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While the automobile and allied sectors in India have been going through a rough patch over the last year, Italian supercar maker Lamborghini’s sales have been growing at nearly 16 per cent&nbsp;in India, said Sharad Agarwal, the India Head of Lamborghini.

This growth is against the 18-20 per cent&nbsp;slowdown in the super luxury segment to which the brand belongs.

The super luxury car segment comprises players such as Rolls Royce, Bentley, Ferrari, Aston Martin and top end products from German manufacturers Mercedes, BMW and Audi.

The brand’s latest offering - Huracan EVO RWD was unveiled in Chennai at a time when the Italian carmaker considers the five Southern Indian states its largest market in India, as more than 50 per cent of their sales are from here. “Lamborghini had sold 45 cars in India in 2018, while the number increased to 52 in 2019, thus taking the Lamborghini fleet in India to over 250. While a majority of Indian users are in the age bracket of 25-45, we also have 60-year olds who drive Lamborghinis. There has been an increase in the women users over the last few years and we expect this segment to grow” Sharad told WION.

The Huracan EVO RWD is a Rear-wheel drive(RWD) variant as opposed to the earlier versions that offered 4 wheel drive(4WD). The machine delivers 610hp(449kW) of power at 8,000rpm and 560Nm of torque at 6500rpm. Weighing 1,398kgs the car can get to a top speed of 325Km/h and accelerates from 0-100km/h in 3.3seconds.&nbsp;

The brand claims that RWD takes the driver into the past, by increasing the bond between driver and machine, with less intervention from technology. The RWD system is said to be designed for purists, allows the driver to take full control of the experience and performance under dry, wet or snowy conditions. “As each car is designed for a certain set of users, it has its own capabilities. Certain models of ours use technology to assist the driver to get maximum performance, best lap speeds etc. But the EVO RWD is aimed at pure driving emotions for those who want to enjoy the experience with their own capability and driving skill” Agarwal said.&nbsp;

Given the spurt in the number of makers offering E-vehicles, Lamborghini doesn’t seem to be joining the bandwagon anytime soon, save for the future mobility concept that was displayed in 2017. ”We believe that tech in EV space is not evolved to provide the driving Dynamics and emotions&nbsp;that Lamborghinis are known for. We still see it(Electric sports car) some time away,&nbsp;as the technology is evolving and there remains a challenge whether electric can provide the same performance” Sharad added.

While the brand sees a growth of 16% in India for 2019 and expect to sell more than 50 cars this year, the Indian market only contributes 1% to the brand’s global business. However, the brand also claims to see growing demand from tier 1 and 2 cities such as Coimbatore, Madurai, Salem, Calicut, Cochin, Guwahati, Ludhiana and Chandigarh among others.

Priced at Rs. 3.22cr ex-showroom pan-India, the Huracan EVO RWD is available in 300 color options and takes 6 months and above(depending on customizations) to be delivered to the customer.

While the automobile and allied sectors in India have been going through a rough patch over the last year, Italian supercar maker Lamborghini’s sales have been growing at nearly 16 per cent in India, said Sharad Agarwal, the India Head of Lamborghini.

While the automobile and allied sectors in India have been going through a rough patch over the last year, Italian supercar maker Lamborghini’s sales have been growing at nearly 16 per cent in India, said Sharad Agarwal, the India Head of Lamborghini. This growth is against the 18-20 per cent slowdown in the super luxury segment to which the brand belongs. The super luxury car segment comprises players such as Rolls Royce, Bentley, Ferrari, Aston Martin and top end products from German manufacturers Mercedes, BMW and Audi. The brand’s latest offering - Huracan EVO RWD was unveiled in Chennai at a time when the Italian carmaker considers the five Southern Indian states its largest market in India, as more than 50 per cent of their sales are from here. “Lamborghini had sold 45 cars in India in 2018, while the number increased to 52 in 2019, thus taking the Lamborghini fleet in India to over 250. While a majority of Indian users are in the age bracket of 25-45, we also have 60-year olds who drive Lamborghinis. There has been an increase in the women users over the last few years and we expect this segment to grow” Sharad told WION. The Huracan EVO RWD is a Rear-wheel drive(RWD) variant as opposed to the earlier versions that offered 4 wheel drive(4WD). The machine delivers 610hp(449kW) of power at 8,000rpm and 560Nm of torque at 6500rpm. Weighing 1,398kgs the car can get to a top speed of 325Km/h and accelerates from 0-100km/h in 3.3seconds. The brand claims that RWD takes the driver into the past, by increasing the bond between driver and machine, with less intervention from technology. The RWD system is said to be designed for purists, allows the driver to take full control of the experience and performance under dry, wet or snowy conditions. “As each car is designed for a certain set of users, it has its own capabilities. Certain models of ours use technology to assist the driver to get maximum performance, best lap speeds etc. But the EVO RWD is aimed at pure driving emotions for those who want to enjoy the experience with their own capability and driving skill” Agarwal said. Given the spurt in the number of makers offering E-vehicles, Lamborghini doesn’t seem to be joining the bandwagon anytime soon, save for the future mobility concept that was displayed in 2017. ”We believe that tech in EV space is not evolved to provide the driving Dynamics and emotions that Lamborghinis are known for. We still see it(Electric sports car) some time away, as the technology is evolving and there remains a challenge whether electric can provide the same performance” Sharad added. While the brand sees a growth of 16% in India for 2019 and expect to sell more than 50 cars this year, the Indian market only contributes 1% to the brand’s global business. However, the brand also claims to see growing demand from tier 1 and 2 cities such as Coimbatore, Madurai, Salem, Calicut, Cochin, Guwahati, Ludhiana and Chandigarh among others. Priced at Rs. 3.22cr ex-showroom pan-India, the Huracan EVO RWD is available in 300 color options and takes 6 months and above(depending on customizations) to be delivered to the customer.

Despite Auto sector slowdown, Lamborghini sales up by 16% in India; Over 50% sales from Southern states 

Toyota Motor Corp on Friday said production at all of its China plants would remain suspended through February&nbsp;16, joining a growing number of automakers facing stoppages due to supply chain issues as the coronavirus spreads.

The Japanese automaker, which operates 12 vehicle and components factories in China, said it would extend its production stoppage "after considering various factors, including guidelines from local and regional governments, parts supply, and logistics.

"For the week of February&nbsp;10, we will be preparing for the return to normal operation from February&nbsp;17 and beyond," it said in a statement.

The decision extends Toyota's initial plans to suspend operations through Sunday and comes as the threat from the coronavirus crisis closes in on the global auto industry.

South Korea's Hyundai Motor and affiliate Kia Motors said on Friday that they plan to restart production at their Chinese factories on February&nbsp;17, from a previously planned February 9.

"We will take preventive measures against infection at factories," a spokeswoman said.

Also read: <a href="https://www.wionews.com/world/latest-world-news-chinese-tech-giants-launch-platforms-and-services-aimed-at-providing-verified-information-about-ncov-279244">Chinese tech giants launch platforms and services aimed at providing verified information about nCoV</a>

A growing number of carmakers, including those who do not make cars in China, are flagging the possibility that their global operations could take a hit if they cannot access parts supplies from the country, where there are transportation bans to stop the virus spreading.

Suzuki Motor Corp said it was looking at the possibility of procuring "made in China" car parts from other regions if it cannot access parts due to ongoing stoppages.

The Japanese automaker does not produce or sell any cars in China but procures some components there for its plants in India, where it controls around half of the passenger vehicle market via its local unit Maruti Suzuki India Ltd.

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Fiat Chrysler Automobiles NV on Thursday said one of its European plants could close within two to four weeks if Chinese parts suppliers cannot get back to work soon, while Hyundai Motor Co earlier this week suspended production at its South Korean plants due to a shortage of China-made parts.

Parts made in China are used in millions of vehicles assembled elsewhere, and China's Hubei province - the epicentre of the coronavirus outbreak - is a major hub for vehicle parts production and shipments.

To limit the spread of the virus, Chinese authorities have announced an extended holiday period in Hubei and 10 other provinces, which account for more than two-thirds of the country's vehicle production.

Also read: <a href="https://www.wionews.com/india-news/screening-of-passengers-arranged-at-airports-nepal-border-also-under-check-health-minister-on-coronavirus-279259">Screening passengers at airports, Nepal border also under check: Health Minister on coronavirus&nbsp;</a>

IHS Automotive projects plant closures through February&nbsp;10 would result in a 7 per cent cut in vehicle production in China for the first quarter.

In a note, its analysts said extended closures into March may result in lost production of over 1.7 million vehicles for the period, a decline of roughly one-third of pre-virus output expectations.

"If the situation lingers into mid-March, and plants in adjacent provinces are also idled, the China-wide supply chain disruption caused by parts shortages from Hubei, a major component hub, could have a wide-reaching impact," they said.

Other industry experts said suppliers had built up a cushion of parts in inventory and in-transit ahead of the long Lunar New Year holiday in late January. Those will start to run out if factories cannot get back to work next week, or if flights to and from China remain limited.

Toyota said its plants outside China were operating as normal for the moment but it has said it was also considering the possibility of manufacturing parts commonly made in China in other regions.

Toyota Motor Corp on Friday said production at all of its China plants would remain suspended through February 16, joining a growing number of automakers facing stoppages due to supply chain issues as the coronavirus spreads.

Toyota Motor Corp on Friday said production at all of its China plants would remain suspended through February 16, joining a growing number of automakers facing stoppages due to supply chain issues as the coronavirus spreads. The Japanese automaker, which operates 12 vehicle and components factories in China, said it would extend its production stoppage "after considering various factors, including guidelines from local and regional governments, parts supply, and logistics. "For the week of February 10, we will be preparing for the return to normal operation from February 17 and beyond," it said in a statement. The decision extends Toyota's initial plans to suspend operations through Sunday and comes as the threat from the coronavirus crisis closes in on the global auto industry. South Korea's Hyundai Motor and affiliate Kia Motors said on Friday that they plan to restart production at their Chinese factories on February 17, from a previously planned February 9. "We will take preventive measures against infection at factories," a spokeswoman said. Also read: Chinese tech giants launch platforms and services aimed at providing verified information about nCoV A growing number of carmakers, including those who do not make cars in China, are flagging the possibility that their global operations could take a hit if they cannot access parts supplies from the country, where there are transportation bans to stop the virus spreading. Suzuki Motor Corp said it was looking at the possibility of procuring "made in China" car parts from other regions if it cannot access parts due to ongoing stoppages. The Japanese automaker does not produce or sell any cars in China but procures some components there for its plants in India, where it controls around half of the passenger vehicle market via its local unit Maruti Suzuki India Ltd. × Fiat Chrysler Automobiles NV on Thursday said one of its European plants could close within two to four weeks if Chinese parts suppliers cannot get back to work soon, while Hyundai Motor Co earlier this week suspended production at its South Korean plants due to a shortage of China-made parts. Parts made in China are used in millions of vehicles assembled elsewhere, and China's Hubei province - the epicentre of the coronavirus outbreak - is a major hub for vehicle parts production and shipments. To limit the spread of the virus, Chinese authorities have announced an extended holiday period in Hubei and 10 other provinces, which account for more than two-thirds of the country's vehicle production. Also read: Screening passengers at airports, Nepal border also under check: Health Minister on coronavirus IHS Automotive projects plant closures through February 10 would result in a 7 per cent cut in vehicle production in China for the first quarter. In a note, its analysts said extended closures into March may result in lost production of over 1.7 million vehicles for the period, a decline of roughly one-third of pre-virus output expectations. "If the situation lingers into mid-March, and plants in adjacent provinces are also idled, the China-wide supply chain disruption caused by parts shortages from Hubei, a major component hub, could have a wide-reaching impact," they said. Other industry experts said suppliers had built up a cushion of parts in inventory and in-transit ahead of the long Lunar New Year holiday in late January. Those will start to run out if factories cannot get back to work next week, or if flights to and from China remain limited. Toyota said its plants outside China were operating as normal for the moment but it has said it was also considering the possibility of manufacturing parts commonly made in China in other regions.

Toyota keeps China plant output stopped through February 16 amid coronavirus outbreak

The rupee declined by 22 paise to settle at 71.40 against the US dollar on Friday amid selling in domestic equities and strengthening of the American currency overseas.

Forex traders said the rupee traded weak largely owing to strengthening of the US dollar ahead of the non-farm payrolls number scheduled to be released later in the day.

At the interbank foreign exchange market, the local currency opened on a weak note at 71.26.

