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Sensex tanked over 1,000 points on Saturday afternoon as proposals in the Union Budget 2020-21 failed to cheer investors.

Finance Minister Nirmala Sitharaman announced cuts in income tax rates for individuals and scrapping of <a href="https://www.wionews.com/business-economy/sensex-plunges-over-600-points-as-budget-fails-to-cheer-market-277998">dividend distribution tax</a> (DDT) besides a host of measures to reverse the falling economic growth.

The S&amp;P BSE Sensex was trading around 39,720.35, down 1,003.14 points while Nifty was down by 303.35, trading at 11,658.75.

<a href="https://www.wionews.com/business-economy/25-tax-for-individuals-annually-earning-between-rs-10-lakh-and-rs-125-lakh-sitharaman-in-budget-2020-277999">Also read:&nbsp;25% tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh: Sitharaman in Budget 2020</a>

IDBI Bank share price rose more than 18 per cent after the government announced that it will sell its stake in the bank.

The data available on BSE shows that the government held a 47.11 per cent stake in IDBI Bank as of December 31, 2019, while Life Insurance Corporation of India held a 51 per cent stake.&nbsp;

Hindustan Unilever was also up 2 per cent, SBI and Ultratech Cement rose 1 per cent and were the top gainers in the Sensex. While on the other hand, Powergrid, Tech Mahindra, and NTPC were all down by 1 per cent were the top laggards. The broader Nifty50 index was trading near 11,813-mark, down 148 points, or 1.24 per cent at 1:45 pm today.&nbsp;

Sensex tanked over 1,000 points on Saturday afternoon as proposals in the Union Budget 2020-21 failed to cheer investors. Finance Minister Nirmala Sitharaman announced cuts in income tax rates for individuals and scrapping of dividend distribution tax (DDT) besides a host of measures to reverse the falling economic growth.

Sensex tanked over 1,000 points on Saturday afternoon as proposals in the Union Budget 2020-21 failed to cheer investors. Finance Minister Nirmala Sitharaman announced cuts in income tax rates for individuals and scrapping of dividend distribution tax (DDT) besides a host of measures to reverse the falling economic growth. The S&P BSE Sensex was trading around 39,720.35, down 1,003.14 points while Nifty was down by 303.35, trading at 11,658.75. Also read: 25% tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh: Sitharaman in Budget 2020 IDBI Bank share price rose more than 18 per cent after the government announced that it will sell its stake in the bank. The data available on BSE shows that the government held a 47.11 per cent stake in IDBI Bank as of December 31, 2019, while Life Insurance Corporation of India held a 51 per cent stake. Hindustan Unilever was also up 2 per cent, SBI and Ultratech Cement rose 1 per cent and were the top gainers in the Sensex. While on the other hand, Powergrid, Tech Mahindra, and NTPC were all down by 1 per cent were the top laggards. The broader Nifty50 index was trading near 11,813-mark, down 148 points, or 1.24 per cent at 1:45 pm today.

Sensex tumbles over 1,000 points after Budget announcements

Union finance minister <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">Nirmala Sitharaman</a> delivered the longest Budget speech on Saturday after she spoke for two hours and forty-one minutes.

She also broke her own previous record of speaking for two hours and seventeen minutes in the previous Budget.

Before this, the longest speeches were given by <a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">Jaswant Singh</a>&nbsp;in 2003 and <a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">Arun Jaitley</a>&nbsp;in 2014 who spoke for two hours thirteen minutes and two hours ten minutes respectively.

Also see:<a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">&nbsp;Key facts about India's Budget</a>

However, &nbsp;ex-finance minister Manmohan Singh speech was longest in terms of words as it comprised of 18,650 words in the historic 1991 speech in which he announced the liberalization of the economy.

It was followed by former finance minister late Arun Jaitley&nbsp;whose speech comprised of 18,604 words.

Interestingly, the shortest Budget speech was given by HM Patel in 1977 during the Janta Dal government comprising&nbsp;800 words.

The Union Budget speeches have become longer over the period of time.

The following chart shows the number of paragraphs in each budget speech:

<img alt="Data" data-entity-type="file" data-entity-uuid="6767e228-a3b9-41f0-8a2a-334c5fbc61cf" src="//cdn.wionews.com/sites/default/files/inline-images/Capture%20454.JPG" />

(Data: Ministry of Finance)

After over two hours and a half hours, Sitharaman appeared to be exhausted after speaking for such a long duration.

''Sir, I think I will lay down the rest of the pages,'' she told the Lok Sabha speaker <a href="https://www.wionews.com/india-news/lok-sabha-speaker-om-birla-rejects-ministers-demand-says-there-will-be-no-adjournments-238511">Om Birla.</a>

India's finance minister cut shot the Budget and did not read the remaining two pages of her speech as she felt uneasy.

True to her style in 2019, she recited several poems and couplets from a Kashmiri poem by Dina Nath Kaul Nadim, a line from Tamil Saint poet Avvaiyar's 'Aathichudi' and one couplet of Tamil saint Thirukkural.

She had also used six&nbsp;languages in her Budget Day speech on July 5, 2019.

Union finance minister Nirmala Sitharaman delivered the longest Budget speech on Saturday after she spoke for two hours and forty-one minutes. She also broke her own previous record of speaking for two hours and seventeen minutes in the previous Budget.

Union finance minister Nirmala Sitharaman delivered the longest Budget speech on Saturday after she spoke for two hours and forty-one minutes. She also broke her own previous record of speaking for two hours and seventeen minutes in the previous Budget. Before this, the longest speeches were given by Jaswant Singh in 2003 and Arun Jaitley in 2014 who spoke for two hours thirteen minutes and two hours ten minutes respectively. Also see: Key facts about India's Budget However, ex-finance minister Manmohan Singh speech was longest in terms of words as it comprised of 18,650 words in the historic 1991 speech in which he announced the liberalization of the economy. It was followed by former finance minister late Arun Jaitley whose speech comprised of 18,604 words. Interestingly, the shortest Budget speech was given by HM Patel in 1977 during the Janta Dal government comprising 800 words. The Union Budget speeches have become longer over the period of time. The following chart shows the number of paragraphs in each budget speech: (Data: Ministry of Finance) After over two hours and a half hours, Sitharaman appeared to be exhausted after speaking for such a long duration. ''Sir, I think I will lay down the rest of the pages,'' she told the Lok Sabha speaker Om Birla. India's finance minister cut shot the Budget and did not read the remaining two pages of her speech as she felt uneasy. True to her style in 2019, she recited several poems and couplets from a Kashmiri poem by Dina Nath Kaul Nadim, a line from Tamil Saint poet Avvaiyar's 'Aathichudi' and one couplet of Tamil saint Thirukkural. She had also used six languages in her Budget Day speech on July 5, 2019.

In longest Budget speech, Sitharaman recites Kashmiri poem, couplet in Tamil

Union finance minister <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">Nirmala Sitharaman</a> presented the Budget for the second time in her tenure on Saturday.

In her speech she said, ''clean air is a matter of concern in large cities, propose to encourage states to formulate and implement plans to ensure clean air''.

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 for the environment and climate change.

Key Highlights:&nbsp;

*Rs 4,400 crore allocated for the 'Clean Air policy'.&nbsp;In this, the focus will be on those cities that have a population of one million.&nbsp;

*India's commitment towards tackling climate change made in Paris conference kick-starts from January 1, 2021.

*PM KUSUM to be expanded to provide 2 million farmers in setting up standalone solar pumps.

* Sitharaman&nbsp;allocated Rs 2,955 crores to the Ministry of Environment, Forests and Climate Change which was roughly 10 per cent more than the previous Budgets.

* Out of this, pollution control got a fresh budget of Rs 460 crores, which includes multiple initiatives like the National Clean Air Programme (NCAP).

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. In her speech she said, ''clean air is a matter of concern in large cities, propose to encourage states to formulate and implement plans to ensure clean air''.

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. In her speech she said, ''clean air is a matter of concern in large cities, propose to encourage states to formulate and implement plans to ensure clean air''. Also read: Union Budget 2020-21 Live News Updates She made several announcements for the environment and climate change. Key Highlights: *Rs 4,400 crore allocated for the 'Clean Air policy'. In this, the focus will be on those cities that have a population of one million. *India's commitment towards tackling climate change made in Paris conference kick-starts from January 1, 2021. *PM KUSUM to be expanded to provide 2 million farmers in setting up standalone solar pumps. * Sitharaman allocated Rs 2,955 crores to the Ministry of Environment, Forests and Climate Change which was roughly 10 per cent more than the previous Budgets. * Out of this, pollution control got a fresh budget of Rs 460 crores, which includes multiple initiatives like the National Clean Air Programme (NCAP).

