BUDGET 2024 EV INCENTIVES
Budget needs to think about farmers to help India get to developed economy goal
Budget Expectations for agriculture: The share of agriculture in India's economy has declined to less than 15%, yet it remains crucial due to rural dependence and food security. Budget measures aim to improve productivity through fertilizer subsidy allocation, crop diversification, expedited crop loss claims, fair prices for farmers, boosting pulse production, R&D, labor challenges, and focusing on low-yield Eastern states.
Union Budget: What lies ahead in Budget 2024 for indirect taxes?
Budget Expectations: The upcoming Union Budget by NDA 3.0 is highly anticipated for its economic and social welfare policies to rejuvenate India. The budget is expected to focus on infrastructure, healthcare, education, job creation, and tax reliefs. Indirect taxation, including GST, will be a key area of scrutiny, with potential adjustments to customs duties and the introduction of production-linked incentive schemes. The industry eagerly awaits measures to streamline compliance processes, boost revenue, and support the Make in India initiative.
Ahead of budget, US-India forum urges FM Sitharaman for stable & predictable tax environment
The US-India Strategic Partnership Forum (USISPF) has urged Union Finance Minister Nirmala Sitharaman to prioritize a stable and predictable tax environment in the upcoming Union Budget 2024-25. Emphasizing the need for measures that stimulate growth across sectors, the US-India Tax Forum, a part of USISPF, recommended enhancing ease of doing business, rationalizing business costs, and simplifying tax rates.
Guidebook to lighting up India’s renewable energy ambitions for upcoming Union Budget 2024
Budget 2024: India aims for 500 GW renewable energy by 2030, with Sitharaman's July 23 budget detailing measures under Modi 3.0. Ranking 4th globally, India seeks a 45% carbon intensity reduction by 2030. Key initiatives include transnational grid, FAME 3.0, 600k skilled workers, GST concessions, PPP solar projects, addressing copper costs, RBI financing draft, overseas training, poaching, and sustainability incentives.
Budget 2024: Let’s put money in R&D to make manufacturing roar
Budget 2024: As India aims to become a developed nation by 2047, Finance Minister Nirmala Sitharaman will need to prioritize a significant boost in Research and Development (R&D) during her upcoming Union Budget presentation on July 23. A key challenge for the government will be increasing the share of R&D in the country, which, according to a NITI Aayog report, is currently among the lowest in the world. India's R&D expenditure as a percentage of GDP lags behind that of developed nations, a concern that has been consistently raised by industry bodies such as Nasscom.
Deloitte's President of Tax Gokul Chaudhri: Will FM Sitharaman usher tax incentives in Budget 2024?
Will the government take steps to ensure efficiency in the tax system and enable India to be more competitive going forward? Will FM Sitharaman announce some level of tax incentives for India's taxpayers in Budget 2024? Deloitte's President of Tax Gok...
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Budget 2024: Why relief for middle-class is crucial amid price pains and job woes
Budget for middle class: The Indian middle class faces inflation, income inequality, and job uncertainties, prompting calls for targeted budgetary measures. With rising living costs and employment instability, the upcoming budget must address these challenges to alleviate financial burdens. Expectations include income tax relief, increased standard deduction, and incentives to boost private consumption and investment. The budget is seen as a crucial opportunity to bolster consumer confidence and address the needs of the middle class.
Budget 2024: Will Sitharaman fulfill a promise made after the Interim Budget?
Budget Tax Expectations: FM Nirmala Sitharaman plans to address tax relief in the upcoming full Budget to stimulate private consumption and economic growth. Expectations are high as she aims to cater to various income groups and key constituencies.
Budget 2024: 'More FAME, Less GST' - What the EV industry wants from FM Sitharaman
Industry players are looking forward to potential GST concessions and incentives for electric vehicles in the upcoming Budget FY25. Expectations include policies like FAME 3.0 to enhance the EV ecosystem, promote R&D, and support local manufacturing for sustainable transportation in India.
