Dear Friends,
It gives us a pleasure to present the summary of India Budget Synthesis 2014.
While you may already have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2014 on You, Your Company and Your Sector.
Hope you find this analysis useful in taking clearer business decisions and align your company's strategy with the overall economic climate in the balance part of financial year 2014-15.
Would love to hear your feedback on the usefulness of the same."
Regards,
Vishal Thakkar | Group Head - Corporate Relations | Synthesis Group
Hand Phone: 91 9320007891 | Boardline: 91 22 24093737 | Fax: 91 22 24093737
The CPD IRBD 2019 Team would like to register its gratitude to Professor Rehman Sobhan, Chairman, CPD for his advice and guidance in preparing this report.
The Team gratefully acknowledges the valuable support provided by Ms Anisatul Fatema Yousuf, Director, Dialogue and Communication Division, CPD and her team in preparing this report. Contribution of the CPD Administration and Finance Division is also highly appreciated. Assistance of A H M Ashrafuzzaman, Deputy Director IT; Mr Hamidul Hoque Mondal, Senior Administrative Associate; Ms Tahsin Sadia, Executive Associate; Ms Nafisa Yasmin, Executive Associate are particularly appreciated.
Concerned officials belonging to a number of institutions have extended valuable support to the CPD IRBD Team members. In this connection, the Team would like to register its sincere thanks to Bangladesh Bank (BB), Bangladesh Bureau of Statistics (BBS), Bangladesh Investment Development Authority (BIDA), Dhaka Stock Exchange (DSE), Export Promotion Bureau (EPB), Ministry of Finance (MoF), National Board of Revenue (NBR), and Planning Commission.
The CPD IRBD 2019 Team alone remains responsible for the analyses, interpretations and conclusions presented in this report.
More Details of the event: https://bit.ly/2MIcu0L
It gives me a pleasure to present the summary and analysis of Union Budget 2016.
While you may have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2016 on You, Your company and Your sector.
Hope you find this analysis useful in taking business decisions and align your company's strategy with over all economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
Thanks a lot.
The CPD IRBD 2019 Team would like to register its gratitude to Professor Rehman Sobhan, Chairman, CPD for his advice and guidance in preparing this report.
The Team gratefully acknowledges the valuable support provided by Ms Anisatul Fatema Yousuf, Director, Dialogue and Communication Division, CPD and her team in preparing this report. Contribution of the CPD Administration and Finance Division is also highly appreciated. Assistance of A H M Ashrafuzzaman, Deputy Director IT; Mr Hamidul Hoque Mondal, Senior Administrative Associate; Ms Tahsin Sadia, Executive Associate; Ms Nafisa Yasmin, Executive Associate are particularly appreciated.
Concerned officials belonging to a number of institutions have extended valuable support to the CPD IRBD Team members. In this connection, the Team would like to register its sincere thanks to Bangladesh Bank (BB), Bangladesh Bureau of Statistics (BBS), Bangladesh Investment Development Authority (BIDA), Dhaka Stock Exchange (DSE), Export Promotion Bureau (EPB), Ministry of Finance (MoF), National Board of Revenue (NBR), and Planning Commission.
The CPD IRBD 2019 Team alone remains responsible for the analyses, interpretations and conclusions presented in this report.
More Details of the event: https://bit.ly/2MIcu0L
It gives me a pleasure to present the summary and analysis of Union Budget 2016.
While you may have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2016 on You, Your company and Your sector.
Hope you find this analysis useful in taking business decisions and align your company's strategy with over all economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
Thanks a lot.
The Union Finance Minister Shri Arun Jaitley tabled the Economic Survey 2016-17 today, the first day of the Budget Session of the Parliament. The Economic Survey says that the adverse impact of demonetisation on GDP growth will be transitional and the economy will recover with remonetisation. The Survey states that once the cash supply is replenished, which is likely to be achieved by end of March 2017, the economy would revert to normal. The GDP growth in 2017-18, as per the survey, is projected to be in the range of 6¾-7½ percent.
The Survey suggests a few measures to maximise long-term benefits and minimise short-term costs. One, fast remonetisation and early elimination of withdrawal limits. This would reduce GDP growth deceleration and cash hoarding. Two, continued impetus to digitalisation while ensuring that this transition is gradual and inclusive, and appropriately balances the costs and benefits of cash versus digitalisation. Three, following up demonetisation by bringing land and real estate into the GST. Four, reducing tax rates and stamp duties.
This is an analysis and brief overview document on the Survey
It is a presentation of Bangladesh Studies,so here you will learn about how to growth up Bangladesh Economics from 1971.
Hopefully you will like this.
Thank you.
Wealth creation the invisible hand supported by the hand of trustDVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
The Union Finance Minister Shri Arun Jaitley tabled the Economic Survey 2016-17 today, the first day of the Budget Session of the Parliament. The Economic Survey says that the adverse impact of demonetisation on GDP growth will be transitional and the economy will recover with remonetisation. The Survey states that once the cash supply is replenished, which is likely to be achieved by end of March 2017, the economy would revert to normal. The GDP growth in 2017-18, as per the survey, is projected to be in the range of 6¾-7½ percent.
