New Delhi, Feb 6: India retained its third spot on the US Green Building Council’s (USGBC) annual list of top 10 countries and regions for LEED (Leadership in Energy and Environmental Design) in 2024 with 370 projects, across both buildings and spaces, being certified for LEED in the country covering 8.50 million gross square metres (GSM).

India has consistently ranked among the top three countries for LEED certifications, underscoring its dedication to achieving the United Nations’ Sustainable Development Goals (SDGs) for 2030.

The ranking reflects India’s focus on combating climate change and promoting environmentally conscious practices through green development initiatives. LEED certifications in India are managed by the Green Business Certification Inc (GBCI), which works to accelerate the adoption of green buildings nationwide.

China topped the rankings with over 25 million GSM certified followed by Canada with 10 million GSM. The annual ranking by USGBC highlights the significant progress made by countries and regions outside the United States in adopting healthy, sustainable and resilient building design, construction and operations.

GBCI MD, Southeast Asia & Middle East, Gopalakrishnan Padmanabhan, said: “India’s remarkable achievement of 370 LEED-certified projects in 2024 highlights the country’s steadfast commitment to sustainable development and climate action. With 8.50 million GSM of green-certified space, India is not only addressing the growing need for sustainable urban infrastructure but also making significant strides towards achieving the United Nations’ SDGs for 2030. As the nation continues to expand its urban footprint, the adoption of green building practices will be central to improving community well-being and mitigating climate change. India’s ongoing push for net-zero emissions by 2070 further solidifies its leadership in the global movement for a sustainable future.”

India’s growing real estate market is increasingly aligned with sustainable practices. The expansion of LEED certifications beyond commercial spaces to industrial, residential, and educational sectors underscores the country’s commitment to its net-zero targets and sustainable growth. As LEED continues to evolve, India remains a global leader in green building practices, inspiring other nations to prioritise sustainability in their built environments, according to a GBCI statement.

This year marks the 25th anniversary since the USGBC launched the LEED rating system. Since its establishment in 2000, USGBC’s LEED metrics-based system has set the standard for rating and promoting healthy, resilient, sustainable, and efficient buildings. It has become the world’s most widely used green building program aimed at empowering the sector to decarbonise.

USGBC is finalising its later iteration of the rating system–LEED v5. The final version will be released later this year and will reflect the feedback received from the community.

New Delhi, Feb 3: The Union Budget has managed to meet the goals of boosting consumption though tax cuts, increasing capex through transfers to states, and maintaining the path of fiscal consolidation which is expected to lead to a recovery in the economic growth rate with macro stability in a comfortable range, according to a Morgan Stanley report released on Monday.

The report said that both fiscal and monetary policy are pivoting to support growth, which is in line with “our view of a cyclical recovery in growth”.

“The Budget math looks realistic, with nominal GDP assumed at 10.1 per cent for F2026 and gross tax revenue growth of 10.8 per cent. We will remain watchful of income tax collection growth, which the government expects to be 14.4 per cent, given the income tax cuts and execution of capex spending to meet the targets,” the report stated.

The report pointed out that the Budget has balanced needs to support growth and continue with fiscal consolidation. As such, the Budget targets a lower fiscal deficit of 4.4 per cent of GDP for F2026 even as it reduced income taxes to support consumption, especially for middle income tax payers, and expanded capex growth, mainly through a boost in grants to states for capex creation.

“Indeed, as per the Finance Minister, direct tax changes should lead to a 1.0 per cent revenue loss of Rs 1 lakh crore (0.3 per cent of GDP), which should help support consumption,” the Morgan Stanley report said.

On the spending side, the mix remains tilted to capex, with effective capex (direct capex plus grants in aid of creation of capital assets) seen growing at 17.4 per cent in F2026BE vs. 5.3 per cent of F2025RE.

“We expect the Budget to support growth recovery through measures to promote consumption and increase effective capex spending, which will likely lead to a more broad-based recovery, while at the same time continued consolidation should help macro stability remain in check,” the report observed.

The simultaneous boost to consumption and capex has to be sweet for equities, especially in the context of continuing and better-than-anticipated fiscal consolidation (projected primary deficit: 0.8 per cent).

The plethora of announcements around easing of India’s tax regime, including permanent establishment rules, GIFT city clarifications, extension of exemptions to sovereign funds, and changes to tax deduction and collection at source could improve FDI and private investment sentiment, according to the report.

“A new tax code is coming this week, as per the Budget, which could reveal a more liberal tax environment. We are overweight Financials, Consumer Discretionary, Industrials and Technology, and underweight other sectors,” the report added.

New Delhi, Feb 3: After the revision in tax slabs in the Union Budget 2025-26 to leave ‘enough money in the hands’ of taxpayers, the government is likely to unveil the much-anticipated draft of the new Income Tax Bill on February 6.

The proposed bill aims to bring sweeping reforms to the current Income Tax Act and could potentially see up to 3 lakh words slashed from the near 6 lakh words at present.

Citing people in the know, the draft bill is likely to provide directions to widen the tax net, given the contraction in the tax base following the new exemption limits.

Union Finance Minister Nirmala Sitharaman, in her post-Budget press conference, said about 1 crore taxpayers will be directly benefitted from the extended rebates and exemptions, under the New Tax regime.

One crore people will benefit due to the increased tax exemption limit from Rs 7 lakh to Rs 12 lakh. They will have to pay no income tax, she mentioned.

As per the new slabs, proposed in Budget 2025-26, those with an income of up to Rs 12 lakh will have to pay no income tax, marking a decisive change in the tax structure.

Drawing a comparison between the prevailing tax rates and the proposed new ones in FY25-26, she said that those who are earning Rs 8 lakh will have Rs 30,000 more money into their pockets because their tax liability has been brought to zero.

There will be no income tax payable up to income of Rs 12 lakh (average income of Rs 1 lakh per month other than special rate income such as capital gains) under the new regime. This limit will be Rs 12.75 lakh for salaried taxpayers, due to the standard deduction of Rs 75,000.

Tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them. The maximum rebate available is Rs 60,000 which is there for a taxpayer having income of Rs 12 lakh on which tax is payable as per the new slabs.