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As the Union Budget is set to be tabled in the upcoming parliament session, Karnataka Minister of Law, Parliamentary Affairs, and Legislation, HK Patil, expressed the state's expectations from the Central Government's budget.
Patil emphasized, "Karnataka will expect fairness, justice... The budget of the Central Government should be such that the federal structure of India should be strengthened by the way the budget is allocated." The Union Budget 2025-26 is scheduled to be announced on February 1, with the leaders in the energy sector are calling on the government to increase investment in renewable energy, support domestic manufacturing, provide financial support and rationalise tax structure. Market leaders across the energy spectrum are urging the government to prioritize investments in solar, wind, green hydrogen, energy storage solutions, and grid modernization in the upcoming budget. The common thread among industry leaders is the need for enhanced policy support to reduce India's reliance on imports and bolster domestic manufacturing, innovation, and energy security. Several other industry leaders have voiced their expectations for continued support, particularly in areas like venture capital funding, MSME growth, and emerging technologies such as AI and robotics. The industry players this year are expecting enhanced support from the government with demands such as sector-specific funds, sector-specific funds, MSME-focused private equity (PE) funds, strengthening of the domestic VC industry, revisions to ESOP taxation and more attention towards the deep tech startups. Earlier, a report by State Bank of India stated that the government should give significant focus to revitalizing the insurance and healthcare sectors in the country. The report also noted that the government should consider exempting GST and taxes on term and health insurance premiums, increase the healthcare budget to 5 per cent of GDP, and rationalize GST rates on medical devices to a uniform 5 per cent -12 per cent. Notably, the Ministry of Finance had highlighted the significant Union Budget announcements, particularly focusing on the development of the semiconductor and electronics manufacturing ecosystem. In a social media post on January 20 the ministry stated that "The Scheme for 'Programme for development of Semiconductors and Display Manufacturing Ecosystem' aims to provide attractive incentive support to semiconductor packaging and semiconductor designing companies". (ANI)
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