The Indian direct selling industry has made a strong pitch for exclusion of the industry from the Prize Chits & Money Circulation (Banning) (PCMC) Act, 1978, in view of the failure of the enforcement agencies to distinguish between 'money circulation schemes' and genuine 'multi-level marketing schemes'.
Elaborating on the Union Budget 2014-15, Amitabh Kant, Secretary, DIPP, Ministry of Industry said that manufacturing, infrastructure and urbanisation - which are the most important and key drivers of economic growth - were the prime focus of the budget. He emphasised that no country in the world has grown and created jobs without having a manufacturing base.
With $447 million worth annual furniture imports into India, China accounts for 53 per cent of India's total furniture imports worth over $736 million thereby giving severe competition to the domestic industry, according to a just-concluded ASSOCHAM study.
Budget 2014: Union finance minister Arun Jaitley presented general budget for the fiscal year 2014-2015. People were expecting many good things in tune with BJP's 'Ache Din' (good days) election slogan. On the taxation front there is some relief for the common man as Jaitley has increased the tax exemption limit from Rs 2 lakh to rs. 2.5 lakh. The government also raised housing loan rebate from Rs 1.5 lakh to Rs 2 lakh.