The United States on Thursday complained to the World Trade Organisation(WTO) over <a href="https://www.wionews.com/business-economy/india-imposes-higher-customs-duty-on-28-us-products-will-come-into-effect-from-sunday-227455">India's move to impose customs duties</a> on 28 American goods.

Last month the Indian government had announced a hike in customs duties on US goods ranging from almond, pulses and walnut after the Trump administration had imposed tariffs on Indian steel and aluminium. India exports steel and aluminium products worth about $1.5 billion to the US every year.

The Indian government's move according to the Central Board of Indirect taxes and Customs (CBIC) was meant as a "retaliatory duties on 28 specified goods originating in or exported from USA."

Earlier, the list included 29 goods but India has removed artemia, a kind of shrimp, from the list. Although India had waited for a long time in the hope to strike a deal directly with the US administration and was almost the last country to impose "retaliatory duties", it did so after the US later withdrew export incentives to Indian exporters under its Generalised System of Preferences (GSP) programme.

India had hiked walnut customs duties&nbsp;to 120 per cent from 30 per cent, Bengal gram (chana) and masur dal were raised to 70 per cent from 30 per cent.&nbsp;

The US in its filing to the WTO said that the additional duties imposed by India "appear&nbsp;to nullify or impair the benefits accruing to the US directly or indirectly" under the GATT 1994.

World Trade Organisation (WTO) quoting the US complaint said: "India also appears to be applying rates of duty to US imports greater than the rates of duty set out in India's schedule of concessions."

In its complaint, the US said: "India fails to extend to products of the US an advantage, favour, privilege or immunity granted by India with respect to customs duties and charges of any kind imposed on or in connection with the importation of products originating in the territory of other members."

The US in March last year had imposed 25 per cent tariff on Indian steel and a 10 per cent import duty on aluminium products. Earlier, there was no duty on these goods.

The United States on Thursday complained to the World Trade Organisation(WTO) over India's move to impose customs duties on 28 American goods. Last month the Indian government had announced a hike in customs duties on US goods ranging from almond, pulses and walnut after the Trump administration had imposed tariffs on Indian steel and aluminium.

The United States on Thursday complained to the World Trade Organisation(WTO) over India's move to impose customs duties on 28 American goods. Last month the Indian government had announced a hike in customs duties on US goods ranging from almond, pulses and walnut after the Trump administration had imposed tariffs on Indian steel and aluminium. India exports steel and aluminium products worth about $1.5 billion to the US every year. The Indian government's move according to the Central Board of Indirect taxes and Customs (CBIC) was meant as a "retaliatory duties on 28 specified goods originating in or exported from USA." Earlier, the list included 29 goods but India has removed artemia, a kind of shrimp, from the list. Although India had waited for a long time in the hope to strike a deal directly with the US administration and was almost the last country to impose "retaliatory duties", it did so after the US later withdrew export incentives to Indian exporters under its Generalised System of Preferences (GSP) programme. India had hiked walnut customs duties to 120 per cent from 30 per cent, Bengal gram (chana) and masur dal were raised to 70 per cent from 30 per cent. The US in its filing to the WTO said that the additional duties imposed by India "appear to nullify or impair the benefits accruing to the US directly or indirectly" under the GATT 1994. World Trade Organisation (WTO) quoting the US complaint said: "India also appears to be applying rates of duty to US imports greater than the rates of duty set out in India's schedule of concessions." In its complaint, the US said: "India fails to extend to products of the US an advantage, favour, privilege or immunity granted by India with respect to customs duties and charges of any kind imposed on or in connection with the importation of products originating in the territory of other members." The US in March last year had imposed 25 per cent tariff on Indian steel and a 10 per cent import duty on aluminium products. Earlier, there was no duty on these goods.

US complains against India at WTO over customs duty hike on 28 American goods

As Iran condemmed the detention of supertanker, White House National Security Advisor <a href="https://www.wionews.com/world/iran-condemns-detention-of-oil-supertanker-in-gibraltar-233073">John Bolton applauded the interception </a>by Britain's Gibraltar Thursday of a supertanker believed to be carrying Iranian crude oil to Syria, saying the ship was breaking international sanctions.

"Excellent news: UK has detained the supertanker Grace I laden with Iranian oil bound for Syria in violation of EU sanctions," Bolton tweeted.&nbsp;

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Excellent news: UK has detained the supertanker Grace I laden with Iranian oil bound for Syria in violation of EU sanctions. America &amp; our allies will continue to prevent regimes in Tehran &amp; Damascus from profiting off this illicit trade.
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"America &amp; our allies will continue to prevent regimes in Tehran &amp; Damascus from profiting off this illicit trade," he said.

Iran condemned the detention of the tanker as an "illegal interception," but Gibraltar chief minister Fabian Picardo said in a statement that the cargo was believed destined for the Banyas Refinery in Syria, which is subject to European sanctions.

"That refinery is the property of an entity that is subject to European Union sanctions against Syria," he said.

The 330 metre (1,000 feet) Grace 1 tanker was halted in the early hours of Thursday by police and customs agencies in Gibraltar, a tiny overseas British territory on Spain's southern tip.

They were aided by a detachment of British Royal Marines.

As Iran condemmed the detention of supertanker, White House National Security Advisor John Bolton applauded the interception by Britain's Gibraltar Thursday of a supertanker believed to be carrying Iranian crude oil to Syria, saying the ship was breaking international sanctions.

