BENGALURU: Indian Finance Minister Nirmala Sitharaman is expected to unveil plans to boost economic growth when she presents the 2021/2022 federal budget on Feb. 1. Corporates and industry lobby groups expect the government to announce greater spending on healthcare and infrastructure, as well as tax breaks for the automotive, manufacturing and tourism industries, reeling from the coronavirus crisis. Here is a wishlist from industry leaders: HEALTHCARE AND PHARMACEUTICALS The drugs industry is hoping for incentives to spur more investment in research and development (R&D), via bigger tax deductions on R&D spending, said Sudarshan Jain, secretary general of the Indian Pharmaceutical Alliance.
Healthcare and pharmaceuticals
The drugs industry is hoping for incentives to spur more investment in research and development (R&D), via bigger tax deductions on R&D spending, said Sudarshan Jain, secretary general of the Indian Pharmaceutical Alliance.
Kiran Mazumdar Shaw, chief of Biocon Ltd, hopes the government will raise healthcare spending to 2.5% of gross domestic product by fiscal 2025 from about 1% now.
Real estate and infrastructure
The real estate and construction sector, a bellwether for the Indian economy, is hoping for tax reliefs for home buyers and regulations curbing a rise in construction costs.
Automobile industry
The automobile industry hopes for a roadmap for a recently announced production-linked incentive scheme and policy on scrapping of commercial vehicles.
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BENGALURU (Reuters) - Finance Minister Nirmala Sitharaman is expected to unveil plans to boost economic growth when she presents the 2021/2022 federal budget on Feb. 1.
FILE PHOTO: Finance Minister Nirmala Sitharaman (C) and Krishnamurthy Subramanian (R), chief economic adviser pose during a photo opportunity outside their office in parliament in New Delhi, India, July 5, 2019. REUTERS/Anushree Fadnavis
Corporates and industry lobby groups expect the government to announce greater spending on healthcare and infrastructure, as well as tax breaks for the automotive, manufacturing and tourism industries, reeling from the coronavirus crisis.
Here is a wishlist from industry leaders:
HEALTHCARE AND PHARMACEUTICALS
[Funding alert] Biocon Biologics raises Rs 555Cr from Abu Dhabi-based ADR at $4.17B valuation
The funding announcement comes two months after Biocon Biologics raised funds from Goldman Sachs. It will deploy the raised funds to expand its capabilities.
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approved a primary equity investment from Abu Dhabi-based holding company ADQ.
According to an official statement, ADQ will be
investing Rs 555 crore for a 1.80 percent minority stake. Following the deal, Biocon Biologics will be valued at $4.17 billion.
Kiran Mazumdar Shaw, Executive chairman of Biocon
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The announcement comes two months after the biotechnology company approved a Rs 1,125 crore investment from Goldman Sachs in exchange for optionally convertible debentures.
Updated Jan 02, 2021 | 15:44 IST
All across the country including Biocon Founder & Executive Chairperson Kiran Mazumdar-Shaw are anxiously waiting for the breaking news on the EUA for COVID-19 vaccine in India. Kiran Mazumdar Shaw (File Photo) | Photo Credit: IANS
Key Highlights
Kiran Mazumdar-Shaw: Sure that there will be immediate procurement of the vaccine & deployment will start rolling out based on the prioritized stratification of our population
Mazumdar-Shaw: India needs to inoculate a million people a day for sure
2021 seems to have already struck the right chords in India with AstraZeneca-Oxford’s COVID-19 vaccine, Covishield getting one step closer towards formal approval for emergency use in the country. With dry runs being conducted across the country to gauge the vaccination drive preparedness and plug loopholes, medical experts including Biocon’s founder Kiran Mazumdar-Shaw have termed it as a ‘great’ way to start