The Survey suggests a few measures to maximise long-term benefits and minimise short-term costs. One, fast remonetisation and early elimination of withdrawal limits. This would reduce GDP growth deceleration and cash hoarding. Two, continued impetus to digitalisation while ensuring that this transition is gradual and inclusive, and appropriately balances the costs and benefits of cash versus digitalisation. Three, following up demonetisation by bringing land and real estate into the GST. Four, reducing tax rates and stamp duties.
This is an analysis and brief overview document on the Survey
It is a presentation of Bangladesh Studies,so here you will learn about how to growth up Bangladesh Economics from 1971.
Hopefully you will like this.
Thank you.
Wealth creation the invisible hand supported by the hand of trustDVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
Full name: Tikkun Olam International, (T-O-I)
Legal Status: Non-Profit, 501(c)(3) in the United States.
Implementing Partner : Tikkun Olam Microfinance (T-O-M).
Location of the partner: Kabul, Afghanistan
More: www.t-o-i.org
S P JAIN HOSTS THE 3RD EDITION OF ANNUAL HR CONCLAVE 2013 IN DUBAIPrajakta Talathi
The article describes the synopsis of the Annual HR Conclave hosted by SP Jain School of Global Management.
There were 2 panel discussions:
Panel Discussion 1 – ‘Innovation, the differentiator in engaging talent’
Panel Discussion 2 – ‘Strategies for motivating and retaining talent’
How and Why a Global Brand Starbucks failed in AustraliaViren Baid
As a part of our Research Project - II at the S P Jain School of Global Management, Sydney we conducted a research on how one of the biggest brands of the world Starbucks failed to local competition in Australia
It gives me a pleasure to present the summary and analysis of Union Budget 2015.
While you may have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2015 on You, Your company and Your sector.
Hope you find this analysis useful in taking business decisions and align your company's strategy with over all economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
Deloitte India: What the union budget 2021 brings?aakash malhotra
The Union Budget of 2021 was presented on 1 February 2021 by the Finance Minister, Smt. Nirmala Sitharaman. Deloitte India analyses how the presented budget turned out against expectations. Experts bring forth Deloitte’s View regarding the key highlights of the budget. The presentation also studies the impact of the budget on tax and various industries including, the banking sector, insurance, and healthcare sector. Download here and learn more.
National Conference on “Infrastructure Finance – Building for Growth” - INDIA...Resurgent India
Indian economy after registering a robust growth of more than 9% during the period 2005-08, moderated to a growth of 6.7% in 2008-09 on the back of the global financial crisi
Current State of the Indian EconomyCautious optimism for the.docxfaithxdunce63732
Current State of the Indian Economy
Cautious optimism for the future
February 2013
www.deloitte.com/in
2
The Big Picture
The Indian Economy has experienced
its worst slowdown in nearly a decade
on the back of global contractionary
headwinds, domestic macro-economic
imbalances and policy reversals on the
fiscal front, 2012 has been a challenging
year for the economy. The year started
with news that the previous fiscal’s
fourth quarter GDP had dropped to
5.5%. That coupled with low growth,
macro-economic issues such as high
fiscal deficit, expansionary subsidies and
worsening current account balance has
added to the slowdown.
The 2011-12 Budget had proposed
to amend the 1961 income tax
law by introducing retrospective
tax adjustments and General Anti-
Avoidance Rules (GAAR). These steps
were viewed negatively by foreign
investors. Subsequent downgrading
of the Indian economic outlook from
‘stable’ to ‘negative’ by a major rating
agency, led to continued downward
pressure on the investment climate.
Additionally, as fiscal conditions
worsened over the year, export
numbers were revised in light of data
discrepancies leading to a widening of
the current account deficit.
In the second half of the fiscal, the
Government proactively intervened
with phased reforms to stabilize the
economy. Measures were taken to
reduce subsidies (oil, fertilizers) which
would in turn lower the fiscal deficit.
The Government also took concrete
actions to attract foreign direct
investment (FDI) and strengthen the
rupee. However, the impact of these
policy reforms remains uncertain in
the short term. Concerns continue
to exist over the current account
deficit scenario, prevailing supply side
constraints, inadequate infrastructure
investments and long term policy
directions.
In face of a perceivably weak macro-
economic climate, a well-planned
economic revival policy is required to
steer the Indian Economy back on the
growth path. Even though the long
term prospects of the economy look
promising, cautious optimism is the
tone in the short to medium term.
Global Linkages
Performances of advanced economies
continue to weigh on India’s growth
story.
The World Economic Forum’s annual
meeting for 2013 was held in Davos,
Switzerland in January 2013, bringing
together more than 2,000 top business
leaders, international political leaders,
Current State of the Indian Economy Cautious optimism for the future 3
Economic opportunity is dwindling. While reforms have
been initiated, further action to create infrastructure, boost
savings and generate growth will be welcome
selected intellectuals and journalists to
discuss the most pressing issues facing
the world. The IMF, in its update of
World Economic Outlook, lowered the
world GDP growth projections by 0.1%
each for 2013 & 2014 as compared to
the October 2012 projections. This is on
account of downside risks that continue
in light of renewed s.