As Iran condemmed the detention of supertanker, White House National Security Advisor John Bolton applauded the interception by Britain's Gibraltar Thursday of a supertanker believed to be carrying Iranian crude oil to Syria, saying the ship was breaking international sanctions. "Excellent news: UK has detained the supertanker Grace I laden with Iranian oil bound for Syria in violation of EU sanctions," Bolton tweeted. Excellent news: UK has detained the supertanker Grace I laden with Iranian oil bound for Syria in violation of EU sanctions. America & our allies will continue to prevent regimes in Tehran & Damascus from profiting off this illicit trade. — John Bolton (@AmbJohnBolton) July 4, 2019 × "America & our allies will continue to prevent regimes in Tehran & Damascus from profiting off this illicit trade," he said. Iran condemned the detention of the tanker as an "illegal interception," but Gibraltar chief minister Fabian Picardo said in a statement that the cargo was believed destined for the Banyas Refinery in Syria, which is subject to European sanctions. "That refinery is the property of an entity that is subject to European Union sanctions against Syria," he said. The 330 metre (1,000 feet) Grace 1 tanker was halted in the early hours of Thursday by police and customs agencies in Gibraltar, a tiny overseas British territory on Spain's southern tip. They were aided by a detachment of British Royal Marines.

UK's decision excellent, supertanker was laden with Iran oil bound for Syria: US

Pakistan's government, struggling to lift revenues and cut ballooning public debt, <a href="https://www.wionews.com/south-asia/imf-approves-6-billion-loan-for-pakistan-to-right-the-nations-economy-232863">registered around 100,000 new tax filers</a> and expects to have raised about $450 million from a tax amnesty on hidden assets, the finance chief said on Thursday.

The announcement came a day after the<a href="https://www.wionews.com/south-asia/us-pushes-for-conditionality-in-imf-bailout-package-to-pakistan-228542"> International Monetary Fund(IMF)</a> gave final approval to a $6 billion loan package designed to shore up the economy while the government cuts debt and builds up dwindling foreign currency reserves.

Finance chief Abdul Hafeez Shaikh said nearly 137,000 people had registered at the closure of the amnesty this week, of whom nearly 100,000 were first-time filers.

That was a significant total in a nation where less than 1 per cent of the 208 million population file tax returns.

In total, around $19.25 billion assets were declared and tax revenue worth around $449.15 million was collected.

Prime Minister Imran Khan introduced the amnesty on undeclared assets, part of a broader drive to widen Pakistan's notoriously narrow tax base, in a bid to identify high earners for more efficient tax collection.

The move represented a turnaround for Khan who had accused previous governments of using amnesties to legitimise illegally acquired wealth hidden inside Pakistan and abroad.

Under the IMF agreement, approved on Wednesday, Pakistan has undertaken to drastically increase revenue mobilization by 4-5 per cent of GDP at federal and provincial level over three years.

There have already been protests by opposition parties at the squeeze on household revenues.

Hafeez Shaikh said the IMF agreement would open up more funds from other lending agencies and help the broader economy.

"Pakistan's economy will stabilise, and we will take on the path of progress," he said.

The government has set a target of raising $35.6 billion in tax this year, an ambitious goal given that it missed a previous target of $28.2 billion by over $3.2 billion.

Pakistan's government, struggling to lift revenues and cut ballooning public debt, registered around 100,000 new tax filers and expects to have raised about $450 million from a tax amnesty on hidden assets, the finance chief said on Thursday.

Pakistan's government, struggling to lift revenues and cut ballooning public debt, registered around 100,000 new tax filers and expects to have raised about $450 million from a tax amnesty on hidden assets, the finance chief said on Thursday. The announcement came a day after the International Monetary Fund(IMF) gave final approval to a $6 billion loan package designed to shore up the economy while the government cuts debt and builds up dwindling foreign currency reserves. Finance chief Abdul Hafeez Shaikh said nearly 137,000 people had registered at the closure of the amnesty this week, of whom nearly 100,000 were first-time filers. That was a significant total in a nation where less than 1 per cent of the 208 million population file tax returns. In total, around $19.25 billion assets were declared and tax revenue worth around $449.15 million was collected. Prime Minister Imran Khan introduced the amnesty on undeclared assets, part of a broader drive to widen Pakistan's notoriously narrow tax base, in a bid to identify high earners for more efficient tax collection. The move represented a turnaround for Khan who had accused previous governments of using amnesties to legitimise illegally acquired wealth hidden inside Pakistan and abroad. Under the IMF agreement, approved on Wednesday, Pakistan has undertaken to drastically increase revenue mobilization by 4-5 per cent of GDP at federal and provincial level over three years. There have already been protests by opposition parties at the squeeze on household revenues. Hafeez Shaikh said the IMF agreement would open up more funds from other lending agencies and help the broader economy. "Pakistan's economy will stabilise, and we will take on the path of progress," he said. The government has set a target of raising $35.6 billion in tax this year, an ambitious goal given that it missed a previous target of $28.2 billion by over $3.2 billion.

Pakistan registers 100,000 new tax filers amid financial crisis

During the interim Budget presented by former finance minister Piyush Goyal the Modi government had pushed for electric vehicles(EVs) and emphasised on green technology, the move was taken forward by the new <a href="https://www.wionews.com/business-economy/budget-2019-finance-minister-sitharaman-proposes-opening-up-insurance-aviation-sectors-to-boost-growth-233235">finance minister Nirmala Sitharaman</a> who took forward the Sagarmala project for road, rail and port connectivity.

The "Bharatmala", "Sagarmala" and UDAN was proposed by the finance minister to "bridge the rural-urbal divide".

"Schemes such as 'Bharatmala', 'Sagarmala' and UDAN are bridging the rural and urban divide, improving our transport infrastructure," Sitharaman stressed.

