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1 Feb 2021

Finance Minister Nirmala Focusses On Restructuring Gaganyaan Mission Activities

The Finance Minister Nirmala Sitharaman focusses on strengthening the economy by the upliftment of various industries and establish strength to the economy.  

Gold and silver presently attract a basic customs duty of 12.5%. Since the duty was raised from 10% in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalizing custom duty on gold and silver.

In order to incentivize startups in the country, I propose to extend the eligibility for claiming tax holidays for startups by one more year, till 31st March 2022: Finance Minister Nirmala Sitharaman. #Budget2021 

Domestic electronic manufacturing has grown rapidly. For greater domestic value addition we're withdrawing a few exemptions on part of chargers & sub-parts of mobiles. Further some parts of mobiles will move from nil rate to a moderate 2.5%: FM Sitharaman

Finanace Minister further states that by reducing Customs duty uniformly to 7.5% on semis, flux and long products of non-alloy, alloy and stainless steel. 

To provide relief to metal recyclers, mostly MSMEs, I'm exempting duty on steel scrap up to 31st March 2022. I am also revoking ADD and CBD on certain steel products as per FM.MSP regime has assured 1.5 times more price to farmers.

Finance Minister proposes to increase FDI limit to 74 pc in insurance companies. As part of the Gaganyaan mission activities, four Indian astronauts are being trained on Generic Space Flight aspects, in Russia. The first unmanned launch is slated for December 2021 as per Finance Minister Nirmala Sitharaman.

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