In a move to bring in the private sector in the nuclear power sector, the Indian government will partner with private players in setting up small reactors, for research and development of small modular reactors, and newer nuclear energy technologies. 

Presenting her seventh Union budget on Tuesday in the Parliament, Finance Minister Nirmala Sitharaman said: “Nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat.”

“Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors, research & development of Bharat Small Modular Reactors, and research & development of newer technologies for nuclear energy. The R&D funding announced in the interim budget will be made available for this sector,” she said.

The US and Russia have shown interest in developing small modular reactors in India. Small modular reactors are the ones which are factory-made compact with less than 300 MW capacity.

India and the US are working together to develop next-generation small modular reactor technologies for domestic and export markets.

According to a joint statement issued by the White House, President Joe Biden and Indian Prime Minister Narendra Modi, during the latter’s visit to the US last year, noted “the ongoing discussion on developing next-generation small modular reactor technologies in a collaborative mode for the domestic market as well as for export”. AGENCIES

 Indonesia is planning to broaden its mineral and coal online tracking system, known as Simbara, to include several commodities, including copper, gold and bauxite, said the country’s Minister for Energy and Mineral Resources Arifin Tasrif.

He mentioned the plan after the government officially broadened its Simbara to encompass nickel and tin commodities on Monday, Xinhua news agency reported.

“Next, we will finish several other commodities, including copper, gold, bauxite, manganese, and others,” said the minister.

According to the Finance Ministry, Simbara, which started its operation in 2022, has contributed up to 7.1 trillion Indonesian rupiahs ($ 437 million) in state revenues through the prevention of illegal mining, risk profiling, and an automatic blocking system. AGENCIES

 Finance Minister Nirmala Sitharaman on Tuesday announced that a New Pension Scheme (NPS) ‘Vatsalya’, a plan for contribution by parents and guardians for minors, will soon be launched by the government.

The plan can be seamlessly converted into a normal NPS account on minors becoming an adult, the Finance Minister stated during her budget speech.

“The launch of NPS-Vatsalya, allowing parents and guardians to contribute towards minors’ future, is a transformative step. This plan seamlessly converts into a regular NPS account once the minor becomes an adult. Thank you, PM Modi, for your visionary approach in securing the financial future of our young citizens, paving the way for a Viksit Bharat,” said Arunachal Pradesh Chief Minister Pema Khandu.

The Finance Minister also announced that the committee to review the NPS has made considerable progress in its work.

She expressed satisfaction that the staff side of the National Council of the Joint Consultative Machinery for Central government employees have taken a constructive approach.

“A solution will be evolved which addresses the relevant issues while maintaining fiscal prudence to protect the common citizens,” said FM Sitharaman. AGENCIES

 Finance Minister Nirmala Sitharaman announced a review of the Income Tax Act 1961 in Budget proposals for 2024-25.

“I am now announcing a comprehensive review of the Income-tax Act, 1961. The purpose is to make the Act concise, lucid and easy to read and understand. This will reduce disputes and litigation, thereby providing tax certainty to the taxpayers. It will also bring down the demand embroiled in litigation. It is proposed to be completed in six months,” she said in her Budget speech.

“A beginning is being made in the Finance Bill by simplifying the tax regime for charities, TDS rate structure, provisions for reassessment and search provisions and capital gains taxation,” she said.

As per the proposal, the two tax exemption regimes for charities are proposed to be merged into one. The 5 per cent TDS rate on many payments is being merged into the 2 per cent TDS rate and the 20 per cent TDS rate on repurchase of units by mutual funds or UTI is being withdrawn. The TDS rate on e-commerce operators is proposed to be reduced from one to 0.1 per cent.

“Moreover, credit of TCS is proposed to be given in the TDS to be deducted from salary. Further, I propose to decriminalize delay for payment of TDS up to the due date of filing statement for the same. I also plan to provide a standard operating procedure for TDS defaults and simplify and rationalise the compounding guidelines for such defaults,” the Finance Minister said. AGENCIES

 Union Finance Minister Nirmala Sitharaman’s announcement of tax exemption only for those opting for the new tax regime will encourage more taxpayers to shift from the old to the new system in days to come, say economists and investment consultants.