During the day, the local unit lost further ground and touched a low of 71.49, before finally settling for the day at 71.40 against the US dollar, down 22 paise over its previous close.

The domestic unit had settled at 71.18 on Thursday.

On a weekly basis, the rupee lost 8 paise.

"Rupee traded weak on Friday as dollar scaled high towards 71.35, mainly on back of on weakening risk appetite amid a strong greenback ahead of US non-farm payroll data due later today," said Jateen Trivedi, Senior Research Analyst (Commodity &amp; Currency) at LKP Securities.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.09 per cent to 98.58.

"Volatility for the rupee in the first half of the session remained low but in the latter half the currency started to come under pressure," said Gaurang Somaiyaa, Forex &amp; Bullion Analyst, Motilal Oswal Financial Services.

Somaiyaa further said on the domestic front, market participants will be keeping an eye on inflation number that will be released next week; the expectation is that the inflation could inch higher and that could further weigh on the rupee.

On the domestic market front, the 30-share BSE Sensex fell 164.18 points or 0.40 per cent to 41,141.85. The broader NSE Nifty settled lower by 39.60 points or 0.33 per cent at 12,098.35.

The 10-year Indian government bond yield was at 6.44 per cent.

Meanwhile, the global crude benchmark Brent futures fell 0.15 per cent to trade at $54.85 per barrel.

Foreign institutional investors sold equities worth Rs 560.36 crore on a net basis on Thursday, according to provisional exchange data.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.2558 and for rupee/euro at 78.3804. The reference rate for rupee/British pound was fixed at 92.5195 and for rupee/100 Japanese yen at 64.82.&nbsp; 
&nbsp;

The rupee declined by 22 paise to settle at 71.40 against the US dollar on Friday amid selling in domestic equities and strengthening of the American currency overseas.

The rupee declined by 22 paise to settle at 71.40 against the US dollar on Friday amid selling in domestic equities and strengthening of the American currency overseas. Forex traders said the rupee traded weak largely owing to strengthening of the US dollar ahead of the non-farm payrolls number scheduled to be released later in the day. At the interbank foreign exchange market, the local currency opened on a weak note at 71.26. During the day, the local unit lost further ground and touched a low of 71.49, before finally settling for the day at 71.40 against the US dollar, down 22 paise over its previous close. The domestic unit had settled at 71.18 on Thursday. On a weekly basis, the rupee lost 8 paise. "Rupee traded weak on Friday as dollar scaled high towards 71.35, mainly on back of on weakening risk appetite amid a strong greenback ahead of US non-farm payroll data due later today," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.09 per cent to 98.58. "Volatility for the rupee in the first half of the session remained low but in the latter half the currency started to come under pressure," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services. Somaiyaa further said on the domestic front, market participants will be keeping an eye on inflation number that will be released next week; the expectation is that the inflation could inch higher and that could further weigh on the rupee. On the domestic market front, the 30-share BSE Sensex fell 164.18 points or 0.40 per cent to 41,141.85. The broader NSE Nifty settled lower by 39.60 points or 0.33 per cent at 12,098.35. The 10-year Indian government bond yield was at 6.44 per cent. Meanwhile, the global crude benchmark Brent futures fell 0.15 per cent to trade at $54.85 per barrel. Foreign institutional investors sold equities worth Rs 560.36 crore on a net basis on Thursday, according to provisional exchange data. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.2558 and for rupee/euro at 78.3804. The reference rate for rupee/British pound was fixed at 92.5195 and for rupee/100 Japanese yen at 64.82.

Rupee slips 22 paise to 71.40 against USD on strong dollar demand

The shares ended lower as persistent coronavirus fears brought down global markets, but recorded their best week since December.

The broader NSE <a href="https://www.wionews.com/business-economy/sensex-nifty-end-higher-as-rbi-keeps-rates-steady-279072">Nifty </a>50 index fell 0.33 per cent&nbsp;to 12,098.35 and the benchmark S&amp;P BSE&nbsp;<a href="https://www.wionews.com/business-economy/sensex-nifty-end-higher-as-rbi-keeps-rates-steady-279072">Sensex&nbsp;</a>index ended 0.4&nbsp;per cent&nbsp;lower at 41,141.85.

Also read: <a href="https://www.wionews.com/india-news/indian-economy-experienced-abrupt-slowdown-in-2019-but-its-not-in-a-recession-imf-md-277892">Indian economy experienced abrupt slowdown in 2019, but it’s not in a recession: IMF MD</a>

However, the <a href="https://www.wionews.com/business-economy/sensex-nifty-end-higher-as-rbi-keeps-rates-steady-279072">Nifty </a>and&nbsp;<a href="https://www.wionews.com/business-economy/sensex-nifty-end-higher-as-rbi-keeps-rates-steady-279072">Sensex&nbsp;</a>finished the week up 1.04&nbsp;per cent&nbsp;and 1.03 per cent, respectively, their best weekly close since December&nbsp;20.

The Nifty Auto index closed down 0.95&nbsp;per cent&nbsp;and was the top drag among sectors. The Nifty financials index dropped 0.3 per cent.

Eicher Motors was the day's biggest laggard, dropping 3.21 per cent, while <a href="https://www.wionews.com/india-news/zee-entertainment-enterprises-limited-announces-the-launch-of-zee5-32864/amp">Zee Entertainment</a> was the top gainer, advancing 5.92 per cent.

The shares ended lower as persistent coronavirus fears brought down global markets, but recorded their best week since December. The broader NSE Nifty 50 index fell 0.

The shares ended lower as persistent coronavirus fears brought down global markets, but recorded their best week since December. The broader NSE Nifty 50 index fell 0.33 per cent to 12,098.35 and the benchmark S&P BSE Sensex index ended 0.4 per cent lower at 41,141.85. Also read: Indian economy experienced abrupt slowdown in 2019, but it’s not in a recession: IMF MD However, the Nifty and Sensex finished the week up 1.04 per cent and 1.03 per cent, respectively, their best weekly close since December 20. The Nifty Auto index closed down 0.95 per cent and was the top drag among sectors. The Nifty financials index dropped 0.3 per cent. Eicher Motors was the day's biggest laggard, dropping 3.21 per cent, while Zee Entertainment was the top gainer, advancing 5.92 per cent.

Sensex, Nifty end lower, but record best week since December

Oil prices jumped about 2 per cent on Wednesday on media reports that suggested scientists were developing a vaccine for the fast-spreading coronavirus, even as world health experts said treatments have not yet been found.

Oil prices jumped about 2 per cent on Wednesday on media reports that suggested scientists were developing a vaccine for the fast-spreading coronavirus, even as world health experts said treatments have not yet been found. Also supporting oil was news that the Organization of the Petroleum Exporting Countries (OPEC) and its producer allies were considering further output cuts to counter a potential squeeze on global oil demand. The outbreak has killed nearly 500 people and is weighing on global economic activity and oil demand. The World Health Organization played down the media reports, saying there was "no known effective therapeutics" against the virus. Brent crude oil futures ended the session up $1.32, or 2.5 per cent, at $56.46 a barrel while US West Texas Intermediate (WTI) crude gained $1.14, or 2.3 per cent, to settle at $50.75. Both contracts rose more than 4 per cent during the session. Prices held gains after data showed US crude inventories rose by 3.4 million barrels in the week to January 31, compared with expectations in a poll for a rise of 2.8 million barrels. "The report probably had nothing shocking enough to ruin the momentum of the big crude comeback that we are seeing today," said Phil Flynn, an analyst at Price Futures Group in Chicago. Also Read: Oil falls 1% as demand fears outweigh hopes for bigger OPEC+ cuts "The main reason oil sold off as hard as it did wasn't because of what we knew; it was what we didn't know. Now, it seems like we can quantify the demand destruction and look ahead." China's Changjiang Daily newspaper reported on Tuesday that a team of researchers led by Zhejiang University Professor Li Lanjuan had found that drugs Abidol and Darunavir can inhibit the virus in vitro cell experiments. Separately, Sky News reported that a British scientist has made a significant breakthrough in the race for a vaccine by reducing part of the normal development time from two to three years to only 14 days. [ Oil Pump (Courtesy: Reuters) ] Still, refineries including China's Sinopec, Asia's top refiner, have slashed throughput as the virus cuts demand for refined fuels. Fears of a slump in global oil demand had pushed US crude and Brent futures into contango this week - a structure in which longer-dated oil futures trade at a premium that encourages traders to keep crude in storage for more profitable resale in the future. "Based on our forecast that China's GDP growth will slow to just 3 per cent year-over-year in Q1 2020 and assuming that the virus is brought under control relatively quickly, we have tentatively pencilled in a 10 per cent drop in the country's oil consumption in Q1," Capital Economics analysts said in a note on Wednesday. Falling demand for jet fuel worldwide because of the deadly coronavirus has also hit US prices for the product, which dropped to their lowest seasonally in five years, market participants said. Companies including Royal Dutch Shell and Phillips have limited business travel to China. Demand Impacted A slowdown in the global economy resulting from the outbreak is expected to reduce 2020 worldwide oil demand growth by 300,000-500,000 barrels per day (BPD), roughly 0.5 per cent of total demand, BP's Chief Financial Officer Brian Gilvary said. "The (Chinese) economy will be weakened for some time to come as quarantines, social distancing and travel restrictions remain in place," BNP Paribas analyst Harry Tchilinguirian stated. "But as financial markets are anticipatory, one can see how favourable news with potential medical solutions, or indications that we have reached a turning point in the progress of the virus outbreak, are likely to be interpreted positively." OPEC and allies led by Russia, a group known as OPEC+, considered the impact on global oil demand and economic growth from the coronavirus at a meeting on Wednesday. According to reports, Russia was not supporting a deeper oil output cut and was suggesting an extension of the current pact.

Oil prices jump 2 per cent as virus vaccine reports spur hope

Financial markets rebounded outside Asia on Tuesday following a global sell-off fueled by the deadly virus outbreak in China. Wall Street stocks were up, with the broad-based S&P 500 gaining 1.

Financial markets rebounded outside Asia on Tuesday following a global sell-off fueled by the deadly virus outbreak in China. Wall Street stocks were up, with the broad-based S&P 500 gaining 1.0 per cent and the tech-rich Nasdaq Composite Index advancing 1.4 per cent. In Europe, the main stock markets also closed with gains of close to 1.0 per cent after shedding around 2.5 per cent on Monday. The healthy US result was aided by defence contractors Lockheed Martin and United Technologies releasing healthy results that underpinned market sentiment, along with strong gains for several travel-oriented stocks, including Marriott International and Wynn Resorts. Apple stock rose 2.8 per cent after the market closed, following its announcement of record-high fourth-quarter revenue of $91.8 billion with a profit of $22 billion, according to earnings figures. The dollar gained against most other major currencies, and oil prices were higher as well. Also Read: Global Markets: China stock rally helps steady nerves, Russian rouble skids The US rally was aided by a report from the Conference Board showing US consumer confidence jumping more than expected in January. Wall Street and European markets posted losses of around two per cent on Monday fueled amid fears that the SARS-like virus outbreak in China was spreading fast. As traders sought safety, for example buying into gold, oil tanked on expectations that demand in China, the world's top consumer, will be hammered. But the improvement shows there is "some optimism that's crept into the market that maybe this coronavirus won't spread enough out of control to create a major epidemic crisis," said LBBW's Karl Haeling. Potential for further declines Neil Wilson, chief market analyst at Markets.com, warned markets to remain "open to further falls if it becomes clear that infection is spreading more rapidly, but for now, equity markets are entering a process of stabilization." China urged citizens to postpone foreign travel to curb the viral outbreak that has killed more than 100 people, as the first cases of human-to-human contagion were detected abroad. [ Beijing Stocks (Courtesy: Reuters) ] Washington also urged its citizens to "reconsider" travel plans to China, and United Airlines announced it will trim its service to the country from three US cities, citing a large drop in demand. The virus outbreak comes during the Lunar New Year break when hundreds of millions of people crisscross China and spend huge amounts of money. Analysts were concerned the crisis could become as bad as the SARS outbreak that rocked markets and the global economy 17 years ago.

World markets gain as data reassures nervous investors

The <a href="https://www.wionews.com/videos/coronavirus-hits-surat-diamond-industry-278956">Surat diamond industry</a> is likely to face a loss of around Rs 8,000 crore in next two months as <a href="https://www.wionews.com/videos/coronavirus-hits-surat-diamond-industry-278956">Hong Kong</a>&nbsp;which is a major export destination, has declared a state of emergency due to the <a href="https://www.wionews.com/videos/coronavirus-hits-surat-diamond-industry-278956">coronavirus </a>outbreak in <a href="https://www.wionews.com/videos/coronavirus-hits-surat-diamond-industry-278956">China</a>, say experts.