Sitharaman said in the second phase of Bharatmala project states will be helped to develop roadways. The Sagarmala project unveiled by the first Modi government had envisaged developing India's waterways and costline by setting up new ports linking it through rail and roads.

"Comprehensive restructuring of National Highways Programme will be done to ensure the creation of National Highways Grid of desirable capacity," Sitharaman said during her maiden Budget presentation in Parliament.

"Government envisions using rivers for cargo transport,it will also decongest roads and railways," the finance minister informed.

Sitharaman said 1.25 lakh kilometres roads would be upgraded under the PM Gram Sadak Yogana with the government set to invest Rs 80,250 crores.

The finance minister also said 657 km of metro rail network would become operational across the country.

Sitharaman informed the Lok Sabha that "Dedicated Freight Corridors" by Indian Railways will decongest the mainline railway network with PPP (Public-Private Partnership) for Railway development.

The finance minister Special Purpose Vehicles (SPVs) will encourge suburban railway network development. &nbsp;Indian Railways needs Rs 50 lakh crore investment till 2030, Sitharaman said.&nbsp;

During the interim Budget presented by former finance minister Piyush Goyal the Modi government had pushed for electric vehicles(EVs) and emphasised on green technology, the move was taken forward by the new finance minister Nirmala Sitharaman who took forward the Sagarmala project for road, rail and port connectivity.

During the interim Budget presented by former finance minister Piyush Goyal the Modi government had pushed for electric vehicles(EVs) and emphasised on green technology, the move was taken forward by the new finance minister Nirmala Sitharaman who took forward the Sagarmala project for road, rail and port connectivity. The "Bharatmala", "Sagarmala" and UDAN was proposed by the finance minister to "bridge the rural-urbal divide". "Schemes such as 'Bharatmala', 'Sagarmala' and UDAN are bridging the rural and urban divide, improving our transport infrastructure," Sitharaman stressed. Sitharaman said in the second phase of Bharatmala project states will be helped to develop roadways. The Sagarmala project unveiled by the first Modi government had envisaged developing India's waterways and costline by setting up new ports linking it through rail and roads. "Comprehensive restructuring of National Highways Programme will be done to ensure the creation of National Highways Grid of desirable capacity," Sitharaman said during her maiden Budget presentation in Parliament. "Government envisions using rivers for cargo transport,it will also decongest roads and railways," the finance minister informed. Sitharaman said 1.25 lakh kilometres roads would be upgraded under the PM Gram Sadak Yogana with the government set to invest Rs 80,250 crores. The finance minister also said 657 km of metro rail network would become operational across the country. Sitharaman informed the Lok Sabha that "Dedicated Freight Corridors" by Indian Railways will decongest the mainline railway network with PPP (Public-Private Partnership) for Railway development. The finance minister Special Purpose Vehicles (SPVs) will encourge suburban railway network development. Indian Railways needs Rs 50 lakh crore investment till 2030, Sitharaman said.

Budget 2019: 'Bharatmala', 'Sagarmala' and UDAN bridging rural-urban divide: Sitharaman

Finance minister <a href="https://www.wionews.com/business-economy/need-structural-reforms-to-continue-growth-says-sitharaman-in-budget-speech-233176">Nirmala Sitharaman today announced </a>a slew of measures in the Budget to boost the economy. India is the sixth largest economy, she said. The finance minister said she will announce changes to kick-start foreign investment.

"It's right time to consider increasing minimum public shareholding in the listed companies, I have asked SEBI to consider raising the current threshold of 25 per cent to 35 per cent," India's finance minister informed Parliament during the Budget speech.

"We'll support private entrepreneurship in driving value addition to farmers produce and those from allied activities too, like bamboo, timber and also for generating renewable energy," the finance minister said during her Budget speech.&nbsp;

The major takeways included:

In order to harness India's space ability commercially, a public sector enterprise, New Space India Limited (NSIL) incorporated to tap benefits of ISRO.

Proposal&nbsp;to reform KYC for FPIs.

New National Education policy announced, encourage foreign students to study in India.

Propose to consider issuing Aadhaar Card for Non-Resident Indians (NRIs) with Indian passports after their arrival in India without waiting for the mandatory 180 days.&nbsp;

Rs 350 crore allocated for 2 per cent interest subvention for all GST-registered MSMEs on fresh or incremental loans.&nbsp;

Provide Non-resident Indians (NRIs) seamless access to Indian equities, NRI portfolio investment route to be merged with foreign portfolio investment route.

Pension for shopkeepers and retailers with turnover less than Rs 1.5 crore to be launched under Pradhan Mantri Karma Yogi Maan Dhan Scheme.

100 per cent FDI in insurance intermediaries.

1 crore loans for MSMEs in 59 minutes.&nbsp;

Pradhan Mantri Gram Sadak Yojana phase 3 envisaged to upgrade 1,25,000 km of road length over the next 5 years.

National Highways Programme will be done&nbsp;to ensure the creation of National Highways Grid of desirable capacity. The government envisions using rivers for cargo transport, it will also decongest roads and railways.

Government to&nbsp;invite suggestions for further opening up of FDI in the aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders.&nbsp;

PPP to be used to unleash faster development and the delivery of passenger freight services.&nbsp; 
&nbsp; 
FAME II scheme to encourage faster adoption of electric vehicles by the right incentives and charging infrastructure.&nbsp;

New Rupay scheme for transport.

Rental laws to be reformed.

Long term bonds for markets.

Multiple transport lines with one card.

Big Metro line push for new India.

Sagarmala for road, rail and port connectivity. It is meant for 'poor man's transport'.

