Business News

New Delhi: India needs to put in the place a regulation for crypto currency as US president-elect Donald Trump is a supporter of crypto, and his coming to power is a positive for the country, Hemant Jain President PHDCCI said.“We have requested the government for a regulation in place…because Trump was a big supporter of the crypto currency. So I think we need to relook into it and regulate it,” Jain told ET.With the US threats of imposing higher tariffs on China, he said that India benefited the last time when it happened in sectors such as artificial marbles whose exports rose.Jain also said that incentives under the Production Linked Incentive schemes should be expanded to more sectors such as handicrafts, gems and jewellery, and footwear and that AI should become a focus area to push Make in India further.“Like Make in India, the US issaying Make in US and imposing prohibitive duties to countries which are dumping products across nations. The government needs to relook that duty on raw material is lower than on finished goods,” he said.Jain said that the Employment Linked Incentive scheme should be sector specific and to create more jobs, higher public spending from the government and China-like specific economic zones with built-in single window clearance should be looked at.The chamber has pushed for lower taxation rate for personal income tax and a change in classification norm for NPA to 180 days from 90 days especially for micro, small and medium enterprises in the upcoming Budget.“Today around 49% of Indian export is through MSME and we need to ensure that it continues to be a focus area,” he said.On the ongoing global challenges and geopolitical uncertainty, Jain said: “It is a difficult time now. Last 20 years were peaceful but in the last 4-5 years, the world has seen wars and uncertainty especially when it comes to Bangladesh. We share economic ties with them. So it's a matter of concern for us- both politically and economically”.