Budget 2025: PLI schemes, duty overhaul and business reforms take centre stage
2 months, 1 week ago

Budget 2025: PLI schemes, duty overhaul and business reforms take centre stage

Firstpost  

Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2025 in the Lok Sabha on 1 February 2025. The MOOWR scheme provides impetus to domestic manufacturing and offers exemption/deferment of duty applicable on capital goods and inputs at the time of import. Excluding Net Foreign Exchange considerations for them like IFSC units and enabling payment of any domestic GST applicable on import of service, through input tax credit, could be a significant growth enabler for this sector. There are many goods where the import of finished goods is subject to NIL duty whereas import of raw material for domestic manufacture is subject to applicable customs duties. This would also stop the flooding of the domestic market with cheap sub-standard imports of finished goods from neighbouring countries and promote domestic manufacturing, especially among small industries.

Business India Budget Customs Duty Schemes Goods Fta Import Igst Finished Goods Domestic Manufacturing Pli Scheme Pli Schemes Physical Movement 2025 Pli Scheme 2025 Pli Gst Payment  2025  pli  scheme  overhaul  import  reforms  centre  customs  gst  payment  schemes  budget  stage  goods  business  domestic  manufacturing  duty

History of this topic

Allocation for PLI schemes zooms by 108% in Union Budget 2025
1 month, 4 weeks ago

Allocation for PLI schemes zooms by 108% in Union Budget 2025

The Hindu  

Funding for the various production linked incentive schemes has more than doubled in the recent Union Budget 2025-26 underscoring the importance for the manufacturing sector and the government’s push for making India self-reliant and a major global manufacturing hub. The outlay for PLI schemes increased by over 108% in FY26 to Rs 19,482.58 crore from Rs 9,360.36 crore in FY25. …

Budget 2025: How FM Nirmala Sitharaman could streamline customs duty and GST?
2 months ago

Budget 2025: How FM Nirmala Sitharaman could streamline customs duty and GST?

Live Mint  

As Union Budget 2025 approaches, stakeholders across industries are anticipating significant policy measures in the realm of indirect taxation to drive economic growth, streamline compliance, and enhance ease of doing business. With evolving global trade dynamics and the government’s push for ‘Make in India’ and export competitiveness, the upcoming Budget is expected to address crucial issues in customs duties and …

Budget 2025: Centre may focus on investment, custom duty exemption in shipbuilding
2 months ago

Budget 2025: Centre may focus on investment, custom duty exemption in shipbuilding

India TV News  

The Central government is currently focusing on harnessing the potential of the shipbuilding industry after it witnessed a supply chain shock due to a lack of domestic ships and shipping lines during the pandemic and geopolitical upheavals. Besides, the Rs 57,000 crore investment at Kandla Port, the announcement of shipbuilding clusters in five states - Kerala, Odisha, Gujarat, Andhra Pradesh …

Budget FY26: Govt could cut customs duty on raw materials to boost manufacturing
2 months, 1 week ago

Budget FY26: Govt could cut customs duty on raw materials to boost manufacturing

Live Mint  

New Delhi, Jan 19 The government could reduce customs duty on inputs used in manufacturing medical equipment, electronic goods and footwear industries in the forthcoming Budget to boost local manufacturing, according to tax experts. On the proposed Customs duty rationalisation announced in the Budget in July 2024, Singh said the sectors which could see rationalisation are healthcare, manufacturing of medical …

Budget 2025 expectations: ‘Custom duty must be levied on broader categories of goods to reduce tax rates’
2 months, 2 weeks ago

Budget 2025 expectations: ‘Custom duty must be levied on broader categories of goods to reduce tax rates’

Live Mint  

Price Waterhouse & Co LLP said on Thursday that as Union Budget 2025 approaches, the government should consider levying customs duties on broader categories of industry to reduce tax rates, news agency PTI reported. Price Waterhouse & Co LLP said that the current low 15 per cent tax on new companies should be extended to existing companies, helping them expand …

PLI expansion on hold as government prioritises existing schemes amid disbursement challenges
4 months ago

PLI expansion on hold as government prioritises existing schemes amid disbursement challenges

Live Mint  

New Delhi: India's production sops programme which powered a ₹13 trillion manufacturing boom may not add any more sectors soon in the wake of slowing disbursements, two people aware of the matter said. Textiles companies making apparel out of manmade fiber must invest a minimum of ₹300 crore and achieve sales of at least ₹600 crore in FY25. While the …

Budget 2024: PLI scheme may get big boost, these sectors in focus
8 months, 1 week ago

Budget 2024: PLI scheme may get big boost, these sectors in focus

India Today  

Finance Minister Nirmala Sitharaman is set to present the full budget of the 'Modi 3.0' government, with the production-linked incentive scheme expected to be a major focus, with sources suggesting a revamp to include more sectors, particularly those that generate employment. Read Full Budget 2024 Coverage The total PLI incentive in FY23 was Rs 2,002 crore, with revised estimates for …

Interim Budget 2024: Here's how government can boost domestic manufacturing
1 year, 2 months ago