This presentation consist of the theoretical concepts of interest rate, economic growth, inflation, monetary policy, foreign flow of funds, budget deficit. And further data analysis is given based on 5 years monetary policy statement.
It gives me a pleasure to present the summary and analysis of Union Budget 2016.
While you may have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2016 on You, Your company and Your sector.
Hope you find this analysis useful in taking business decisions and align your company's strategy with over all economic climate for the upcoming financial year.
Would love to hear your feedback on the usefulness of the same.
Thanks a lot.
UK economy is on the mend. We cover this in the section on Global Trends in this month’s issue of Economy Matters. In the section on Domestic Trends, we discuss the trends emanating out of the recent releases on GDP, IIP, Inflation, monetary policy, Fiscal & BoP Scenario. In Corporate Performance, we analyse the latest data for 4QFY14. The Sectoral spotlight for this issue is on Ease of Doing Business in India. In Focus of the Month, the spotlight is on Reviving Growth.
Impact of Modi Budget 2014 on Specific Sectors...
Dear Friends,
It gives us a pleasure to present the summary of India Budget Synthesis 2014.
While you may already have the snapshot, here is a document which will not only give you crisp highlights, but would also decode the impact of Budget 2014 on You, Your Company and Your Sector.
Hope you find this analysis useful in taking clearer business decisions and align your company's strategy with the overall economic climate in the balance part of financial year 2014-15.
Would love to hear your feedback on the usefulness of the same."
Regards,
Vishal Thakkar | Group Head - Corporate Relations | Synthesis Group
Hand Phone: 91 9320007891 | Boardline: 91 22 24093737 | Fax: 91 22 24093737
Does Your Family Own a Business? You don't want to educate yourself to get a job?
Is there a course which can equip you to take your family managed business to the next level.
Kindly go through the presentation.
We have Partnered with TransPrice for an upcoming transfer pricing summit on 23rd of August, 2013. This presentation shares details of TransPrice as an entity.
We are a group of financial services companies which includes a listed investment bank, debt syndication outfit, a CA practice, CA coaching class, Transfer Pricing Practice & a Corporate Training Outfit. Let us know the feedback of the presentation & how can we associate together to create win-win synergies...!!!
Brianna Knowledge Resources is an offshoot of an UK based Investment bank. It focuses on corporate training in Financial domain. For further details kindly visit www.brianna.co.in
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
5. Economic Indicators
Performance
FY 2013-14
Targets
FY 2014-15
% %
GDP Growth 4.70 5.40- 5.90
Fiscal Deficit to GDP 4.50 4.10
Inflation CPI terms 9.49 8.00
0
2
4
6
8
10
12
14
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
BE
Growth rate Inflation (CPI) Fiscal Deficit
Interplay - Economic Indicators
Economy Overview
As the new government takes its first step to steer the economy which has seen steep
decline in broad indicators, found its way through roller coaster rupee fluctuations and have
come to terms with current account deficit, a few observations merit value for Union Budget
FY 2014-15.
In FY 2014-15, the Indian economy is all set to grow at 5+ per cent, which it could not make it
to, in the last two years. The reduced speed of growth was felt everywhere, but more so in
industrial sector. Inflation did pace down, but not much. However, CAD did give some relief.
The bull wave of financial markets started, taking a cue from 2nd consecutive decline in
fiscal deficit to GDP ratio. A further fall of inflation can help ease the stance of monetary
policy and boost investor confidence. Performance based moderate recovery of
developed global economies, can help look forward to better growth days in the coming
year and beyond.
Lower monsoon, unstable rupee and geo-political situation in oil-rich areas may pose
significant challenges for the planned growth. The following economic highlights sets one
more milestone in the India growth story.
4
6. Fiscal policies to be designed to aid growth and to reach the targeted fiscal deficit.
The fiscal consolidation target in FY 2013-14 was achieved by cut in expenditure which
may impact the overall growth status.
There is a need to re-look at various tax incentives and exemption to improve tax
buoyancy.
Subsidies lead to wastage of scares resources and hence identification of needy
beneficiary and phasing out of subsidies is a need of the hour.
Disinvestment program meets limited success due to conditions in financial markets.
Fiscal Overview
Fiscal Consolidation roadmap Fiscal Deficit of 3% in FY 2016-17
Focus on rationalizing expenditure but without diluting the quality of expenditure
0
2
4
6
8
10
12
14
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14
Direct Tax Indirect Tax Total Tax
Tax to GDP Ratio
Revenue Augmentation Measures
Reasons for fall in collection
1. Simplification of tax laws
2. Rationalization of tax holidays
3. Widening of tax base
4. Recovery of arrears
5. Speedy disposal of cases
1. Economic slowdown
2. Reduction in duty rates
3. Fall in dutiable imports
%
5
7. Balance of Payments
Overview
The stress on India’s BoP was felt during FY 2011-12 as a fallout of the Euro Zone crisis and
inelastic domestic demand for certain key imports also continued through FY 2012-13 and
the first quarter of FY 2013-14.
