Finance Minister Nirmala Sitharaman, while addressing the Parliament during the discussion on the Interim Union Budget for 2024-25, emphasised key financial indicators and government initiatives aimed at bolstering economic growth and fiscal stability. Sitharaman’s remarks shed light on various aspects of the budget, including inflation, capital expenditure, and allocations for Jammu and Kashmir. Addressing inflation […]
The Monetary Policy Committee of the Reserve Bank of India (RBI) in its February review meeting unanimously decided to keep the policy repo rate unchanged at 6.5 per cent, thus maintaining status quo for the sixth straight time. The repo rate is the rate of interest at which RBI lends to other banks. Deliberating the […]
The Clothing Manufacturers Association of India (CMAI) has expressed appreciation for the Government of India’s efforts in introducing the MSME Payment amendment to the Income Tax under Section 43 (b) (h) to tackle issues of delayed and non-payment faced by the MSME sector. However, the amendment has led to significant adverse consequences for the domestic […]
Union Finance Minister Nirmala Sitharaman on Tuesday said prices of perishable items have come down and are well within the tolerance band. To a query raised by AIADMK’s M Thambi Durai on the rise in retail inflation, during the Question Hour in Rajya Sabha today, she detailed the interventions made by her government to keep […]
The Monetary Policy Committee of the Reserve Bank of India (RBI) in its February review meeting is expected to again put a pause on the repo rate, according to SBI Research. In its December meeting, the RBI unanimously decided to keep the policy repo rate unchanged at 6.5 per cent, thus maintaining the status quo […]
Manufacturers of pan masala, gutka and similar tobacco products will be subject to penalties of up to Rs 1 lakh if they fail to register their packing machinery with GST authorities, effective 1 April. The aim is to combat revenue leakage in the tobacco manufacturing sector, as per amendments introduced in the Finance Bill, 2024, […]
India raised the windfall tax on petroleum oil to Rs 3,200 per tonne on Saturday, a considerable increase from the previous rate of Rs 1,700. Furthermore, the windfall tax on diesel and aviation turbine fuel remains unchanged, at zero, as stated by the government late last Friday. This development follows a preceding decision on 16 […]
Rice retailers, wholesalers and processors are asked that beginning next Friday, they disclose their stock holdings, Sanjeev Chopra, Secretary Department of Food and Public, said. The reporting of stocks is irrespective of the category of rice–basmati or non-basmati, parboiled or broken. “To check the prices of rice retailers, wholesalers and processors are advised that the […]
The Finance Minister presented the interim budget for the fiscal year 2024-25 on 1 February, and fast-moving consumer goods (brands) players have many things to say as they have welcomed the Interim Budget 2024. Industry players believe that the government’s interim budget maintains continuity in policies, focusing on welfare and support for the ‘Garib,’ ‘Mahilayen,’ […]
FSSAI Simplifies Food Safety Rules: BIS, AGMARK Certifications No Longer Mandatory
The government has approved several revisions to food safety and standard legislation, requiring only one certification from the food regulator FSSAI for food goods. The Food Safety and Standards Authority of India (FSSAI) would release a draft notification in this respect and solicit feedback from stakeholders before finalising the amendments. If these revisions are approved, […]