Elcina Electronic Industries Association of India said the exemption should be only for short-period to meet immediate needs to address shortages of such machines. In the long-term can, exemption to such machines can be detrimental for local manufacturing.
These rules will be internationally harmonised and attract investments into this sector. This will reduce the cost of such devices," Finance Minister Arun Jaitley said.
Presenting the Budget in Parliament today, Jaitley said, "In the road sector, I have stepped up the budget allocation for the National Highways from Rs 57,676 crore in the BE of 2016-17 to Rs 64,000 crore in 2017-18."
Delivering his fourth Budget address to parliament, Jaitley vowed to spend more on rural areas, infrastructure and poverty alleviation in what he called a Budget for the poor.
Deepak Parekh, Chairman, HDFC is disappointed that there was nothing on corporate tax, except a proposal to cut corporate tax rate for MSMEs (Micro Small and Medium Enterprises) having revenues less than Rs 50 crore to 25 percent.
Union Bank of India jumped 4.34 percent, Bank of Baroda rose 3.27 percent, SBI went up 3.13 percent and PNB gained 3.12 percent on BSE.
"The Union Cabinet chaired by Prime Minister Narendra Modi has given ex-post facto approval to the proposals for extension of tenure of loans under the CLSS vertical of Pradhan Mantri Awas Yojana (Urban) Mission from 15 to 20 years," said an official statement.
The decision to ban cash transactions beyond a threshold is based on the recommendation of the Special Investigation Team on black money that was set up by the Supreme Court, Jaitley said while presenting Union Budget 2017-18 in Parliament.
Shares of Liberty Shoes surged 5 percent, Mirza International climbed 4.79 percent, Relaxo Footwears gained 2.96 percent, Superhouse (2.92 percent) and Bata India (0.91 percent) on BSE.
The scheme will be on the lines of the package announced for the textiles sector in June last year.
The FM also said that high speed broadband will be available in more 150,000 gram panchayats via WiFi hotspots by end of next financial year.
Under Indradhanush roadmap announced in 2015, the government will infuse Rs 70,000 crore in state banks over four years while they will have to raise a further Rs 1.1 lakh crore from the markets to meet their capital requirement in line with global risk norms, known as Basel-III.
Dhanuka Agritech surged 5.17 percent, Jain Irrigation Systems rose 3.17 percent and Kaveri Seed Company gained 1.52 percent on the BSE.
Outlining that India has been singled out as a bright spot in the global economy by both the International Monetary Fund (IMF) and the World Bank, Jaitley said: "Inflation has been controlled, low growth has been replaced with high growth and a massive war against black money has been launched."
The government provides short-term crop loans up to Rs 3 lakh at subsidised interest rate of 7 percent per annum. An additional incentive of 3 percent is provided to farmers for prompt repayment of loans within due date, making an effective interest rate for them at 4 percent.
Demonetisation was a bold and decisive strike in a series of measures to arrive at a new normal of bigger, cleaner and real GDP, he said, adding that it has only a transient impact on economy and the long term benefit include higher GDP growth and tax revenue.
Finance Minister Arun Jaitley today said the focus of his Budget for 2017-18 will be on 10 important sectors, including farmers, infrastructure, digital economy and tax administration to transform, energise and clean India.
India is a "bright spot" in the world economy, Finance Minister Arun Jaitley said as he unveiled his annual Budget on Wednesday, adding that the impact on growth from the government's cash crackdown would wear off soon.
Expectations were rife that the Narendra Modi government will announce a populist budget given the fact that five states are going to assembly polls later this month. Measures aimed at soothing the adverse impact of demonetization are also expected.
Watch accompanying videos of Finance Minister Arun Jaitely presenting the Union Budget 2017.