Budget Quote from IndiaFirst Life Insurance,Hindustan Powerprojects,ISSDA,Sulekha,SARE Homes

Posted by: at 2/01/2017 04:13:00 am

Budget Quote - Rushabh Gandhi, IndiaFirst Life Insurance

Budget Quote from IndiaFirst Life Insurance,Hindustan Powerprojects,ISSDA,Sulekha,SARE Homes

From an insurance stand point, the Union Budget is neutral to being mildly positive. Commission to insurance agents is currently subject to 5% TDS irrespective of whether the agents total income is below taxable limits. The proposal is to do away with the TDS for those agents whose total income is expected to be within taxable limits. This, from an administrative point of view, will make life easier for agents and also play a small role in reigniting the individual agency business in the country.

Quote - Union Budget - Mr Ratul Puri, Chairman, Hindustan Powerprojects

Quote - Union Budget - Mr Ratul Puri, Chairman, Hindustan Powerprojects

“It is very positive for the industry that the Government is focusing on increasing public spending and reducing rate of interests. This should help in reviving the economy and help it achieve rapid GDP growth.  By giving the infrastructure status to the housing segment, the government has given a further  impetus to address the  suppressed power demand which is critical towards providing 24X7 power to all. In the renewable energy sector, Government’s commitment to add another 20 GW of solar capacity is noteworthy and right step towards achieving 100 GW of solar by 2022.  The year 2017-18 will be a hallmark year as the country gears itself to install the maximum ever MW in its history. The journey from MW to GW is well and truly happening.”


Plight of Stainless Steel industry ignored in the Union Budget: ISSDA


February 1st, 2017 New Delhi: The Union budget 2017-18 has again ignored the plight of stainless steel industry. Basic Customs Duty on finished products has been not increased inspite of continued surge in import of stainless steel products into the country. While it is welcome move that basic customs duty on Nickel has been abolished but major demand of nickel required by the stainless steel industry is met from Ferro Nickel and stainless steel scrap. Both Ferro Nickel and stainless scrap, key raw materials for stainless steel manufacturing attract a import duty of 2.5%.

Due to excessive surge in imports of stainless steel products, the industry has been struggling and was expecting an increase in basic customs duty on finished goods from 7.5% to 12.5% (at par with carbon steel). ISSDA urges Ministry of Finance to relook at the budget decision and abolish the duty on key raw materials and increase duty on stainless steel finished goods. These steps would help to revive the ailing industry.

Post-budget Quote by Satya Prabhakar – Founder & CEO, Sulekha

Post-budget Quote by Satya Prabhakar – Founder & CEO, Sulekha

India, Chennai, February 1, 2017:  

“I believe the Government has taken concrete steps to give a fillip to the economy and yet tilt it towards white. Reduction of income tax by 5%, from 30% to 25%, for SMEs with a turnover of less than 50 Cr strongly indicates Government’s belief that it expects the SMEs to be major drivers for the economy. Reducing the LTCG window for property from 3 years to 2 years and putting affordable housing (below 30L) under infrastructure development category is also a significant step to improve the real estate sentiment in the country. We at Sulekha believe that this budget promises optimism for the local services and properties sector.”- Satya Prabhakar – Founder & CEO, Sulekha

About Sulekha: 

Sulekha is one of India’s largest and fastest-growing digital platforms for local service need fulfillment in over 40 cities, connecting tens of millions of users and local businesses in 800+ need categories such as computer training, serviced apartments, wooden flooring, party catering, baby-sitting, elder care, yoga lessons, kitchen renovation, wedding photography, moving-packing, pest control, event planning and auto repair. Sulekha has 14 offices and 2,000+ employees across India, including Delhi, Mumbai, Pune, Ahmedabad, Hyderabad, Bengaluru, Kolkata, Chennai, Austin. Please visit www.sulekha.com

Quote - SARE Homes - Vineet Relia - Union Budget

Quote - SARE Homes - Vineet Relia - Union Budget

“ We welcome the move of the government to give infrastructure status to affordable housing.  This status will make it easier for developers to access low-cost funds via foreign direct investment (FDI), external commercial borrowings (ECB) and domestic banking assistance. The need for collateral against loans will also stand reduced. Bank lending rates for housing loans coming down is a positive development and will help stir demand in the market and help clear up unsold inventory for the builders.”    

Another positive move is to provide developers tax relief on unsold stock as liability to pay capital gains will arise only in the year a project is completed. This will help the developers plan their liquidity better. The move of considering the carpet area of 30 and 60 sq meters instead of Built up area of 30 and 60 sq meters will bring in more housing projects  under the ambit of affordable housing and will encourage developers to introduce more such projects.”

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