Kolkata, July 30 (IANS) The Chairman of Aditya Birla Group, Kumar Mangalam Birla, met West Bengal Chief Minister Mamata Banerjee at the state secretariat Nabanna on Tuesday.

According to a statement issued by the Chief Minister, while it was a courtesy meeting, Kumar Birla discussed business opportunities and investment in Bengal with CM Banerjee.

“They are having ongoing and in pipeline projects worth Rs 5,000 crore in different sectors like cement and paints manufacturing. They are also planning to open a world-class educational institute in the city besides other plans for fresh investment. We discussed all these and I assured him of our support,” the statement read.

The meeting came at a time when the opposition parties are often accusing the state government of forming ‘anti-industry’ land and SEZ policies which are deterring big-ticket investments in Bengal.

The opposition parties claim that the annual Bengal Global Business Summit is merely a showcase event that does not fructifying into actual investments.

They also claim that the state government’s policy of “no state government intervention in procuring land for industry” is the biggest deterrent for the investors to invest in Bengal which has a fragmented land-holding nature.

However, the Chief Minister has rubbished the allegations, claiming that there is no dearth of land for industry in Bengal since the state government has a ready land bank for the purpose.

She also claims that the days of strikes and lockouts in Bengal which were regular features in the previous Left Front regime are over now.

–IANS

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New Delhi, July 30 (IANS) Indian Oil Corporation on Tuesday reported a 75 per cent decline in its consolidated net profit at Rs 3,722.63 crore for the April-June quarter of the current financial year, compared to Rs 14,735.30 crore in the same quarter last year.

The oil giant’s revenue declined almost three per cent in Q1FY25 to Rs 2.19 lakh crore, compared to the previous year.

Sequentially, net profit was down 32 per cent as the company reported a net profit of Rs 5,487.92 crore in the quarter ended March 31.

Indian Oil’s profit has come down as the average gross refining margin (GRM) posted a sharp decline to $6.39 a barrel from $8.34 in the same quarter last year. The throughput of the company’s refineries was 18.168 million metric tonnes (MMT) during the first quarter as compared to 18.752 MMT in the same period of the previous year.

The oil major achieved a quarterly domestic sales volume of 24.063 MMT, compared to 23.305 MMT last year. Exports volume in the quarter was pegged at 1.189 MMT.

The company’s pipeline throughput came in at 25.811 MMT from 24.951 MMT in the same period last year.

The India Oil board of directors have accorded stage 1 approval for the construction of a greenfield terminal at Bihta (Patna) on the Barauni-Kanpur product pipeline (BKPL) and the Patna-Motihari-Baitalpur Pipeline (PMBPL) at an estimated cost of Rs 1,698.67 crore. The shares of the oil major are hovering at around Rs 183 apiece on BSE.

–IANS

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New Delhi, July 30 (IANS) The Lok Sabha on Tuesday approved the Rs 48.21 lakh crore Union Budget for 2024-25 aimed at giving a major push to job creation with a focus on the country’s youth, empowering women and improving the incomes of farmers.

The Union Budget and the Budget for J&K, which was also tabled on Tuesday, were passed by a voice vote by the Lok Sabha. The relevant appropriation bills were also passed by the lower house.

Finance Minister Nirmala Sitharaman has fixed the fiscal deficit at 4.9 per cent of GDP despite higher allocations for social welfare schemes due to robust tax collections in a fast-growing economy.

Replying to the debate on the budget, Finance Minister Nirmala Sitharaman said the fiscal deficit would be brought down further to below 4.5 per cent by 2025-26 as the government would stick to the fiscal consolidation path.

The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.01 lakh crore and Rs 11.63 lakh crore respectively. Both will be less than that in 2023-24.

The reduced borrowings by the government will leave more money in the banking system for companies to borrow for investments which will help to spur growth and create more jobs.

FM Sitharaman said that for the year 2024-25, the total receipts other than borrowings and the total expenditure are estimated at Rs 32.07 lakh crore and Rs 48.21 lakh crore respectively. The net tax receipts are estimated at Rs 25.83 lakh crore.

–IANS

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New Delhi, July 30 (IANS) The Union Budget aims to simplify tax provisions and reduce complexity and disputes, while ensuring that those more capable bear a burden than the lesser, Revenue Secretary Sanjay Malhotra said here on Tuesday.

At a post-budget session at the leading industry chamber PHDCCI, Malhotra said the budget not only aims to adopt a collaborative, non-adversarial approach but also stimulate growth and employment, “with a significant shift from principal accounts to normative and presumptive methods”.

“This year’s budget is primarily focused on growth, development and inclusive progress. On the revenue side the goal is to support growth momentum as India stands out with a 7 per cent growth rate amid global economic challenges aiming for a ‘Viksit Bharat’ by 2047,” he emphasised.

On capital gains tax, the Revenue Secretary said the changes were driven by simplicity, fairness and equity. “Efforts were made to address various suggestions, including simplifying TDS, making appeal orders effective, rectifying cases, reducing the reassessment period, and merging charity schemes.”

Malhotra expressed gratitude to taxpayers, mentioning that 51 per cent of direct tax revenue comes from the TDS.

He also assured the full support of the government towards the upliftment of industry and trade.

According to PHDCCI President Sanjeev Agrawal, the steps announced for micro, small and medium enterprises (MSMEs), such as credit support during periods of stress, credit guarantee for manufacturing units and the new assessment model for public sector banks for providing credit to MSMEs, are going to provide a fillip to scores of small units.

“We are sure that the overall provisions of Budget 2024-25 would further boost the economy, attract investments and create employment opportunities for the growing youth population,” Agrawal told the gathering.

PHDCCI Executive Director, Dr Ranjeet Mehta, appreciated the government’s decision to eliminate the angel tax as a significant milestone for Indian startups, saying this will further boost innovation and investors’ confidence amid the funding challenges.

–IANS

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New Delhi, July 30 (IANS) In a bid to boost innovation and modernise the industry, the Patent Office has granted a record 1,03,057 patents in the last fiscal (FY24), the Parliament was informed on Tuesday.

Union Minister of State for Commerce and Industry, Jitin Prasada, said that several steps have been taken by the government to further strengthen the Intellectual Property Rights (IPR) ecosystem in India.

“Owing to fee concessions in patent applications, there has been a significant increase in Patent filings by startups, MSMEs and educational Institutes,” the minister told the Lok Sabha in a reply to a question.

Similarly, 75 per cent fee concessions at each stage of prosecution of design applications are extended to startups and MSMEs and 50 per cent to Trade Mark application filing.

The Centre launched the National Intellectual Property Awareness Mission (NIPAM) in December 2021 to impart IP awareness and basic training in educational institutes across the country.

Minister Prasada said that more than 2 million people have been trained about IPRs to date. The Scheme for Facilitating Start-Ups Intellectual Property Protection (SIPP) was launched in 2016 to support startups in safeguarding their IP rights (patents, trademarks and designs) by providing the opportunity “to avail pro bono facilitation by empanelled IP experts and facilitation fees of the IP experts to be borne by the government”.

After the scheme, there has been a significant increase in IP applications by startups. As of June 23, 2024, the Office of Geographical Indications Registry has registered a total of 643 GI applications in the country, the government said.

–IANS

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