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Time of India
2 hours ago
- Business
- Time of India
Polls, project delays hit construction equipment market
File photo NEW DELHI: Sales of heavy construction equipment, a key barometer of growth of infrastructure projects, such as roads and highways, airports, ports, industrial parks and mining, grew at its slowest in the last financial year. Restrictions on the announcement of new projects due to election rules as well as a slowdown in ongoing central and state projects, led to a contraction in demand. Against healthy double-digit growths recorded previously, the industry saw a 3% rise in FY25, with purchases of heavy equipment slowing down uncharacteristically. The Rs 86,000 crore construction equipment industry, a key contributor to almost all the large infrastructure projects across the country, grew by 24% in FY24 and 21% in the year before that, according to data sourced from the Indian Construction Equipment Manufacturers Association (ICEMA). Companies, such as Caterpillar, JCB, Tata Hitachi Construction Machinery, Cummins, and Volvo CE are major providers of machinery. ICEMA president V Vivekanand, who is also MD of the Indian subsidiary of Caterpillar, said restrictions on new project announcements due to the model code of conduct before elections saw the central govt, as well as some states (which also went to polls), delay new project announcements. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo . Vivekanand told TOI that even the infrastructure activities slowed down during the year. "The pace of execution is a cause of concern. The pace of construction of roads has slowed down, not just the national highways but even the rural roads. Sometimes the projects were not delivered on time, and in other cases, the projects were not awarded on time and thus got delayed. Even in mining, demand was muted for the past 15 months. " Deepak Shetty, CEO & MD of Indian operations of British manufacturer JCB, said payments to contractors were believed to have been delayed in many states, which led to a slowdown in purchases of new equipment. "Work on many state highways has also slowed down. In some cases, there is a lack of availability of funds for infrastructure projects." Sandeep Singh, MD of Tata Hitachi, said "resolution of challenges in execution" of projects is key to kickstart demand. "Govt support, in the form of incentives for both manufacturers and end-users, could accelerate this transition. Inclusion of construction equipment in the PM e-drive scheme and reduction of GST on electric machines are potential enablers," said Dimitrov Krishnan, MD of Volvo CE India. Jaideep Shekhar, the India MD of Terex, which is an American manufacturer of materials processing machinery, waste, and recycling equipment, said the industry remains optimistic about registering better growth going forward. "The outlook remains positive, buoyed by the govt's emphasis on infrastructure development." Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Recorder
2 hours ago
- Business
- Business Recorder
Local cotton: Govt working to abolish 18pc GST: minister
ISLAMABAD: Minister for National Food Security Rana Tanveer Hussain said on Wednesday that the government is actively working to abolish the 18 per cent general sales tax (GST) on locally-produced cotton, including lint and cottonseed, to support farmers and boost domestic cotton production. The minister made these remarks during a meeting with a delegation from the Pakistan Business Forum (PBF), led by Chief Organiser Chaudhry Ahmad Jawad. Hussain said the government is also addressing pending cotton cess liabilities in the textile sector to ensure the Central Cotton Committee (CCC) remains financially stable. 'We are considering limiting tax-free imports of yarn and fabric under the Export Facilitation Scheme (EFS) to encourage local cotton consumption,' he added. PBF urges govt to take urgent measures to save cotton He stated that the government aims to produce 10 million cotton bales this year and is committed to offering relief to farmers in the next budget. The meeting discussed in detail the upcoming federal budget and advocate for targeted relief for the agricultural sector. The PBF delegation included Senior Vice President Amna Awan, Chairman South Punjab Talat Suhail, Chairman KP Ashfaq Paracha, and Deputy Secretary General Zafar Iqbal. PBF Chief Organiser Chaudhry Ahmad Jawad urged the government to eliminate the GST on local cotton and lower customs duties on imported machinery for the cotton ginning sector. 'Sustainable economic growth is not possible without strong support for agriculture,' he emphasised. Jawad also called for the implementation of new seed varieties developed by the Pakistan Agricultural Research Council (PARC) at the district level. 'Farmers are unaware of the latest research being carried out in Islamabad. It needs to be transferred to the grassroots through local agriculture departments,' he said. The government must take concrete steps to reduce the cost of cultivation. Fertiliser prices should also be brought down by offering tax relief, added Jawad. Copyright Business Recorder, 2025
Time of India
4 hours ago
- Business
- Time of India
Preserve Dharavi's identity, CM says as he OKs master plan
Mumbai: CM Fadnavis approved the Dharavi redevelopment master plan, after a detailed presentation by SVR Srinivas, Dharavi Redevelopment Project CEO, Wednesday night and stressed that it should preserve the basic commercial identity of Dharavi and its original features. "Everyone who is the original resident of this place should be given a house. Everyone should get justice... though criteria will be different," said Fadnavis, according to a press release. Sources said the first tranche of slum rehabilitation buildings is being constructed on a 28-acre railway land at Mahim. Each eligible household will be given a 350 sq ft home with two toilets. It means, it might be the end of the crowded public toilet blocks, which have been a common feature of Dharavi. A detailed presentation on the Dharavi master plan was made by Dharavi Redevelopment Project CEO and chairman of Navbharat Mega Developers Pvt Ltd (NMDPL), SVR Srinivas, at Sahyadri state guest house. Dy CM Eknath Shinde, who is also the urban development and housing minister, was present for the meeting. Local body elections, including those for BMC, will be held later this year. A press release stated that CM Devendra Fadnavis directed the Dharavi redevelopment to be done in an environmentally friendly manner, integrating its commercial sector. