pharmaceutical Ingredients used in medicines which is expected to help in distinguishing between genuine and counterfeit drugs much easier.
Centre releases Rs 95,082 cr to states as tax devolution
Poll bound states of Uttar Pradesh will receive Rs 17,056.66 crore, Uttarakhand Rs 1,063.02 crore, Punjab will receive Rs 1,718.16 crore and Goa is going to get Rs 367.02 crore along with all other states. The Government of India had released the first advance instalment of tax devolution amounting to Rs 47,541 crore to states on November 22, 2021.
Budget to focus on fiscal consolidation while pushing private capex
The budget is likely to focus on gradual fiscal consolidation, continuing to favour investment-driven growth with a push for both public and private capex, and raising additional resources through strategic divestments and asset monetization. "Apart from this, we would be looking for clarity for Indian bonds to be included into global bond indices. Indeed, the overall focus of the government should be to utilize all revenue levers effectively (tax compliance to improve tax to GDP, strategic asset sales) to sustainably improve the health of the public sector balance sheet", Morgan Stanley said.
Green Energy: India's clean energy push propels renewable companies' stocks
Accordingly, shares of Suzlon Energy, Orient Green Power, Inox Wind, JSW Energy, Adani Green Energy, Websol Energy System, Borosil Renewables have seen a substantial rise. Earlier, Prime Minister Narendra Modi at the COP26 meet in Glasgow said India aims to increase its non-fossil energy capacity to 500 Giga Watt by 2030, besides the country wishes to fulfil 50 per cent of its energy requirements from renewable energy sources by 2030.
Centre's PLI scheme to benefit UP in big way
The PLI scheme is expected to lead to an investment of Rs 76,000 crore in semiconductor manufacturing over the next 5 to 6 years. This scheme will help in the design, manufacturing, packing and testing of microchips in the country and develop a complete ecosystem.
RBI is in favour of complete ban on cryptocurrency: Report
The Reserve Bank of India (RBI) has informed its central board that it favours a complete ban on cryptocurrencies, as quoted by Economic Times. The Central government had already planned to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in Parliament. The Bill awaits PM Modi's final decision over it, as certain sections of the government feel to hold more detailed deliberations on the bill.
Amid chip shortage, Govt announces 76,000 crore incentive package to boost semiconductor manufacturing
The worldwide shortage of chips has enticed India to take a step further and be self-reliant. The Union Cabinet on Wednesday approved a Rs 76,000-crore incentive package to boost semiconductor and display fab manufacturing in the country. The move comes at a time when there is worldwide shortages in the supply of the critical semiconductor componen that has hit industrial production across automobiles, electronics and other technology-led sectors.
Brakes on power sector reforms after agreement between farmers, govt
This will put brakes on the power sector reforms and the power distribution reforms will get delayed. The one year and 15 day-long agitation by the farmers at Delhi's borders was called off after the Centre agreed to their major demands. The protests were called off after the Centre gave a letter to the farmer bodies agreeing to meet their demands. The letter was signed by Sanjay Agarwal, Secretary to the Union Ministry of Agriculture and Farmers' Welfare.
India aiming at $43 billion agri-products' exports: Govt
The increase in agricultural and processed food products exports from Purvanchal (eastern UP) will not only boost India's foreign exchange earnings, it will help in doubling farmers' income as well as boost employment opportunities in the region, the Minister said at the event organised by Agricultural and Processed Food Products Export Development Authority (APEDA), the government release said.