Page 18 - Banking Finance May 2023

ROUNDUP

FE was the first to report on March 17 caused by IBC proceedings. While the and Industry Minister Piyush Goyal ex-
that exports will cross the targeted Rs mechanism may not be extended to all uded confidence that the export tar-
75,000 crore mark, with Apple all set large companies, it is likely to allow get of USD 2 trillion by 2030 will be
to export iPhones in excess of Rs companies below a certain turnover to met.
37,000 crore. avail it.
He stressed that any industry cannot
"With the doubling of exports of succeed only on the basis of subsidy or
Uttarpara plant to manu-
smartphones to more than $11 billion, crutches. In the coming days, the idea
India is well on its way to become a facture 80 Vande Bharat of exports will change in the country,
leader in the mobile device market of Goyal said. FTP 2023 has been an-
trains over 6 years
the world and play a major role in elec- nounced to provide policy continuity
The major portions of 80 sleeper-class
tronics exports. This is a major win for and a responsive framework, said Di-
Vande Bharat trains will be manufac-
PM Narendra Modi's Make in India
rector General of Foreign Trade (DGFT)
tured at the Uttarpara plant of
programme," said Union minister
Santosh Sarangi.
Ashwini Vaishnaw on the record Titagarh Wagons Limited (TWL), about
smartphone exports from India. 15km from Kolkata, after a consortium The FTP has also introduced an am-
of the Bengal-headquartered TWL and nesty scheme for one-time settlement
the PSU Bharat Heavy Electricals Lim- of default in export obligation by Ad-
Pre-packaged insolvency
ited (BHEL) bagged a Rs 24,000-crore vance Authorisation and EPCG
plans may cover big com- order to supply and maintain the authorisation holders.
panies trains.
The manufacturing deal is worth nearly Direct tax mop-up skyrock-
India is looking to offer pre-packaged
insolvency resolution process (PIRP) to Rs 10,000 crore, according to which ets 173%
bigger companies as part of large-scale the consortium will provide the trains
India's gross direct tax collection in-
changes to the Insolvency and Bank- to the Indian Railways over six years.
creased 173 per cent to over Rs 19.68
ruptcy Code likely in the Monsoon ses- The total deal also includes a 35- year
lakh crore in 10 years to 2022-23.
sion of Parliament. annual maintenance contract, worth
Rs 14,000 crore. Each train will cost Rs On a net basis, after adjusting refunds,
A bill to amend the Companies Act
120 crore. direct tax collection zoomed 160 per
could also be introduced in the same
cent since the 2013-14 fiscal to over Rs
session, a senior government official
Ready to trade in Re with 16.61 lakh crore in 2022-23.
said.
nations having Dollar $ The Central Board of Direct Taxes
The session is likely to commence in
(CBDT) has released Time-Series data
late July or August. shortage
as updated up to fiscal 2021-22 and
India is ready to trade in Indian Rupee
The changes to the IBC will be based
also provided provisional data for 2022-
(INR) with countries which are facing
on the discussion paper floated by the
23.
currency failure or have dollar short-
ministry of corporate affairs in January
age, said Commerce Secretary Sunil Direct Tax Buoyancy at 2.52 in FY 2021-
which mooted Fast Track Corporate
Barthwal during the unveiling of new 22 is the highest Direct Tax Buoyancy
Insolvency (FIRP) through which corpo-
Foreign Trade Policy. recorded over the last 15 years.
rate debtors of a company can choose
to opt for a resolution process outside Barthwal said that the government is The direct tax to GDP ratio has in-
the judicial process. focusing on strengthening the rupee creased from 5.62 per cent in 2013-14
payment system. The commerce min- to 5.97 per cent in 2021-22.
The proposed changes could also ex-
istry has made changes in the FTP to
pand the scope of PIRP. During Covid- The cost of collection has decreased
allow international trade settlement in
19 outbreak, the government allowed from 0.57 per cent of the total collec-
Indian Rupee with a view to making
debtors classified as micro, small and tion in FY 2013-14 to 0.53 per cent of
INR a global currency.
medium enterprises (MSMEs) to avail the total collection in FY 2021-22,
PIRP scheme to alleviate the disruption Addressing the gathering, Commerce CBDT added.
BANKING FINANCE | MAY | 2023 | 17