Revised GMP norms for pharma firms to kick in from Jan 1

WITH THE REVISED Schedule M guidelines for good manufacturing practices (GMP) to come into force from January 2025, and there's no likely extension of the deadline for meeting the new norms, the pharma sector is staring at a crisis situation.

- MANU KAUSHIK

Specific consumption vouchers for the low-income population topped India Inc's wish list for the FY26 Budget. In their pre-Budget meeting with finance minister Nirmala Sitharaman on Monday, representatives from the industry chambers called for more simplification in tax structure to reduce compliance costs. They advocated measures to raise disposable income, in order to give a boost to consumer spending.

The Budget will be presented on February 1. Industry bodies also raised the issues of dumping of excess stock by China globally, including in India, and challenges posed to food security and inflation due to the "climate emergency". They suggested the government to peg capital expenditure (capex) via Budget at a level 25% higher than ₹11.1 lakh crore budget estimate for FY25, with enhanced focus on rural infrastructure, even as actual capex this year is likely to be much less than the budget estimate. They said fiscal deficit be kept at 4.5% of the GDP for the next fiscal. A sharper consolidation in the fiscal deficit could impact demand, they warned.

The CII has suggested the government to reduce excise duty on fuel to reduce overall inflation and boost disposable incomes, and a cut in income tax for personal income up to ₹20 lakh per annum to trigger the virtuous cycle of consumption,