Summary:

The government is simplifying foreign direct investment (FDI) laws to expedite approvals, potentially allowing automatic approval for certain products. This aims to enhance efficiency before recommendations reach the finance minister and Prime Minister. In response to increased gold imports, the customs duty on gold has been reduced from 15% to 6% to prevent smuggling and boost the economy, especially ahead of the wedding season. This adjustment is expected to foster wealth creation and stimulate growth in the gold jewellery and e-commerce sectors.

The removal of the angel tax addresses startup valuation challenges, emphasizing the value of innovative ideas. The Budget proposes the construction of 12 industrial parks and 10-15 e-commerce centers across the country, focusing on areas like Bihar and Andhra Pradesh. Although the PLI scheme was not mentioned, employment-linked incentives are considered to boost manufacturing. Customs duty rationalization is anticipated soon, with various ministries expected to propose measures to support industries such as pharmaceuticals and chemicals.

Source: IBEF 

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