According to Kolkata-based investment consultant Nilanjan Dey, the proposal is a revolutionary decision.

“This will force those currently in the old regime to shift to the new one and also encourage more individuals to be part of the Income Tax filing system,” Dey said.

According to him, since in the new regime standard deduction has been increased from Rs 50,000 to Rs 75,000, it will enable any individual in the new system to save more.

Professor of Economics, Probir Kumar Mukhopadhya said, “There might be apprehensions that many people will be discouraged from investing in tax saving instruments. I think such apprehensions are immaterial. Till now, the tax concession was an added rider. The purpose of investment is more for accumulating wealth rather than getting tax concessions.”

As regards bringing new individuals within the tax system, Mukhopadhyay said that it will be possible only if there is a focus on employment generation.

“Although the Union Finance Minister spoke extensively about employment generation it is to be seen how far such promises become fruitful,” he said. AGENCIES

 Rashtriya Janata Dal (RJD) on Tuesday criticised the Central government over the Budget, saying allocating Rs 26, 000 crore to Bihar is not for the common people but for the corporate sector.

“This budget is only for the corporate sector. The Finance Minister has not provided any idea of how the Centre would create jobs for unemployed youth. She has not addressed the issues of youth, farmers, women, and labourers in her budget speech,” said Bhai Virendra, the four-time RJD MLA from the Maner assembly constituency.

Earlier, Finance Minister Nirmala Sitharaman allocated Rs 26,000 crore for various infrastructural projects for the state.

Bhai Virendra said that similar projects have also been announced by previous governments as well. “Bihar needs special category status, which the Central government has denied,” he said.

Former Bihar Chief Minister Rabri Devi said the Central government has given Jhunjhuna (toy) to Bihar. “This budget has nothing for the common people of Bihar,” the former Chief Minister said.

However, defending the Central government, BJP MLA Pramod Kumar said that this budget will boost the economy of Bihar through infrastructural projects.

“The Central government has given three expressway projects, a two-lane bridge at Buxar, a power station in Pirpainti, and an industrial hub in Gaya. These projects will develop Bihar, create jobs, and help stop migration,” Pramod Kumar said. AGENCIES

 With Finance Minister Nirmala Sitharaman announcing a major reduction in customs duty on cancer drugs and mobile phones, it is set to considerably bring down their prices in the market. The three cancer drugs are Trastuzumab deruxtecan, Osimertinib and Durvalumab.

The Finance Minister also announced a reduction of customs duty on mobile phones and mobile chargers to 15 per cent.

“The government will exempt three cancer treatment drugs from customs duty. I will also reduce basic customs duty on mobile phones, chargers and other mobile parts,” FM Sitharaman said presenting the Budget 2024.

Other products that are set to become cheaper include mobile phones, imported gold, silver, leather goods and seafood.

The reduction in duties on gold and silver by 6 per cent will significantly give a fillip to the retail demand.

FM Sitharaman also proposed a reduction in customs duties on platinum by 6.5 per cent and 5 per cent cut on seafood which includes shrimps and fish feed.

For the salaried class, the Finance Minister announced tax sops for over 4 crore salaried individuals.

Those under the new tax regime, have been given relaxation in the standard deduction limit from Rs 50,000 to Rs 75,000 while the deduction on family pension for pensioners has been enhanced from Rs 15,000 to Rs 25,000.

This will provide relief to about four crore salaried individuals and pensioners, the Finance Minister said. AGENCIES

 In a big relief to cancer patients, Union Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2024, exempted customs duty on three cancer drugs.

The three drugs are Trastuzumab deruxtecan, Osimertinib and Durvalumab. The reduction in customs duty may help reduce the financial burden on those battling the deadly disease.

In her seventh budget speech, the Union Minister also called for exemptions in custom duties on X-ray tubes and flat panel detectors.

“I also propose changes in the BCD (Basic Customs Duty), X-ray tubes, and flat panel detectors for use in medical X-ray machines under the phased manufacturing programme to synchronise them with domestic capacity addition,” said FM Sitharaman.

According to the recent 4th edition of Apollo Hospitals’ Health of Nation Report, cancer cases are skyrocketing across the country.

The report dubbed India the “cancer capital of the world”.

