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

 The Union Budget-2024 is visionary and progressive and will help boost the country’s overall economic growth, said the Association of Indian Medical Device Industry (AiMeD) on Tuesday.

The Union Budget-2024 presented by Finance Minister Nirmala Sitharaman in the Parliament “reflects the determination of Prime Minister Narendra Modi to realise the goal of a $10 trillion economy by 2030 and Viksit Bharat by 2047”, said Rajiv Nath, AiMeD Forum Coordinator, in a statement.

“Nine priorities of the government — productivity and resilience in agriculture; employment and skilling; inclusive human resource and development, and social justice; manufacturing services; urban development; energy security; infrastructure; innovation and research and development; and next-generation reforms – will act as a catalyst for the country’s overall economy,” Nath said.

Nath also thanked the government for “the reduction in duty on the import of components of X-ray equipment until these get to be produced in India”.

He explained that “the imports of medical devices have consistently been over Rs 61,000 crore for the last three years and regretfully this year have increased by 13 per cent to Rs 69,000 crore”.

Nath noted that AiMed had in January in a representation to the Department of Pharmacy (DoP), raised the issue of an increase in customs duty and removal of benefits for the import of X-ray tube and flat panel detectors under the Phased Manufacturing Programme (PMP).

He said that the relief from the government is “appreciable” as the two critical components lack domestic manufacturers.

He pointed out that AiMeD had hoped for a “nominal duty increase on at least those medical devices that India had substantial manufacturing capacity as demonstrated during Covid-19 pandemic times”.

“Removal of nil duty exemption on some of these medical devices would have acted as a further enabler for Make in India drive and enhance our global competitiveness,” Nath said. AGENCIES

 Congress MP Shashi Tharoor on Tuesday criticised the Central government over the Union Budget, saying that there was very “little to cheer about” in the Budget as it has failed to address the issues of common people and only the two states of Bihar and Andhra Pradesh gained and other states did not.

“I am afraid it is an underwhelming Budget. I would say there has very been little to cheer about the Budget,” the Congress MP told media persons after the Budget speech was over.

He said that the government had simply not addressed a number of key issues.

“MGNREGA wasn’t even mentioned. Health and education showed no indication of any increase in the share of GDP allocated to these vital subjects,” the Congress MP said.

He said that there was nothing in the announcement about how to address the income inequality of the country.

“More than 60 per cent of our people have seen their incomes dropping in the last 10 years. What has the government done about it? Very little,” Tharoor said.

He said that even the share markets and the common people have reacted badly to the Budget.

“Only the people of Bihar and Andhra Pradesh have something in it, where they have their government. There are political reasons to satisfy the people of two states but there are 26 other states in the country where people have no reason to be happy,” the Congress MP said.

Earlier, Finance Minister Nirmala Sitharaman laid out nine priorities of Prime Minister Narendra Modi’s government, with a focus on employment, skilling, agriculture and manufacturing.

These are: Agriculture, employment, inclusive development, manufacturing and services, urban development, energy, infrastructure, innovation R&D and next-generation reforms.

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

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 retail demand.

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

Chandigarh, July 19, 2024

A journey that Peter Boizot began in 1965 by opening the first legendary PizzaExpress outlet on Wardour Street, SoHo in London is now a global phenomenon. A casual dining restaurant has scripted a new milestone for pizza aficionados with the launch of its 30th Pizzeria at CP 67, Sector 67, Mohali. Bringing its signature all-day dining experience to cater to all age groups, perfected for every occasion with authentic Italian hand-tossed gourmet pizzas, pastas, salads, and more, using the finest and freshest ingredients. PizzaExpress also showcases its brand-new menu featuring artfully crafted cocktails, mocktails, sangrias, and a wine portfolio complemented by all-new bar bites offerings.

Gourmet Investments Private Limited, the food and beverage vertical of Bharti Family Office, has brought the international franchise to India. Beginning the journey from Colaba, Mumbai in 2012 to the launch of the sprawling CP67 restaurant in Mohali, PizzaExpress now operates 30 restaurants across nine key cities in India.

Its signature is the thin, hand-tossed, and delectable ‘Romana’, a thin crust base inspired by pizzas from Rome, along with the fiery yet irresistible Calabrese, a specialty rectangular pizza from the Calabria region in Italy packed with southern Italian punch and unique hot flavors.