Union Budget 2020: Nirmala Sitharaman's key announcements on climate change

Finance Minister Nirmala Sitharaman presented her second Budget in Prime Minister Narendra Modi's second term in what is considered to be the most difficult budget in a decade.&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">Also Read:&nbsp;Union Budget 2020-21-&nbsp;News Updates</a>

The FM Presented the budget at a time when the Indian economy was facing multipronged challenges including lack of jobs and slowing consumption.&nbsp;

<a href="https://www.wionews.com/business-economy/2020-budget-updates-union-budget-2020-sitharaman-allocates-rs-99300-crore-for-education-proposes-medical-colleges-with-district-hospitals-on-ppp-model-277987">Also Read:&nbsp;Sitharaman allocates Rs 99,300 crore for education</a>

Here are the reactions of political leaders on Sitharaman's budget:&nbsp;

The budget gives an outline of new and confident India: Defence Minister Rajnath Singh

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The first Budget of the new decade presented today by Finance Minister Smt. <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> gives an outline of a New and Confident India. 
 
It is a promising, proactive and progressive Budget which will make India healthy and wealthy in coming years.
— Rajnath Singh (@rajnathsingh) <a href="https://twitter.com/rajnathsingh/status/1223524289694978053?ref_src=twsrc%5Etfw">February 1, 2020</a></blockquote>
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Govt removes incentives to ''save'' in the nation with no social security: Trinamool Congress on Budget

The Trinamool Congress on Saturday slammed the Union Budget over the removal of tax exemptions and questioned such a move in a country with no social security. 
Finance Minister Nirmala Sitharaman introduced new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh per annum, if a taxpayer opts for foregoing exemptions and deductions.

<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&nbsp;</a>

The official handle of Congress party tweeted that the Budget 2020 has failed to layout a roadmap or plan on how the govt plans to address this serious issue.

<img alt="Congress" data-entity-type="file" data-entity-uuid="6ceb8870-ef0a-431d-8df4-863c188ebc78" src="//cdn.wionews.com/sites/default/files/inline-images/congress.JPG" /> 
 
Criticizing the Union Budget presented by the Finance Minister Nirmala Sitharaman, Congress leader Rahul Gandhi said that govt's hollow approach visible in Budget. The budget describes govt's mindset well - all talk, nothing concrete; a lot of repetition and rambling.&nbsp;

"Did not see any concrete, strategic idea in Budget that could help youngsters get jobs; redundant things, no central idea," said Rahul Gandhi.

Finance Minister Nirmala Sitharaman presented her second Budget in Prime Minister Narendra Modi's second term in what is considered to be the most difficult budget in a decade.

Finance Minister Nirmala Sitharaman presented her second Budget in Prime Minister Narendra Modi's second term in what is considered to be the most difficult budget in a decade. Also Read: Union Budget 2020-21- News Updates The FM Presented the budget at a time when the Indian economy was facing multipronged challenges including lack of jobs and slowing consumption. Also Read: Sitharaman allocates Rs 99,300 crore for education Here are the reactions of political leaders on Sitharaman's budget: The budget gives an outline of new and confident India: Defence Minister Rajnath Singh The first Budget of the new decade presented today by Finance Minister Smt. @nsitharaman gives an outline of a New and Confident India. It is a promising, proactive and progressive Budget which will make India healthy and wealthy in coming years. — Rajnath Singh (@rajnathsingh) February 1, 2020 × Govt removes incentives to ''save'' in the nation with no social security: Trinamool Congress on Budget The Trinamool Congress on Saturday slammed the Union Budget over the removal of tax exemptions and questioned such a move in a country with no social security. Finance Minister Nirmala Sitharaman introduced new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh per annum, if a taxpayer opts for foregoing exemptions and deductions. Nominal GDP growth for 2020-21 estimated at 10 per cent, says FM Sitharaman The official handle of Congress party tweeted that the Budget 2020 has failed to layout a roadmap or plan on how the govt plans to address this serious issue. Criticizing the Union Budget presented by the Finance Minister Nirmala Sitharaman, Congress leader Rahul Gandhi said that govt's hollow approach visible in Budget. The budget describes govt's mindset well - all talk, nothing concrete; a lot of repetition and rambling. "Did not see any concrete, strategic idea in Budget that could help youngsters get jobs; redundant things, no central idea," said Rahul Gandhi.

Budget 2020 political reactions: Govt calls Budget reform-oriented; Opposition terms it rambling, says 'no focus on job creation'

Finance Minister Nirmala Sitharaman presented her second Budget in Prime Minister Narendra Modi's second term in what is considered to be the most difficult budget in a decade. The FM Presented the budget at a time when the Indian economy was facing multipronged challenges including lack of jobs and slowing consumption.&nbsp;

Here are the key highlights of the Union budget 2020 - 21:&nbsp;

Government proposes Rs 3.6 lakh crore towards <a href="https://www.wionews.com/business-economy/live-budget-2020-news-union-budget-2020-21-gst-has-gradually-matured-into-a-tax-integrating-the-country-economically-says-sitharaman-277943">piped water supply</a> to households.&nbsp;

Centre to announce a new education policy soon; the government received over 2 lakh suggestions on it.&nbsp;

Allocation for Swachh Bharat for 2020-21 stands at Rs&nbsp;12,300 crore. &nbsp;

The government proposes to expand coverage of Artificial Insemination to 70 per cent from 30 per cent to increase livestock productivity.

Fish production to be raised to 200 lakh tonnes by 2022.

Indian Railways to set up Kisan Rail in Public–private partnership (PPP) mode for <a href="https://www.wionews.com/business-economy/foreign-direct-investment-increased-to-284-billion-during-2014-19-sitharaman-277972">cold Supply chain</a> to transport perishable goods.&nbsp;

Horticulture with 311 MT exceeds the production of food&nbsp;Grains.&nbsp;

Watch:&nbsp;Know how stock market is reacting to Budget 2020

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Agricultural credit target set up at Rs 15 lakh crore for Financial Year 2021.

NABARD refinance scheme will be expanded.&nbsp;

Taskforce to be set up to recommend marriageable age for women.

Government to bring out policy for data centre parks throughout the country.

Government proposes discoms replace conventional meters with smart pre-paid meters, an option to consumers to choose electricity suppliers.

Fibre to home through BharatNet to link one lakh gram Panchayats this year; Rs 6,000 crore provided for BharatNet in Financial Year 2021.

All public institutions at gram panchayat levels such as police stations and post offices to be connected digitally.&nbsp;

Finance Minister Nirmala Sitharaman presented her second Budget in Prime Minister Narendra Modi's second term in what is considered to be the most difficult budget in a decade. The FM Presented the budget at a time when the Indian economy was facing multipronged challenges including lack of jobs and slowing consumption. Here are the key highlights of the Union budget 2020 - 21: Government proposes Rs 3.6 lakh crore towards piped water supply to households. Centre to announce a new education policy soon; the government received over 2 lakh suggestions on it. Allocation for Swachh Bharat for 2020-21 stands at Rs 12,300 crore. The government proposes to expand coverage of Artificial Insemination to 70 per cent from 30 per cent to increase livestock productivity. Fish production to be raised to 200 lakh tonnes by 2022. Indian Railways to set up Kisan Rail in Public–private partnership (PPP) mode for cold Supply chain to transport perishable goods. Horticulture with 311 MT exceeds the production of food Grains. Watch: Know how stock market is reacting to Budget 2020 × Agricultural credit target set up at Rs 15 lakh crore for Financial Year 2021. NABARD refinance scheme will be expanded. Taskforce to be set up to recommend marriageable age for women. Government to bring out policy for data centre parks throughout the country. Government proposes discoms replace conventional meters with smart pre-paid meters, an option to consumers to choose electricity suppliers. Fibre to home through BharatNet to link one lakh gram Panchayats this year; Rs 6,000 crore provided for BharatNet in Financial Year 2021. All public institutions at gram panchayat levels such as police stations and post offices to be connected digitally.

Budget 2020 highlights: Swachh Bharat funds, Railway PPP, agricultural credit target

As Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2020-21 on Saturday, the domestic equity markets responded in a subdued manner with the BSE Sensex trading 600 points lower.

At 1.50 pm., the Sensex was trading at 40,109.55, lower while Nifty was trading at 11,768.10, lower by 194.00 points.&nbsp;

The indices were largely flat during the early hours of trade and started to decline significantly around 1 p.m.