Every year polished diamonds worth around Rs 50,000 crore are exported from Surat to Hong Kong every year.

"That's around 37 per cent of the total exports from here. Now, due to coronavirus scare, Hong Kong has declared a month-long vacation. Gujarati traders having offices there are coming back to India," said Dinesh Navadiya, regional chairman in Gems and Jewellery Export Promotion Council (GJEPC). 
&nbsp; 
If the situation does not improve, it will have a huge impact on the <a href="https://www.wionews.com/videos/coronavirus-hits-surat-diamond-industry-278956">Surat diamond industry</a>, which polishes 99 per cent of all rough diamonds imported in the country, he said.

"The Surat diamond industry is staring at a loss of around Rs 8,000 crore for February and March," he added.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/diamonds-are-forever-inside-surats-diamond-industry-25364">Inside Surat's diamond industry</a>

There is a possibility of cancellation of an international jewellery exhibition in <a href="https://www.wionews.com/videos/coronavirus-hits-surat-diamond-industry-278956">Hong Kong</a>&nbsp;to be held next month, due to the coronavirus scare, which would hit the jewellery business in Surat.

The response at this exhibition reportedly sets the tune for diamond orders for the rest of the year.&nbsp;Diamantaires depend on it for bulk orders as well as cutting edge technology and jewellery designs. The&nbsp;cancellation could be a huge blow for the industry.

Hong Kong has one of the world's busiest airports and is a major transit point for <a href="https://www.wionews.com/videos/coronavirus-hits-surat-diamond-industry-278956">China</a>.

It is also struggling with the virus outbreak, with 18 people testing positive for the disease, including one who died.

On Tuesday, health officials in Hong Kong warned there was now growing evidence of local transmissions cases where people have become infected without travelling to China.

The Surat diamond industry is likely to face a loss of around Rs 8,000 crore in next two months as Hong Kong which is a major export destination, has declared a state of emergency due to the coronavirus outbreak in China, say experts.

The Surat diamond industry is likely to face a loss of around Rs 8,000 crore in next two months as Hong Kong which is a major export destination, has declared a state of emergency due to the coronavirus outbreak in China, say experts. Every year polished diamonds worth around Rs 50,000 crore are exported from Surat to Hong Kong every year. "That's around 37 per cent of the total exports from here. Now, due to coronavirus scare, Hong Kong has declared a month-long vacation. Gujarati traders having offices there are coming back to India," said Dinesh Navadiya, regional chairman in Gems and Jewellery Export Promotion Council (GJEPC). If the situation does not improve, it will have a huge impact on the Surat diamond industry, which polishes 99 per cent of all rough diamonds imported in the country, he said. "The Surat diamond industry is staring at a loss of around Rs 8,000 crore for February and March," he added. Also read: Inside Surat's diamond industry There is a possibility of cancellation of an international jewellery exhibition in Hong Kong to be held next month, due to the coronavirus scare, which would hit the jewellery business in Surat. The response at this exhibition reportedly sets the tune for diamond orders for the rest of the year. Diamantaires depend on it for bulk orders as well as cutting edge technology and jewellery designs. The cancellation could be a huge blow for the industry. Hong Kong has one of the world's busiest airports and is a major transit point for China. It is also struggling with the virus outbreak, with 18 people testing positive for the disease, including one who died. On Tuesday, health officials in Hong Kong warned there was now growing evidence of local transmissions cases where people have become infected without travelling to China.

Coronavirus: Surat diamond industry likely to  suffer huge loss of Rs 8,000 crore in February and March

Shares, boosted by state-owned banking stocks, ended higher for the fourth straight session on Thursday, as Reserve Bank of India (RBI) kept rates steady and left the door open for more monetary easing.

The broader NSE <a href="https://www.wionews.com/business-economy/latest-business-news-sensex-nifty-end-higher-as-metals-advance-rate-decision-eyed-278868">Nifty </a>50 index closed up 0.4 per cent&nbsp;at 12,131.95 and the benchmark S&amp;P BSE&nbsp;<a href="https://www.wionews.com/business-economy/latest-business-news-sensex-nifty-end-higher-as-metals-advance-rate-decision-eyed-278868">Sensex&nbsp;</a>rose 0.4&nbsp;per cent&nbsp;to 41,306.03.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/indian-economy-experienced-abrupt-slowdown-in-2019-but-its-not-in-a-recession-imf-md-277892">Indian economy experienced abrupt slowdown in 2019, but it’s not in a recession: IMF MD</a>

The <a href="https://www.wionews.com/india-news/indian-economy-experienced-abrupt-slowdown-in-2019-but-its-not-in-a-recession-imf-md-277892">Reserve Bank of India</a> kept key policy rates unchanged, as expected, as it sought to support faltering economic growth and avoid stoking already heightened inflation levels.

State-owned banks led gains as their main sub-index on the Nifty closed up 2.83 per cent.

The country's biggest lender <a href="https://www.wionews.com/business-economy/slowdown-in-india-expected-to-hit-job-sector-sbi-report-274275">State Bank of India</a> advanced 3.23&nbsp;per cent&nbsp;and Indusland Bank gained 4.57&nbsp;per cent.

Tata Motors emerged as the day's biggest laggard shedding 2.86 per cent.

Shares, boosted by state-owned banking stocks, ended higher for the fourth straight session on Thursday, as Reserve Bank of India (RBI) kept rates steady and left the door open for more monetary easing.

Shares, boosted by state-owned banking stocks, ended higher for the fourth straight session on Thursday, as Reserve Bank of India (RBI) kept rates steady and left the door open for more monetary easing. The broader NSE Nifty 50 index closed up 0.4 per cent at 12,131.95 and the benchmark S&P BSE Sensex rose 0.4 per cent to 41,306.03. Also read: Indian economy experienced abrupt slowdown in 2019, but it’s not in a recession: IMF MD The Reserve Bank of India kept key policy rates unchanged, as expected, as it sought to support faltering economic growth and avoid stoking already heightened inflation levels. State-owned banks led gains as their main sub-index on the Nifty closed up 2.83 per cent. The country's biggest lender State Bank of India advanced 3.23 per cent and Indusland Bank gained 4.57 per cent. Tata Motors emerged as the day's biggest laggard shedding 2.86 per cent.

Sensex, Nifty end higher as RBI keeps rates steady

The <a href="https://www.wionews.com/business-economy/rbi-cuts-repo-rate-by-35-basis-points-to-540-loans-to-get-cheaper-241299">Reserve Bank of India</a>, for the second straight time, on Thursday kept its key policy rate unchanged at 5.15 per cent, maintaining its accommodative policy stance as long as it was necessary to revive growth.

<a href="https://www.wionews.com/business-economy/reserve-bank-of-india-cuts-repo-rate-by-25-bps-from-540-per-cent-to-515-per-cent-253649">Also Read: Reserve Bank of India cuts repo rate by 25 bps, &nbsp;from 5.40 per cent to 5.15 per cent</a>

The central bank retained GDP growth at 5 per cent for 2019-20 and pegged it at 6 per cent for the next fiscal.

"Economic activity remains subdued and the few indicators that have moved up recently are yet to gain traction in a more broad-based manner. Given the evolving growth-inflation dynamics, the MPC felt it appropriate to maintain status quo,"&nbsp;the Monetary Policy Committee (MPC) said.

The six-member committee voted unanimously to hold rates, but also said that there is ?policy space available for further action?. 
Between February and October 2019, the RBI had reduced repo rate by 135 basis points.

After leaving benchmark interest rates rates unchanged in the second consecutive policy review, RBI governor Shaktikanta Das said the central bank has many other instruments to address the sluggishness the economy, not just interest rates.

The Reserve Bank of India (RBI) in its sixth bi-monthly monetary policy pegged GDP growth for FY21 at 6 per cent, but guided towards an uncertain inflation outlook.

In a January 31 release, the National Statistical Office (NSO) had revised down real GDP growth for FY19 to 6.1 per cent from 6.8 per cent provided in the provisional estimates of May 2019. Given this, the central bank noted that the economy is still plagued by deep output gaps.

"The RBI has several instruments to address the sluggishness in the growth momentum," Das told reporters at the customary post-policy conference. The monetary policy committee (MPC) kept the policy repo rate unchanged at 5.15 per cent, continuing with the accommodative stance to revive growth.

The governor said the continuity in policy from last pause should not be read as a pointer to future actions. "While the decision is as per expectations, it is important not to discount RBI," he said.

The Reserve Bank of India, for the second straight time, on Thursday kept its key policy rate unchanged at 5.15 per cent, maintaining its accommodative policy stance as long as it was necessary to revive growth.

The Reserve Bank of India, for the second straight time, on Thursday kept its key policy rate unchanged at 5.15 per cent, maintaining its accommodative policy stance as long as it was necessary to revive growth. Also Read: Reserve Bank of India cuts repo rate by 25 bps, from 5.40 per cent to 5.15 per cent The central bank retained GDP growth at 5 per cent for 2019-20 and pegged it at 6 per cent for the next fiscal. "Economic activity remains subdued and the few indicators that have moved up recently are yet to gain traction in a more broad-based manner. Given the evolving growth-inflation dynamics, the MPC felt it appropriate to maintain status quo," the Monetary Policy Committee (MPC) said. The six-member committee voted unanimously to hold rates, but also said that there is ?policy space available for further action?. Between February and October 2019, the RBI had reduced repo rate by 135 basis points. After leaving benchmark interest rates rates unchanged in the second consecutive policy review, RBI governor Shaktikanta Das said the central bank has many other instruments to address the sluggishness the economy, not just interest rates. The Reserve Bank of India (RBI) in its sixth bi-monthly monetary policy pegged GDP growth for FY21 at 6 per cent, but guided towards an uncertain inflation outlook. In a January 31 release, the National Statistical Office (NSO) had revised down real GDP growth for FY19 to 6.1 per cent from 6.8 per cent provided in the provisional estimates of May 2019. Given this, the central bank noted that the economy is still plagued by deep output gaps. "The RBI has several instruments to address the sluggishness in the growth momentum," Das told reporters at the customary post-policy conference. The monetary policy committee (MPC) kept the policy repo rate unchanged at 5.15 per cent, continuing with the accommodative stance to revive growth. The governor said the continuity in policy from last pause should not be read as a pointer to future actions. "While the decision is as per expectations, it is important not to discount RBI," he said.

Reserve Bank of India keeps repo rate unchanged; predicts 6% GDP growth in next fiscal

Growth in China's services sector slowed for a second straight month in January, a traditionally busy sales season, hitting a three-month low as companies cut prices and new orders dipped, a private sector survey showed on Wednesday.

The Caixin/Markit services purchasing managers' index (PMI) slowed to 51.8 last month from 52.5 in December, but was still higher than an 8-month low hit in October.

The slowdown in growth suggests the services sector, which accounts for more than half of the economy, faces persistent challenges despite a flurry of stimulus and a U.S.-China trade "Phase 1" deal. The reading is also unlikely to reflect the early impact of the coronavirus crisis that flared in late January, which could weigh heavily on growth.

"China's economic recovery was not strong enough due to limited improvement in demand, and some companies didn't replenish inventories," Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group, wrote in a note accompanying the Caixin PMI release.

<h6><img alt="pppp" data-entity-type="file" data-entity-uuid="71b0b06c-a917-4d4c-83a3-036be40625f3" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%282%29_54.jpg" /> 
People sit on the steps outside a luxury hotel on Chang'an Avenue, near Tiananmen Square in Beijing, China May 16, 2019 | Reuters</h6>

The index has stayed above the 50-point margin that separates growth from contraction on a monthly basis since late 2005. Beijing has been counting on a strong services sector to cushion a prolonged slowdown in manufacturing and investment and create jobs for workers laid-off in other areas.

Economic growth has cooled to near 30-year lows amid sluggish demand at home and abroad.

The cooling trend in the private sector survey, which focuses more on small, export-oriented companies, contrasts with the official non-manufacturing PMI, which showed the sector's activity quickened in January.

Services companies reported a smaller rise in the volume of new work in January and continued to face higher fuel and labour costs. Demand softened at home, while new orders from overseas picked up modestly from the previous month.

The pace of job creation almost stalled, with the employment sub-index hitting the lowest level in 16 months. Meanwhile, firms had to lower their selling prices for the second time, squeezing companies' profit margins.

