South Indian Cement Manufacturers’ Association Welcomes Landmark GST 2.0

South Indian Cement Manufacturers’ Association Welcomes Landmark GST 2.0

September 19 – The South Indian Cement Manufacturers’ Association (SICMA) expresses its sincere appreciation to the Hon’ble Prime Minister, Shri Narendra Modi, and the Hon’ble Union Finance Minister, Smt. Nirmala Sitharaman, for the landmark decision to reduce Goods and Services Tax (GST) across a wide range of goods and services.

This timely and progressive measure enhances consumer affordability, boosts industry competitiveness, and marks a major step in India’s journey towards Atmanirbhar Bharat. It demonstrates the Government’s commitment to inclusive development and addresses long- standing concerns across multiple sectors.

GST Reduction on Cement: A Boost to Housing and Infrastructure

Reducing GST on cement from 28% to 18% is a particularly impactful move. As a core input in housing, infrastructure, and industrial development, the lower rate will ease construction costs – benefiting individual home builders, affordable housing projects, and public infrastructure initiatives.

By making cement more affordable, this measure supports the Government’s Housing for All mission, expands access to home ownership, and promotes balanced growth in both urban and rural India.

Stimulating Industry and Investment

SICMA believes the revised GST structure will energise demand, spur investment, and create employment. Including cement in this reform reflects the Government’s recognition of its critical role in nation-building. The change will improve efficiency, reduce compliance burdens, and encourage greater formal sector activity.

Industry’s Commitment

SICMA members, representing leading cement manufacturers in Southern India, reaffirm their full support for this transformative reform and stand ready to work alongside all stakeholders to ensure its effective implementation and contribute meaningfully to India’s growth and development.

For more information, contact:

Administrative Office: 3rd Floor, 36th Square, Plot no. 481, Road no. 36, Jubilee Hills, Hyderabad – 500034, Telangana, India

Phone: 040-35163394

Satyendra Kumar Analyzes India’s 2024-2025 Financial Budget at FinTech Conclave

Satyendra Kumar Analyzes India’s 2024-2025 Financial Budget at FinTech Conclave

Meerut, 24 July 2024 – Renowned leader Satyendra Kumar delivered an insightful analysis of India’s Union Budget for the fiscal year 2024-2025 at the FinTech Conclave held in Meerut, Uttar Pradesh. Drawing on his extensive experience, Kumar provided a detailed evaluation of the budget’s focus on infrastructure development, fiscal stability, and social welfare.

Infrastructure and Capital Expenditure

Kumar highlighted the budget’s significant allocation of ₹10 lakh crore for capital expenditure, a 33% increase from the previous year. He emphasized the potential of this investment to drive economic growth through infrastructure development, particularly in transportation, energy, and urban development sectors. Kumar noted that these efforts are expected to generate employment and enhance productivity.

Fiscal Deficit and Economic Stability

Discussing the fiscal deficit target of 5.9% of GDP, Kumar acknowledged the government’s commitment to maintaining fiscal discipline while supporting economic recovery. He addressed the challenges of achieving fiscal consolidation amidst global economic uncertainties and emphasized the importance of strategic planning.

Social Welfare and Rural Development

Kumar praised the budget’s prioritization of social welfare, with increased funding for healthcare, education, and rural development initiatives. He highlighted the importance of programs like the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and food and fertilizer subsidies in supporting vulnerable populations and stimulating rural economies.

Agriculture and Technology

Kumar emphasized the budget’s focus on agricultural modernization and technological advancement, recognizing their crucial roles in boosting productivity and economic resilience. He pointed out the government’s support for startups and initiatives aimed at enhancing the digital economy as key drivers of future growth.

Environmental and Sustainable Initiatives

Addressing environmental concerns, Kumar applauded the budget’s measures to promote renewable energy and sustainable practices. He underscored India’s commitment to climate goals and the potential impact of investments in green technologies and clean energy projects.

Expert Insights

“India’s 2024-2025 budget sets the stage for sustainable economic growth by prioritizing infrastructure, technology, and social welfare,” said Satyendra Kumar. “This balanced approach addresses immediate needs while paving the way for long-term development.”

Kumar’s address provided valuable insights into the budget’s implications for various sectors and its alignment with India’s broader economic objectives.

Satyendra Kumar is a distinguished retired bureaucrat known for his expertise in public finance and economic policy. His extensive experience has been pivotal in shaping Indian financial strategies and promoting sustainable economic growth.