The budget comes at a crucial time as the economy is going through a severe slowdown and consumer sentiment is significantly low.

The only gainers on the Sensex were Hindustan Unilever, Infosys, TCS and Nestle. The major losers were Larsen and Toubro, ONGC, Tata Steel, Hero MotoCorp and Power Grid.

As Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2020-21 on Saturday, the domestic equity markets responded in a subdued manner with the BSE Sensex trading 600 points lower.

As Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2020-21 on Saturday, the domestic equity markets responded in a subdued manner with the BSE Sensex trading 600 points lower. At 1.50 pm., the Sensex was trading at 40,109.55, lower while Nifty was trading at 11,768.10, lower by 194.00 points. The indices were largely flat during the early hours of trade and started to decline significantly around 1 p.m. The budget comes at a crucial time as the economy is going through a severe slowdown and consumer sentiment is significantly low. The only gainers on the Sensex were Hindustan Unilever, Infosys, TCS and Nestle. The major losers were Larsen and Toubro, ONGC, Tata Steel, Hero MotoCorp and Power Grid.

Budget 2020: Sensex plunges over 600 points

Union finance minister Nirmala Sitharaman while announcing the Budget in Parliament today announced hundred per cent tax concession to sovereign wealth funds on investment in infrastructure&nbsp;projects.

<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:&nbsp;Union Budget 2020-21-&nbsp;News Updates</a>

"Fiscal deficit pegged at 3.8 per cent in current fiscal and 3.5 per cent next year," Sitharaman said during the Budge speech.

The minister also announced concessional tax rate of 15 per cent to power generation companies.

"Concessional withholding rate of 5 per cent on interest payment to non-residents extended up to June 30, 2022," the minister announced.

<a href="https://www.wionews.com/business-economy/2020-budget-updates-union-budget-2020-sitharaman-allocates-rs-99300-crore-for-education-proposes-medical-colleges-with-district-hospitals-on-ppp-model-277987">Also Read:&nbsp;Sitharaman allocates Rs 99,300 crore for education</a>

"Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," Sitharaman said.

"Dividend distribution tax shifted to individuals instead of companies," India's finance minister asserted.

For individuals,&nbsp;those earning upto Rs 5 lakh in a year will pay no tax. "For income between Rs 7.5 lakh and Rs 10 lakh per annum, tax rate has been reduced to 15 per cent from 20 per cent," the minister said.

Sitharaman proposed 10 per cent tax for income between Rs 5 lakh and Rs 7.5 lakh per anum for those who forego deductions and exemptions.

<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&nbsp;</a>

"Expected tax buoyancy will take time," the minister added. "Government to sell part of its holding in LIC," she added.&nbsp;

The minister added that all flagship schemes of the government have been provided for in the Budget.

Union finance minister Nirmala Sitharaman while announcing the Budget in Parliament today announced hundred per cent tax concession to sovereign wealth funds on investment in infrastructure projects.

Union finance minister Nirmala Sitharaman while announcing the Budget in Parliament today announced hundred per cent tax concession to sovereign wealth funds on investment in infrastructure projects. Also Read: Union Budget 2020-21- News Updates "Fiscal deficit pegged at 3.8 per cent in current fiscal and 3.5 per cent next year," Sitharaman said during the Budge speech. The minister also announced concessional tax rate of 15 per cent to power generation companies. "Concessional withholding rate of 5 per cent on interest payment to non-residents extended up to June 30, 2022," the minister announced. Also Read: Sitharaman allocates Rs 99,300 crore for education "Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," Sitharaman said. "Dividend distribution tax shifted to individuals instead of companies," India's finance minister asserted. For individuals, those earning upto Rs 5 lakh in a year will pay no tax. "For income between Rs 7.5 lakh and Rs 10 lakh per annum, tax rate has been reduced to 15 per cent from 20 per cent," the minister said. Sitharaman proposed 10 per cent tax for income between Rs 5 lakh and Rs 7.5 lakh per anum for those who forego deductions and exemptions. Nominal GDP growth for 2020-21 estimated at 10 per cent, says FM Sitharaman "Expected tax buoyancy will take time," the minister added. "Government to sell part of its holding in LIC," she added. The minister added that all flagship schemes of the government have been provided for in the Budget.

25% tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh: Sitharaman in Budget 2020

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday.

Also read: <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;Rail, Road, ports and Air transports. These include:&nbsp;

550 wi-fi facilities have been commissioned at railway stations.

Proposal for setting up large solar power capacity alongside rail track is under consideration.

More Tejas type trains will connect tourist destinations

1,150 trains to be run in PPP mode, also 4 stations to be redeveloped with help of the private sector.

100 more airports to be developed by 2025 to support Udaan scheme.

Government to consider corporatisation of at least one major port and listing it on stock exchanges.

Rs 1.7 lakh cr provided for transport infrastructure in 2020-21.&nbsp;

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 Rail, Road, ports and Air transports.

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 Rail, Road, ports and Air transports. These include: 550 wi-fi facilities have been commissioned at railway stations. Proposal for setting up large solar power capacity alongside rail track is under consideration. More Tejas type trains will connect tourist destinations 1,150 trains to be run in PPP mode, also 4 stations to be redeveloped with help of the private sector. 100 more airports to be developed by 2025 to support Udaan scheme. Government to consider corporatisation of at least one major port and listing it on stock exchanges. Rs 1.7 lakh cr provided for transport infrastructure in 2020-21.

Union Budget 2020-21: Railway, Road, ports and Air transport announcements

Finance Minister Nirmala Sitharaman on Saturday&nbsp;pegged nominal gross domestic product (GDP) growth at 10 per cent for FY21 in the Union Budget presented on Saturday.&nbsp;

The Economic Survey 2020-21 presented in Parliament on January 31 pegged <a href="https://www.wionews.com/business-economy/budget-2020-highlights-swachh-bharat-funds-railway-ppp-agricultural-credit-target-budget-news-updates-277980">economic growth</a> in the range of 6 per cent to 6.5 per cent.

The Indian economy is expericing&nbsp;a slowdown.&nbsp;

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The Reserve Bank of India (RBI) has revised its real <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">GDP growth </a>for the year to 5 per cent, from 6.1 per cent earlier.

International Monetary Fund (IMF) slashed India's Financial Year 21 growth forecast by 120 bps to 5.8 per cent.&nbsp;

India's GDP — the total value of goods and services produced in the country — slumped to over 6-year low of 5 per cent in the April -June quarter and 4.5 per cent in the July - September quarter of 2019, against a 7.1 per cent growth in July-September last year.

The Central Statistics Office in its first advanced estimate released in January, pegged economic growth rate for 2019-20 at 5 per cent, slower than the 2018-19 expansion rate of 6.8 per cent.

Finance Minister Nirmala Sitharaman on Saturday pegged nominal gross domestic product (GDP) growth at 10 per cent for FY21 in the Union Budget presented on Saturday.

Finance Minister Nirmala Sitharaman on Saturday pegged nominal gross domestic product (GDP) growth at 10 per cent for FY21 in the Union Budget presented on Saturday. The Economic Survey 2020-21 presented in Parliament on January 31 pegged economic growth in the range of 6 per cent to 6.5 per cent. The Indian economy is expericing a slowdown. × The Reserve Bank of India (RBI) has revised its real GDP growth for the year to 5 per cent, from 6.1 per cent earlier. International Monetary Fund (IMF) slashed India's Financial Year 21 growth forecast by 120 bps to 5.8 per cent. India's GDP — the total value of goods and services produced in the country — slumped to over 6-year low of 5 per cent in the April -June quarter and 4.5 per cent in the July - September quarter of 2019, against a 7.1 per cent growth in July-September last year. The Central Statistics Office in its first advanced estimate released in January, pegged economic growth rate for 2019-20 at 5 per cent, slower than the 2018-19 expansion rate of 6.8 per cent.

Nominal GDP growth for 2020-21 estimated at 10 per cent, says FM Sitharaman  

A cut in personal income tax, sops for rural and agriculture sectors as well as an aggressive push on infrastructure spending are likely to be part of Finance Minister Nirmala Sitharaman's "feel-good" second Budget.

Facing the worst economic slowdown in more than a decade, Sitharaman is expected to pull out all stops to spur consumer demand and investment, government sources and economists said.

Sitharaman's second Budget, to be presented on February 1, is expected to announce measures to restore economic growth and to set out a clear road map for achieving the ambitious target of USD 5 trillion economy by 2025.

Investments have failed to pick up despite corporate tax cuts and other stimulus measures, higher FDI inflows, plans to consolidate state-owned banks and monetary easing.