In 2019, India registered about 12 lakh new cancer cases and 9.3 lakh deaths in 2019, becoming the second highest contributor to the disease burden in Asia, as per a Lancet study.

The number increased to 13.9 lakh in 2020, which then rose to 14.2 lakh and 14.6 lakh in 2021 and 2022, respectively. AGENCIES

 Finance Minister Nirmala Sitharaman on Tuesday, while presenting the Union Budget in Parliament, announced a slew of land-related reforms and action proposals, including assigning Unique Land Parcel Identification Number (ULPIN) to all land in rural areas.

The 14-digit Unique Land Parcel Identification Number is part of the Digital India Land Records Modernisation Programme (DILRMP) and is accorded to a land parcel based on its longitude and latitude coordinates.

Its allotment depends on detailed surveys and geo-referenced cadastral maps.

According to the Department of Land Resources (DOLR) under the Ministry of Rural Development, ULPIN is a single, authoritative source of truth for information on any parcel of land or property to provide Integrated Land Services to the citizens as well as all stakeholders.

The ULPIN system is based on an international standard which complies with Electronic Commerce Code Management Association (ECCMA) standard and Open Geospatial Consortium (OGC) standard. The ULPIN not only serves as a crucial tool for land administration, property management, and real estate transactions but is also designed to streamline the process of identifying and tracking land parcels, thereby enhancing transparency, efficiency, and accuracy in land-related activities.

“Proper land statistics and land accounting through ULPIN will help develop land banks. It will lead towards the Integrated Land Information Management System (ILIMS). This would facilitate real estate transactions, help resolve property taxation issues and improve disaster planning and response efforts,” states the DOLR.

“It would be an enabler for deciding entitlement of beneficiaries of schemes that are based on the quantum of land possessed and also reduces boundary disputes. ULPIN would prove an important milestone for furtherance of Geospatial Policy, 2022 of the Government,” the department adds.

As of now, ULPIN has been rolled out in 29 states while pilot testing has been done in Puducherry, Telangana, Manipur and Andaman and Nicobar Islands.

Some states and UTs like Madhya Pradesh, Ladakh and Jammu and Kashmir are also using ULPIN in Survey of Villages Abadi and Mapping with Improvised Technology in Village Areas (SVAMITVA). AGENCIES

 Calling it a welcome step, oncologists on Tuesday hailed the Central government’s move to exempt customs duty on three more cancer drugs.

The three drugs are Trastuzumab deruxtecan (for breast cancer), Osimertinib (lung cancer drug for EGFR mutation), and Durvalumab (for lung and biliary tract cancers). Deruxtecan drug can be used in all cancers with Her2 positive gene

Speaking to IANS, Jyotsna Govil, Chairperson of the Indian Cancer Society said that the exemption has “given a relief to the countless cancer patients” in the country.

“The exemption of customs duty on three cancer medicines is a significant step forward. Also, the initiative and public investment in digital infrastructure and innovations will vastly improve access to essential health services for people in Tier II and III and rural areas,” Govil said.

According to Dr Shyam Aggarwal, Chairman, Department of Medical Oncology, at Sir Ganga Ram Hospital: “All imported life-saving drugs are costly and customs duty exemption is a welcome step”.

“Cancer drugs are very expensive and life-saving. Patients require long-term treatment. All steps to bring the cost down are more than welcome,” he added.

In her seventh budget speech, Finance Minister Nirmala Sitharaman on Tuesday also called for exemptions in custom duties on X-ray tubes and flat panel detectors.

“I also propose changes in the BCD (Basic Customs Duty), X-ray tubes, and flat panel detectors for use in medical X-ray machines under the phased manufacturing programme to synchronise them with domestic capacity addition,” said FM Sitharaman.

“Exemption of three life-saving medicines for cancer treatment is a welcome step. Exemption of customs duty on components of X-ray tubes and digital detectors will lead to spurring of indigenous manufacturing of digital X-ray machines in India,” Dr Harsh Mahajan, Founder & Chairman, Chairman FICCI Health Services and Mahajan Imaging & Labs.

“Allocation of funds for innovation and skilling will also help those who are working in the healthcare sector,” he added. AGENCIES