The position of capital inflows during the past three years is as follows:
65.30
92.00
47.90
-
20.00
40.00
60.00
80.00
100.00
US$ Billion
2011-12 2012-13 2013-14
This moderation in levels
essentially reflects a sharp
slowdown in portfolio
investment and net outflow in
‘short-term credit’ and ‘other
capital’.
Favorable Actions
Non-favorable
Factors
TimelycorrectiveactionsbyRBI
Resulting into
6
8. Balance of Payments
306.6
502.2
195.6
318.6
466.2
147.6
0
100
200
300
400
500
600
Exports Imports Trade deficit
2012-13 2013-14
Reduction in Trade Deficit (US$ Billion)
10.5% of GDP
7.9% of GDP
47%
40%
25%
-12%
Factors resulting into Reduction in Trade Deficit
Reduction in Import of Gold
& Silver
Reduction in non POL and
non gold imports
Change in exports
Higher imports under POL
and Non-DGCI&S imports
88.2
32.4
0
20
40
60
80
100
US$ Billion
2012-13 2013-14
Current Account Deficit
4.7% of GDP 1.7% of GDP
292
304.2
US$ Billion
2013-14 2012-13
Leading to
Favorable Forex Reserves
7
9. International Trade
Export Composition & Sectoral Performance
Noticeable compositional changes have taken place in India’s export basket between FY
2000-01 and FY 2013-14 with the share of petroleum, crude, and products increasing by
nearly five times to 20.1 per cent, catapulted by its 33.5 per cent growth (CAGR)
Percentage Share CAGR 200-01 to
2013-14
Growth Rate
2013-14
2000- 01 2013-14
I. Primary Products 16.0 15.6 16.9 4.7
II. Manufactured Goods 78.8 63.7 15.1 4.6
III. Petroleum, crude & products 4.2 20.1 33.5 3.0
Total Exports 100.0 100.0 17.2 4.1
Industries including petroleum products, engineering goods, chemicals, agriculture, textile
minerals have contributed to the increase with growth rate of 4.1 per cent while certain
industries like gems & jewelry and electronic goods are still facing negative growth.
Import growth
32.30%
0.30%
-8.30%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
Import Growth
2011-12 2012-13 2013-14
Deceleration of Import growth
owing to fall in non-oil imports by
12.8 per cent.
Gold Imports:
Gold imports declined from 1078
tonnes in FY 2011-12 to 664
tonnes in FY 2013-14, on the
back of several measures taken
by the government. In value
terms, gold and silver imports fell
by 40.1 per cent to US$ 33.4
billion in FY 2013-14.
India’s Services Trade
6thLargest
Exporter
3.4% share of
world exports
7thLargest
Importer
3% share of world
imports
YOY growth of 4 per cent in FY 2013-14 as
compared to 2.4 per cent in FY 2012-13
Moderate
export
growth
Fall in
imports
Trade Deficit
Fall in Trade Deficit by 27.8%
8
10. Inflation
Along with slow growth, inflation continued to be an impediment. Although average WPI
inflation declined in FY 2013-14 to 6.0 per cent from 8.9 per cent in FY 2011-12 and 7.4 per
cent in FY 2012-13, it is still high. Moreover, WPI inflation in food averaged 12.2 per cent
annually in the five years ending FY 2013-14, was steeper than non-food inflation.
Fortunately, the rising inflation that slowed the growth, savings, investment and
consumption, has subsided.
CPI declined from 10.21 per cent during FY 2012-13 to about 9.49 per cent in FY 2013-14.
Fuel inflation was in double digits in the last three quarters. A major reason for high
inflation in fuel and power items was the rationalization of tariff for electricity in many
states, in addition to the policy of allowing greater pass-through in diesel prices and
rupee depreciation.
IMF forecasts commodity prices to remain stable. This will keep WPI in check. However,
sub-normal monsoon on account of El Nino effect and high oil prices due to geo political
situation in Middle East poses risk. Government’s decision on fertilizer subsidy and
increase in Minimum Support Price would also impact food inflation.
The government needs to move towards a low and stable inflation regime through fiscal
consolidation, establishing a monetary policy framework, and creating a competitive
national market for food. Further lower inflationary expectations should increase
domestic household financial savings and make resources available for investment.
0
1
2
3
4
5
6
2004 2007 2010 2013
Volatility y-o-y CPI Inflation (%)
Volatility y-o-y CPI
Inflation (%)
9
12. Administrative &
Economic Initiatives
Regulatory Initiatives:
Sovereign right of the Government to undertake retrospective legislation to be exercised
with extreme caution and judiciousness.
Legislative and administrative changes to sort out pending tax demands of more than Rs. 4
lakh crore under dispute and litigation.
Measures for widening the applicability of AAR.
Introduction of GST to be given thrust.
Convergence with International Financial Reporting Standard by adoption of the new
Indian Accounting Standards (Ind AS) by Indian Companies.
Foreign Direct Investment:
The composite cap of foreign investment to be raised to 49 per cent with full Indian
management and control through the FIPB route.
The composite cap in the insurance sector & defense sector to be increased up to 49 per
cent from 26 per cent with full Indian management and control through the FIPB route.