Income tax cut in Union Budget 2024: India’s middle-class is asking for it but may not get it
BUDGET TAX RELIEF: Despite yearly budget hopes, India's middle class likely faces disappointment again over tax cuts amidst inflation. Both citizens and industry seek relief, especially for lower-income earners. However, there is a chance that fiscal prudence approach may prevent tax benefits. Focus remains on growth via targeted schemes. Economists debate the efficacy of tax cuts on boosting consumption, with rural demand still rebounding.
Budget expectations & India's e-waste recycling journey: Insights from Recyclekaro's founder Rajesh Gupta
Rajesh Gupta, founder of Recyclekaro, discusses India's reliance on imported battery cells for EVs due to a lack of domestic mineral reserves. Recyclekaro focuses on recycling retired batteries to extract critical metals like cobalt and lithium, supporting India's decarbonisation goals. Gupta hopes the Budget 2024 will include subsidies for the sale of recycled materials to boost sustainability efforts in the sector.
Budget 2024 may propel a key element of the Modi govt's Panchamrit goals
The Indian government has been prioritizing sustainability through clean energy for over half a decade to ensure economic growth. The Green Hydrogen economy, an integral part of the development factors, is a key focus in the country's energy sector. The Modi 3.0 budget could introduce new financial incentives, subsidies, and infrastructure investments to bolster this nascent industry.
The road to a $1 trillion digital economy: A tech lawyer’s wish-list for Budget 2024-25
The post-election budget is expected to support digital public infra (Aadhaar, UPI, DigiLocker), UPI and RuPay incentives, tech manufacturing, cybersecurity, AI, deep tech in healthcare and agriculture, and skilling initiatives under the Skill India Mission. Expanding the PLI scheme, AI research, R&D, the National Quantum Mission, and extending optical fibre to all villages will be crucial.
Budget 2024: Watch her words - Important clues to Sitharaman's upcoming budget
Budget Expectations: After the BJP formed a government with allies due to a lack of majority, Nirmala Sitharaman's reappointment as finance minister signaled policy continuity. Despite the interim budget not allowing major announcements, her prudence over populism stood out. With fiscal pressures and demands for cash transfers, her upcoming budget will be closely watched.
Union Budget: Will Budget 2024 book tourism’s ticket to growth?
Budget Expectations: The 2024 interim Budget saw a 44.7% increase in tourism sector allocation, a promising sign for industry growth. With job opportunities on the rise, stakeholders eagerly await the upcoming Budget announcements. Strategic investments in infrastructure and connectivity are crucial for India's booming domestic travel market. Expectations include simplified GST regulations and tax reforms to drive sustainable tourism practices and economic growth.
Budget 2024: Expect incentives for agri sector, infra focus to continue, says Tushar Pradhan of Epsilon Money
“Another positive is the inclusion of Indian government bonds in the JP Morgan index but it is a longer term positive because if you're not in any index, you're not visible to foreign investors. It has an impact on the local markets and individual investors who are investing in bonds in India will also benefit,” says Tushar Pradhan
Budget 2024: Don't hold your breath, electrify!
India's air quality crisis demands immediate action with a focus on energy and transportation sector reforms. Accelerating EV adoption is vital to lower pollution levels and decrease oil dependence. Transitioning to electric vehicles presents significant economic opportunities and job prospects. The future of India's environment hinges on these crucial decisions.
What homeowners want from Budget 2024: Higher exemption limit, shorter period for CGAS holding, bond lock-in and more
With Budget 2024 scheduled in the coming weeks, the Finance Minister is expected to make announcements that will set the path for India to achieve the vision. Towards this, the government may look to providing various incentives to taxpayers, especially on capital gain taxation boosting investment and in providing stimulus to the housing sector. Here is the list of expectations an individual taxpayer would have with respect to a property sale transaction from Budget 2024.
More incentives for EVs; online discount bonanza coming up
India’s new EV policy may be amended to include incentives for automakers who already have a presence in the country. This and more in today’s ETtech Top 5.
Budget 2024: Is a Rs 10 lakh insurance the vitamin India's healthcare system needs?