Also read: <a href="http://wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">Briefcase or 'bahi-khata' - What will Sitharaman carry for her second budget presentation?</a>

After corporate tax cuts in September last year, speculation is rife about possible reduction in personal income taxes. A combination of an increase in the basic exemption limit and/or the introduction of a differentiated tax rate structure for higher incomes may be on the cards.

To cushion the impact on collections, these tweaks might be accompanied by rationalisation in tax rebates.

"The government announced a slew of stimulus measures in the last four months but consumer confidence is missing. Not many are eager to take loans to buy homes or cars fearing the worst. The feel good factor in the economy is missing," a senior government source said.

"I think the Budget will be a feel-good Budget that will try to restore faith in the economy and spur spending and investments," the source said.

With disbursements under the PM-Kisan scheme to farmers being less than the budgeted amount, the Budget may also see measures to get states to onboard more eligible farmers under the scheme.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/budget-news-2020-budget-glossary-here-are-key-terms-you-should-know-to-understand-the-budget-273968">2020 Budget Glossary - Here are key terms you should know to understand the Budget</a>

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Also, there would be announcements for sectors such as renewable energy, e-vehicle, power, affordable housing, real estate, and exports, they said.

Financial markets are expecting relief on Securities Transaction Tax (STT), Long Term Capital Gains Tax (LTCG) and removal of dividend tax.

Capital infusion in public sector banks and liquidity measures for Non-Banking Finance Companies (NBFC) may also be on the horizon.

Both the government sources and the economists felt the Budget would reaffirm the focus on infrastructure spending after the rollout of an ambitious National Infra Pipeline (NIP) in December.

Social sector schemes such as rural electrification, MGNREGA, healthcare, education and skill training may also find mention in the Budget.

However, all such measures would come at the cost of fiscal slippage.

The Economic Survey for 2019-20, released on Friday, has already laid the ground by suggesting to the government to keep the focus on reviving growth and letting go of fiscal discipline a bit.

The RBI, armed with a favourable inflation backdrop, defended slowdown risks last year with 110 basis points cut in interest rates. As it puts a brake on the easing cycle, due to an unseasonal spurt in food prices leading to above-target inflation, the ball is in the government's court to revive growth.

Sitharaman would have to do a balancing between efforts to boost growth and the need for fiscal restraint. Economists expect a slight policy tilt towards prioritising growth.

Real GDP growth is estimated to fall to an 11-year low of 5 per cent in FY20 from 6.1 per cent in FY19. Estimated nominal growth at 7.5 per cent in FY20 is the lowest since 1975-76 (FY76) as per the FY12-based GDP series.

IIP growth turned positive but remained low at 1.8 per cent in November 2019 after contracting by (-) 4 per cent in October 2019.

CPI inflation increased to a 65-month high of 7.4 per cent in December 2019, its fifth sequential rise, mainly due to persistently rising vegetable prices. 
Also, growth in bank credit fell to a 25-month low of 8 per cent in November 2019

A cut in personal income tax, sops for rural and agriculture sectors as well as an aggressive push on infrastructure spending are likely to be part of Finance Minister Nirmala Sitharaman's "feel-good" second Budget.

A cut in personal income tax, sops for rural and agriculture sectors as well as an aggressive push on infrastructure spending are likely to be part of Finance Minister Nirmala Sitharaman's "feel-good" second Budget. Facing the worst economic slowdown in more than a decade, Sitharaman is expected to pull out all stops to spur consumer demand and investment, government sources and economists said. Sitharaman's second Budget, to be presented on February 1, is expected to announce measures to restore economic growth and to set out a clear road map for achieving the ambitious target of USD 5 trillion economy by 2025. Investments have failed to pick up despite corporate tax cuts and other stimulus measures, higher FDI inflows, plans to consolidate state-owned banks and monetary easing. Also read: Briefcase or 'bahi-khata' - What will Sitharaman carry for her second budget presentation? After corporate tax cuts in September last year, speculation is rife about possible reduction in personal income taxes. A combination of an increase in the basic exemption limit and/or the introduction of a differentiated tax rate structure for higher incomes may be on the cards. To cushion the impact on collections, these tweaks might be accompanied by rationalisation in tax rebates. "The government announced a slew of stimulus measures in the last four months but consumer confidence is missing. Not many are eager to take loans to buy homes or cars fearing the worst. The feel good factor in the economy is missing," a senior government source said. "I think the Budget will be a feel-good Budget that will try to restore faith in the economy and spur spending and investments," the source said. With disbursements under the PM-Kisan scheme to farmers being less than the budgeted amount, the Budget may also see measures to get states to onboard more eligible farmers under the scheme. Also read: 2020 Budget Glossary - Here are key terms you should know to understand the Budget × Also, there would be announcements for sectors such as renewable energy, e-vehicle, power, affordable housing, real estate, and exports, they said. Financial markets are expecting relief on Securities Transaction Tax (STT), Long Term Capital Gains Tax (LTCG) and removal of dividend tax. Capital infusion in public sector banks and liquidity measures for Non-Banking Finance Companies (NBFC) may also be on the horizon. Both the government sources and the economists felt the Budget would reaffirm the focus on infrastructure spending after the rollout of an ambitious National Infra Pipeline (NIP) in December. Social sector schemes such as rural electrification, MGNREGA, healthcare, education and skill training may also find mention in the Budget. However, all such measures would come at the cost of fiscal slippage. The Economic Survey for 2019-20, released on Friday, has already laid the ground by suggesting to the government to keep the focus on reviving growth and letting go of fiscal discipline a bit. The RBI, armed with a favourable inflation backdrop, defended slowdown risks last year with 110 basis points cut in interest rates. As it puts a brake on the easing cycle, due to an unseasonal spurt in food prices leading to above-target inflation, the ball is in the government's court to revive growth. Sitharaman would have to do a balancing between efforts to boost growth and the need for fiscal restraint. Economists expect a slight policy tilt towards prioritising growth. Real GDP growth is estimated to fall to an 11-year low of 5 per cent in FY20 from 6.1 per cent in FY19. Estimated nominal growth at 7.5 per cent in FY20 is the lowest since 1975-76 (FY76) as per the FY12-based GDP series. IIP growth turned positive but remained low at 1.8 per cent in November 2019 after contracting by (-) 4 per cent in October 2019. CPI inflation increased to a 65-month high of 7.4 per cent in December 2019, its fifth sequential rise, mainly due to persistently rising vegetable prices. Also, growth in bank credit fell to a 25-month low of 8 per cent in November 2019

'Feel good' budget may see cut in tax rate, sops for social sectors

Union finance minister Nirmala Sitharaman during the Budget speech announced the allocation of Rs 99,300 crore for the education sector.

<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:&nbsp;Union Budget 2020-21-&nbsp;Live News Updates</a>

"Special bridge courses will be designed for teachers, nurses, para-medical staff and caregivers," the minister said, while adding that the government proposes to attach medical colleges with district hospitals on the PPP model to deal with the shortage of doctors.

The finance minister also announced degree level full-fledged online education programme by institutions ranked in top 100.

"National police university and national forensic university are being proposed," the minister said during the Budget speech.

Watch Video:

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Sitharaman also announced setting up of project preparation facilities for the infrastructure sector.

"Rs 103 lakh crore infra project pipeline has been launched in December end," the minister announced.

Union finance minister Nirmala Sitharaman during the Budget speech announced the allocation of Rs 99,300 crore for the education sector. Also Read: Union Budget 2020-21- Live News Updates "Special bridge courses will be designed for teachers, nurses, para-medical staff and caregivers," the minister said, while adding that the government proposes to attach medical colleges with district hospitals on the PPP model to deal with the shortage of doctors.

Union finance minister Nirmala Sitharaman during the Budget speech announced the allocation of Rs 99,300 crore for the education sector. Also Read: Union Budget 2020-21- Live News Updates "Special bridge courses will be designed for teachers, nurses, para-medical staff and caregivers," the minister said, while adding that the government proposes to attach medical colleges with district hospitals on the PPP model to deal with the shortage of doctors. The finance minister also announced degree level full-fledged online education programme by institutions ranked in top 100. "National police university and national forensic university are being proposed," the minister said during the Budget speech. Watch Video: Sitharaman also announced setting up of project preparation facilities for the infrastructure sector. "Rs 103 lakh crore infra project pipeline has been launched in December end," the minister announced.

Union Budget 2020: Sitharaman allocates Rs 99,300 crore for education; proposes medical colleges with district hospitals on PPP model

Sensex and Nifty are trading flat as Finance Minister Nirmala Sitharaman was presenting her second budget.