Ramit Bharti Mittal, Chairman and Director of Gourmet Investments, said, “Our vision is to redefine the dining experience in India and bring the best-in-class global brands to the country. GIPL is committed to building on the partnership with PizzaExpress Global.”

Known globally for its utmost focus on quality ingredients, freshness, and welcoming interiors, the brand enjoys unmatched love among discerning patrons.

Reflecting on the innovation brought by PizzaExpress and pizza lovers in the tricity of Punjab, Krunal Chahwala, Brand CEO of PizzaExpress, said, “We are excited to add to the colorful tapestry of the pizza industry in India by bringing authentic Britalian flair and innovative offerings. The launch of our Mohali Pizzeria-Café is close to our hearts as it brings something unique like Calzones from Naples, Leggera for the health-conscious audience, and of course, our iconic rectangular pizzas, Calabrese, to Punjab, where people have exposure to world cuisine due to their travels. Our commitment to redefine the local dining scene is unwavering, and the launch of our outpost in Mohali also signifies our well-thought-out growth strategy.”

PizzaExpress never compromises when it comes to ingredients, which form the cornerstone of delightful flavors with the signature Tomato Passata sauce, invented in 1965 by the Greci Family of Italy. Each tin of the signature Passata is made with San Marzano tomatoes, crushed within 12 hours of harvest and hand-finished with basil leaves, exported to all PizzaExpress restaurants globally.

But it’s not just the mouth-watering food and drinks at the legendary pizzeria that make dining out a memorable experience; the brand’s unwavering commitment to make the world happier through pizza has shaped communities across the world. In fact, PizzaExpress across the globe boasts rich heritage, uniqueness, and the same core belief of creating energetic, sociable places where dining experiences are elevated with beautifully designed interiors and expert Pizzaiolos who skillfully toss and flair pizza dough in open kitchens.The interiors at PizzaExpress at CP 67 feature vibrant pops of color, strategically introduced through captivating artwork, wooden flooring, and wall paneling to create a sense of warmth and comfort.

Jerry Thomas, Culinary Head at Gourmet Investments, said, “We have curated signature recipes keeping in mind local tastes. For example, Spicy American Hottest, Padrino (grilled chicken), and Chicken and Paneer coriander pesto pizzas have been specially crafted to appeal to local flavors. The authentic Italian pizzas serve as a point of differentiation for PizzaExpress. Our unwavering commitment is to bring the very best pizza to our valued customers.”

This dedication is evident in the brand’s diverse offerings, from the flavorful Calabrese and Romana pizzas made with in-house rolled dough to delicious dessert offerings, including cheesecakes, shakes, and more. As one of the world’s leading casual dining brands, there’s much more to PizzaExpress than just pizza; there is a sumptuous variety of pastas, salads, and other appetizers, including renowned signature dough balls. Of course, there’s always freshly brewed Italian coffee to make every PizzaExpress meal even more special.

Ajay Singhal, COO & Director at GIPL, concluded, “At Gourmet Investments, we’re dedicated to our journey from 30 to 100 PizzaExpress outposts across the country while championing our promise to deliver the best-in-class experience to our patrons. We’re proud to say that PizzaExpress India has gone from strength to strength in terms of our growth. We will continue to tap into India’s promising and growing F&B culture.”

 At least 16 people were killed in a department store fire in Zigong City, southwest China’s Sichuan Province, according to the local fire and rescue headquarters.

China’s Ministry of Emergency Management and National Fire and Rescue Administration said that a working team has been dispatched to southwest China’s Sichuan Province following a fire at a department store, Xinhua news agency reported.

The fire broke out around 6 p.m. on Wednesday at a 14-story building in Zigong City.

Immediately after receiving the information about the incident, the two government departments provided local authorities with guidance on the investigation and rescue work.

The two departments have urged all-out efforts in search and rescue, treatment of the wounded and an investigation into the cause of the fire as soon as possible.

The rescue operation was completed as of 3 a.m. on Thursday, according to the local fire and rescue headquarters. A preliminary investigation has indicated that the fire was caused by construction work.

According to the Ministry of Emergency Management, fire experts from across the country will also be sent to participate in the accident investigation. AGENCIES