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo He said priority should be given to the rehabilitation of skilled artisans. "Everyone who is the original resident of this place should be given a house. Everyone in Dharavi should get justice in the rehabilitation project; everyone here will be eligible for this redevelopment project, though criteria will be different," said Fadnavis, as per the press release. Fadnavis emphasised that the concept of Dharavi development project should be implemented by preserving the basic commercial identity of Dharavi and its original features. "For this, the relevant agencies should maintain the necessary coordination. Development works should be carried out in a coordinated manner by taking local people into confidence and preserving the public sentiment," he said. Sources said the govt will decide on the publication of the Dharavi master plan. To make the project "viable", the govt has given a slew of incentives, including the waiver of all premiums besides reimbursement of the state's share of GST for five years. "In a normal slum rehab scheme, the developer has to pay 25% of the Ready Reckoner Rate as a premium for the plot. BMC owns nearly 60% of the land in Dharavi. Since all premiums have been waived for the project, BMC will not earn any revenue for its land," said sources. The govt has also approved the mandatory first use of Dharavi TDR for all redevelopment projects in the city. TDR will not be marked as slum TDR; rather, it will be priced as per the plot on which it is used. This is likely to raise the cost of flats in Mumbai. Further, BMC, in its objections/suggestions to the govt, said mandatory first use of Dharavi (40%) and Slum (20%) TDR will make it difficult to implement the Development Plan - 2034 in terms of acquisition of land for civic infrastructure and public amenities. There has been opposition from several areas within Dharavi to the survey. One of the most well-known sectors, Kumbharwada, has opposed the survey. Congress MP Varsha Gaikwad termed it "the biggest real estate grab in history. A Vinash project to expand Adani's empire in the heart of Mumbai, displacing lakhs of people in the process". "The approval violates provisions of the MRTP, which states that any new draft master plan must be subject to public scrutiny," she said. However, critics of the project said If the survey is not yet complete, how was the master plan prepared? What is the basis for its approval? How can land use planning be determined based on old surveys or incomplete information? Dharavi MLA Jyoti Gaikwad said "Without consultation, without a completed survey, and in total violation of legal process, the CM has approved Adani's so-called master plan for Dharavi; a plan not for development, but for displacement. "
Yahoo
6 hours ago
- Business
- Yahoo
Robertson defends position on housing prices in question period
Canada's new Minister of Housing and Infrastructure Gregor Robertson was pressed during question period in the House of Commons about his remarks on home prices, saying its 'not about reducing the value of an individual's home or a seniors' home.' He said the Liberal government was focusing on building more affordable housing and cutting the GST for first-time home buyers.
Toronto Sun
7 hours ago
- Business
- Toronto Sun
Tories pledge to amend impending Liberal ways and means motion
Poilievre says his party wants changes to Liberal tax bill, including complete end to carbon taxes Conservative Leader Pierre Poilievre listens to questions from journalists as he arrives on Parliament Hill for a meeting of the Conservative caucus following the federal election, in Ottawa, on Tuesday, May 6, 2025. Photo by Justin Tang / THE CANADIAN PRESS OTTAWA — The Liberals are playing their song. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Speaking to reporters ahead of the first question period of the spring session, Conservative Leader Pierre Poilievre said the Mark Carney Liberals' proposed tax cuts sound a little too familiar. 'We, the Conservatives, have been leading a crusade for lower taxes,' Poilievre said. 'When we proposed this, the Liberals said we were crazy — and now all of the sudden they are, at least in part, plagiarizing our policy proposals and adopting modified and watered-down versions of them.' Announced Tuesday after the throne speech, Finance Minister Francois-Philippe Champagne tabled notice of an impending ways and means motion that'll introduce a slate of tax cuts, including their promised middle-class tax cut, eliminating the GST for first-time homebuyers for homes up to $1 million and striking the consumer carbon tax from Canadian law — eliminating the key policy point of the Justin Trudeau Liberals. This advertisement has not loaded yet, but your article continues below. The new GST cut will save new homebuyers up to $50,000. RECOMMENDED VIDEO The Mark Carney Liberals borrowed heavily from the Conservative platform during this year's federal election, adopting policy proposals dismissed and often derided by the Trudeau Liberals. 'Their motion will partly eliminate the carbon tax, the GST of homes and give a very modest, very tiny income tax cut,' Poilievre said, pointing out the Liberal tax cut would only save families $840 a year — nearly a third of what Canadian renters pay monthly on average. 'Conservatives came here to fight for lower taxes and more purchasing power,' Poilievre said, adding they plan to amend the motion to eliminate the entire carbon tax, increase the breadth of the GST rebate on homes and make the income tax cut bigger in scope. 'We're also going to push for cuts in bureaucracy, consultants, corporate welfare and foreign aid, so that we can match the lost revenue with more spending in order to avoid adding to the deficit.' bpassifiume@ X: @bryanpassifiume Read More Toronto & GTA Canada Canada Tennis Music