But their expectations regarding the one-year outlook for business activity improved notably in the month, as the "Phase 1" trade deal with the United States eased some of the pressure on exporters.

However, a coronavirus outbreak that has abruptly limited the movement of millions of people and forced the closures of restaurants, malls, and movie theatres across the country during the week-long Lunar New Year holiday, is likely to further darken the outlook for China's slowing economy.

Also read:<a href="https://www.wionews.com/business-economy/india-china-to-account-for-nearly-35-of-global-gdp-in-2060-study-278393">&nbsp;India, China to account for nearly 35% of global GDP in 2060: Study</a>

Analysts have noted the deepening coronavirus crisis, which is expected to be as much as two or three times worse than the SARS outbreak, will potentially add to industry headaches.

"As during the SARS episode, we expect consumption and travel to take the hardest hit," Analysts at Oxford Economics said in a note.

"But we also expect that there will be significant disruption to other economic activities, though to a lesser degree than the impact on consumption."

Analysts like CEBM Group's Zhong have urged policymakers to take swift action to cushion to hit to growth from the virus.

"As the current pneumonia epidemic is putting pressure on the economy, policymakers need to make efforts to ensure no major disruptions to improving business confidence," he said.

Caixin's composite manufacturing and services PMI, also released on Wednesday, slowed to 51.9 in January from 52.6 in December.

Growth in China's services sector slowed for a second straight month in January, a traditionally busy sales season, hitting a three-month low as companies cut prices and new orders dipped, a private sector survey showed on Wednesday.

Growth in China's services sector slowed for a second straight month in January, a traditionally busy sales season, hitting a three-month low as companies cut prices and new orders dipped, a private sector survey showed on Wednesday. The Caixin/Markit services purchasing managers' index (PMI) slowed to 51.8 last month from 52.5 in December, but was still higher than an 8-month low hit in October. The slowdown in growth suggests the services sector, which accounts for more than half of the economy, faces persistent challenges despite a flurry of stimulus and a U.S.-China trade "Phase 1" deal. The reading is also unlikely to reflect the early impact of the coronavirus crisis that flared in late January, which could weigh heavily on growth. "China's economic recovery was not strong enough due to limited improvement in demand, and some companies didn't replenish inventories," Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group, wrote in a note accompanying the Caixin PMI release. People sit on the steps outside a luxury hotel on Chang'an Avenue, near Tiananmen Square in Beijing, China May 16, 2019 | Reuters The index has stayed above the 50-point margin that separates growth from contraction on a monthly basis since late 2005. Beijing has been counting on a strong services sector to cushion a prolonged slowdown in manufacturing and investment and create jobs for workers laid-off in other areas. Economic growth has cooled to near 30-year lows amid sluggish demand at home and abroad. The cooling trend in the private sector survey, which focuses more on small, export-oriented companies, contrasts with the official non-manufacturing PMI, which showed the sector's activity quickened in January. Services companies reported a smaller rise in the volume of new work in January and continued to face higher fuel and labour costs. Demand softened at home, while new orders from overseas picked up modestly from the previous month. The pace of job creation almost stalled, with the employment sub-index hitting the lowest level in 16 months. Meanwhile, firms had to lower their selling prices for the second time, squeezing companies' profit margins. But their expectations regarding the one-year outlook for business activity improved notably in the month, as the "Phase 1" trade deal with the United States eased some of the pressure on exporters. However, a coronavirus outbreak that has abruptly limited the movement of millions of people and forced the closures of restaurants, malls, and movie theatres across the country during the week-long Lunar New Year holiday, is likely to further darken the outlook for China's slowing economy. Also read: India, China to account for nearly 35% of global GDP in 2060: Study Analysts have noted the deepening coronavirus crisis, which is expected to be as much as two or three times worse than the SARS outbreak, will potentially add to industry headaches. "As during the SARS episode, we expect consumption and travel to take the hardest hit," Analysts at Oxford Economics said in a note. "But we also expect that there will be significant disruption to other economic activities, though to a lesser degree than the impact on consumption." Analysts like CEBM Group's Zhong have urged policymakers to take swift action to cushion to hit to growth from the virus. "As the current pneumonia epidemic is putting pressure on the economy, policymakers need to make efforts to ensure no major disruptions to improving business confidence," he said. Caixin's composite manufacturing and services PMI, also released on Wednesday, slowed to 51.9 in January from 52.6 in December.

China's services sector growth hits three-month low in January

Oil prices sank about 1 per cent on Tuesday as fears that energy demand would take a long-term hit from the growing coronavirus outbreak outweighed hopes for more production cuts from OPEC and its allies.

Oil prices sank about 1 per cent on Tuesday as fears that energy demand would take a long-term hit from the growing coronavirus outbreak outweighed hopes for more production cuts from OPEC and its allies. Brent crude settled at $53.96 a barrel, sliding 49 cents, or 0.9 per cent, while US West Texas Intermediate (WTI) crude settled at $49.61 a barrel, losing 50 cents, or 1 per cent. Both benchmarks were at their lowest since January 2019. "I think the fear of demand destruction continues to have the market by its throat," said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut. Oil slid sharply over the past two weeks on concerns over the global economic impact of China's coronavirus, which by Tuesday had claimed 427 lives, infected 20,438 in mainland China and had been detected in roughly two dozen countries. Also Read: Oil prices slip over China virus fears In early trading, it bounced higher on hopes of further output cuts from OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia. An OPEC+ committee weighed the impact on global oil demand and economic growth of the outbreak of the coronavirus at a meeting, hearing from China's envoy to the United Nations in Vienna and discussing how to respond. Sources close to the matter told Reuters that OPEC+ was considering cutting crude output by a further 500,000 barrels per day (BPD). However, the producer group could face an uphill battle to put more cuts in place so soon after the existing pact was agreed to and because of uncertainty over how long the virus crisis will last. Also read: Virus outbreak delays India's cotton exports to China "If the producer group believes the outbreak to be contained, with effects tapering out after a short period, like SARS, they have the option to stand pat and weather the lower price environment until demand returns," the global head of commodity strategy at BNP Paribas, Harry Tchilinguirian, told the Reuters Global Oil Forum. Price gains were also limited by Russian Energy Minister Alexander Novak's comments that he was uncertain it was time to tighten oil output curbs. BP finance chief Brian Gilvary told Reuters the economic impact of the coronavirus will reduce oil consumption for the whole year by 300,000 to 500,000 BPD, roughly 0.5 per cent of global demand. Goldman Sachs warned that the outbreak's impact on demand is likely to keep spot-price volatility elevated. "Oil prices are now at levels where we would expect a supply response from both OPEC and shale producers, and where China would likely seek to build crude inventories," Goldman said in a note.

Oil falls 1% as demand fears outweigh hopes for bigger OPEC+ cuts

Indian shares ended higher for a third straight session on Wednesday, boosted by metal stocks and on hopes of more monetary stimulus to cushion the economic blow from the coronavirus outbreak.

The <a href="https://www.wionews.com/business-latest-breaking-budget-news-after-Budget-Sensex-rises-over-260-in-early-trade">Nifty </a>closed up 0.91 per cent&nbsp;to 12,089.15 and the benchmark&nbsp;<a href="https://www.wionews.com/business-latest-breaking-budget-news-after-Budget-Sensex-rises-over-260-in-early-trade">Sensex&nbsp;</a>ended 0.87&nbsp;per cent&nbsp;higher at 41,142.66.

Also read: <a href="https://www.wionews.com/india-news/latest-india-news-virus-outbreak-delays-indias-cotton-exports-to-china-278865">Virus outbreak delays India's cotton exports to China</a>

Market focus will shift to RBI on Thursday as it will detail its interest rate decision, the first one after the union budget that did little to boost investor sentiment.

Rising inflation in Asia's third-largest economy was expected to keep the Reserve Bank of India from cutting rates again until late this year, according to a Reuters poll published last month.

Also read: <a href="https://www.wionews.com/business-economy/latest-business-news-oil-falls-1-as-demand-fears-outweigh-hopes-for-bigger-opec-cuts-278841">Oil falls 1% as demand fears outweigh hopes for bigger OPEC+ cuts</a>

Meanwhile, the People's Bank of China is likely to lower its key lending rate the loan prime rate on February&nbsp;20, and cut banks' reserve requirement ratios in the coming weeks, policy sources told Reuters.

The Nifty metals index closed 2.74&nbsp;per cent&nbsp;higher and led gains among the domestic sectors.

Tata Motors was the biggest gainer, finishing up 10.89&nbsp;per cent&nbsp;after recording its best intra-day gain since October last year.

Zee Entertainment was the biggest laggard, falling 7.3 per cent.

Indian shares ended higher for a third straight session on Wednesday, boosted by metal stocks and on hopes of more monetary stimulus to cushion the economic blow from the coronavirus outbreak.

Indian shares ended higher for a third straight session on Wednesday, boosted by metal stocks and on hopes of more monetary stimulus to cushion the economic blow from the coronavirus outbreak. The Nifty closed up 0.91 per cent to 12,089.15 and the benchmark Sensex ended 0.87 per cent higher at 41,142.66. Also read: Virus outbreak delays India's cotton exports to China Market focus will shift to RBI on Thursday as it will detail its interest rate decision, the first one after the union budget that did little to boost investor sentiment. Rising inflation in Asia's third-largest economy was expected to keep the Reserve Bank of India from cutting rates again until late this year, according to a Reuters poll published last month. Also read: Oil falls 1% as demand fears outweigh hopes for bigger OPEC+ cuts Meanwhile, the People's Bank of China is likely to lower its key lending rate the loan prime rate on February 20, and cut banks' reserve requirement ratios in the coming weeks, policy sources told Reuters. The Nifty metals index closed 2.74 per cent higher and led gains among the domestic sectors. Tata Motors was the biggest gainer, finishing up 10.89 per cent after recording its best intra-day gain since October last year. Zee Entertainment was the biggest laggard, falling 7.3 per cent.

Sensex, Nifty end higher as metals advance; rate decision eyed

<a href="https://www.wionews.com/.../google-sparks-criticism-as-it-redesigns-it-search -page-makes-ads-look-like-organic-results-276570">Google</a> parent Alphabet missed revenue expectations in the fourth quarter despite stellar growth at YouTube and in the cloud, earnings figures released Monday showed.

Also read-&nbsp;<a href="https://www.wionews.com/world/coronavirus-outbreak-google-joins-hands-with-who-to-provide-sos-alert-trusted-info-and-safety-tips-278181">Coronavirus outbreak: Google joins hands with WHO to provide SOS alert, trusted info and safety tips</a>

Detailing its cloud computing and YouTube revenues for the first time, Alphabet reported that profits rose 19 per cent from a year ago in the quarter to nearly $10.7 billion as revenues increased 17 per cent to $46 billion.

Alphabet and Google chief executive <a href="https://www.wionews.com/.../google-ceo-calls-for-artificial-intelligence- regulation-275642">Sundar Pichai</a> touted YouTube as a revenue star at the company, with ad revenue reaching $15 billion last year in an increase of about 36 per cent from 2018.

<a href="https://www.wionews.com/.../latest-world-news-social-media-applications- tackling-false-claims-against-coronavirus-278258">YouTube</a> music and television premium services now have more than 20 million paid subscribers, according to Pichai.

Despite assurances by executives that Alphabet sees plenty of money-making potential ahead and is investing to capitalize on long-term trends, Alphabet shares slipped more than four per cent in after-market trades that followed release of the earnings figures.

The California tech giant, which dominates online search and makes the Android mobile operating system, has been working to reduce its dependence on digital advertising which delivers most of its cash.

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"Our investments in deep computer science, including artificial intelligence, ambient computing and cloud computing, provide a strong base for continued growth and new opportunities across Alphabet," said Pichai.

The company said its cloud computing services took in $2.6 billion in revenue during the last three-month period -- up more than 50 per cent -- and nearly $9 billion for the year.

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Chief financial officer Ruth Porat said Alphabet will ramp-up hiring this year. Much of that will be engineering talent for its cloud division which competes with cloud market-leaders <a href="https://www.wionews.com/.../amazons-slow-climate-action-defying-company -policy-over-300-employees-speak-out-277288">Amazon</a> and Microsoft.

"We are leaning into investing for longterm growth," Porat said.

"That has been a key principle here and continues to be."

Google advertising took in the majority of revenue at $38 billion in the quarter and more than 80 per cent of its annual revenues of $162 billion.

Colin Sebastian, an analyst at Baird, said the earnings report showed "a deceleration" in growth for Google, which may have been due to the impact of fewer holiday shopping days.