India to enter aircraft financing.

India to create aspirational jobs in the aviation sector.

<a href="https://www.wionews.com/business-economy/in-a-first-finance-minister-nirmala-sitharaman-to-carry-budget-documents-four-fold-red-cloth-233152">Sitharaman</a> pushed for the development of MRO industry.

Annual Global Investors' Meet to be organized in India, using National Investment and Infrastructure Fund(NIIF) as the anchor to get key sets of global players to come and invest in India.&nbsp;

Expansion of Swachh Bharat mission to undertake sustainable solid waste management in every village.

Management of water resources and water supply in an integrated and holistic manner to ensure 'Har Ghar Jal', to all rural households by 2024 under 'Jal Jeevan Mission'.

Government to set up Sports Development Board under Khelo India.

Women Self Help Group(SHG) Interest Subvention Programme to be expanded to all districts in India.

Finance minister Nirmala Sitharaman today announced a slew of measures in the Budget to boost the economy. India is the sixth largest economy, she said. The finance minister said she will announce changes to kick-start foreign investment.

Finance minister Nirmala Sitharaman today announced a slew of measures in the Budget to boost the economy. India is the sixth largest economy, she said. The finance minister said she will announce changes to kick-start foreign investment. "It's right time to consider increasing minimum public shareholding in the listed companies, I have asked SEBI to consider raising the current threshold of 25 per cent to 35 per cent," India's finance minister informed Parliament during the Budget speech. "We'll support private entrepreneurship in driving value addition to farmers produce and those from allied activities too, like bamboo, timber and also for generating renewable energy," the finance minister said during her Budget speech. The major takeways included: In order to harness India's space ability commercially, a public sector enterprise, New Space India Limited (NSIL) incorporated to tap benefits of ISRO. Proposal to reform KYC for FPIs. New National Education policy announced, encourage foreign students to study in India. Propose to consider issuing Aadhaar Card for Non-Resident Indians (NRIs) with Indian passports after their arrival in India without waiting for the mandatory 180 days. Rs 350 crore allocated for 2 per cent interest subvention for all GST-registered MSMEs on fresh or incremental loans. Provide Non-resident Indians (NRIs) seamless access to Indian equities, NRI portfolio investment route to be merged with foreign portfolio investment route. Pension for shopkeepers and retailers with turnover less than Rs 1.5 crore to be launched under Pradhan Mantri Karma Yogi Maan Dhan Scheme. 100 per cent FDI in insurance intermediaries. 1 crore loans for MSMEs in 59 minutes. Pradhan Mantri Gram Sadak Yojana phase 3 envisaged to upgrade 1,25,000 km of road length over the next 5 years. National Highways Programme will be done to ensure the creation of National Highways Grid of desirable capacity. The government envisions using rivers for cargo transport, it will also decongest roads and railways. Government to invite suggestions for further opening up of FDI in the aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders. PPP to be used to unleash faster development and the delivery of passenger freight services. FAME II scheme to encourage faster adoption of electric vehicles by the right incentives and charging infrastructure. New Rupay scheme for transport. Rental laws to be reformed. Long term bonds for markets. Multiple transport lines with one card. Big Metro line push for new India. Sagarmala for road, rail and port connectivity. It is meant for 'poor man's transport'. India to enter aircraft financing. India to create aspirational jobs in the aviation sector. Sitharaman pushed for the development of MRO industry. Annual Global Investors' Meet to be organized in India, using National Investment and Infrastructure Fund(NIIF) as the anchor to get key sets of global players to come and invest in India. Expansion of Swachh Bharat mission to undertake sustainable solid waste management in every village. Management of water resources and water supply in an integrated and holistic manner to ensure 'Har Ghar Jal', to all rural households by 2024 under 'Jal Jeevan Mission'. Government to set up Sports Development Board under Khelo India. Women Self Help Group(SHG) Interest Subvention Programme to be expanded to all districts in India.

Budget 2019: Key takeaways announced by Nirmala Sitharaman in Parliament

During the Budget speech, finance minister<a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179"> Nirmala Sitharaman said India's</a> sovereign external debt to GDP was among the lowest globally at less than 5 per cent.

"The fiscal deficit this year is 3.3 per cent, brought down from 3.4 per cent,"&nbsp;Sitharaman said.

"More than 120 crore Indians now have Aadhar card, therefore for ease of taxpayers I propose to make PAN card and Aadhar card interchangeable and allow those who don't have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN," the finance minister said.&nbsp;

The finance minister informed that Parliament that tax collection had risen from Rs 6.38 lakh crore rupees in 2013-14 to Rs 11.37 lakh crore rupees in 2018.

"Tax proposal will spur growth," the finance minister said.

"The government will start raising a part of its gross borrowing program in external markets in external currencies," Sitharaman said during her maiden Budget speech.

"New series of coins of Rs 1, Rs 2, Rs 5, Rs 10, Rs 20 easily identifiable to the visually impaired released by the PM on 7th March 2019. The&nbsp;coins will be made available for public use shortly,' the finance minister said.

Highlights of Tax policy:

Direct tax revenue increased by 78 per cent.

Excise hike on Rs 1 litre on petrol, diesel

Customs duty on gold increased by 2 per cent

Cheaper home loans for houses upto 45 lakhs

Proposal to levy TDS of 2 per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account.

Tax benefits for buying electric vehicles.

Easing of Angel tax for startups.

Additional income tax deduction on loans taken on e-vehicles.

All companies with an annual turnover of Rs 400 crores to now come under the&nbsp; 25 per cent bracket. It will cover 99.3 per cent of all the companies.