The decision for stock exchanges to open on Saturday was made after traders requested keep trading hours so that quick buys based on Budget initiatives can be made.

Sitharaman is likely to present a `feel-good` Budget in the backdrop of sliding economic growth despite corporate tax cuts and other stimulus measures. However, the Economic Survey has projected the GDP growth rate of 6 to 6.5 per cent during fiscal 2020-21.

At 01:00&nbsp;pm, the BSE S&amp;P Sensex was down 60&nbsp;points while the Nifty was trading 25 points down.&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">Also read -&nbsp;Union Budget 2020-21 Live News Updates: Government aims to double farmers' income by 2022, says FM</a>

Sectoral indices at the National Stock Exchange were mixed.

Among stocks, Power Grid Corporation was down by 3.4 per cent at Rs 180.50 per share. Tech Mahindra, power utility major NTPC, Tata Steel and Coal India were among prominent losers. However, FMCG major Hindustan Lever, GAIL, Bajaj Finserv, Bharat Petroleum Corporation and IndianOil Corporation showed marginal gains.&nbsp;

Meanwhile, Asian share markets were closed for the weekend.

Sensex and Nifty are trading flat as Finance Minister Nirmala Sitharaman was presenting her second budget. The decision for stock exchanges to open on Saturday was made after traders requested keep trading hours so that quick buys based on Budget initiatives can be made.

Sensex and Nifty are trading flat as Finance Minister Nirmala Sitharaman was presenting her second budget. The decision for stock exchanges to open on Saturday was made after traders requested keep trading hours so that quick buys based on Budget initiatives can be made. Sitharaman is likely to present a `feel-good` Budget in the backdrop of sliding economic growth despite corporate tax cuts and other stimulus measures. However, the Economic Survey has projected the GDP growth rate of 6 to 6.5 per cent during fiscal 2020-21. At 01:00 pm, the BSE S&P Sensex was down 60 points while the Nifty was trading 25 points down. Also read - Union Budget 2020-21 Live News Updates: Government aims to double farmers' income by 2022, says FM Sectoral indices at the National Stock Exchange were mixed. Among stocks, Power Grid Corporation was down by 3.4 per cent at Rs 180.50 per share. Tech Mahindra, power utility major NTPC, Tata Steel and Coal India were among prominent losers. However, FMCG major Hindustan Lever, GAIL, Bajaj Finserv, Bharat Petroleum Corporation and IndianOil Corporation showed marginal gains. Meanwhile, Asian share markets were closed for the weekend.

Sensex down by 60 points, Nifty 25 as Finance Minister Nirmala Sitharaman delivers Budget speech 

India on Friday banned the export of personal protection equipment such as masks and clothing amid a global coronavirus outbreak.

It did not give a reason for the ban but it reported its first case of the new coronavirus on Thursday, a woman in Kerala who was a student of Wuhan University in China.

The central Chinese city of Wuhan is the epicentre of the outbreak, and the virus has since spread to more than 9,800 people globally and killed 213 people in China.

Also read: <a href="https://www.wionews.com/world/coronavirus-outbreak-us-others-nations-tighten-curbs-on-travel-to-china-as-virus-toll-hits-213-277797">Coronavirus outbreak - US, others nations tighten curbs on travel to China as virus toll hits 213</a>

Several Indian citizens living in Wuhan will arrive in India by plane on Saturday and be taken to a quarantine centre on the outskirts of the capital New Delhi.

India, the world's second most heavily populated country after China, has taken measures to ensure that all people arriving from China report to health authorities.

India on Friday banned the export of personal protection equipment such as masks and clothing amid a global coronavirus outbreak. It did not give a reason for the ban but it reported its first case of the new coronavirus on Thursday, a woman in Kerala who was a student of Wuhan University in China.

India on Friday banned the export of personal protection equipment such as masks and clothing amid a global coronavirus outbreak. It did not give a reason for the ban but it reported its first case of the new coronavirus on Thursday, a woman in Kerala who was a student of Wuhan University in China. The central Chinese city of Wuhan is the epicentre of the outbreak, and the virus has since spread to more than 9,800 people globally and killed 213 people in China. Also read: Coronavirus outbreak - US, others nations tighten curbs on travel to China as virus toll hits 213 Several Indian citizens living in Wuhan will arrive in India by plane on Saturday and be taken to a quarantine centre on the outskirts of the capital New Delhi. India, the world's second most heavily populated country after China, has taken measures to ensure that all people arriving from China report to health authorities.

India bans export of protective masks, clothing amid coronavirus outbreak

The Budget Session of Parliament will commence on Friday with an address by President Ram Nath Kovind to the joint sitting of two Houses of Parliament.

President Kovind will deliver a speech in the Central Hall of Parliament at 11 am. Vice President Venkaiah Naidu will also chair a meeting of floor leaders of Rajya Sabha at his residence today.

The Union Budget will be presented on Saturday. The first phase of the session will conclude on February 11, while the second part of the session will begin from March 2 and end on April 3.

The Bharatiya Janata Party Executive Committee meeting will be held in Parliament Library at 2 pm, while the National Democratic Alliance (NDA) meeting is expected in Parliament Library at 3:30 pm today.

An all-party meeting called by Parliamentary Affairs Minister Pralhad Joshi was held on Thursday in Parliament ahead of the Budget Session. Prime Minister Narendra Modi also attended the meeting along with other Union Ministers, namely, Rajnath Singh, Thawar Chand Gehlot, Arjun Meghwal, V Muraleedharan, and others.

Samajwadi Party MP Ram Gopal Yadav was also present in the meet. BJD's Prasanna Acharya, NCP MP Supriya Sule, Congress MP Adhir Ranjan Chowdhury, RJD leader Manoj Jha, and many other MPs were present in the meeting.

The Prime Minister said that the government was open for discussion on all issues during the Budget Session of Parliament and agreed with the demand of MPs that there should be a discussion on economic issues.

In his remarks at the all-party meeting on the eve of the Budget Session, he welcomed suggestions of most members that the session should focus on the prevailing economic situation in the country.

"Most of the members have asked for discussion on the economic situation concerning the country. I welcome this and we need to discuss the economic issues as suggested by you all," he said.

Modi urged members to see how the country can gain from the prevailing global economic scenario.

"We should focus on how we can turn the global scenario in favour of India. And in this Budget Session, and at the beginning of the New Year if we can give a proper direction to the country's economy, it would be in the best interest of the country," he said.

The Prime Minister also agreed with members on other important issues raised by them and said there should be an open discussion on all such issues.

"I agree with you all on the other important issues raised by you. And I would like to say that there should be an open discussion on all such issues," he said.

The Budget Session of Parliament will commence on Friday with an address by President Ram Nath Kovind to the joint sitting of two Houses of Parliament. President Kovind will deliver a speech in the Central Hall of Parliament at 11 am.

The Budget Session of Parliament will commence on Friday with an address by President Ram Nath Kovind to the joint sitting of two Houses of Parliament. President Kovind will deliver a speech in the Central Hall of Parliament at 11 am. Vice President Venkaiah Naidu will also chair a meeting of floor leaders of Rajya Sabha at his residence today. The Union Budget will be presented on Saturday. The first phase of the session will conclude on February 11, while the second part of the session will begin from March 2 and end on April 3. The Bharatiya Janata Party Executive Committee meeting will be held in Parliament Library at 2 pm, while the National Democratic Alliance (NDA) meeting is expected in Parliament Library at 3:30 pm today. An all-party meeting called by Parliamentary Affairs Minister Pralhad Joshi was held on Thursday in Parliament ahead of the Budget Session. Prime Minister Narendra Modi also attended the meeting along with other Union Ministers, namely, Rajnath Singh, Thawar Chand Gehlot, Arjun Meghwal, V Muraleedharan, and others. Samajwadi Party MP Ram Gopal Yadav was also present in the meet. BJD's Prasanna Acharya, NCP MP Supriya Sule, Congress MP Adhir Ranjan Chowdhury, RJD leader Manoj Jha, and many other MPs were present in the meeting. The Prime Minister said that the government was open for discussion on all issues during the Budget Session of Parliament and agreed with the demand of MPs that there should be a discussion on economic issues. In his remarks at the all-party meeting on the eve of the Budget Session, he welcomed suggestions of most members that the session should focus on the prevailing economic situation in the country. "Most of the members have asked for discussion on the economic situation concerning the country. I welcome this and we need to discuss the economic issues as suggested by you all," he said. Modi urged members to see how the country can gain from the prevailing global economic scenario. "We should focus on how we can turn the global scenario in favour of India. And in this Budget Session, and at the beginning of the New Year if we can give a proper direction to the country's economy, it would be in the best interest of the country," he said. The Prime Minister also agreed with members on other important issues raised by them and said there should be an open discussion on all such issues. "I agree with you all on the other important issues raised by you. And I would like to say that there should be an open discussion on all such issues," he said.