Despite that, Sebastian said he sees "no change to our positive long-term thesis" for Alphabet.

Analyst Nicole Perrin at eMarketer said the results highlight the significance of YouTube, the popular video service for which Alphabet had not up to now disclosed financial data.

"This is something investors have been looking for, but the information should also give advertisers valuable information about the importance of YouTube as a digital ad vehicle," Perrin said.

"YouTube is growing strongly according to this report, and revenues are above where eMarketer had thought they were."&nbsp;

Alphabet's "other bets" which include Waymo autonomous vehicles, life sciences and drone delivery, took in $172 million in revenue in the final three months of the year, ending the 12 months with a big operating loss.

The results come with the company facing intense pressure around the globe over its dominance of the online ecosystem.

It also has been at the centre of a dispute over tax policy for multinational firms. Global negotiators are seeking a new treaty on how to tax digital operations spanning the globe.

"It is something we always need to take a look at," Pichai said on an earnings call with investors and others when asked how regulatory or taxation moves could affect Alphabet's bottom line.

"We are engaged in these issues and we anticipate and structurally work on them early on."

Indian-born Pichai, who had been CEO of Google, was promoted last year to the same role at Alphabet.

Google parent Alphabet missed revenue expectations in the fourth quarter despite stellar growth at YouTube and in the cloud, earnings figures released Monday showed.

Google parent Alphabet missed revenue expectations in the fourth quarter despite stellar growth at YouTube and in the cloud, earnings figures released Monday showed. Also read- Coronavirus outbreak: Google joins hands with WHO to provide SOS alert, trusted info and safety tips Detailing its cloud computing and YouTube revenues for the first time, Alphabet reported that profits rose 19 per cent from a year ago in the quarter to nearly $10.7 billion as revenues increased 17 per cent to $46 billion. Alphabet and Google chief executive Sundar Pichai touted YouTube as a revenue star at the company, with ad revenue reaching $15 billion last year in an increase of about 36 per cent from 2018. YouTube music and television premium services now have more than 20 million paid subscribers, according to Pichai. Despite assurances by executives that Alphabet sees plenty of money-making potential ahead and is investing to capitalize on long-term trends, Alphabet shares slipped more than four per cent in after-market trades that followed release of the earnings figures. The California tech giant, which dominates online search and makes the Android mobile operating system, has been working to reduce its dependence on digital advertising which delivers most of its cash. × "Our investments in deep computer science, including artificial intelligence, ambient computing and cloud computing, provide a strong base for continued growth and new opportunities across Alphabet," said Pichai. The company said its cloud computing services took in $2.6 billion in revenue during the last three-month period -- up more than 50 per cent -- and nearly $9 billion for the year. × Chief financial officer Ruth Porat said Alphabet will ramp-up hiring this year. Much of that will be engineering talent for its cloud division which competes with cloud market-leaders Amazon and Microsoft. "We are leaning into investing for longterm growth," Porat said. "That has been a key principle here and continues to be." Google advertising took in the majority of revenue at $38 billion in the quarter and more than 80 per cent of its annual revenues of $162 billion. Colin Sebastian, an analyst at Baird, said the earnings report showed "a deceleration" in growth for Google, which may have been due to the impact of fewer holiday shopping days. Despite that, Sebastian said he sees "no change to our positive long-term thesis" for Alphabet. Analyst Nicole Perrin at eMarketer said the results highlight the significance of YouTube, the popular video service for which Alphabet had not up to now disclosed financial data. "This is something investors have been looking for, but the information should also give advertisers valuable information about the importance of YouTube as a digital ad vehicle," Perrin said. "YouTube is growing strongly according to this report, and revenues are above where eMarketer had thought they were." Alphabet's "other bets" which include Waymo autonomous vehicles, life sciences and drone delivery, took in $172 million in revenue in the final three months of the year, ending the 12 months with a big operating loss. The results come with the company facing intense pressure around the globe over its dominance of the online ecosystem. It also has been at the centre of a dispute over tax policy for multinational firms. Global negotiators are seeking a new treaty on how to tax digital operations spanning the globe. "It is something we always need to take a look at," Pichai said on an earnings call with investors and others when asked how regulatory or taxation moves could affect Alphabet's bottom line. "We are engaged in these issues and we anticipate and structurally work on them early on." Indian-born Pichai, who had been CEO of Google, was promoted last year to the same role at Alphabet.

Disappointing growth hits Google parent Alphabet shares

Finance minister Nirmala Sitharaman proposed to bring a new personal income tax regime where income tax rates will be reduced but several exemptions will be removed.

<a href="https://www.wionews.com/business-economy/budget-2020-new-tax-slab-proposed-for-common-man-278050">Also Read: New tax slab proposed for common man</a>

Now, what will you lose if you opt for the new lower income tax regime.

For starters, those opting for the new tax regime will have to forego 70 out of 100 exemptions currently enjoyed by taxpayers.

The important tax breaks that will not be available under the new regime include the benefits of section 80c, investments in provident fund, national pension scheme and life insurance premium.

<a href="https://www.wionews.com/business-economy/budget-2020-key-highlights-100-more-airports-to-be-developed-by-2024-under-udaan-scheme-278042">Budget key highlights: 100 more airports to be developed by 2024 under Udaan scheme</a>

There will be no exemptions under section 80d that includes medical insurance premium. Also, you will have to let go off tax breaks on house rent allowance and the interest paid on housing loan.

Taxpayers will have to forego tax breaks for the disabled and charitable donations. So now, the big question is that will the new personal tax regime really bring substantial tax savings for most?

Under the new tax regime, the individuals can opt to pay tax at the reduced rates without claiming the various tax exemptions and deductions.

<a href="https://www.wionews.com/photos/budget-2020-21-union-budget-four-basics-that-you-need-to-know-277961">In pics: Four basic things about India's Budget, you need to know!</a>

The individuals will have to work out their liability under the old and new tax regime before deciding which one is more beneficial.

In the list of new income tax regime, &nbsp;you are likely to lose on: Leave travel concession, house rent allowance, provident fund, national pension scheme, life insurance premium, interest paid on housing loan, interest paid on higher education and disabled and charitable donations.

Finance minister Nirmala Sitharaman proposed to bring a new personal income tax regime where income tax rates will be reduced but several exemptions will be removed.

Finance minister Nirmala Sitharaman proposed to bring a new personal income tax regime where income tax rates will be reduced but several exemptions will be removed. Also Read: New tax slab proposed for common man Now, what will you lose if you opt for the new lower income tax regime. For starters, those opting for the new tax regime will have to forego 70 out of 100 exemptions currently enjoyed by taxpayers. The important tax breaks that will not be available under the new regime include the benefits of section 80c, investments in provident fund, national pension scheme and life insurance premium. Budget key highlights: 100 more airports to be developed by 2024 under Udaan scheme There will be no exemptions under section 80d that includes medical insurance premium. Also, you will have to let go off tax breaks on house rent allowance and the interest paid on housing loan. Taxpayers will have to forego tax breaks for the disabled and charitable donations. So now, the big question is that will the new personal tax regime really bring substantial tax savings for most? Under the new tax regime, the individuals can opt to pay tax at the reduced rates without claiming the various tax exemptions and deductions. In pics: Four basic things about India's Budget, you need to know! The individuals will have to work out their liability under the old and new tax regime before deciding which one is more beneficial. In the list of new income tax regime, you are likely to lose on: Leave travel concession, house rent allowance, provident fund, national pension scheme, life insurance premium, interest paid on housing loan, interest paid on higher education and disabled and charitable donations.

Budget 2020: Find out what will you lose in new tax regime

Chinese stocks tumbled on Monday as a result of the <a href="https://www.wionews.com/world/death-toll-in-coronavirus-rises-to-361-as-man-dies-in-philippines-278197">coronavirus</a> with 2,600 stocks falling ten per cent daily limit.

The Shanghai Composite Index was down 8.13 per cent, or 241.87 points while the Shenzhen Composite Index was down &nbsp;145.78 points, falling 8.30 per cent to 1,611.04.

<a href="https://www.wionews.com/world/us-universities-set-up-front-line-defenses-to-keep-coronavirus-at-bay-278157">Also Read: US universities set up front-line defenses to keep coronavirus at bay</a>

The bloodletting on the markets led the investors to lose $420 billion as they sold the yuan and commodities amid the rapid spread of coronavirus.

On Monday, &nbsp;<a href="https://www.wionews.com/world/coronavirus-outbreak-brazilians-in-wuhan-ask-help-leaving-ground-zero-of-virus-drama-278221">China's coronavirus</a> epidemic jumped to 361 with one death being reported outside China for the first time in the Philippines.

Copper, aluminium, zinc and lead prices too sank on trading day on Monday while the Bond prices surged.

<a href="https://www.wionews.com/world/china-has-not-yet-accepted-us-help-with-coronavirus-white-house-adviser-278185">Also Read: China has not yet accepted US help with coronavirus, says White House adviser</a>

As investors continued to sell, People's Bank of China (PBOC) injected $173.81 billion into the money market in order to boost the markets.

Gold demand also slumped as the coronavirus epidemic spead even as several countries tightened travel curbs.

Tokyo stocks also opened lower on Monday. On Friday, the Dow slid over 600 points after US carriers halted all service to China.

Chinese stocks tumbled on Monday as a result of the coronavirus with 2,600 stocks falling ten per cent daily limit. The Shanghai Composite Index was down 8.13 per cent, or 241.

Chinese stocks tumbled on Monday as a result of the coronavirus with 2,600 stocks falling ten per cent daily limit. The Shanghai Composite Index was down 8.13 per cent, or 241.87 points while the Shenzhen Composite Index was down 145.78 points, falling 8.30 per cent to 1,611.04. Also Read: US universities set up front-line defenses to keep coronavirus at bay The bloodletting on the markets led the investors to lose $420 billion as they sold the yuan and commodities amid the rapid spread of coronavirus. On Monday, China's coronavirus epidemic jumped to 361 with one death being reported outside China for the first time in the Philippines. Copper, aluminium, zinc and lead prices too sank on trading day on Monday while the Bond prices surged. Also Read: China has not yet accepted US help with coronavirus, says White House adviser As investors continued to sell, People's Bank of China (PBOC) injected $173.81 billion into the money market in order to boost the markets. Gold demand also slumped as the coronavirus epidemic spead even as several countries tightened travel curbs. Tokyo stocks also opened lower on Monday. On Friday, the Dow slid over 600 points after US carriers halted all service to China.

Chinese stocks crash as death toll in coronavirus mounts to over 360

Former Finance Minister P Chidambaram stated that the Union Budget was one that lacked a narrative similar to a movie which bombed after its first show. He said that the news on Budget had disappeared from media discussions just after two days of it having been tabled.&nbsp;

Speaking to industry leaders at an event hosted by the Southern India Chamber of Commerce and Industry, Chidambaram shared his explanation that the two major reasons for the slowdown were demand constraint and the economy being investment starved.

The former finance minister began by stating that he would speak for 160 minutes, in an apparent dig at Finance Minister Nirmala Sitaraman’s marathon Budget speech, that lasted as long and was also the longest Budget speech.&nbsp;

Making a mention of the six quarters of growth decline and rising inflation rates, he referred to the economy as a patient who required radical surgery and a doctor (the government) who wasn’t ready to acknowledge how bad the situation was.&nbsp;

Also read: <a href="https://www.wionews.com/opinions-blogs/union-budget-2020-government-has-taken-bold-steps-to-put-economy-back-on-track-278226">Union Budget 2020 - Government has taken bold steps to put economy back on track</a>

“None of the growth engines are firing and we have a 0.1 per cent decline in mining, negative growth of 5.3 per cent in coal, 3.1 per cent in gas and 1.1 per cent in refining. Imports are on the decline for 8 months in a row while exports are on the downward slide for 5 months in a row. Every sector is facing this including leather, agriculture, handicrafts et cetera. In the auto sector alone 296 workshops have shut and 2 lakh people lost their jobs. The finance minister must ask her team for an economic explanation for what’s happening,” Chidambaram said.&nbsp;

Sharing his reading of the situation, Chidambaram said that there is a demand constraint where people are not buying, don't have an inclination to buy and nobody is willing to invest be it domestic or foreign.&nbsp;

"The natural reaction of the government should be what shall we do to make people buy and invest, how to stimulate demand and promote investment," he added.

