India's Handicraft Sector: A Pillar of Economic and Cultural Growth

India's handicraft sector plays a crucial role in the country's economy, especially in rural areas. As one of the world's leading suppliers of handicrafts, India has seen substantial growth in this sector, driven by both domestic and international demand for sustainable, handmade products. The handicrafts industry supports millions of artisans, with a significant portion being women, showcasing the sector's contribution to socio-economic development and gender empowerment, especially among SC, ST, and OBC communities. Government initiatives, such as the National Handicraft Development Programme and the Comprehensive Handicrafts Cluster Development Scheme, aim to bolster this sector by providing infrastructure support, skill development, and market access. These efforts not only preserve India's rich craft heritage but also position the sector as a critical engine for inclusive growth, supporting rural employment, and fostering a substantial export economy.

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Union Budget 2026-27: Key Direct Tax Proposals for Simplifying Penalty and Prosecution Processes

The Union Budget 2026-27, presented by Finance Minister Nirmala Sitharaman, outlines direct tax measures aimed at simplifying penalty and prosecution processes. Key proposals include integrating assessment and penalty proceedings to reduce multiplicity, providing retrospective immunity from prosecution for non-disclosure of certain foreign assets, and converting penalties for technical defaults into