Commerce
and Industry Minister Smt. Nirmala Sitharaman has welcomed the Union Budget
2017-18 presented by Finance Minister Shri Arun Jaitley which provides renewed
impetus to manufacturing and Make in India, export infrastructure and
Government e-marketplace.
Several
measures have been announced in the Budget 2017-18 to provide impetus to
commerce and industry . The key initiatives include
1.
A
Special Scheme for creating employment in leather and footwear industries is
proposed to be implemented, on the lines of the scheme in textile and apparel sector.
2.
The
long standing demand of startups has been accepted and the profit (linked
deduction) exemption available to them for 3 years out of 5 years is changed to
3 years out of 7 years. For
the purpose of carry forward of losses in respect of start-ups, the condition
of continuous holding of 51% of voting rights has been relaxed subject to the
condition that the holding of the original promoter/promoters continues.
3.
Further
liberalisation of FDI policy is under consideration and the Foreign Investment
Promotion Board (FIPB) to be abolished in 2017-18.
4.
In
order to make MSME companies more viable, income tax for companies with annual
turnover uptoRs. 50 crore is reduced to 25%. About 96% of companies
will get this benefit of lower taxation. This will make our MSME sector more
competitive as compared to large companies.
5.
MAT
credit is allowed to be carried forward up to a period of 15 years instead of
10 years at present.
6.
For
creating an eco-system to make India a global hub for electronics manufacturing
a provision of Rs. 745 crores in 2017-18 in incentive schemes like M-SIPS and
EDF. The incentives and allocation has been exponentially increased following
the increase in number of investment proposals.
7.
Inverted
duty has been rectified in several products in the chemicals &
petrochemicals, textiles, metals, renewable energy sectors. Duty changes to
improve domestic manufacturing of medical devices, those used for digital transactions
and capital goods have also been announced.
8.
Infrastructure
– a key pillar under the Make in India programme has been strengthened with a
large budgetary allocation. The total allocation for infrastructure development
in 2017-18 stands at
Rs. 3,96,135 crores. A specific programme for development of multi-modal
logistics parks, together with multi modal transport facilities, to be drawn up
and implemented.
9.
Tourism
is a big employment generator and has a multiplier impact on the economy.
Incredible India 2.0 is proposed to be launched to promote tourism and
employment. Five Special Tourism Zone, anchored on SPVs in partnership with the
States would be set up.
10.
Modernisation
and upgradation of identified corridor, railway lines of 3,500 kms will be
commissioned, 25 stations are expected to be awarded for station redevelopment
and 500 stations will be made differently abled friendly by providing lifts and
escalatorsduring 2017-18. These provide large opportunities under the Make in
India initiative
11. Initiatives in Skill Development provide essential support
for the Make in India sectors to thrive. Launch of SANKALP scheme to provide
market relevant training to 3.5 crore youth and STRIVE scheme to improve the
quality and market relevance of vocational training.
12.
A new and restructured Central scheme with a focus on export infrastructure,
namely, Trade Infrastructure for Export Scheme (TIES) will be launched in
2017-18.
13. The Government e-market place
which is now functional for procurement of goods and services, has been
selected as one of the winners of the South Asia Procurement Innovation Awards
of the World Bank.
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MJPS
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