Interim Budget 2024: Here's how government can boost domestic manufacturing

India Today  

The countdown to the Interim Budget 2024-25 has begun, and leaders from various sectors are voicing their hopes and expectations, particularly centered around strengthening domestic manufacturing. Ashok Rajpal, Managing Director of Ambrane India, highlighted the positive impact of Production-Linked Incentive schemes and manufacturing incentives on the consumer electronics industry. “The PLI schemes and various manufacturing incentives have already proven instrumental …

Interim Budget 2024: Six key areas to look out for
1 year, 2 months ago

Interim Budget 2024: Six key areas to look out for

Live Mint  

Union Finance Minister Nirmala Sitharaman will present the interim Budget on February 1. Take a look at six key areas that could get the maximum weightage in the government's interim budget, 1) The government may make the National Pension System more attractive by extending tax concessions on contributions and withdrawals, especially for senior citizens above 75 years, PTI reported. 3) …

Will Budget 2024 expand PLI schemes to attract investments?
1 year, 2 months ago

Will Budget 2024 expand PLI schemes to attract investments?

Live Mint  

Budget 2024: While the PLI scheme aims to incentivise domestic value addition and exports, there have been calls for localization requirements around sourcing components to prevent misuse. The budget should clarify efficient sunset clauses, seamless dispute resolution mechanisms, and clear eligibility criteria linking incentives to production milestones rather than mandating strict local sourcing levels initially. Gurmit Singh Arora, National Prеsidеnt, …

Budget 2023 Expectations: These Sectors Likely To Get PLI Scheme Benefits
2 years, 2 months ago

Budget 2023 Expectations: These Sectors Likely To Get PLI Scheme Benefits

News 18  

Budget 2023: The government is likely to extend fiscal incentives for the production of toys, bicycles and leather and footwear in the forthcoming budget as it looks to expand production linked incentive scheme to cover more high-employment potential sectors. A proposal to extend PLI scheme benefits to different sectors such as toys and leather is at advanced stages of finalisation …

Union Budget 2023: Govt likely to announce PLI scheme for more sectors to cover high-employment fields
2 years, 2 months ago

Union Budget 2023: Govt likely to announce PLI scheme for more sectors to cover high-employment fields

India TV News  

Budget 2023: In an attempt to expand Production Linked Incentive scheme to cover more high-employment potential sectors, the Union government is likely to extend fiscal incentives for the production of toys, bicycles and leather and footwear in the forthcoming budget. A proposal to extend PLI scheme benefits to different sectors such as toys and leather are at advanced stages of …

Budget 2023: Local manufacturing likely to get huge boost amid global economic slowdown
2 years, 2 months ago

Budget 2023: Local manufacturing likely to get huge boost amid global economic slowdown

India Today  

The central government is working on a crucial plan to boost India’s GDP growth in FY24 to tackle the impact of the global economic slowdown that is likely to get worse. PLI allocation and incentive boost likely High-impact manufacturing sectors like electronics and IT hardware could get a significant top up in allocation under the PLI scheme, as per people …

The budget should enhance our ease of doing business globally
2 years, 3 months ago

The budget should enhance our ease of doing business globally

Live Mint  

During the last couple of years, the government has taken many positive steps to come out with relief and reform measures to manage the impact of the covid pandemic on the Indian economy and industry. A set of general principles applied in the duty structure would encourage domestic manufacturing and calibrate it in alignment with global trade trends in a …

Union Budget 2022 | What is cheaper and what is costlier?
3 years, 1 month ago

Union Budget 2022 | What is cheaper and what is costlier?

The Hindu  

The government on Tuesday proposed to increase the basic customs duty on import of commonly used items, including headphones and earphones, loudspeakers, smart meters, imitation jewellery, solar cells, solar modules to promote domestic manufacturing in the in the Union Budget for 2022-23. However, imported cut and polished diamonds, frozen mussels, frozen squids, asafoetida, cocoa beans, methyl alcohol and acetic acid …

PLI scheme likely to boost India's manufacturing output by $520 billion in 5 years: PM Modi
4 years ago

PLI scheme likely to boost India's manufacturing output by $520 billion in 5 years: PM Modi

The Hindu  

Prime Minister Narendra Modi on Friday said production linked incentive scheme, which is aimed at boosting domestic manufacturing and exports, is expected to increase the country's production by $520 billion in the next five years. In this year's Budget, about ₹2 lakh crore was earmarked for the PLI scheme for the next five years and "there is an expectation that …

Union Budget 2021: Govt Removes Mobile Manufacturing Exemptions, 'Some Parts' to Face 2.5% Duty
4 years, 1 month ago

Union Budget 2021: Govt Removes Mobile Manufacturing Exemptions, 'Some Parts' to Face 2.5% Duty

News 18  

Domestic manufacturing of electronics have grown exponentially, and India is now even exporting mobile phones and chargers to other markets, said Finance Minister Nirmala Sitharaman at her Union Budget 2021 speech earlier today. In conjunction, Sitharaman announced that as the government targets greater “domestic value addition”, “some parts” of the mobile manufacturing process will be imposed with a 2.5 percent …

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