Moneycontrol Bureau10:40 am Budget expectations: With a renewed government focus on three of Prime Minister Narendra Modi's pet initiatives -- Make in India, Digital India and Skill India, the tech industry, including the telecom sector, is closely watching what the upcoming national Budget has in store for them.
Of particular interest is what exemptions finance minister Arun Jaitley proposes to give the country's startup eco-system, not just to the aspiring, first-time entrepreneurs, but also investors that fund them. Ease of doing business, however, remains the key concern across the tech spectrum.
"Tax exemption on direct and indirect taxes including (minimum alternative tax), where startups lose a big chunk of cashflows is the need of the hour. This will reduce compliance burden and reduce cash outflows," said BVR Mohan Reddy, chairman, National Association of Software and Services Companies (Nasscom).10:20 am DBT of fertiliser subsidy: Government plans to directly transfer the fertiliser subsidy to farmers and a pilot project for the same is also being considered in 20 districts.
The Department of Fertilisers (DoF) is working on a road-map to capture the details of farmers so that sales data can be captured and subsidy can be transferred to farmers' accounts directly, according to a Parliamentary Standing Committee report.
"The Department (DoF) is working closely with the Mission Directorate (DBT) to implement DBT in fertilisers," the report added.
According to sources, the government is planning to conduct a pilot project in 20 districts for direct transfer of subsidy on phosphoric and potassic fertilisers to the farmers.
The report has also added that districts of Gujarat and Odisha are being selected to go for pilot project.
Also watch - 'Economic Survey' on Feb 26: Here's what to expect10:00 am Market Check
The market is rising ahead of Macro Economic Survey today. The Sensex is up 68.78 points or 0.3 percent at 23044.78, and the Nifty up 30.00 points or 0.4 percent at 7000.60. About 872 shares have advanced, 685 shares declined, and 98 shares are unchanged.
M&M, L&T, Adani Ports, Coal India and TCS are gainers while Hero, Bajaj Auto, Tata Steel, Maruti and Bharti are losers in the Sensex.
Ahead of the Union Budget, the government on Friday will present its Economic Survey. The Budget this year is likely to seek changes in the savings cap, medical reimbursement limit and exemption on housing loan interest. The lowest income tax slab is likely to be raised from Rs 2.5 lakh to Rs 3 lakh, which means income up to Rs 3 lakh is likely to be exempt from Income Tax. There are also indications that even the higher IT slabs may be re-jigged. This could act as a fillip for electronic and household items, consumer products among others. The interest exemption on home loans is also likely to move up from the current Rs 2 lakh, in a bid to revive the housing sector.
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