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We articulate the disappointment of the common man: P.Chidambaram The government's move to lower the GST on Electric Vehicles has opened new avenues for the industry.Government is furthering its resolve to save startups from the draconian angel tax and IT scrutiny but has still stopped short of scrapping the Angel Tax altogether.
Rationalisation of multiple labour laws and making India hub for the manufacturing of electric vehicles is a positive step.
Development of 17 iconic sites to be transformed in world class destinations will help boost foreign tourist arrivals.
It also expressed willingness to go below 51% in non- financial PSEs.
The government reiterated its intention to invest Rs 100 lakh crore in infrastructure and said an expert committee will be set up.
FM Sitharaman proposed a further thrust to Make in India and the setting up of an initiative to set up to facilitate setting up of mega plants in areas such semiconductors, laptops, solar products etc.
In order encourage purchase of electric vehicles, a tax deduction of Rs 1.5 lakh was announced for those purchasing these automobiles. The government announced a disinvestment target of over Rs 1 lakh crore and said that will continue to pursue strategic disinvestment of Air India and other PSEs.India’s rural infrastructure, connectivity, education, skilling, electric mobility and the economy at large.The Government of India put forth multiple initiatives to kick-start the growth of MSMEs and start-ups in the country and also outlined various changes in custom duties, which we believe will boost India’s economic growth: Manish Sharma, President and CEO, Panasonic India and South Asia It's a nice budget for startups but it's mostly incremental and not revolutionary.Reducing the GST on EVs from 12 per cent to 5 per cent can be seen as a big step in favor of sales of EV cars in India.The deduction of Rs 1.5 lakh on the loan interest to purchase an electric vehicle in India will not just benefit the industry but also for consumers who are looking to switch to electric vehicles.However, industry demand of free visas for five years and competitive GST rate has not been met.The Indian travel and tourism sector which has emerged as a key growth driver and is one of the biggest employment generators didn't see any concrete provisions in this Union Budget: Vijay Dewan, MD, Apeejay Surrendra Park Hotels & Chairman, CII, West Bengal State Council Exploitative taxation is unacceptable. The language of the Finance Minister's speech is not clear regarding the effective tax rate.1.05 lakh crore budget for the same, the Indian Tourism Industry is bound to grow exponentially.Also, a new channel proposed for start-ups to disseminate information in the industry will provide platform to companies like us to better understand the opportunities and gaps in the industry: Mohit Poddar, CEO & Co-founder, Shoes on Loose The Union Budget 2019 is aimed at strengthening the fundamentals i.e.Budget had nothing to offer to any section of the society, ignoring even critical sectors like Defence & making no allocation for the historic 550th birth anniversary celebrations of Sri Guru Nanak Dev ji: Punjab Chief Minister Captain Amarinder Singh (ANI)In a significant development, import of Defence Equipment not manufactured in India exempted from Basic Customs Duty.It'll have an impact of augmenting the Defence Budget by Rs 25,000 crores on account of savings in expenditure on Customs Duty over the next 5 year: Rajnath Singh Defence Minister (ANI)While the finance minister claimed that we have reduced NPAs by Rs 1 lakh crore, she should have also said that in the same period banks have written off Rs 5,55,603 crore, why didn't she say that, I don't know: Former Finance Minister P Chidambaram (ANI)We've strongly welcomed it.