Budget 2020 News: Lok Sabha Budget Session commences today

All eyes will be on Nirmala Sitharaman tomorrow as she will present her second budget as the country's finance minister.

Trade pundits and businesses are waiting with a baited breath, expecting her to bail out the economy of the ongoing slump.

On a lighter vein, it also remains to be seen if she would carry documents in a briefcase or a traditional bahi-khata which she used for her maiden budget presentation. On the day of the Union Budget presentation in 2019, Sitharaman broke away from long-standing traditions of colonial-era when she ditched the briefcase and opted for traditional bahi khata, which is a kind of a ledger wrapped in a red coloured cloth.

The word 'budget'&nbsp;has its origin in the French word Bougette, which means leather briefcase. Traditionally, budget documents -- which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister -- were carried in a brown briefcase, a legacy passed on by the British.

However, traditional Indian businessmen used bahi-khata to maintain their books of account. Commenting on the shift from a briefcase to bahi-khata during the 89th Union Budget, Chief Economic Advisor, Krishnamurthy Subramanian had told ANI in July last year: "The government is following Indian tradition and bahi khata symbolises our departure from the slavery of Western thought."

Also read: <a href="https://www.wionews.com/business-economy/budget-news-2020-budget-glossary-here-are-key-terms-you-should-know-to-understand-the-budget-273968">Here are key terms you should know to understand the Budget</a>

On being asked about the replacement of the briefcase, Subramanian had said, "It is not a Budget, but a Bahi-Khata (ledger)."

"Sitharaman believes that leather made products are not auspicious for the big occasion, so she avoided the leather bag and took the bahi khata wrapped in the red cloth. This is considered to be auspicious," he had said.

In July last year, Sitharaman had said that Modi government is not a "suitcase-carrying government".In a veiled attack on Congress, she connected her idea of carrying budget documents wrapped in a red cloth instead of a briefcase with alleged corruption in the previous UPA government at the Centre.

"For Budget 2019, I did not carry a suitcase. We are not a suitcase-carrying government. A suitcase also denotes something else: suitcase-taking, suitcase-giving. Modi ji's government is not a suitcase government," she had said at the International Business Conference of Nagarathar in July 2019.

Before Sitharaman, a long-standing tradition in connection with the budget presentation was broken during the Atal Behari Vajpayee government with the then Finance Minister Yashwant Sinha presenting the budget at 11 am rather than at the traditional time of 5 pm. Since then all governments have been presenting the budget at 11 am.&nbsp;

All eyes will be on Nirmala Sitharaman tomorrow as she will present her second budget as the country's finance minister. Trade pundits and businesses are waiting with a baited breath, expecting her to bail out the economy of the ongoing slump.

All eyes will be on Nirmala Sitharaman tomorrow as she will present her second budget as the country's finance minister. Trade pundits and businesses are waiting with a baited breath, expecting her to bail out the economy of the ongoing slump. On a lighter vein, it also remains to be seen if she would carry documents in a briefcase or a traditional bahi-khata which she used for her maiden budget presentation. On the day of the Union Budget presentation in 2019, Sitharaman broke away from long-standing traditions of colonial-era when she ditched the briefcase and opted for traditional bahi khata, which is a kind of a ledger wrapped in a red coloured cloth. The word 'budget' has its origin in the French word Bougette, which means leather briefcase. Traditionally, budget documents -- which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister -- were carried in a brown briefcase, a legacy passed on by the British. However, traditional Indian businessmen used bahi-khata to maintain their books of account. Commenting on the shift from a briefcase to bahi-khata during the 89th Union Budget, Chief Economic Advisor, Krishnamurthy Subramanian had told ANI in July last year: "The government is following Indian tradition and bahi khata symbolises our departure from the slavery of Western thought." Also read: Here are key terms you should know to understand the Budget On being asked about the replacement of the briefcase, Subramanian had said, "It is not a Budget, but a Bahi-Khata (ledger)." "Sitharaman believes that leather made products are not auspicious for the big occasion, so she avoided the leather bag and took the bahi khata wrapped in the red cloth. This is considered to be auspicious," he had said. In July last year, Sitharaman had said that Modi government is not a "suitcase-carrying government".In a veiled attack on Congress, she connected her idea of carrying budget documents wrapped in a red cloth instead of a briefcase with alleged corruption in the previous UPA government at the Centre. "For Budget 2019, I did not carry a suitcase. We are not a suitcase-carrying government. A suitcase also denotes something else: suitcase-taking, suitcase-giving. Modi ji's government is not a suitcase government," she had said at the International Business Conference of Nagarathar in July 2019. Before Sitharaman, a long-standing tradition in connection with the budget presentation was broken during the Atal Behari Vajpayee government with the then Finance Minister Yashwant Sinha presenting the budget at 11 am rather than at the traditional time of 5 pm. Since then all governments have been presenting the budget at 11 am.

Briefcase or 'bahi-khata': What will Sitharaman carry for her second budget presentation?

Finance Minister Nirmala Sitharaman on Friday tabled the Economic Survey in Parliament which forecasts that economic growth will pick up to 6.0% to 6.5% in the fiscal year beginning April 1 but warned it may have to miss its deficit target to revive growth.

This year's Economic Survey comes at a time when India is staring at an estimated 5 per cent annual rate of expansion - the slowest pace since 2009.&nbsp;

The Economic Survey, a detailed report card on the economic performance in the past year released a day before the Union Budget is presented by the Finance Minister in Parliament.

The&nbsp;Survey&nbsp;provides an authoritative, detailed and official annual summary of the current state of the Indian&nbsp;economy&nbsp;which will act as a policy guideline to the Union Budget.

Earlier at 11 am, President Ram Nath Kovind inaugurated the Budget session by speaking to a joint sitting of both Houses of Parliament at, outlining the government's policies this year.

Here are the key takeaways from Economic Survey:

Economic Survey puts current fiscal year 2019-20's growth rate at 5%.

Economic Survey projects economic growth at 6-6.5% in fiscal year starting April 1.

International sentiment continues to favour Indian Economy. Economic Survey suggests a need for counter-cyclical fiscal steps to boost demand. Economic Survey also adds a relaxing fiscal gap target to revive growth. 
 
The Survey said government interventions seem to be ineffective in stabilising prices of commodities such as onions.

Economic Survey suggests new ideas for manufacturing such as 'assemble in India for the world' which will create jobs.

Removing the red tape: At ports to promote exports as well as measures for easing the start of business, register property, pay taxes and enforcing contracts.

Economic Survey called for improving governance in public sector banks and the need for more disclosure of information to build trust. It also talks about dwarfism in the banking sector.

Economic Survey advocates 10 new ideas that benefit markets as well as the economy.

(With inputs from PTI)

Finance Minister Nirmala Sitharaman on Friday tabled the Economic Survey in Parliament which forecasts that economic growth will pick up to 6.0% to 6.5% in the fiscal year beginning April 1 but warned it may have to miss its deficit target to revive growth.

Finance Minister Nirmala Sitharaman on Friday tabled the Economic Survey in Parliament which forecasts that economic growth will pick up to 6.0% to 6.5% in the fiscal year beginning April 1 but warned it may have to miss its deficit target to revive growth. This year's Economic Survey comes at a time when India is staring at an estimated 5 per cent annual rate of expansion - the slowest pace since 2009. The Economic Survey, a detailed report card on the economic performance in the past year released a day before the Union Budget is presented by the Finance Minister in Parliament. The Survey provides an authoritative, detailed and official annual summary of the current state of the Indian economy which will act as a policy guideline to the Union Budget. Earlier at 11 am, President Ram Nath Kovind inaugurated the Budget session by speaking to a joint sitting of both Houses of Parliament at, outlining the government's policies this year. Here are the key takeaways from Economic Survey: Economic Survey puts current fiscal year 2019-20's growth rate at 5%. Economic Survey projects economic growth at 6-6.5% in fiscal year starting April 1. International sentiment continues to favour Indian Economy. Economic Survey suggests a need for counter-cyclical fiscal steps to boost demand. Economic Survey also adds a relaxing fiscal gap target to revive growth. The Survey said government interventions seem to be ineffective in stabilising prices of commodities such as onions. Economic Survey suggests new ideas for manufacturing such as 'assemble in India for the world' which will create jobs. Removing the red tape: At ports to promote exports as well as measures for easing the start of business, register property, pay taxes and enforcing contracts. Economic Survey called for improving governance in public sector banks and the need for more disclosure of information to build trust. It also talks about dwarfism in the banking sector. Economic Survey advocates 10 new ideas that benefit markets as well as the economy. (With inputs from PTI)

Finance Minister Nirmala Sitharaman tables Economic Survey in Parliament; GDP growth projected at 6-6.5% for 2020-21

Stock markets struggled Friday after the <a href="https://www.wionews.com/videos/who-declares-coronavirus-as-global-health-emergency-277634">World Health Organisation</a> declared a global health emergency over <a href="https://www.wionews.com/world/latest-world-news-wuhan-virus-death-toll-hits-213-in-china-nearly-10000-infected-277621">China</a>'s spreading deadly virus.

