PLI Boost: ?6,000 Crore for Toys and Footwear
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PLI scheme approved for toys, leather, and footwear
The PLI scheme for toys will have an allocation of Rs 3,489 crore, while the footwear and leather sector will receive Rs 2,600 crore. These schemes are awaiting cabinet approval. Currently, PLI schemes are operational for 14 sectors with an outlay of Rs 1.97 trillion.
Budget 2024-25: Solar, thermal and nuclear energy sector reforms
The Union Budget 2024-25 introduces ambitious initiatives to revolutionize India’s energy sector. Key measures include the PM Surya Ghar Yojana to power 10 million households and create 1.7 million jobs in the solar industry, and new policies to enhance nuclear, thermal, and renewable energy. The budget also emphasizes energy efficiency and critical mineral imports, aiming for a sustainable and robust energy future for India.
FACT OF THE DAY
Indian travelers will soon be the first in the world eligible for Israel's new e-visa program, set to kick off later this year. The Israel Ministry of Tourism aims to attract 70,000 Indian tourists by 2025 and 100,000 by 2026. Additionally, Israel is negotiating with IndiGo and Air India to boost flight capacity and establish marketing agreements.
India cut import duties on gold and silver, boosting festive demand
Finance Minister Nirmala Sitharaman has cut import duties on gold and silver from 15% to 6%, reducing prices by ? 5,900 per 10 gm for gold and ? 7,600 per kg for silver. This reduction benefits consumers ahead of the festive season and is expected to boost demand and reduce gold smuggling. The high prices had previously led to a 15% drop in gold demand in the June quarter. The reduction will also benefit industries relying on silver for manufacturing photovoltaic cells and electric vehicles.
Budget 2024-25 provides major boost to shipping sector
Finance Minister Nirmala Sitharaman introduced several reforms in Budget 2024, to enhance the Indian shipping industry and improve trade facilitation. A major highlight is the removal of customs duties on components and consumables needed for vessel manufacturing.
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UNION BUDGET 2024-25
FM Smt Nirmala Sitharaman presented Union Budget 2024-25 on Tuesday, the first one under the Modi government’s third term. The budget outlined sustained efforts on nine priorities to create ample opportunities for all.
Among the key highlights, India's fiscal deficit in 2023-24 was at a lower 4.9% of GDP, and the government has set a target of reducing it further to 4.5%. Further, the government introduced a revised income tax structure alongside an increase in the long-term capital gains tax.
The government emphasized its commitment to four social classes: the poor, women, youth, and farmers. The budget’s theme revolved around employment, skilling, MSMEs, and the middle class.
The budget also highlighted strong economic foundations, noting improvements in the current account deficit, an 8.2% GDP growth rate in FY24, and a reduction in inflation from 6.7% in 2022 to 5.4% in 2023.
Purvodaya plan to boost eastern India’s development
Finance Minister Nirmala Sitharaman announced the Purvodaya plan to develop Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. Bihar received Rs 26,000 crore for road projects and Andhra Pradesh Rs 15,000 crore.?
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