Tax deduction for affordable housing.

Interchangeability&nbsp;of Pan, Aadhar.

Discourage making cash payments in business transactions.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

During the Budget speech, finance minister Nirmala Sitharaman said India's sovereign external debt to GDP was among the lowest globally at less than 5 per cent. "The fiscal deficit this year is 3.

During the Budget speech, finance minister Nirmala Sitharaman said India's sovereign external debt to GDP was among the lowest globally at less than 5 per cent. "The fiscal deficit this year is 3.3 per cent, brought down from 3.4 per cent," Sitharaman said. "More than 120 crore Indians now have Aadhar card, therefore for ease of taxpayers I propose to make PAN card and Aadhar card interchangeable and allow those who don't have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN," the finance minister said. The finance minister informed that Parliament that tax collection had risen from Rs 6.38 lakh crore rupees in 2013-14 to Rs 11.37 lakh crore rupees in 2018. "Tax proposal will spur growth," the finance minister said. "The government will start raising a part of its gross borrowing program in external markets in external currencies," Sitharaman said during her maiden Budget speech. "New series of coins of Rs 1, Rs 2, Rs 5, Rs 10, Rs 20 easily identifiable to the visually impaired released by the PM on 7th March 2019. The coins will be made available for public use shortly,' the finance minister said. Highlights of Tax policy: Direct tax revenue increased by 78 per cent. Excise hike on Rs 1 litre on petrol, diesel Customs duty on gold increased by 2 per cent Cheaper home loans for houses upto 45 lakhs Proposal to levy TDS of 2 per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account. Tax benefits for buying electric vehicles. Easing of Angel tax for startups. Additional income tax deduction on loans taken on e-vehicles. All companies with an annual turnover of Rs 400 crores to now come under the 25 per cent bracket. It will cover 99.3 per cent of all the companies. Tax deduction for affordable housing. Interchangeability of Pan, Aadhar. Discourage making cash payments in business transactions.

Budget 2019: Highlights of taxation, revenue policy announced by finance minister Nirmala Sitharaman

Finance minister <a href="https://www.wionews.com/business-economy/in-a-first-finance-minister-nirmala-sitharaman-to-carry-budget-documents-four-fold-red-cloth-233152">Nirmala Sitharaman presented </a>her first Budget in Lok Sabha today.

"The recent election was charged with brimming home and desire for a bright and stable 'New India'. Voter turnout was highest; every section came to stamp their approval for the performing government," the finance minister said in her speech.&nbsp;

"Reform, perform is the mantra of NDA government," the finance minister said in her opening remarks.

"India needs&nbsp;structural reforms to continue growth," she added.

'Last mile delivery of the government stood out," she said.

"It took us over 55 years to reach $1 trillion dollar economy. But when the hearts are filled with hope, trust and aspiration, we in just 5 years, added $1 trillion," she said.&nbsp;

''Schemes such as BharatMala, Sagarmala and UDAN are bridging rural-urban divide and improving our transport infrastructure,'' Sitharaman said.

''For providing an enabling ecosystem for Maintenance, Repair and Overhaul, suitable policy interventions will be adopted,'' she added.

Finance minister Nirmala Sitharaman presented her first Budget in Lok Sabha today. "The recent election was charged with brimming home and desire for a bright and stable 'New India'.

Finance minister Nirmala Sitharaman presented her first Budget in Lok Sabha today. "The recent election was charged with brimming home and desire for a bright and stable 'New India'. Voter turnout was highest; every section came to stamp their approval for the performing government," the finance minister said in her speech. "Reform, perform is the mantra of NDA government," the finance minister said in her opening remarks. "India needs structural reforms to continue growth," she added. 'Last mile delivery of the government stood out," she said. "It took us over 55 years to reach $1 trillion dollar economy. But when the hearts are filled with hope, trust and aspiration, we in just 5 years, added $1 trillion," she said. ''Schemes such as BharatMala, Sagarmala and UDAN are bridging rural-urban divide and improving our transport infrastructure,'' Sitharaman said. ''For providing an enabling ecosystem for Maintenance, Repair and Overhaul, suitable policy interventions will be adopted,'' she added.

Need structural reforms to continue growth, says Sitharaman in Budget speech

Finance minister Nirmala Sitharaman today <a href="https://www.wionews.com/business-economy/budget-2019-highlights-of-taxation-revenue-policy-announced-by-finance-minister-nirmala-sitharaman-233200">proposed giving foreign investors</a> a bigger role in India's insurance and aviation sectors to help spur growth.

Sitharaman unveiled the proposals <a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179">while presenting the Budget </a>for the fiscal year ending March 31, 2020 to Parliament.

PM Modi has set a target of growing India into a $5 trillion economy by 2024/2025 from $2.7 trillion in the Economic Survey presented before Parliament on Thursday said will be done on the back of higher investment, savings and exports.

"The government will examine suggestions of further opening up FDI (foreign direct investment) in aviation, media, and insurance sectors in consultations with stakeholders," Sitharaman said.

The finance minister said 100 per cent foreign ownership will be permitted for insurance intermediaries and local sourcing norms will be eased for FDI in retailers selling a single brand.

India currently allows foreign direct investment in single-brand retail but mandates investors to source locally 30 per cent of the value of good purchased.

At present, India allows 49 per cent foreign ownership through the <a href="https://www.wionews.com/business-economy/need-structural-reforms-to-continue-growth-says-sitharaman-in-budget-speech-233176">automatic route in the insurance sector</a>, which is worth billions of dollars and has been tightly controlled for decades for fear of a backlash from the unions.