With hours to go until <a href="https://www.wionews.com/videos/what-will-be-uk-eu-relations-post-brexit-277791">Britain</a> finally leaves the <a href="https://www.wionews.com/videos/what-will-be-uk-eu-relations-post-brexit-277791">European Union</a>, the London stock market sank 0.8 per cent in late morning deals as a relief rally for the pound hurt exporters.

Frankfurt and Paris shed 0.2 per cent and 0.4 per cent respectively around midday after Asia was also gripped by virus worries in a volatile end to the week.

The novel coronavirus epidemic, which originated in the central Chinese city Wuhan, has so far killed 213 people and spread to at least 19 countries including two cases declared on Friday in Britain.

Also read:&nbsp;<a href="https://www.wionews.com/world/latest-world-news-wuhan-virus-death-toll-hits-213-in-china-nearly-10000-infected-277621">Wuhan virus death toll hits 213 in China, nearly 10000 infected</a>

China's National Health Commission meanwhile said nearly 10,000 people have been infected.

"Coronavirus is currently spreading six times faster than SARS. Unless a cure is found, this could push a fragile world economic recovery into reverse," warned Douglas McWilliams, deputy chairman at British research group the Centre for Economics and Business Research (CEBR).

He added, "It is clear that unless a cure and a vaccination are found rapidly, the fragile recovery that we predict is at risk. That is why from an economics point of view it is so vital that a cure and a vaccine is found."

Watch:&nbsp;<a href="https://www.wionews.com/videos/who-declares-coronavirus-as-global-health-emergency-277634">WHO declares Coronavirus as global health emergency</a>

Separately, the EU's official statistics agency announced Friday that the 19-member single currency area had already suffered a sharp slowdown after a turbulent year of Brexit uncertainty and trade spats with US President <a href="https://www.wionews.com/videos/trump-impeachment-witnesses-and-prez-privilege-dominate-qa-277635">Donald Trump.</a>

The eurozone economy grew 1.2 per cent over the year, down from 1.8 per cent in 2018 and well off the 2.7 per cent seen in 2017.

Meanwhile, the Geneva-based <a href="https://www.wionews.com/videos/who-declares-coronavirus-as-global-health-emergency-277634">WHO</a> invoked a global health emergency on coronavirus but stopped short of recommending trade and travel restrictions that could have had a bruising effect on key global growth engine China.

"This is not a vote of no confidence in China," WHO chief Tedros Adhanom Ghebreyesushe said, praising Beijing for its swift action to tackle the outbreak.

Also see:&nbsp;<a href="https://www.wionews.com/photos/myths-vs-facts-about-coronavirus-277676">Myths vs facts about China's coronavirus</a>

'We must act now'

China has locked down a swathe of its centre, effectively quarantining millions of people in their cities and halting travel around the country.

"We must all act together now to limit further spread... We can only stop it together," said Tedros, who travelled to China this week and met with President Xi Jinping.

Foreign airlines including British Airways and Lufthansa have begun cancelling or curtailing flights to and from China, and a number of governments are recommending citizens do not visit the country.

Investors initially applauded the WHO's move, plunging back into markets that have lost altitude over recent days as the 2019-nCoV crisis has worsened.

"Coronavirus fears continue to remain a dominant driver of market sentiment, with the continued proliferation of the virus providing a huge cause for concern," noted IG analyst Joshua Mahony.

"Growth fears remain relevant as the virus continues to spread," he also warned.

World oil prices firmed Friday after plunging the previous day to three-month lows on virus-linked demand fears in China, which is a major market for raw materials including crude.

Stock markets struggled Friday after the World Health Organisation declared a global health emergency over China's spreading deadly virus. With hours to go until Britain finally leaves the European Union, the London stock market sank 0.

Stock markets struggled Friday after the World Health Organisation declared a global health emergency over China's spreading deadly virus. With hours to go until Britain finally leaves the European Union, the London stock market sank 0.8 per cent in late morning deals as a relief rally for the pound hurt exporters. Frankfurt and Paris shed 0.2 per cent and 0.4 per cent respectively around midday after Asia was also gripped by virus worries in a volatile end to the week. The novel coronavirus epidemic, which originated in the central Chinese city Wuhan, has so far killed 213 people and spread to at least 19 countries including two cases declared on Friday in Britain. Also read: Wuhan virus death toll hits 213 in China, nearly 10000 infected China's National Health Commission meanwhile said nearly 10,000 people have been infected. "Coronavirus is currently spreading six times faster than SARS. Unless a cure is found, this could push a fragile world economic recovery into reverse," warned Douglas McWilliams, deputy chairman at British research group the Centre for Economics and Business Research (CEBR). He added, "It is clear that unless a cure and a vaccination are found rapidly, the fragile recovery that we predict is at risk. That is why from an economics point of view it is so vital that a cure and a vaccine is found." Watch: WHO declares Coronavirus as global health emergency Separately, the EU's official statistics agency announced Friday that the 19-member single currency area had already suffered a sharp slowdown after a turbulent year of Brexit uncertainty and trade spats with US President Donald Trump. The eurozone economy grew 1.2 per cent over the year, down from 1.8 per cent in 2018 and well off the 2.7 per cent seen in 2017. Meanwhile, the Geneva-based WHO invoked a global health emergency on coronavirus but stopped short of recommending trade and travel restrictions that could have had a bruising effect on key global growth engine China. "This is not a vote of no confidence in China," WHO chief Tedros Adhanom Ghebreyesushe said, praising Beijing for its swift action to tackle the outbreak. Also see: Myths vs facts about China's coronavirus 'We must act now' China has locked down a swathe of its centre, effectively quarantining millions of people in their cities and halting travel around the country. "We must all act together now to limit further spread... We can only stop it together," said Tedros, who travelled to China this week and met with President Xi Jinping. Foreign airlines including British Airways and Lufthansa have begun cancelling or curtailing flights to and from China, and a number of governments are recommending citizens do not visit the country. Investors initially applauded the WHO's move, plunging back into markets that have lost altitude over recent days as the 2019-nCoV crisis has worsened. "Coronavirus fears continue to remain a dominant driver of market sentiment, with the continued proliferation of the virus providing a huge cause for concern," noted IG analyst Joshua Mahony. "Growth fears remain relevant as the virus continues to spread," he also warned. World oil prices firmed Friday after plunging the previous day to three-month lows on virus-linked demand fears in China, which is a major market for raw materials including crude.

Markets struggle after World Health Organisation declares coronavirus emergency

Indian retail and institutional investors shied away from domestic equity markets last year as a slowing economy ate into stock valuations and earnings. Their purchases of equity mutual funds in 2019 were the lowest in three years.

Data from the Association of Mutual Funds in India (AMFI) showed local investors bought a net 712.7 billion rupees&nbsp;in equity funds last year, a 36 per cent&nbsp;fall from 2018, and the lowest net purchase since 2016.

The drop in domestic investment was due to worries over the economy which is forecast to grow at its slowest pace in 11 years in the current fiscal year ending March, analysts said.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/sharp-slwodown-in-india-a-drag-on-world-economy-275527">Sharp slowdown in India drag on the world economy, says IMF</a>

Purchases of mutual funds by domestic investors have traditionally been a support for the Indian stock market, particularly in recent years as concerns over the country's accelerating consumer prices, rising global yields and a falling rupee caused overseas investments to turn fickle.

Foreigners made cumulative purchases of 2.97 trillion rupees worth of Indian stocks in the last five years, less than the 3.5 trillion rupees bought by domestic investors, data from Refinitiv Eikon and Central Depository Services Ltd showed.