Requirement of the built up area and capital conditions for FDI to be reduced from 50,000
square meters to 20,000 square meters and from USD 10 million to USD 5 million respectively
for development of smart cities.
Budget Estimates:
Budget Plan increase targeted towards Agriculture, capacity creation in Healthcare and
Education, Rural Roads and National Highway Infrastructure, Railway network expansion,
Clean Energy initiatives, development of Water Resources and River Conservation plans.
Proposed to establish an Export Promotion Mission to bring all stakeholders under one
umbrella.
MSME Sector:
Definition of MSME to be reviewed to provide for a higher capital ceiling.
Fund of Funds with a corpus of Rs.10,000 crore for providing equity through venture capital
funds, quasi equity, soft loans and other risk capital specially to encourage new startups by
youth to be set up.
11
14. Agriculture
Agricultural sector has performed remarkably well in FY 2013-14. The agriculture GDP
growth for FY 2013-14 is estimated at 4.6 per cent as compared to 4.0 per cent in last four
years.
Average level of mechanization in agriculture is only 25 per cent as compared to more
than 90 per cent in developed countries.
Agriculture export likely to cross US$ 45 billion in FY 2013-14; higher from US$ 41 billion in FY
2012-13.
Sub-optimal management of food stocks led to wastages, fuelled inflationary pressures
and added to food subsidy outgo leading to wastage of economic resources.
While the continued growth of Indian agriculture is significant in the context of food
security and climate change, some major concerns remain including soil degradation,
market distortions that prevent creation of national common market and creation of
robust distribution network and warehousing.
On a positive note, there appears to be no cause of alarm on the El Niño front as India is
well placed on food grains availability, with record domestic production and huge stocks
in the central pool.
Budget Highlights:
Rs. 1,000 crore provided for ‘Pradhan Mantri Krishi Sinchayee Yojna’ for assured irrigation.
More productive and asset creating linkages to agriculture and allied activities would be
provided under MGNREGA.
Rs. 100 crore set aside for ‘Agri-tech Infrastructure Fund’.
Technology driven second green revolution with focus on higher productivity and including
‘Protein Revolution’ will be area of major focus.
Transformation plan to invigorate the warehousing sector and significantly improve post-
harvest lending to farmers.
Corpus of Rural Infrastructure Development Fund raised by an additional Rs. 5,000 crore
from the target given in the Interim Budget to Rs. 25,000 crore.
Allocation of Rs. 5,000 crore provided for the Warehouse Infrastructure Fund.
Rs. 100 crore provided for development of organic farming in North Eastern States.
Basic Excise Duty on machinery for preparation of fruits, nuts or vegetables, poultry, meat
etc. reduced from 10 per cent to 6 per cent.
13
15. Real Estate & Housing
Smart Cities: A sum of Rs. 7,060 crore is provided in the current fiscal for the project of
developing one hundred ‘Smart Cities’
Incentives for REITS: Complete pass through for the purpose of taxation.
A modified REITS type structure for infrastructure projects – ‘Invits’.
Allocation for NHB increased to Rs. 8,000 crore to support rural housing.
Extended additional tax incentive on home loans shall be provided to encourage people,
especially the young, to own houses.
Mission on Low Cost Affordable Housing anchored in the NHB to be set up.
A sum of Rs. 4,000 crore for NHB from the priority sector lending shortfall with a view to
increase the flow of cheaper credit for affordable housing to the urban poor/EWS/LIG
segment is provided.
Slum development to be included in the list of CSR activities to encourage the private
sector to contribute more.
14
16. Infrastructure
The 12th Five year plan has laid special emphasis on infrastructure development as
quality infrastructure is important not only for sustaining high growth but ensuring
inclusive growth.
Today’s outlook portrays stalled infrastructure projects due to economic slow down,
lower demand , sharp rise in input costs and failure of terms of PPP agreements.
The challenge remains in identification of core set of projects, channelizing investments,
expatiating implementation, maintenance of facilities, co-ordination amongst the
central ministry and balancing of environmental concerns.
India has further tried to strengthen its railways, road transport, ports and civil aviation
that is an important factor to any infrastructure requirement of a country.
Budget Highlights:
Vision of the Government is that 500 urban habitations to be provided support for
renewal of infrastructure and services in next 10 years through PPPs.
Present corpus of Pooled Municipal Debt Obligation Facility to be enlarged to Rs. 50,000
crore from Rs. 5,000 crore.
Rs. 100 crore provided for setting up a National Industrial Corridor Authority.
An institution to provide support to mainstreaming PPPPs called 4PIndia to be set up with
a corpus of Rs. 500 crores.
New Airports: Scheme for development of new airports in Tier I and Tier II cities to be
launched.
An investment of an amount of Rs. 37,880 crores in NHAI and State Roads is proposed
which includes Rs. 3,000 crores for the North East.
Target of NH construction of 8500 km will be achieved in current financial year.
Work on select expressways in parallel to the development of the Industrial Corridors will
be initiated. For project preparation NHAI shall set aside a sum of Rs. 500 crore.
15
17. Mining and Metals
Changes, if necessary, in the MMDR Act, 1957 to be introduced to encourage investment
in mining sector and promote sustainable mining practices.