On the decline in investments, he said, “Nobody is investing as their inventory piling up, as the production capacity utilization is 49 per cent. When one has nearly 50 per cent idle capacity why would they invest?”&nbsp;

Also read: <a href="https://www.wionews.com/business-economy/union-budget-2020-is-a-progressive-one-focuses-on-skill-development-of-indias-youth-pm-modi-278017">Budget will bolster income and investment; bring vitality in financial system - PM Modi</a>

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Solutions and the way ahead&nbsp;

Chidambaram said that the best way to stimulate demand is by putting more money in the hands of the common man and ensure that they buy everything ranging from eggs to shoes, clothes and toothpaste. He stated that only mass consumption drives demand and that it isn’t enough to give corporate tax cuts that benefit 200 rich people, whereas growth can be driven only when there is money in the hands of crores of people.&nbsp;

“The Government doesn't need to go too far to understand that if the demand picks up, people will start buying more”, he said.

Chidambaram recommended that the government must consider reviving the 4 engines of growth - government expenditure, private investment, private consumption and exports. He added that the engines can't be fired at full speed from their current stuttering state. Chidambaram furthered that the government redraw its expenditure pattern and spend in ways that can take money directly to the people.

Also read: <a href="https://www.wionews.com/business-economy/20-key-budget-highlights-you-must-know-278059">20 key Budget highlights you must know</a>

“I am with the government on cleaning the rivers, but it gets polluted as it is getting cleaned and it is a long gestation project. They expect to open 100 more airports under Udaan, but 50 per cent of airports opened in the last year have no flights and no passengers. Instead, the government must take money from long-gestation projects and fund MNREGA and the PM Kisan scheme as money would be available in people’s hands in around 3 months and they can spend it," Chidambaram reasoned.&nbsp;

The former finance minister added that the other solution would be to revive exports as the goods produced in India can be pushed out and higher volume of exports can generate jobs.&nbsp;

He urged associations and industry bodies to speak up and express their concerns to the government. “We believe that they will take our advice, not all of the opposition's advice is ill-meaning. We hope they will do something to revive our economy. It is possible to touch six or even seven per cent growth,” Chidambaram stated.&nbsp;

Former Finance Minister P Chidambaram stated that the Union Budget was one that lacked a narrative similar to a movie which bombed after its first show. He said that the news on Budget had disappeared from media discussions just after two days of it having been tabled.

Former Finance Minister P Chidambaram stated that the Union Budget was one that lacked a narrative similar to a movie which bombed after its first show. He said that the news on Budget had disappeared from media discussions just after two days of it having been tabled. Speaking to industry leaders at an event hosted by the Southern India Chamber of Commerce and Industry, Chidambaram shared his explanation that the two major reasons for the slowdown were demand constraint and the economy being investment starved. The former finance minister began by stating that he would speak for 160 minutes, in an apparent dig at Finance Minister Nirmala Sitaraman’s marathon Budget speech, that lasted as long and was also the longest Budget speech. Making a mention of the six quarters of growth decline and rising inflation rates, he referred to the economy as a patient who required radical surgery and a doctor (the government) who wasn’t ready to acknowledge how bad the situation was. Also read: Union Budget 2020 - Government has taken bold steps to put economy back on track “None of the growth engines are firing and we have a 0.1 per cent decline in mining, negative growth of 5.3 per cent in coal, 3.1 per cent in gas and 1.1 per cent in refining. Imports are on the decline for 8 months in a row while exports are on the downward slide for 5 months in a row. Every sector is facing this including leather, agriculture, handicrafts et cetera. In the auto sector alone 296 workshops have shut and 2 lakh people lost their jobs. The finance minister must ask her team for an economic explanation for what’s happening,” Chidambaram said. Sharing his reading of the situation, Chidambaram said that there is a demand constraint where people are not buying, don't have an inclination to buy and nobody is willing to invest be it domestic or foreign. "The natural reaction of the government should be what shall we do to make people buy and invest, how to stimulate demand and promote investment," he added. On the decline in investments, he said, “Nobody is investing as their inventory piling up, as the production capacity utilization is 49 per cent. When one has nearly 50 per cent idle capacity why would they invest?” Also read: Budget will bolster income and investment; bring vitality in financial system - PM Modi × Solutions and the way ahead Chidambaram said that the best way to stimulate demand is by putting more money in the hands of the common man and ensure that they buy everything ranging from eggs to shoes, clothes and toothpaste. He stated that only mass consumption drives demand and that it isn’t enough to give corporate tax cuts that benefit 200 rich people, whereas growth can be driven only when there is money in the hands of crores of people. “The Government doesn't need to go too far to understand that if the demand picks up, people will start buying more”, he said. Chidambaram recommended that the government must consider reviving the 4 engines of growth - government expenditure, private investment, private consumption and exports. He added that the engines can't be fired at full speed from their current stuttering state. Chidambaram furthered that the government redraw its expenditure pattern and spend in ways that can take money directly to the people. Also read: 20 key Budget highlights you must know “I am with the government on cleaning the rivers, but it gets polluted as it is getting cleaned and it is a long gestation project. They expect to open 100 more airports under Udaan, but 50 per cent of airports opened in the last year have no flights and no passengers. Instead, the government must take money from long-gestation projects and fund MNREGA and the PM Kisan scheme as money would be available in people’s hands in around 3 months and they can spend it," Chidambaram reasoned. The former finance minister added that the other solution would be to revive exports as the goods produced in India can be pushed out and higher volume of exports can generate jobs. He urged associations and industry bodies to speak up and express their concerns to the government. “We believe that they will take our advice, not all of the opposition's advice is ill-meaning. We hope they will do something to revive our economy. It is possible to touch six or even seven per cent growth,” Chidambaram stated.

P Chidambaram likens Budget to flop movie; suggests steps for growth revival

Things might not look up for the Indian economy at the moment but according to a study, India is likely to bounce back in the long run.&nbsp;

According to a Japan-based think tank, India's bolstered GDP, together with neighbouring China's, is expected to account for 35 per cent of the global Gross Domestic Product in the year 2060.&nbsp;

Japan Center for Economic Research (JCER) has found that India and China's combined share in the world's GDP will near America's and European countries' combined share.&nbsp;

Also read: <a href="https://www.wionews.com/business-economy/nominal-gdp-growth-for-2020-21-estimated-at-10-per-cent-says-fm-sitharaman-277995">Nominal GDP growth for 2020-21 estimated at 10 per cent, says FM Sitharaman</a> &nbsp;

In the next four decades, the JCER found that India's share of the world economy will be over 15 per cent while China's is expected to be around 20 per cent.&nbsp;

China is predicted to surpass the United States as the world's largest economy around 2030, adding that Washington will be quick to retain its spot in the following decades.

Also read: <a href="https://www.wionews.com/business-economy/gdp-growth-rate-for-2018-19-revised-downwards-to-61-from-68-277825">GDP growth rate for 2018-19 revised downwards to 6.1% from 6.8%</a>&nbsp;

The research also points to the falling share of US and Economies economies on the global platform in the years to come.&nbsp; 
&nbsp;

Things might not look up for the Indian economy at the moment but according to a study, India is likely to bounce back in the long run. According to a Japan-based think tank, India's bolstered GDP, together with neighbouring China's, is expected to account for 35 per cent of the global Gross Domestic Product in the year 2060.

Things might not look up for the Indian economy at the moment but according to a study, India is likely to bounce back in the long run. According to a Japan-based think tank, India's bolstered GDP, together with neighbouring China's, is expected to account for 35 per cent of the global Gross Domestic Product in the year 2060. Japan Center for Economic Research (JCER) has found that India and China's combined share in the world's GDP will near America's and European countries' combined share. Also read: Nominal GDP growth for 2020-21 estimated at 10 per cent, says FM Sitharaman In the next four decades, the JCER found that India's share of the world economy will be over 15 per cent while China's is expected to be around 20 per cent. China is predicted to surpass the United States as the world's largest economy around 2030, adding that Washington will be quick to retain its spot in the following decades. Also read: GDP growth rate for 2018-19 revised downwards to 6.1% from 6.8% The research also points to the falling share of US and Economies economies on the global platform in the years to come.

India, China to account for nearly 35% of global GDP in 2060: Study

India’s manufacturing activity has expanded at its quickest pace in nearly eight years in January with robust growth in new orders and output, indicating an initial recovery in the demand in the Indian economy.

This comes at a time when there has been widespread concern over the economic slowdown.

The manufacturing Purchasing Managers’ Index or PMI for India shot up to 55.3 in January from 52.7 in December. This is the highest reading since February 2012.

The recovery also suggests the economy may be getting back on firmer footing as initial growth has been registered in the new business sector.

According to a private survey by data analytics firm IHS Markit, hiring activity has also improved in January, with firms increasing employment at the fastest rate in close to seven-and-a-half years.

Also read: <a href="https://www.wionews.com/india-news/indian-economy-experienced-abrupt-slowdown-in-2019-but-its-not-in-a-recession-imf-md-277892">Indian economy experienced abrupt slowdown in 2019, but it’s not in a recession - IMF MD</a>

A figure above 50 indicates expansion, however, anything lower signals contraction.

The survey tracked new orders, output, jobs, suppliers’ delivery time, and stocks of purchases at around 400 manufacturers.

The modest growth in manufacturing indicator comes in the backdrop of improvements in several leading indicators, including goods and services tax (GST) collection and core sector industries.

In response to the jump in sales, factories also hired new workers at the fastest rate in more than seven years.

Meanwhile, both input costs and output prices rose at a slower pace, indicating overall inflation may have eased after hitting a more than five year high of 7.35 per cent in December.

This might keep the central bank, which cut its key interest rate by a cumulative 135 basis points last year, on the sidelines over the coming months.

India’s manufacturing activity has expanded at its quickest pace in nearly eight years in January with robust growth in new orders and output, indicating an initial recovery in the demand in the Indian economy.

India’s manufacturing activity has expanded at its quickest pace in nearly eight years in January with robust growth in new orders and output, indicating an initial recovery in the demand in the Indian economy. This comes at a time when there has been widespread concern over the economic slowdown. The manufacturing Purchasing Managers’ Index or PMI for India shot up to 55.3 in January from 52.7 in December. This is the highest reading since February 2012. The recovery also suggests the economy may be getting back on firmer footing as initial growth has been registered in the new business sector. According to a private survey by data analytics firm IHS Markit, hiring activity has also improved in January, with firms increasing employment at the fastest rate in close to seven-and-a-half years. Also read: Indian economy experienced abrupt slowdown in 2019, but it’s not in a recession - IMF MD A figure above 50 indicates expansion, however, anything lower signals contraction. The survey tracked new orders, output, jobs, suppliers’ delivery time, and stocks of purchases at around 400 manufacturers. The modest growth in manufacturing indicator comes in the backdrop of improvements in several leading indicators, including goods and services tax (GST) collection and core sector industries. In response to the jump in sales, factories also hired new workers at the fastest rate in more than seven years. Meanwhile, both input costs and output prices rose at a slower pace, indicating overall inflation may have eased after hitting a more than five year high of 7.35 per cent in December. This might keep the central bank, which cut its key interest rate by a cumulative 135 basis points last year, on the sidelines over the coming months.

India's January manufacturing activity hits nearly 8-year high 

Indian stock indexes closed higher on Monday, as auto and consumer shares gained and helped the markets recover from the previous session's bruising selloff as a reaction to the federal budget.

The broader NSE <a href="https://www.wionews.com/business-economy/latest-business-news-nifty-sensex-end-lower-ahead-of-budget-energy-stocks-lead-losses-277789">Nifty </a>50 index ended 0.39 per cent&nbsp;higher at 11,707.90, while the benchmark S&amp;P BSE <a href="https://www.wionews.com/business-economy/latest-business-news-nifty-sensex-end-lower-ahead-of-budget-energy-stocks-lead-losses-277789">Sensex</a> closed 0.34 per cent higher at 39,872.31.

Stock indexes fell on Saturday to their lowest closing level in more than three months after the budget failed to address key concerns among investors over taxes on long-term capital gains.

Also read: <a href="https://www.wionews.com/business-economy/latest-business-news-nifty-sensex-end-lower-ahead-of-budget-energy-stocks-lead-losses-277789">Nifty, Sensex end lower ahead of budget; energy stocks lead losses</a>

On Monday, the Nifty Auto index gained 1.37 per cent, and shares in the country's top automaker <a href="https://www.wionews.com/business-economy/latest-business-news-nifty-sensex-end-lower-ahead-of-budget-energy-stocks-lead-losses-277789">Maruti Suzuki</a> Ltd rose 2.9 per cent, while those in peers <a href="https://www.wionews.com/business-economy/latest-business-news-nifty-sensex-end-lower-ahead-of-budget-energy-stocks-lead-losses-277789">Bajaj Auto</a> and Mahindra and Mahindra gained 4.5 per cent and 2.5per cent respectively.

