Budget should raise I-T exemption threshold to Rs 5.7 lakh, simplify TDS: GTRI

GTRI recommends raising the income tax exemption threshold to Rs 5.7 lakh to account for inflation, simplifying the TDS system, and equalising tax treatment for bank deposits and equities to create a fairer tax system, stimulate savings, and support economic growth.

India’s mobile phone exports reached a record $20.4 billion in 2024, driven by strong overseas shipments from Apple and Samsung, marking a 44% increase from 2023. Apple’s exports accounted for 65% of the total, while Samsung contributed 20%. The production linked incentive (PLI) scheme launched in 2021 significantly boosted exports and job creation in the […]

Donald Trump assumes the US presidency for a second term today, raising concerns about potential escalations in trade and tariff disputes with key trading partners.

The government’s goal of achieving USD 1 trillion in exports by 2030 includes a target of USD 250 billion from the engineering sector, according to Commerce Secretary Sunil Barthwal. He emphasized the importance of infrastructure developments, energy transition, and innovative technologies, encouraging industry players to enhance global competitiveness.

India and the EU will collaborate on developing technologies and securing raw material supply chains to boost economic ties, as discussed by Commerce Minister Piyush Goyal and Maros Sefcovic. The aim includes a meaningful trade agenda, a robust Free Trade Agreement, and addressing non-tariff barriers for mutual business benefits.

India is not seeking customs duty concessions on over 100 products, including liquor and cigarettes, in the proposed FTA with Oman. While the agreement negotiations concluded, Oman requested revisions on some market access offers. India’s industry urges against extending petrochemical concessions due to competitive disadvantages. Bilateral trade between India and Oman stands at USD 8.94 […]

India and Indonesia are enhancing industrial and financial partnerships, aiming to become developed nations by their independence centennials. The ongoing collaborations span various sectors including digital economy, healthcare, AI, manufacturing, and sustainable energy, fostering mutual economic growth and creating alternative industrial hubs in the Asia-Pacific region.

Manufacturers of medical devices have welcomed the move, stating this decisive clarification reinforces the regulatory framework designed to ensure the highest standards of patient safety. Dr Sudhir Srivastava, former Chair of the Medical Device Committee at PHDCCI, said that the decision by CDSCO marks a pivotal step towards reinforcing India’s self-reliance in medical technology.

The US ambassador to India emphasized the need for India to reduce high tariffs to attract investment and compete with Southeast Asia amidst escalating US-China trade tensions. Despite some progress, India still struggles with a challenging business environment and faces competition from Vietnam.

India’s gems and jewellery exports saw a 10.29% decline in December 2024 compared to the previous year due to economic uncertainties and a shift towards gold as a safe-haven investment. The export of Cut & Polished diamonds and gold jewellery also declined, though a ceasefire between Israel and Hamas may boost trade activities soon.