To give an impetus to the stainless steel industry, increase in basic customs duty on
imported flat-rolled products of stainless steel from 5 per cent to 7.5 per cent.
Duty on ship breaking scrap and melting scrap of iron or steel rationalized by reducing
the basic customs duty on ships imported for breaking up from 5 per cent to 2.5 per cent.
To prevent misuse and avoid assessment disputes, basic customs duty on semi processed,
half cut or broken diamonds, cut and polished diamonds and colored gemstones
rationalized at 2.5 per cent. Full exemption from Basic Customs Duty to pre-forms of
precious and semi-precious stones.
To encourage exports, pre-forms of precious and semi-precious stones exempted from
basic customs duty.
Export duty on bauxite increased from 10 per cent to 20 per cent.
Basic Customs Duty on some stainless steel flat products is being increased 5 per cent to
7.5 per cent.
16
18. Energy
Conventional Energy:
With 78 per cent of total demand of crude met through imports, India needs to resort to
import dependency. To meet ever growing demand for petroleum products, the GOI
has endeavored to enhance exploration and exploitation of petroleum resources,
along with developing a concrete and structured distribution and marketing system.
Electricity generation by power utilities grew by 6 per cent in 2013-14.
The overall long term demand for coal is closely linked to the performance of the main
end use sectors, i.e. thermal power, iron & steel and cement. Sharp deceleration in the
production of natural gas in the past two-three years has further increased the energy
sector’s dependence on coal.
Shale Gas can emerge as an important new source of energy, as India holds several
shale formations.
Rs. 100 crore is allocated for a new scheme ‘Ultra-Modern Super Critical Coal Based
Thermal Power Technology.’
New & Renewable Energy:
Rs 500 crores provided for Ultra Mega Solar Power Projects in select states.
A Green Energy Corridor Project is being implemented to facilitate evacuation of
renewable energy across the country.
Concessional basic customs duty of 5 per cent extended to machinery and equipment
required for setting up of a project for solar energy production.
Specified inputs for use in the manufacture of EVA sheets and back sheets and flat
copper wire for the manufacture of PV ribbons exempted from basic customs duty.
Reduction in basic customs duty & SAD on selected parts and raw materials used in the
manufacture of wind operated generators.
Concessional basic customs duty of 5 per cent and exemption of Excise Duty on
machinery and equipment required for setting up of compressed biogas plants.
17
19. BFSI
Time bound program as Financial Inclusion Mission to be launched on 15 August 2014
with focus on the weaker sections of the society.
Banks to be encouraged to extend long term loans to infrastructure sector with flexible
structuring.
Banks to be permitted to raise long term funds for lending to infrastructure sector with
minimum regulatory pre-emption such as CRR, SLR and Priority Sector Lending.
RBI to create a framework for licensing small banks and other differentiated banks.
Differentiated banks serving niche interests, local area banks, payment banks etc. are
contemplated to meet credit and remittance needs of small businesses, unorganized
sector, low income households, farmers and migrant work force.
Kissan Vikas Patra to be reintroduced.
A National Savings Certificate with insurance cover to provide additional benefits for
the small saver introduced.
Service provided by recovery agents (Bank, FIIs, and NBFC) brought under reverse
charge mechanism.
Service Tax exemption available for specified micro insurance schemes expanded to
cover all life micro-insurance schemes where the sum assured does not exceed Rs.
50,000 per life insured.
18
20. Telecommunication & IT
A series of reform measures by the Government, innovation in wireless technology and
active participation by the private sector played an important role in the growth of the
telecom sector in the country.
Central Government Departments and Ministries to integrate their services with the e-Biz,
a single window IT platform for services on priority by 31 December 2014.
Policy for better spectrum management through trading and sharing of spectrum needs
to be looked into so as to bring down the cost of spectrum.
Pan India program ‘Digital India’ with an outlay of Rs. 500 crore to be launched.
Program for promoting ‘Good Governance’ to be launched with a sum of Rs. 100 crore.
Rs. 100 crore allocated for 600 new and existing Community Radio Stations.
Film & Television Institute, Pune and Satyajit Ray Film & Television Institute, Kolkata are
proposed to be accorded status of Institutes of national importance and a ‘National
Centre for Excellence in Animation, Gaming and Special Effects’ to be set up.
Corpus of Rs. 200 crore to be set up to establish Technology Centre Network .
A nationwide ‘District level Incubation and Accelerator Program’ to be taken up for
incubation of new ideas and necessary support for accelerating entrepreneurship.
Rs. 100 crore is provided to set up a Technology Development Fund for Defense.
19
21. Service Sector
Growth of Service sector closely linked to FDI inflows and the role of transnational
firms.
India’s share in Service Exports grown from 0.6 per cent in FY 1990 to 3.3 per cent in FY
2013. Export of financial services is on a high sky in FY 2013.
No formal source to count inflation in Service Sector. (Service Price Indices (SPI) have
been developed in few sectors like Telecom, Railways, Postal and Banking on
experimental basis)
Share and Growth of India Service Sector (Provisional Estimate for 2013-14)
Healthcare
Services by technical testing of newly developed drugs on human participants
brought under service tax.
