FM announces major push to IT sector, proposes tax reliefs, tax holiday till 2047 for data centres
New Delhi: During the presentation of the Union Budget 026, Union Finance Minister Nirmala Sitharaman has announced several key measures for the IT sector.
Sitharaman announced that all IT services will now be grouped under a single category with a common safe harbour margin of 15.5 per cent. The threshold for availing safe harbour benefits has been increased to ₹2,000 crore from the earlier ₹300 crore.
The Finance Minister also said that safe harbour approvals for IT services will now be granted through an automatic, rule-based system. In a major incentive, foreign companies setting up data centres in India to provide cloud services will get a tax holiday till 2047.
In addition, a safe harbour margin of 15 per cent on cost will be provided when data services are offered from India by a related entity.
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AgriWalk held in Bengaluru to spotlight value addition, farmer empowerment
Bengaluru (PTI): Hundreds of citizens of different age groups took part in the 'AgriWalk' held at Cubbon Park here on Sunday, as the Karnataka Agriculture Department sought to spotlight the need to move agriculture beyond mere production and empower farmers as entrepreneurs, officials said.
The walk, organised as a pre-event to the upcoming International Trade Fair 2026, was held under the theme 'A Walk for Empowering Farmers' aimed at creating awareness about value addition, processing, branding and sustainable agricultural practices as pathways to improving farmers' incomes.
The Agriculture Minister N Cheluvarayaswamy flagged off the walk near the Cubbon Park Bandstand. The walk commenced at 6 am and covered a route passing through Queens Road, Vidhana Soudha, BBMP Tower, UB City Signal and Vittal Mallya Road, before concluding at the Bandstand.
Nearly 4,000 participants, including children, youth, women and senior citizens, registered for the AgriWalk, reflecting growing public interest in food systems, farmer welfare and healthy lifestyles. A Zumba dance session was organised as a warm-up activity prior to the walk, a release said.
The AgriWalk scheduled to be held from February 6 to 8 at Tripuravasini, Palace Grounds, here, it said.
Cheluvarayaswamy said, India's agricultural strategy is undergoing a major shift from mere production to profitability, with a renewed emphasis on value addition, branding and market linkages to turn farmers into entrepreneurs.
He said sustained initiatives by the Central and State governments have led to a steady rise in agricultural output, enabling the country to move ahead of many other nations. "The challenge now is not just producing more, but ensuring farmers earn more by processing their produce, adding value and accessing markets directly," he said.
The minister said empowering young farmers as agri-entrepreneurs is a key focus of the government's policy framework. This vision, he added, is at the heart of the upcoming agricultural fair.
He said the three-day event will serve as a platform connecting farmers with technology, branding opportunities and national markets. More than 300 stalls, including those of Farmer Producer Organisations (FPOs), will showcase modern machinery, processing techniques and innovations spanning the entire agricultural value chain.
According to officials, Bengaluru, with its health-conscious population and strong market for organic and value-added products, was described as having the potential to emerge as a global hub for processed and value-added agricultural produce.