Consumer goods stocks also gained after the budget introduced tax cuts for individual taxpayers, a move aimed at providing more disposable income for consumers.

Consumer products maker <a href="https://www.wionews.com/business-economy/latest-business-news-nifty-sensex-end-lower-ahead-of-budget-energy-stocks-lead-losses-277789">Hindustan Unilever</a> Ltd jumped 5 per cent, while cookie maker <a href="https://www.wionews.com/business-economy/latest-business-news-nifty-sensex-end-lower-ahead-of-budget-energy-stocks-lead-losses-277789">Britannia Industries</a> Ltd climbed 4.3 per cent.

However, hotels-to-cigarettes conglomerate <a href="https://www.wionews.com/business-economy/latest-business-news-nifty-sensex-end-lower-ahead-of-budget-energy-stocks-lead-losses-277789">ITC</a> Ltd slid 5.2&nbsp;per cent&nbsp;after the budget proposed raising taxes on cigarettes.

Meanwhile, world shares sank to their lowest in seven weeks, dragged down by a plunge in Asian stocks on their first trading day after a long break on fears the coronavirus epidemic would hit demand in <a href="https://www.wionews.com/business-economy/latest-business-news-coronavirus-outbreak-chinese-stock-market-suffers-a-setback-of-393-billion-278337">China</a>.

Indian stock indexes closed higher on Monday, as auto and consumer shares gained and helped the markets recover from the previous session's bruising selloff as a reaction to the federal budget.

Indian stock indexes closed higher on Monday, as auto and consumer shares gained and helped the markets recover from the previous session's bruising selloff as a reaction to the federal budget. The broader NSE Nifty 50 index ended 0.39 per cent higher at 11,707.90, while the benchmark S&P BSE Sensex closed 0.34 per cent higher at 39,872.31. Stock indexes fell on Saturday to their lowest closing level in more than three months after the budget failed to address key concerns among investors over taxes on long-term capital gains. Also read: Nifty, Sensex end lower ahead of budget; energy stocks lead losses On Monday, the Nifty Auto index gained 1.37 per cent, and shares in the country's top automaker Maruti Suzuki Ltd rose 2.9 per cent, while those in peers Bajaj Auto and Mahindra and Mahindra gained 4.5 per cent and 2.5per cent respectively. Consumer goods stocks also gained after the budget introduced tax cuts for individual taxpayers, a move aimed at providing more disposable income for consumers. Consumer products maker Hindustan Unilever Ltd jumped 5 per cent, while cookie maker Britannia Industries Ltd climbed 4.3 per cent. However, hotels-to-cigarettes conglomerate ITC Ltd slid 5.2 per cent after the budget proposed raising taxes on cigarettes. Meanwhile, world shares sank to their lowest in seven weeks, dragged down by a plunge in Asian stocks on their first trading day after a long break on fears the coronavirus epidemic would hit demand in China.

Sensex, Nifty close higher after budget-driven slide; consumer stocks shine

Investors disinvested $393 billion from <a href="https://www.wionews.com/business-economy/chinese-stocks-crash-as-death-toll-in-coronavirus-mounts-to-over-360-278267">Chinese stock market</a> on Monday as fears about the deadly coronavirus continue to escalate.

The <a href="https://www.wionews.com/business-economy/chinese-stocks-crash-as-death-toll-in-coronavirus-mounts-to-over-360-278267">Shanghai Composite index</a> plunged 7.7 per cent at 2,746.6 on the first day of trade in <a href="https://www.wionews.com/world/coronavirus-news-chinese-authorities-ignored-early-reports-of-mysterious-coronavirus-by-doctor-report-278301">China</a> since the Lunar New Year.

This was its biggest daily fall in more than four years.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/chinese-stocks-crash-as-death-toll-in-coronavirus-mounts-to-over-360-278267">Chinese stocks crash as death toll in coronavirus mounts to over 360</a>

The value of <a href="https://www.wionews.com/world/coronavirus-news-chinese-authorities-ignored-early-reports-of-mysterious-coronavirus-by-doctor-report-278301https://www.wionews.com/business-economy/chinese-stocks-crash-as-death-toll-in-coronavirus-mounts-to-over-360-278267">yuan</a> began onshore trade at its weakest this year and was down 1.2 per cent by the afternoon itself.

It slid past the 7 dollar mark and closed at 7.0257.

Shanghai-traded commodities from palm oil to copper hit their maximum down limits.

Copper sank to its lowest in more than three years, falling by its daily limit of 7 per cent, while aluminium, zinc and lead shed more than 4 per cent and soybeans dropped 2 per cent.

Bond prices surged, with March futures contracts for 10-year bonds jumping 1.4 per cent.

Also read: <a href="https://www.wionews.com/business-economy/china-economy-grew-at-slowest-pace-in-28-years-in-2018-191687">China economy grew at slowest pace in 28 years in 2018</a>

The wipeout came despite the assistance of the Chinese government to curb selling.

The <a href="https://www.wionews.com/business-economy/chinese-stocks-crash-as-death-toll-in-coronavirus-mounts-to-over-360-278267">People's Bank of China</a> (PBOC) had made its biggest cash injection to the financial system since 2004.

It had injected 1.2 trillion yuan into money markets also unexpectedly cut the interest rate on those short-term funding facilities by 10 basis points.

The chances of a cut in lending rate have significantly increased, central bank adviser Ma Jun said.

China's securities regulator moved to limit short selling and urged mutual fund managers not to sell shares unless they face investor redemptions, sources told Reuters.

The total number of deaths in China from the <a href="https://www.wionews.com/world/coronavirus-news-chinese-authorities-ignored-early-reports-of-mysterious-coronavirus-by-doctor-report-278301">coronavirus</a> rose to 361 by Sunday, compared with 17 on January 23, when Chinese markets last traded.

The new virus has created alarm because it is spreading quickly, much about it is unknown, and authorities' drastic response is likely to drag on economic growth. 
&nbsp;

Investors disinvested $393 billion from Chinese stock market on Monday as fears about the deadly coronavirus continue to escalate. The Shanghai Composite index plunged 7.

Investors disinvested $393 billion from Chinese stock market on Monday as fears about the deadly coronavirus continue to escalate. The Shanghai Composite index plunged 7.7 per cent at 2,746.6 on the first day of trade in China since the Lunar New Year. This was its biggest daily fall in more than four years. Also read: Chinese stocks crash as death toll in coronavirus mounts to over 360 The value of yuan began onshore trade at its weakest this year and was down 1.2 per cent by the afternoon itself. It slid past the 7 dollar mark and closed at 7.0257. Shanghai-traded commodities from palm oil to copper hit their maximum down limits. Copper sank to its lowest in more than three years, falling by its daily limit of 7 per cent, while aluminium, zinc and lead shed more than 4 per cent and soybeans dropped 2 per cent. Bond prices surged, with March futures contracts for 10-year bonds jumping 1.4 per cent. Also read: China economy grew at slowest pace in 28 years in 2018 The wipeout came despite the assistance of the Chinese government to curb selling. The People's Bank of China (PBOC) had made its biggest cash injection to the financial system since 2004. It had injected 1.2 trillion yuan into money markets also unexpectedly cut the interest rate on those short-term funding facilities by 10 basis points. The chances of a cut in lending rate have significantly increased, central bank adviser Ma Jun said. China's securities regulator moved to limit short selling and urged mutual fund managers not to sell shares unless they face investor redemptions, sources told Reuters. The total number of deaths in China from the coronavirus rose to 361 by Sunday, compared with 17 on January 23, when Chinese markets last traded. The new virus has created alarm because it is spreading quickly, much about it is unknown, and authorities' drastic response is likely to drag on economic growth.

Coronavirus outbreak: Chinese stock market suffers setback of $393 billion

After Nirmala Sithraman presented India's Budget on Saturday, the Sensex on Monday jumped&nbsp;100.92 points to 39,836.45 in the opening session with the Nifty rising 31.50 points to 11,693.35.

<a href="https://www.wionews.com/business-economy/stock-markets-reaction-on-budget-surprising-niti-aayog-vice-chairman-278189">Also Read:&nbsp;Stock market's reaction on Budget surprising: Niti Aayog vice chairman</a>

The BSE Sensex went up 262 points to reach 39997.65 at 11am(local time). However, the rupee opened on a weak note and declined by 34 paise to 71.66 against the US dollar in opening trade on Monday after opening on a weak note at 71.62 at the interbank forex market.

The Sensex had tanked over 1,000 points on Saturday after Nirmala Sithraman presented the Budget. Sitharaman had announced cuts in income tax rates for individuals and had scrapped dividend distribution tax (DDT) besides a host of measures to reverse the falling economic growth.

<a href="https://www.wionews.com/business-economy/20-key-budget-highlights-you-must-know-278059">Also Read:&nbsp;20 key Budget highlights you must know</a>

During the Budget speech, the Sensex had dropped 1,003.14 points while Nifty was down by 303.35.

The markets had started on a shaky note and then began sliding rapidly as Sithraman started to read her Budget speech. The BSE benchmark Sensex had logged its biggest one-day plunge in more than a decade after the Union Budget failed to live up to market expectations. 
&nbsp;

After Nirmala Sithraman presented India's Budget on Saturday, the Sensex on Monday jumped 100.92 points to 39,836.45 in the opening session with the Nifty rising 31.

After Nirmala Sithraman presented India's Budget on Saturday, the Sensex on Monday jumped 100.92 points to 39,836.45 in the opening session with the Nifty rising 31.50 points to 11,693.35. Also Read: Stock market's reaction on Budget surprising: Niti Aayog vice chairman The BSE Sensex went up 262 points to reach 39997.65 at 11am(local time). However, the rupee opened on a weak note and declined by 34 paise to 71.66 against the US dollar in opening trade on Monday after opening on a weak note at 71.62 at the interbank forex market. The Sensex had tanked over 1,000 points on Saturday after Nirmala Sithraman presented the Budget. Sitharaman had announced cuts in income tax rates for individuals and had scrapped dividend distribution tax (DDT) besides a host of measures to reverse the falling economic growth. Also Read: 20 key Budget highlights you must know During the Budget speech, the Sensex had dropped 1,003.14 points while Nifty was down by 303.35. The markets had started on a shaky note and then began sliding rapidly as Sithraman started to read her Budget speech. The BSE benchmark Sensex had logged its biggest one-day plunge in more than a decade after the Union Budget failed to live up to market expectations.

After Budget, Sensex rises over 260 in early trade

Individuals having an annual salary income of over Rs 13 lakh and availing deductions of up to Rs 2 lakh will save on their tax outgo if they opt for the new tax regime proposed in the Budget, government sources said on Sunday.

For those earning a salary of Rs 12 lakh and less and availing deductions of up to Rs 2 lakh, the old tax system will be beneficial as the tax outgo will be less compared to the proposed new structure.

As per data, as many as 5.3 crore taxpayers out of 5.78 crore claimed deductions of less than Rs 2 lakh (standard deduction, provident fund, home loan interest, contribution to national pension scheme, life insurance, medical insurance etc.) while filing income tax returns.

This means that about 90 per cent of taxpayers actually claim deduction of less than Rs 2 lakh.

Offering an optional lower rate of income tax to individuals, Finance Minister Nirmala Sitharaman in the Budget 2020-21 proposed new tax slabs of 15 per cent and 25 per cent in addition to the existing 10 per cent, 20 per cent and 30 per cent.

Under the proposed tax slab, annual income up to Rs 2.5 lakh is exempt from tax. Those individuals earning a salary between Rs 2.5 lakh and Rs 5 lakh will pay 5 per cent tax. Income between Rs 5 and 7.5 lakh will be taxed at 10 per cent, while earning of Rs 7.5 and 10 lakh to attract 15 per cent tax.

Those earning a salary between Rs 10 and 12.5 lakh will pay tax at the rate of 20 per cent, while income between Rs 12.5 and Rs 15 lakh will be liable to pay 25 per cent tax. Income above Rs 15 lakh will be taxed at 30 per cent.

The new slabs would be for individuals not availing certain specified deductions or exemptions.

While individuals with an annual salary income of Rs 13 lakh and above will pay Rs 1.43 lakh tax under the proposed tax structure; in the old regime, they would have paid a tax of Rs 1.48 lakh, thereby saving Rs 5,200, a source said.

On salary of Rs 14 lakh a year, savings would be Rs 10,400; and for those with income of Rs 15 lakh and above, savings would be Rs 15,600, provided the deductions claimed are up to Rs 2 lakh.

