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Synopsis Here’s what leaders and experts have said about Budget 2023 provisions for the sector. During her Union Budget speech on Wednesday, Union Finance Minister Nirmala Sitharaman said India was moving forward firmly for the 'panchamrit' and net-zero carbon emission by 2070 to usher in green industrial and economic transition. The Finance Minister also mentioned that Prime Minister Narendra Modi has given a vision for "LiFE", or Lifestyle for Environment, to spur a movement of environmentally-conscious lifestyle. She said this Union Budget builds on the focus on green growth. Here’s what leaders and experts have said about Budget 2023 provisions for the sector. Vibhuti Garg , Director, South Asia, IEEFA The budget rightly focussed on providing boost to economic growth by providing a 33% increase in capital expenditure budget to Rs 10 lakh crore. This will facilitate and channelise private sector investments into the key infrastructure sectors. Budget … [Read more...] about Budget 2023 will promote green growth, says renewable industry

Nirmala Sitharaman has shown determination to drive measures that can increase the popularity of millets in the domestic as well as global markets. Previously, the United Nations also declared 2023 as the International year of millets, as proposed by the Indian government. India being the leading producer of millets, the government has drawn up plans to boost the export of millets and value-added products containing grains. Industry players share their first reactions to this much-needed boost for the segment: According to Shammi Agarwal, Director, Pansari Group, "The Union Budget 2023–2024 offers incentives for advances in food infrastructure, research & development, and innovation, which is extremely encouraging for the FMCG sector's modest growth. The government's initiative to promote millet for its health benefits would increase the consumption and production of the millets in the nation. In support of this, the government declared that the Indian Institute of … [Read more...] about Retail Budget 2023: FMCG companies support government’s step to make India a global millets hub

Synopsis India’s small businesses and industry groups have issued their response to Budget 2023-24. Here, we round up the opinions. India aims for around 6% growth next year while having to walk a tightrope to maintain fiscal discipline of around 6.4%. Budget 2023 showed the government’s commitment to growth with a significant capex outlay of Rs 10 lakh crore, the highest ever and translating to a 33% hike. For MSMEs the Budget aimed to provide support and enhance ease of doing business. The revamped credit guarantee scheme with enhanced outlay, use of PAN as a common identifier for businesses and enhancing presumptive taxation limits were some of the key takeaways. Here’s how the small business sector reacted to the Budget announcements. Harpreet Singh, Partner – Indirect Taxes, KPMG in India Input tax credit (ITC) restriction on CSR expenditure, restriction on filing of GST returns after 3 years from the due date, ITC reversal on in-bond transfer of goods, … [Read more...] about Budget 2023: From revamped credit push to infra development, industry stakeholders react

Synopsis Automobile industry body Society of Indian Automobile Manufacturers President Vinod Aggarwal said a 33 per cent increase in capital outlay with an effective provision of Rs 13.7 lakh crore will spur growth in the economy, resulting in a positive impact on the domestic automobile industry. The automobile industry on Wednesday termed the Budget for 2023-24 as growth-oriented, saying the proposed measures will drive sustainable yet inclusive growth at a rapid pace. Automobile industry body Society of Indian Automobile Manufacturers President Vinod Aggarwal said a 33 per cent increase in capital outlay with an effective provision of Rs 13.7 lakh crore will spur growth in the economy, resulting in a positive impact on the domestic automobile industry. "Another appreciable feature of the budget is putting more money in the hands of the individuals by lowering effective personal income tax rates that should increase consumption and consequently lead to more demand," … [Read more...] about Automobile industry refers to Budget as growth-oriented

Synopsis Currently, the rating agency has assigned ratings to 23 infrastructure and financial sector-linked entities of the Adani Group Taking note of the massive report issued by US-based whistleblower Hindenburg Research on the Adani Group and the consequent crash in stock prices, CRISIL Ratings said that it is keeping all its outstanding ratings on the group entities under “continuous surveillance”. “Any adverse regulatory/government action in the wake of the research report, emerging issues around corporate governance, or a decline in the group’s resource raising capabilities from banks or capital markets because of a continuing slide in share prices will be key monitorable,” the rating agency said. Currently, the rating agency has assigned ratings to 23 infrastructure and financial sector-linked entities of the Adani Group. These include Mumbai International Airport, ACC , Ambuja Cements , Adani Green Energy , Adani Power , Adani Airport Holdings, … [Read more...] about Ratings on all Adani Group entities under ‘continuous surveillance’: CRISIL

Synopsis A German citizen, Wolfgang Lauenburger, and his 14 dogs have set a new Guinness World Record by performing conga dance. Guinness World Record has been set by a German national and his 14 dogs by doing the conga dance. What is interesting to note is that Wolfgang Lauenburger has broken the record set by his daughter Alexa Lauenburger in 2020. The new record has been set by Wolfgang and his dogs, namely Simon, Susy, Emma, Filou, Fin, Speck , Bibi, Katie , Maya, Ulf , Jennifer, Elvis, Charly and Cathy by forming a conga line in front of an adjudicator from the Guinness. Wolfgang seems to have taught his pack of dogs how to do the conga dance after rigorous training. The conga is a Latin American dance, where a person stands behind the other to form a chain. Guinness World Records’s official Twitter handle has also posted the clip, where Wolfgang can be seen instructing the dogs to form a Conga line. New record: Most dogs in a conga line - 14 by … [Read more...] about Watch: German man’s 14 dogs perform conga dance to set new Guinness World Record