"It is high time India gets fully integrated into the global value chain of production of goods and services but also becomes part of the global financial system to mobilize global savings mostly institutional in insurance, pension, and sovereign wealth funds," Sitharaman said.

During the budget speech, Indian markets were down. India's benchmark BSE Sensex fell 363 points as finance minister Nirmala Sitharaman announced the tax policy and levied additional excise on petrol and diesel.

Asia's third-largest economy grew at a much slower-than-expected 5.8 per cent in the last quarter, the weakest growth in five years and far below the pace needed to generate jobs for the millions of young Indian's entering the labour market each month.

And the unemployment rate rose to a multi-year-high of 6.1 per cent in the 2017/18 fiscal year.

Finance minister Nirmala Sitharaman today proposed giving foreign investors a bigger role in India's insurance and aviation sectors to help spur growth. Sitharaman unveiled the proposals while presenting the Budget for the fiscal year ending March 31, 2020 to Parliament.

Finance minister Nirmala Sitharaman today proposed giving foreign investors a bigger role in India's insurance and aviation sectors to help spur growth. Sitharaman unveiled the proposals while presenting the Budget for the fiscal year ending March 31, 2020 to Parliament. PM Modi has set a target of growing India into a $5 trillion economy by 2024/2025 from $2.7 trillion in the Economic Survey presented before Parliament on Thursday said will be done on the back of higher investment, savings and exports. "The government will examine suggestions of further opening up FDI (foreign direct investment) in aviation, media, and insurance sectors in consultations with stakeholders," Sitharaman said. The finance minister said 100 per cent foreign ownership will be permitted for insurance intermediaries and local sourcing norms will be eased for FDI in retailers selling a single brand. India currently allows foreign direct investment in single-brand retail but mandates investors to source locally 30 per cent of the value of good purchased. At present, India allows 49 per cent foreign ownership through the automatic route in the insurance sector, which is worth billions of dollars and has been tightly controlled for decades for fear of a backlash from the unions. "It is high time India gets fully integrated into the global value chain of production of goods and services but also becomes part of the global financial system to mobilize global savings mostly institutional in insurance, pension, and sovereign wealth funds," Sitharaman said. During the budget speech, Indian markets were down. India's benchmark BSE Sensex fell 363 points as finance minister Nirmala Sitharaman announced the tax policy and levied additional excise on petrol and diesel. Asia's third-largest economy grew at a much slower-than-expected 5.8 per cent in the last quarter, the weakest growth in five years and far below the pace needed to generate jobs for the millions of young Indian's entering the labour market each month. And the unemployment rate rose to a multi-year-high of 6.1 per cent in the 2017/18 fiscal year.

Budget 2019: Finance minister Sitharaman proposes opening up insurance, aviation sectors to boost growth

India's benchmark BSE Sensex fell 363&nbsp;points as finance minister <a href="https://www.wionews.com/business-economy/budget-2019-highlights-of-taxation-revenue-policy-announced-by-finance-minister-nirmala-sitharaman-233200">Nirmala Sitharaman announced</a> the tax policy and levied additional excise&nbsp;on petrol and diesel.

The Sensex had opened over the 40,000-mark before the <a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179">Budget presentation on Friday </a>but began to slide in the latter half of the Budget speech while remaining flat for the early part of the Budget speech by Sitharaman.

Six of the 11 sectoral indexes compiled by the NSE were in the red, with the Nifty metal index among the top drags, falling as much 1.6 per cent&nbsp;while 13 of the 19 sectoral indexes compiled by BSE were trading lower.

The 10-year benchmark government bond yield fell to 6.60 per cent, compared with 6.75 per cent&nbsp;before the Budget.

The rupee strengthened to 68.59 from 68.70. 
&nbsp;

India's benchmark BSE Sensex fell 363 points as finance minister Nirmala Sitharaman announced the tax policy and levied additional excise on petrol and diesel. The Sensex had opened over the 40,000-mark before the Budget presentation on Friday but began to slide in the latter half of the Budget speech while remaining flat for the early part of the Budget speech by Sitharaman.

India's benchmark BSE Sensex fell 363 points as finance minister Nirmala Sitharaman announced the tax policy and levied additional excise on petrol and diesel. The Sensex had opened over the 40,000-mark before the Budget presentation on Friday but began to slide in the latter half of the Budget speech while remaining flat for the early part of the Budget speech by Sitharaman. Six of the 11 sectoral indexes compiled by the NSE were in the red, with the Nifty metal index among the top drags, falling as much 1.6 per cent while 13 of the 19 sectoral indexes compiled by BSE were trading lower. The 10-year benchmark government bond yield fell to 6.60 per cent, compared with 6.75 per cent before the Budget. The rupee strengthened to 68.59 from 68.70.

Sensex slides 363 points after Nirmala Sitharaman's Budget presentation

Finance minister&nbsp;Nirmala Sitharaman tabled the <a href="https://www.wionews.com/business-economy/finance-minister-nirmala-sitharaman-tables-economic-survey-in-parliament-232941">Economic Survey in Rajya Sabha</a> today which said&nbsp;India needed to sustain a GDP growth rate of 8 per cent in order to become a $5 trillion economy by 2025.

The economic survey has predicted seven&nbsp;per cent Gross Domestic Product (GDP) growth in FY20 on stable macro-economic conditions.

The survey said oil prices were expected to decline in 2019-20.

According to the survey, the general fiscal deficit is seen at 5.8 per cent in FY19 against 6.4 per cent in FY18.&nbsp;"The government stood by the fiscal consolidation path," the report said.