In case of non-salary earners, who do not get standard deduction of Rs 50,000, the new tax structure is beneficial for those earning Rs 9.5 lakh annually and availing deductions up to Rs 1.5 lakh. They would save Rs 5,200 in their annual income tax outgoing.&nbsp;

Individuals having an annual salary income of over Rs 13 lakh and availing deductions of up to Rs 2 lakh will save on their tax outgo if they opt for the new tax regime proposed in the Budget, government sources said on Sunday.

Individuals having an annual salary income of over Rs 13 lakh and availing deductions of up to Rs 2 lakh will save on their tax outgo if they opt for the new tax regime proposed in the Budget, government sources said on Sunday. For those earning a salary of Rs 12 lakh and less and availing deductions of up to Rs 2 lakh, the old tax system will be beneficial as the tax outgo will be less compared to the proposed new structure. As per data, as many as 5.3 crore taxpayers out of 5.78 crore claimed deductions of less than Rs 2 lakh (standard deduction, provident fund, home loan interest, contribution to national pension scheme, life insurance, medical insurance etc.) while filing income tax returns. This means that about 90 per cent of taxpayers actually claim deduction of less than Rs 2 lakh. Offering an optional lower rate of income tax to individuals, Finance Minister Nirmala Sitharaman in the Budget 2020-21 proposed new tax slabs of 15 per cent and 25 per cent in addition to the existing 10 per cent, 20 per cent and 30 per cent. Under the proposed tax slab, annual income up to Rs 2.5 lakh is exempt from tax. Those individuals earning a salary between Rs 2.5 lakh and Rs 5 lakh will pay 5 per cent tax. Income between Rs 5 and 7.5 lakh will be taxed at 10 per cent, while earning of Rs 7.5 and 10 lakh to attract 15 per cent tax. Those earning a salary between Rs 10 and 12.5 lakh will pay tax at the rate of 20 per cent, while income between Rs 12.5 and Rs 15 lakh will be liable to pay 25 per cent tax. Income above Rs 15 lakh will be taxed at 30 per cent. The new slabs would be for individuals not availing certain specified deductions or exemptions. While individuals with an annual salary income of Rs 13 lakh and above will pay Rs 1.43 lakh tax under the proposed tax structure; in the old regime, they would have paid a tax of Rs 1.48 lakh, thereby saving Rs 5,200, a source said. On salary of Rs 14 lakh a year, savings would be Rs 10,400; and for those with income of Rs 15 lakh and above, savings would be Rs 15,600, provided the deductions claimed are up to Rs 2 lakh. In case of non-salary earners, who do not get standard deduction of Rs 50,000, the new tax structure is beneficial for those earning Rs 9.5 lakh annually and availing deductions up to Rs 1.5 lakh. They would save Rs 5,200 in their annual income tax outgoing.

Individuals earning salary of over Rs 13 lakh a year to save under new tax regime

Niti Aayog Vice Chairman Rajiv Kumar expressed surprise over the stock market reacting negatively on the Budget proposals, saying investors probably expected some big bang reforms and ignored the initiatives towards investment and growth.

Kumar in an interview to PTI said the Budget has done nothing wrong, and it has "ticked all the boxes".

Giving a thumbs down to the Budget, the market benchmark Sensex logged its biggest single-day plunge in more than a decade, wiping out Rs 3.46 lakh crore investor wealth.

"I am actually quite surprised by the market's reactions yesterday, going down 1,000 points. I was trying to understand why did that happen," he wondered.

Kumar added that "... The Budget does nothing wrong, it has got nothing anti-private investment or anti-private sector or anti-growth, the Budget is ticking all the boxes".

Also read: <a href="https://www.wionews.com/business-economy/union-budget-2020-is-a-progressive-one-focuses-on-skill-development-of-indias-youth-pm-modi-278017">Union Budget 2020 will bolster income and investment; bring vitality in financial system - PM Modi</a>

Probably, the market was expecting some big bang reforms that are associated with huge push for consumption as was witnessed in the aftermath of Lehman Brothers crisis in 2008.

"So my own thought was that market expected so called big bang reforms and by big bang reforms, normally everybody understands in India, a huge impetus for consumption. And I think the best example of that was in 2008 Budget which preceded the Lehman Brothers crisis," he said.

Pointing out that the UPA-1 gave lot of sops in 2008 Budget because elections were due, Kumar said it had resulted in ballooning of the fiscal deficit to 6 per cent in 2009 from 2.5 per cent.

"If the market had expected that kind of consumption boost without any regard to fiscal discipline, it was not possible," he said adding that Prime Minister Narendra Modi was very clear that Fiscal Responsibility and Budget Management (FRBM) target should not be breached.

"Therefore, if you notice, we used 0.5 per cent escape clause (under FRBM) and remained within that," Kumar stressed.

Asked if it is still possible to achieve USD 5 trillion target by 2024-25, the eminent economist said it is not an unreal goal and will be achieved.

Also read: <a href="https://www.wionews.com/business-economy/nothing-very-major-in-this-budget-that-would-turn-around-economy-industrialist-adi-godrej-tells-wion-278064">Nothing very major in this Budget that would turn around economy - Industrialist Adi Godrej tells WION</a>

"In the next 5 years, there is no reason to believe that you can't achieve that unless rupee depreciates out of the blue etc. If you do 6-6.5 per cent (growth) now(2020-21), and jump up to 7-8 per cent (growth) in remaining four years, you will achieve that, that's not an unreal target," he said.

Moreover, Kumar said, the Prime Minister has mentioned it as a inspirational target, more to drive the people together.

"And I think, we should keep that intact. Any revision will only create massive discouragement, and not push the people, especially in government to go towards that," the Niti Aayog vice chairman observed.

On the finance minister's decision to increase customs duty on certain products, Kumar said he was always a votary of trade liberalisation.

"I hope ...It (hike of custom duty on certain products) is a temporary measure to provide relief to Indian industry which is feeling very threatened with the Chinese imports, and hopefully enough will be done by the industry and the government to give them kind of competitiveness so that they will be able to stand up against (Chinese) imports without the support," he said.

Kumar further said that trade restriction "does not work quite often, it boomerangs, the shorter it stays the better it is".

On the criticism that the government has not done anything for job creation in the Budget, he said that all investment enhancing measures announced will lead to employment generation.&nbsp;

Niti Aayog Vice Chairman Rajiv Kumar expressed surprise over the stock market reacting negatively on the Budget proposals, saying investors probably expected some big bang reforms and ignored the initiatives towards investment and growth.

Niti Aayog Vice Chairman Rajiv Kumar expressed surprise over the stock market reacting negatively on the Budget proposals, saying investors probably expected some big bang reforms and ignored the initiatives towards investment and growth. Kumar in an interview to PTI said the Budget has done nothing wrong, and it has "ticked all the boxes". Giving a thumbs down to the Budget, the market benchmark Sensex logged its biggest single-day plunge in more than a decade, wiping out Rs 3.46 lakh crore investor wealth. "I am actually quite surprised by the market's reactions yesterday, going down 1,000 points. I was trying to understand why did that happen," he wondered. Kumar added that "... The Budget does nothing wrong, it has got nothing anti-private investment or anti-private sector or anti-growth, the Budget is ticking all the boxes". Also read: Union Budget 2020 will bolster income and investment; bring vitality in financial system - PM Modi Probably, the market was expecting some big bang reforms that are associated with huge push for consumption as was witnessed in the aftermath of Lehman Brothers crisis in 2008. "So my own thought was that market expected so called big bang reforms and by big bang reforms, normally everybody understands in India, a huge impetus for consumption. And I think the best example of that was in 2008 Budget which preceded the Lehman Brothers crisis," he said. Pointing out that the UPA-1 gave lot of sops in 2008 Budget because elections were due, Kumar said it had resulted in ballooning of the fiscal deficit to 6 per cent in 2009 from 2.5 per cent. "If the market had expected that kind of consumption boost without any regard to fiscal discipline, it was not possible," he said adding that Prime Minister Narendra Modi was very clear that Fiscal Responsibility and Budget Management (FRBM) target should not be breached. "Therefore, if you notice, we used 0.5 per cent escape clause (under FRBM) and remained within that," Kumar stressed. Asked if it is still possible to achieve USD 5 trillion target by 2024-25, the eminent economist said it is not an unreal goal and will be achieved. Also read: Nothing very major in this Budget that would turn around economy - Industrialist Adi Godrej tells WION "In the next 5 years, there is no reason to believe that you can't achieve that unless rupee depreciates out of the blue etc. If you do 6-6.5 per cent (growth) now(2020-21), and jump up to 7-8 per cent (growth) in remaining four years, you will achieve that, that's not an unreal target," he said. Moreover, Kumar said, the Prime Minister has mentioned it as a inspirational target, more to drive the people together. "And I think, we should keep that intact. Any revision will only create massive discouragement, and not push the people, especially in government to go towards that," the Niti Aayog vice chairman observed. On the finance minister's decision to increase customs duty on certain products, Kumar said he was always a votary of trade liberalisation. "I hope ...It (hike of custom duty on certain products) is a temporary measure to provide relief to Indian industry which is feeling very threatened with the Chinese imports, and hopefully enough will be done by the industry and the government to give them kind of competitiveness so that they will be able to stand up against (Chinese) imports without the support," he said. Kumar further said that trade restriction "does not work quite often, it boomerangs, the shorter it stays the better it is". On the criticism that the government has not done anything for job creation in the Budget, he said that all investment enhancing measures announced will lead to employment generation.

Stock market's reaction on Budget surprising: Niti Aayog vice chairman

Union Finance Minister Nirmala Sitharaman would be addressing the Parliament's Lower House at 11 am to present the fiscal roadmap.

As it happened: Union Budget 2020-21 — Finance Minister rejigs taxation, Sensex tanks over 600 points

Union Finance Minister Nirmala Sitharaman&nbsp;presented the Budget for the second time in her tenure on Saturday.

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Also read: Union Budget 2020-21 Live News Updates</a>

She made several announcements regarding the electricity and energy sector. These include:

State governments need to replace conventional electricity meters with prepaid smart meters in 3 years.

Rs 22,000 crore to Power and Renewable Energy sector in 2020-21.

Natural gas pipeline grid to be expanded to 27,000 km from over 16,000 km now.

Further reforms for transparent price discovery for natural gas will be undertaken.

Government proposes distribution companies of India (DISCOMs) replace conventional meters with smart pre-paid meters, the option to consumers to choose electricity suppliers.

Union Finance Minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. Also read: Union Budget 2020-21 Live News Updates She made several announcements regarding the electricity and energy sector.

Union Finance Minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. Also read: Union Budget 2020-21 Live News Updates She made several announcements regarding the electricity and energy sector. These include: State governments need to replace conventional electricity meters with prepaid smart meters in 3 years. Rs 22,000 crore to Power and Renewable Energy sector in 2020-21. Natural gas pipeline grid to be expanded to 27,000 km from over 16,000 km now. Further reforms for transparent price discovery for natural gas will be undertaken. Government proposes distribution companies of India (DISCOMs) replace conventional meters with smart pre-paid meters, the option to consumers to choose electricity suppliers.

Union Budget 2020-21: Electricity and energy sector announcements

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Union Budget 2020-21 Live News Updates</a>

She made several announcements regarding the&nbsp;Information and telecommunication related announcements. These include:

Government to bring out a policy for data centre parks throughout the country.

Fibre to home through BharatNet to link 1 lakh gram panchayats this yr; Rs 6,000 cr provided for BharatNet in FY21.

All public institutions at gram panchayat levels such as police stations and post offices to be connected digitally.

Rs 8,000 cr outlay provided for National Mission on Quantum Technology and Application over 5 yrs.

Gross enrolment ratio for girls across all levels of education is higher than boys.

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. Also read: Union Budget 2020-21 Live News Updates She made several announcements regarding the Information and telecommunication related announcements.

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. Also read: Union Budget 2020-21 Live News Updates She made several announcements regarding the Information and telecommunication related announcements. These include: Government to bring out a policy for data centre parks throughout the country. Fibre to home through BharatNet to link 1 lakh gram panchayats this yr; Rs 6,000 cr provided for BharatNet in FY21. All public institutions at gram panchayat levels such as police stations and post offices to be connected digitally. Rs 8,000 cr outlay provided for National Mission on Quantum Technology and Application over 5 yrs. Gross enrolment ratio for girls across all levels of education is higher than boys.

Union Budget 2020-21: Information and telecommunication related announcements