For safe disposal of medical and clinical wastes, services provided by common
biomedical waste treatment facilities exempted.
Top Sectors % Share
Trade, hotels and restaurants 24.00
Financing, insurance, real estate & business services 18.50
Community, social and personal services 14.50
Constructions 7.80
Total Services GDP 64.80
Total GDP 100.00
Services
Others
India GDP composition 2013-14
20
22. Other Sectors
Rural Development:
Initial sum of Rs. 100 crore for ‘Start Up Village Entrepreneurship Program’ for encouraging
rural youth to take up local entrepreneurship programs.
Skill Development
A School Assessment Program is being initiated at a cost of Rs. 30 crore.
Rs. 100 crore provided for setting up virtual classrooms as Communication Linked Interface
for Cultivating Knowledge (CLICK) and online courses.
Rs. 500 crore provided for setting up 5 more IITs in Jammu, Chhattisgarh, Goa, Andhra
Pradesh and Kerala.
5 IIMs in the States of Himachal Pradesh, Punjab, Bihar, Odisha and Rajasthan.
Skill India to be launched to skill the youth with an emphasis on employability and
entrepreneur skills.
Automobiles
ED on parts of tractors transferred/removed within two factories of the same manufacturer
of tractor is being exempted.
Consumer & Capital Goods
Full exemption from customs duty is granted to de-oiled soya extract and oil cake/oil cake
meal of groundnut, sunflower, canola, mustard and rice bran, up to 31st December 2014.
Steps taken to boost domestic production of electronic items and reduce our
dependence on imports. These include imposition of basic customs duty on certain items
falling outside the purview of IT Agreement, exemption from SAD on inputs/ components
for PC manufacturing, imposition of education cess on imported electronic products for
parity, etc.
Color picture tubes exempted from basic customs duty to make cathode ray TVs cheaper
and more affordable to weaker sections.
To encourage production of LCD and LED TVs below 19 inches in India, basic customs duty
on LCD and LED TV panels of below 19 inches reduced from 10 percent to Nil.
21
24. Direct Tax proposals
Individual Income- tax below 60 years
Total income Tax rates
< 250,000 Nil
> 250,000 < 500,000 10%
> 500,000 < 1,000,000 20%
> 1,000,000 30%
Individual Income- tax over 60 years
Total income Tax rates
< 300,000 Nil
> 300,000 < 500,000 10%
> 500,000 < 1,000,000 20%
> 1,000,000 30%
How will the change impact you ( example for individual < 60 years )
Income FY 13-14 FY 14-15 Savings
210,000* 1,000 Nil 1,000
550,000 40,000 35,000 5,000
1,200,000 190,000 185,000 5,000
* Impact of rebate not considered
Individual Income- tax
• Need was felt to encourage household savings that fell from 33.7 per cent in FY
2009-10 to 30.1 per cent in FY 2012-13. To boost such savings it is proposed to raise
the limit of investment linked deduction under section 80C of the Act from Rs.
100,000 to Rs.150,000. Consequently, the investment limits under PPF scheme have
been revised to Rs. 150,000.
• In order to mitigate the high cost housing finance for middle and lower middle
class, deduction limit for interest on loan in respect of self occupied house
property from Rs.150,000 to Rs.200,000.
23
25. Direct Tax proposals
Corporate Income- tax
Grossing up of Dividend Distribution Tax (DDT) ( w.e.f. 1 October 2014)
The company declaring dividend will have to shell out additional taxes as now it is
proposed to gross up the dividend amount.
Manufacturing Incentive
To encourage investment in manufacturing sector an additional deduction of 15 per
cent under Section 32AC of the Act to continue till the block of FY 2016-17 instead of
FY 2014-15. The limit of minimum Rs. 100 crore investment has been revised to Rs. 25
crore per year prospectively.
Tax holiday for power sector
Extension of the sunset clause for the power sector up till 31 March 2017.
Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (Invit)
Conducive tax regime for new categories of investment vehicles namely the REIT
and Invit have been specified.
Advance for transfer of capital asset
Income generated due to forfeiture of advances for transfer of capital asset to be
taxable as ‘Income from other Sources’. Consequently, no reduction in cost to be
claimed by the transferor while actual sale of the capital asset
Corporate Social Responsibility
CSR expenditure though incurred for the purposes of Companies Act, 2013 cannot
be allowed under the existing provisions of Income- tax Act unless that are incurred
for the purpose of business and meeting the requirements of Section 30 to Section 36
of the Act.
Disallowance of expenditure for non- deduction of taxes
Time limit for payment of taxes deducted from payments made to non residents,
proposed to be extended up to the date of filing of Return of Income under Section
139(1) of the Act.
Disallowance on non payment of tax at source on payments made to residents to
be restricted to 30 per cent of the amount of expenditure claimed.
Scope of disallowance under this provision extended to expenditure on salaries,
director fees and all other expenditure taxable under XVIIB of the Act
24
26. Direct Tax proposals
Transfer Pricing and International taxation
Roll Back of Advance Pricing Agreement (APA) [w.e.f. 1 October 2014]
A roll back provision refers to the applicability of the futuristic methodology of
determination of ALP to the past international transactions. Such a roll back has
been proposed for past four proceeding financial years from the previous year for
which the APA applies.