In February, while presenting the annual budget for 2019-20, the government had revised upward its fiscal deficit target to 3.4 per cent of gross domestic product (GDP) for 208-19 from the previously estimated 3.3 per cent budgeted target.

"The growth in the economy is expected to pick in 2019/20 as macroeconomic conditions continue to be stable," the finance ministry's chief economic adviser Krishnamurthy Subramanian, the report's main author, said.

The survey is an outlook of developments in the economy that is presented a day before the Union Budget.

The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy.

The Modi government will present its first full-fledged Budget on Friday which will be tabled by&nbsp;finance minister Nirmala Sitharaman.

Finance minister Nirmala Sitharaman tabled the Economic Survey in Rajya Sabha today which said India needed to sustain a GDP growth rate of 8 per cent in order to become a $5 trillion economy by 2025.

Finance minister Nirmala Sitharaman tabled the Economic Survey in Rajya Sabha today which said India needed to sustain a GDP growth rate of 8 per cent in order to become a $5 trillion economy by 2025. The economic survey has predicted seven per cent Gross Domestic Product (GDP) growth in FY20 on stable macro-economic conditions. The survey said oil prices were expected to decline in 2019-20. According to the survey, the general fiscal deficit is seen at 5.8 per cent in FY19 against 6.4 per cent in FY18. "The government stood by the fiscal consolidation path," the report said. In February, while presenting the annual budget for 2019-20, the government had revised upward its fiscal deficit target to 3.4 per cent of gross domestic product (GDP) for 208-19 from the previously estimated 3.3 per cent budgeted target. "The growth in the economy is expected to pick in 2019/20 as macroeconomic conditions continue to be stable," the finance ministry's chief economic adviser Krishnamurthy Subramanian, the report's main author, said. The survey is an outlook of developments in the economy that is presented a day before the Union Budget. The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy. The Modi government will present its first full-fledged Budget on Friday which will be tabled by finance minister Nirmala Sitharaman.

India needs to sustain 8% GDP growth to become $5 trillion economy by 2025: Economic Survey

New Zealand captain Kane Williamson lamented the lack of significant partnerships on a difficult track after their <a href="https://www.wionews.com/sports/live-updates-cricket-world-cup-2019-match-41-england-vs-new-zealand-232709">crushing defeat by England</a> in their final group match of the Cricket World Cup on Wednesday.

Chasing 306 for a victory that would have assured them a place in the semi-finals, New Zealand lost both their openers cheaply and the wheels came off their innings when Williamson and Ross Taylor both were run out in successive overs.

Tom Latham made a fighting 57 but New Zealand were still shot out for 186 in 45 overs.

"Going into that second half, we just needed a couple of big partnerships, certainly from the top order and it wasn't there," said Williamson, who felt the track got tough to bat on midway through the England innings.''

"By no means was it an easy surface to try and gain momentum but at the same time it was important as a batting unit we were able to try and take the game to a position where you might give yourself a chance to win it, but we weren't able to do that," said Williamson.

Electing to bat, England got a flying start from <a href="https://www.wionews.com/sports/world-cup-really-pleased-with-my-performance-says-jonny-bairstow-after-smashing-century-232822">Jonny Bairstow</a> and Jason Roy to be 194-1 in 30 overs before the New Zealand bowlers halted their progress to restrict the hosts to 305-8.

England captain Eoin Morgan said his team had played some of their best cricket in their last two group games to make the semi-finals of the World Cup after 27 years.

Back-to-back defeats by Sri Lanka and Australia had jeopardised England's semi-final prospects but Morgan's men bounced back in style, ending India's unbeaten run in Birmingham and then crushing New Zealand to storm into the last four.

A common factor in both the victories was the flying start England got from openers Jonny Bairstow, who smashed his second successive century on Wednesday, and Jason Roy who made a roaring return from a hamstring injury in the match against India.

"We bat all the way down but those two are pushing the ceiling as to what guys can normally do," Morgan said.

More than the runs they raise, Morgan was pleased with how the openers complemented each other.

"Jonny got off to a flyer, Jason was quite slow to start and then caught up and Jonny slowed down.

"It was really brilliant to watch because normally you have two guys competing with each other the whole time trying to get ahead, trying to get the strike, trying to be more dominant, whereas as a partnership they are extremely dominant."

<a href="https://www.wionews.com/sports/england-beat-new-zealand-by-119-runs-to-reach-world-cup-semis-232875">England </a>will play either Australia or India in their semi-final match at Edgbaston, where England have not lost in 10 matches across formats.

New Zealand captain Kane Williamson lamented the lack of significant partnerships on a difficult track after their crushing defeat by England in their final group match of the Cricket World Cup on Wednesday.

