Page 14 - Banking Finance June 2025
P. 14
ROUNDUP
port segments registered growth, with FY25 surged 15.6% to over Rs 27 lakh Precise Weather Forecast-
iron and steel, industrial machinery, crore, with net collections rising 13.6%
and non-ferrous metals leading the to nearly Rs 22.3 lakh crore, according ing Model
surge. The USA retained its top posi- to provisional data from the finance The Ministry of Earth Sciences has
tion as the largest importer of Indian ministry. This meets 100.8% of the launched what is being called the
engineering goods, followed by Saudi budget estimate and 99.5% of the re- worlds most precise weather forecast-
Arabia and Singapore. vised projections. ing model, marking a major leap in
EEPC India Chairman Arun Kumar The significant growth was driven by a Indias meteorological capabilities.
Garodia expressed optimism over the 17.6% increase in income tax receipts, Developed by the Indian Institute of
export performance, highlighting the reaching Rs 13.7 lakh crore, while cor- Tropical Meteorology (IITM), this new
significance of engineering goods in porate tax collections rose 12.4% to Rs model operates on a highly detailed 6-
Indias export basket. However, he also 12.7 lakh crore. Meanwhile, refunds kilometre grid scale, enabling hyper-
cautioned about persistent global un- soared 26% to an all-time high of local weather predictions with unprec-
certainties and called for enhanced nearly Rs 4.8 lakh crore.
edented accuracy.
government support to ensure sus- These buoyant tax figures, along with
tained momentum. controlled expenditure, suggest that The advanced model will assist in pro-
This uptrend offers a positive outlook the Centre may close FY25 with a fis- viding high-resolution forecasts for
cal deficit lower than the revised esti- rainfall, temperature, thunderstorms,
for the sector amid volatile global
mate of 4.8% of GDP. The robust and cyclones. This is expected to
trade conditions.
growth in both direct and indirect greatly benefit sectors such as agricul-
taxes indicates strong economic funda- ture, disaster management, aviation,
Direct Tax Collections Hit
mentals and improved tax compliance. and water resource planning.
Record Rs 27 Lakh Crore in The widening gap between income One of the most significant advantages
and corporate tax reflects a shift in the
FY25, Net Collections of the model is its ability to integrate
tax base towards individual taxpayers.
Meet Budget Target both satellite data and ground obser-
India's gross direct tax collections for India Unveils Worlds Most vations in real-time, enhancing the
accuracy and timeliness of forecasts.
Govt Rolls Out Export Promotion Plan with Collat- This development puts India at the
forefront of global meteorological re-
eral-Free Loans for MSMEs search and strengthens its prepared-
To bolster export growth, the commerce department has introduced a new ness for extreme weather events, di-
Export Promotion Mission, offering low-cost, collateral-free loans to MSMEs rectly supporting climate resilience and
and new exporters through the Niryat Rin Vikas Yojana (NIRVIK).
public safety efforts nationwide.
The plan aims to benchmark interest rates with those in competing coun-
tries like China and Malaysia, where rates are significantly lower. Under the
scheme, banks will be reimbursed for interest subvention, and over 80% of Join
the collateral requirement will be covered based on exporters' track record
via an online monitoring system. Online Certificate
Exporters will receive unique IDs for fund disbursals on a monthly or quar- Course on
terly basis. In high-risk, untapped markets, the government plans to under-
write up to 90% of MSME risk. Additional measures include support for trade Reinsurance
finance instruments like factoring and vendor financing, and a Focused Mar-
ket Access Initiative to subsidize up to 90% of participation costs at interna- For details please visit
tional trade fairs. The initiatives aim to enhance market reach, boost e-com-
merce exports, and encourage product branding. www.smartonlinecourse.co.in
BANKING FINANCE | JUNE | 2025 | 13