Introduction of concept of range
Inter-quartile range as a concept of benchmarking international transaction is
followed widely internationally. The same is proposed to be implemented as a part
of transfer pricing provisions replacing the concept of arithmetic mean with limited
use of provisions of arithmetic mean where comparable are inadequate. The same
is under analysis and appropriate rules would be framed.
Multiple year data
Currently only one year data is permitted to be used for benchmarking. The same is
proposed to be amended for use of multiple year data. This will also be in line with
international practices.
Amendment to the definition of International Transaction
Section 92B(2) covers agreements between two unrelated parties with substantial
influence from related parties generally referred to as ‘deemed international
transactions’. To end an uncertainty on whether such unrelated party to be a
resident or non- resident, it is proposed to amend the definition to include non-
residents and residents in unrelated parties.
Concessional tax rate on dividends received from foreign companies
With an incentive for attracting repatriation of dividend income earned by Indian
companies from investments made abroad concessional rate of 15 per cent has
been continued.
Concessional rate of tax on overseas borrowing (194 LC) [w.e.f. 1 October 2014]
Concessional rate of withholding tax of 5 per cent to long term infrastructure bonds
is now proposed to be extended to any long term bond
Advance Ruling to apply to resident private companies
25
27. Indirect Tax proposals
Service Tax
Scope of ‘Custom and Central Excise Settlement Commission’ to extend to Service
tax.
Power of Service Tax Authorities enhanced in case of search and seizure by granting
powers to any other officer notified by board.
Service provided by Director to body corporate brought under the reverse charge
mechanism.
Services provided by the Employees’ State Insurance Corporation for the period prior
to 1 July 2012 exempted, from service tax.
Re-credit of CENVAT credit allowed if export proceeds are received within one year
from the end of specified period.
Value of service portion in works contract relating to movable and immovable
property aligned to 70 per cent (w.e.f. 1 October 2014).
Variable interest rates (18 per cent to 30 per cent) to be applicable for delay in
payment of tax (w.e.f. 1 October 2014).
Time-limit for taking CENVAT credit on input and input services shall be six months from
date of invoice or challan or other documents specified.
Point of taxation as per Rule 7 on reverse charge to be amended to be the date of
payment or the date subsequent to end of three months from the date of invoice,
whichever is earlier (w.e.f. 1 October 2014).
Abatement rate to be revised to 60 per cent in case of transport of goods by vessel
(w.e.f. 1 October 2014).
Excise and customs:
The scheme of Advance Ruling in indirect taxes to be expanded to cover resident
private limited companies. The scope of Settlement Commission to be enlarged to
facilitate quick dispute resolution.
‘Indian Customs Single Window Project’ to facilitate trade, to be implemented.
Mandatory fixed pre-deposit of 7.5 per cent of the duty demanded (including
penalty) for filing appeal with the Commissioner (Appeals) or the Tribunal at the first
stage and 10 per cent for filing second stage appeal before the Tribunal (subject to a
total ceiling of Rs. 10 crore).
On failure to pay duty within a period of one month from the due date, penalty is
payable at the rate of 1 per cent of the duty not paid for each month.
26
28. Glossary
27
CAD – Current Account Deficit NHAI – National Highway Authority of
India
GDP – Gross Domestic Product NH – National Highway
FCNR – Foreign Currency Non Residential MMDR – Mines and Minerals
Development and Regulation
CPI – Consumer Price Index FY – Financial Year
BOP – Balance of Payments BE – Budget Estimate
POL – Petroleum, Oil & Lubricants ECB – External Commercial Borrowing
YOY – Year On Year RBI – Reserve Bank of India
IMF – International Monetary Fund US FED – United States Federal Reserve
GST – Goods and Services Tax GOI – Government of India
FIPB – Foreign Investment Promotion Board CVD – Counter Veiling Duty
FDI – Foreign Direct Investment ED – Excise Duty
MSME – Micro Small and Medium Enterprises CRR – Cash Reserve Ratio
LIG – Low Income Group SLR – Statutory Liquidity Ratio
REITS – Real Estate Investment Trusts PSL – Priority Sector Lending
Invits – Infrastructure Investment Trusts KVP – Kisan Vikas Patra
CSR – Corporate Social Responsibility FII – Foreign Institutional Investor
NHB – National Housing Board BN – Billion
MGNREGA – Mahatma Gandhi National
Rural Employment Guarantee Act
NBFC – Non Banking Financial
Corporation
EWS – Economically Weaker Section FDI – Foreign Direct Investment
PPP – Public Private Partnership FPI – Foreign Portfolio Investor
IT – Information Technology IIT – Indian Institute of Technology
BFSI – Banking, Financial Services and
Insurance
DGCI&S – Director General of
Commercial Intelligence & Statistics
IIM – Indian Institute of Management SAD – Special Additional Duty
CAGR – Compounded Annual Growth Rate AAR – Authority for Advance Ruling
The Act – Income Tax Act, 1961