The Centre is considering doubling the beneficiary base of the Ayushman Bharat health insurance scheme over the next three years, starting with those aged above 70, alongside raising annual coverage to Rs 10 lakh. These proposals are anticipated in the upcoming Union Budget. The interim Budget increased Ayushman Bharat's allocation to Rs 7,200 crore for secondary and tertiary care, with Rs 646 crore for health infrastructure.
Budget 2024: Time for Modi 3.0 to focus on rural India and jobs
Budget 2024 Expectations: India's budget may targets rural economy, job creation, and a 5.1% fiscal deficit. Focus includes labor-intensive sectors, MSME credits, services exports, and agricultural infrastructure, addressing unemployment and inflation. Goldman Sachs notes food supply emphasis, while Citi suggests extending incentive schemes. Modi's government returned with Bharatiya Janata Party allies. Sengupta highlights long-term policy impact.
Budget 2024: Top three moves that NDA govt must consider for employment generation
Budget 2024: Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget on July 23 in Lok Sabha, kicking off the parliamentary session running from July 22 to August 22. The upcoming budget under the NDA government is anticipated to prioritize sustaining economic growth, promoting job creation, and adhering to fiscal deficit targets.
Budget 2024: Capex, SOPs, bold reforms top infra and energy companies' wish list
Budget 2024: Finance minister Nirmala Sitharaman on Friday met representatives from the infrastructure and energy sector as a part of her pre-budget consultations. "While the capex support for the infrastructure was common, the industry wanted bold reforms to push infrastructure projects, support for energy transition and tax incentives for solar and sector to meet India's goal to attain net-zero by 2070," said a person aware of the details of the meeting. The industry is also seeking a government roadmap for creating better cities.
We expect policy stability, renewable energy investment from Budget 2024: Sharad Mahendra, JSW Energy
With these PPAs signing, the percentage of open capacity once these capacities get commissioned in a span of 18 to 24 months, ultimately the merchant portfolio will be even lower than 15% going forward. So, more of long-term PPAs will be there.
Budget 2024: EV makers seek stability in incentives, call for long-term subsidy assurance before FAME III roll out
Budget 2024: The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme was originally launched in 2015 to encourage the adoption of electric and hybrid vehicles. Under it, a subsidy was provided to EV makers who used it to lower the prices of their products. The second edition, FAME-II, was introduced in 2019 and went on till March 2024 when it was scrapped. There has since been a steep slowdown in EV sales, according to a report by the Federation of Automobile Dealers Associations.
EV companies seek stability in incentives ahead of FAME-III rollout
The comparison between FAME-II and EMPS subsidies is crucial, as highlighted by a report from the Federation of Automobile Dealers Associations, emphasizing the importance of stable subsidy regimes for the EV industry's growth.
Tesla's Q2 deliveries beat estimates on price cuts, incentives
Tesla's delivery drop in Q2 was mitigated by incentives driving demand. Shares rose in premarket trading despite margin pressures. The company delivered various models, including the Model 3 and Model S sedan. Tesla adapted its strategy with discounts globally, aiming to recover from the sales decline and adjust annual growth targets.
Budget 2024: Skilling industry demands incentives, tax rebates and labour codes in meeting with FM Sitharaman
Ahead of the Union Budget for 2024-25, the Union Minister of Finance and Corporate Affairs held the eighth Pre-Budget Consultation in New Delhi, focusing on employment and skill development. Key figures like Anshuman Magazine and Suchita Dutta emphasized the need for skilled workers and job readiness among graduates. Discussions also highlighted incentives for skill improvement and formal employment practices, including lowering GST rates for employment services. There were calls for greater inclusion of women in the workforce and the expansion of social security measures. Startups advocated for foreign language education to tap into global job markets.
Union Budget 2024: Incentivise capex, rationalise GST rates on EVs, components make part of ACMA's Budget wishlist
Auto components industry body ACMA has proposed measures to boost the auto component sector, including incentivizing capex expenditure, increasing depreciation rates on plant and machinery, and rationalising GST rates on EVs and their components. The recommendations were submitted to the Ministry of Finance and the Ministry of Heavy Industries.
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