New Zealand captain Kane Williamson lamented the lack of significant partnerships on a difficult track after their crushing defeat by England in their final group match of the Cricket World Cup on Wednesday. Chasing 306 for a victory that would have assured them a place in the semi-finals, New Zealand lost both their openers cheaply and the wheels came off their innings when Williamson and Ross Taylor both were run out in successive overs. Tom Latham made a fighting 57 but New Zealand were still shot out for 186 in 45 overs. "Going into that second half, we just needed a couple of big partnerships, certainly from the top order and it wasn't there," said Williamson, who felt the track got tough to bat on midway through the England innings.'' "By no means was it an easy surface to try and gain momentum but at the same time it was important as a batting unit we were able to try and take the game to a position where you might give yourself a chance to win it, but we weren't able to do that," said Williamson. Electing to bat, England got a flying start from Jonny Bairstow and Jason Roy to be 194-1 in 30 overs before the New Zealand bowlers halted their progress to restrict the hosts to 305-8. England captain Eoin Morgan said his team had played some of their best cricket in their last two group games to make the semi-finals of the World Cup after 27 years. Back-to-back defeats by Sri Lanka and Australia had jeopardised England's semi-final prospects but Morgan's men bounced back in style, ending India's unbeaten run in Birmingham and then crushing New Zealand to storm into the last four. A common factor in both the victories was the flying start England got from openers Jonny Bairstow, who smashed his second successive century on Wednesday, and Jason Roy who made a roaring return from a hamstring injury in the match against India. "We bat all the way down but those two are pushing the ceiling as to what guys can normally do," Morgan said. More than the runs they raise, Morgan was pleased with how the openers complemented each other. "Jonny got off to a flyer, Jason was quite slow to start and then caught up and Jonny slowed down. "It was really brilliant to watch because normally you have two guys competing with each other the whole time trying to get ahead, trying to get the strike, trying to be more dominant, whereas as a partnership they are extremely dominant." England will play either Australia or India in their semi-final match at Edgbaston, where England have not lost in 10 matches across formats.

World Cup: Morgan hails Bairstow, Roy while Williamson rues lack of partnerships

Novak Djokovic trails Roger Federer and Rafa Nadal in many of the game's most important metrics, but when it comes to consistently reaching the third round at <a href="https://www.wionews.com/sports/wimbledon-ashleigh-barty-embraces-number-one-tag-cruises-into-second-round-232654">Wimbledon</a>, which he achieved with dazzling ease on Wednesday, he leaves his rivals in his wake.

The Serb dismantled American Denis Kudla 6-3, 6-2, 6-2 with ruthless efficiency and just enough flamboyance to satisfy the Centre Court crowd.

That put him in the last 32 at the All England Club for the 11th straight year, a professional-era mark only surpassed by American Jimmy Connors -&nbsp;and one more than the game's most decorated player Federer.

Consistency has become the Serb's hallmark. While he may lack the shotmaking brilliance of Federer or the raw power and energy of <a href="https://www.wionews.com/sports/wimbledon-nick-kyrgios-and-rafael-nadal-set-to-renew-salty-rivalry-232630">Nadal</a>, he rarely allows his level to slip below a supremely high watermark.

Which makes slip-ups against those plying their trade at the level of Kudla an exceptionally rare occurrence.

"Consistency was one of the keys and focus points of my Grand Slam career going back 10 years -&nbsp;I always aim to play my best in Grand Slams," he said after a one-hour-and-33-minute stroll that only occasionally flickered into life as a contest.

"I guess the quality of tennis that I produce in the slams is pretty high. That's what allows me to have the results like this," Djokovic said.

The world number one had only once lost to a player lower than the 111th-ranked Kudla in a Grand Slam -&nbsp;to Denis Istomin at the 2017 Australian Open - and there was never any chance of a repeat on Wednesday.

Things had threatened to turn ugly for Kudla when he lost the first five games, but he fought his corner to ensure the score stayed respectable and the match remained competitive.

The holder and four times champion allowed a few match points to go begging before finally wrapping up the victory to set up an encounter with Poland's 48th-ranked Hubert Hurkacz.

At this stage of the tournament, few would bet against Djokovic winning a 16th Grand Slam title next Sunday and the world number one certainly sounds confident.

"Ambitions are high and I've been fortunate in my career to do so well in Slams," he said.

"I have to think only about the next challenge and take things one step at a time," said Djokovic.

Novak Djokovic trails Roger Federer and Rafa Nadal in many of the game's most important metrics, but when it comes to consistently reaching the third round at Wimbledon, which he achieved with dazzling ease on Wednesday, he leaves his rivals in his wake.

Novak Djokovic trails Roger Federer and Rafa Nadal in many of the game's most important metrics, but when it comes to consistently reaching the third round at Wimbledon, which he achieved with dazzling ease on Wednesday, he leaves his rivals in his wake. The Serb dismantled American Denis Kudla 6-3, 6-2, 6-2 with ruthless efficiency and just enough flamboyance to satisfy the Centre Court crowd. That put him in the last 32 at the All England Club for the 11th straight year, a professional-era mark only surpassed by American Jimmy Connors - and one more than the game's most decorated player Federer. Consistency has become the Serb's hallmark. While he may lack the shotmaking brilliance of Federer or the raw power and energy of Nadal, he rarely allows his level to slip below a supremely high watermark. Which makes slip-ups against those plying their trade at the level of Kudla an exceptionally rare occurrence. "Consistency was one of the keys and focus points of my Grand Slam career going back 10 years - I always aim to play my best in Grand Slams," he said after a one-hour-and-33-minute stroll that only occasionally flickered into life as a contest. "I guess the quality of tennis that I produce in the slams is pretty high. That's what allows me to have the results like this," Djokovic said. The world number one had only once lost to a player lower than the 111th-ranked Kudla in a Grand Slam - to Denis Istomin at the 2017 Australian Open - and there was never any chance of a repeat on Wednesday. Things had threatened to turn ugly for Kudla when he lost the first five games, but he fought his corner to ensure the score stayed respectable and the match remained competitive. The holder and four times champion allowed a few match points to go begging before finally wrapping up the victory to set up an encounter with Poland's 48th-ranked Hubert Hurkacz. At this stage of the tournament, few would bet against Djokovic winning a 16th Grand Slam title next Sunday and the world number one certainly sounds confident. "Ambitions are high and I've been fortunate in my career to do so well in Slams," he said. "I have to think only about the next challenge and take things one step at a time," said Djokovic.

Wimbledon: Defending champion Novak Djokovic eases into third round

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