Mon, Jul 1, 2024 6:51 PM
Hari Mohan Gupta Takes Charge As IRCON's Chairman And Managing Director
A Flip by Avya Verma
The metals and mining sector is seeking increased infrastructure spending, duty reductions, and financial incentives in the upcoming Union budget. The industry wants relief from Chinese steel imports, rationalization of taxes on key inputs like natural gas and iron ore, and incentives for renewable energy transition. It also expects financial support for critical minerals mining to secure supply.
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India's central government is set to present Budget 2024, with a focus on accurate tax revenue forecasts to optimize public expenditure. For FY24, revised gross tax collections targets are higher by Rs 76,000 crore. Direct tax collections grew 18% to Rs 19.6 lakh crore, surpassing the revised target by Rs 13,000 crore. Experts stress the need for realistic tax estimates to ensure better Budget.
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With N Chandrababu Naidu back as Chief Minister, Amaravati has been reinstated as the sole capital of Andhra Pradesh, boosting land prices to Rs 6,000-7,000 per sq ft. The government plans to invest Rs 1 lakh crore in three phases to develop the city, with a projected completion timeline of two and a half years. Experts predict significant growth in commercial real estate, citing affordable land.
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