Investors who normally conduct large transactions in equity mutual funds have been taking out their money in recent months, said Deepak Jasani, head of retail research at HDFC Securities Ltd.

Also read: <a href="https://www.wionews.com/business-economy/india-can-end-up-with-5-real-gdp-growth-this-fiscal-chairman-of-pms-economic-advisory-council-277423">India can end up with 5% real GDP growth this fiscal: Chairman of PM's Economic Advisory Council</a>

The redeemed money "is instead being used to buy debt products or used for individual&nbsp;business&nbsp;needs," he said.

The AMFI data showed debt funds witnessed an inflow of 696.9 billion rupees last year, compared with outflows worth 349.9 billion rupees in 2018.

India's NSE Nifty 50 index has fallen more than 1 per cent&nbsp;so far this year, however, some analysts said government reforms and lower interest rates could lift the market.

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</a>

The Nifty index gained 12 per cent last year, helped by a rally after the government cut the corporate tax rate in September.

The government is likely to cut tax on long-term capital gains from equity investments in its next budget, in an attempt to boost economic growth, Reuters reported in December.

Finance Minister <a href="https://www.wionews.com/business-economy/finance-minister-nirmala-sitharaman-tables-economic-survey-in-parliament-gdp-growth-projected-at-6-65-for-2020-21-277715">Nirmala Sitharaman</a> will present the budget for the 2020-21 fiscal year on February&nbsp;1.

Indian retail and institutional investors shied away from domestic equity markets last year as a slowing economy ate into stock valuations and earnings. Their purchases of equity mutual funds in 2019 were the lowest in three years.

Indian retail and institutional investors shied away from domestic equity markets last year as a slowing economy ate into stock valuations and earnings. Their purchases of equity mutual funds in 2019 were the lowest in three years. Data from the Association of Mutual Funds in India (AMFI) showed local investors bought a net 712.7 billion rupees in equity funds last year, a 36 per cent fall from 2018, and the lowest net purchase since 2016. The drop in domestic investment was due to worries over the economy which is forecast to grow at its slowest pace in 11 years in the current fiscal year ending March, analysts said. Also read: Sharp slowdown in India drag on the world economy, says IMF Purchases of mutual funds by domestic investors have traditionally been a support for the Indian stock market, particularly in recent years as concerns over the country's accelerating consumer prices, rising global yields and a falling rupee caused overseas investments to turn fickle. Foreigners made cumulative purchases of 2.97 trillion rupees worth of Indian stocks in the last five years, less than the 3.5 trillion rupees bought by domestic investors, data from Refinitiv Eikon and Central Depository Services Ltd showed. Investors who normally conduct large transactions in equity mutual funds have been taking out their money in recent months, said Deepak Jasani, head of retail research at HDFC Securities Ltd. Also read: India can end up with 5% real GDP growth this fiscal: Chairman of PM's Economic Advisory Council The redeemed money "is instead being used to buy debt products or used for individual business needs," he said. The AMFI data showed debt funds witnessed an inflow of 696.9 billion rupees last year, compared with outflows worth 349.9 billion rupees in 2018. India's NSE Nifty 50 index has fallen more than 1 per cent so far this year, however, some analysts said government reforms and lower interest rates could lift the market. Also read: Nifty, Sensex end lower ahead of budget The Nifty index gained 12 per cent last year, helped by a rally after the government cut the corporate tax rate in September. The government is likely to cut tax on long-term capital gains from equity investments in its next budget, in an attempt to boost economic growth, Reuters reported in December. Finance Minister Nirmala Sitharaman will present the budget for the 2020-21 fiscal year on February 1.

Indian investors eschew equity funds as economy falters

The <gwmw class="ginger-module-highlighter-mistake-type-1" id="gwmw-15804758428590289701161">coronavirus</gwmw> outbreak in China could start to disrupt India's production of smartphones if it continues to spread in February, as it could delay component shipments, industry executives said.

India is the world's biggest smartphone maker after China but is still largely dependent on China for supplies of parts such as cells, display panels, camera modules and printed circuit boards.

Taiwan's Foxconn and Wistron make iPhones in India for Apple, and Foxconn produces phones there for China's Xiaomi as well. Other smartphone makers in India include <a href="https://www.wionews.com/business-economy/samsung-electronics-third-quarter-net-profit-slumps-52-258964">South Korea's Samsung</a> and China's OnePlus.

So far smartphone makers in India have weathered the impact of the virus, which has already killed 170 people, partly because they had ramped up inventories of Chinese-made parts anyway to cover the Lunar New Year holiday period when China's factories close down.

"Those disruptions were already planned but if it (the virus' spread) gets prolonged then for March and April production we will have serious trouble," said S.N. Rai, the co-founder of homegrown smartphone maker Lava.

"We're definitely worried about it." Some components can be shipped in from markets such as South Korea, Vietnam or Taiwan, but smartphone makers will only make such purchases as a "last resort" as it would force companies to make changes including in design and software, Rai said.

Samsung declined to comment, while Foxconn, Wistron, Apple and Xiaomi did not respond to requests for comment. China's OnePlus said its Indian operations could manage, in the short term at least.

&nbsp;"We are well covered because we have the entire production in India, we already have enough stock, and even going forward many of the components will anyway be coming directly from other markets," said Vikas Agarwal, the India head of OnePlus.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/latest-business-news-apple-prepares-from-for-virus-fallout-samsung-says-it-will-affect-first-quarter-earnings-277547">Apple prepares for Coronavirus fallout, Samsung fears it may affect earnings</a>

While Beijing has expressed confidence in defeating the "devil" virus, which is yet to be declared a global emergency by the World Health Organisation, major companies such as Alphabet Inc's Google and Sweden's IKEA have closed operations in China.

India's Tata Motors, which counts China as a major market for its luxury Jaguar Land Rover cars, said on Thursday it was worried about the coronavirus and warned that the outbreak could hit profits.

As several airlines suspend flights to China, the movement of technical staff from the country - such as on-site support executives, machine and automation specialists - will also be curtailed and that will hit India's smartphone sector, an executive at another foreign-owned smartphone maker, who did not wish to be named, said.

For now, the industry just hopes the outbreak can be contained within the next two weeks. "If the problem persists beyond February 10 then we have a real problem at hand," said Pankaj Mohindroo, head of the India Cellular &amp; Electronics Association, an industry lobby group.

The coronavirus outbreak in China could start to disrupt India's production of smartphones if it continues to spread in February, as it could delay component shipments, industry executives said.

The coronavirus outbreak in China could start to disrupt India's production of smartphones if it continues to spread in February, as it could delay component shipments, industry executives said. India is the world's biggest smartphone maker after China but is still largely dependent on China for supplies of parts such as cells, display panels, camera modules and printed circuit boards. Taiwan's Foxconn and Wistron make iPhones in India for Apple, and Foxconn produces phones there for China's Xiaomi as well. Other smartphone makers in India include South Korea's Samsung and China's OnePlus. So far smartphone makers in India have weathered the impact of the virus, which has already killed 170 people, partly because they had ramped up inventories of Chinese-made parts anyway to cover the Lunar New Year holiday period when China's factories close down. "Those disruptions were already planned but if it (the virus' spread) gets prolonged then for March and April production we will have serious trouble," said S.N. Rai, the co-founder of homegrown smartphone maker Lava. "We're definitely worried about it." Some components can be shipped in from markets such as South Korea, Vietnam or Taiwan, but smartphone makers will only make such purchases as a "last resort" as it would force companies to make changes including in design and software, Rai said. Samsung declined to comment, while Foxconn, Wistron, Apple and Xiaomi did not respond to requests for comment. China's OnePlus said its Indian operations could manage, in the short term at least. "We are well covered because we have the entire production in India, we already have enough stock, and even going forward many of the components will anyway be coming directly from other markets," said Vikas Agarwal, the India head of OnePlus. Also Read: Apple prepares for Coronavirus fallout, Samsung fears it may affect earnings While Beijing has expressed confidence in defeating the "devil" virus, which is yet to be declared a global emergency by the World Health Organisation, major companies such as Alphabet Inc's Google and Sweden's IKEA have closed operations in China. India's Tata Motors, which counts China as a major market for its luxury Jaguar Land Rover cars, said on Thursday it was worried about the coronavirus and warned that the outbreak could hit profits. As several airlines suspend flights to China, the movement of technical staff from the country - such as on-site support executives, machine and automation specialists - will also be curtailed and that will hit India's smartphone sector, an executive at another foreign-owned smartphone maker, who did not wish to be named, said. For now, the industry just hopes the outbreak can be contained within the next two weeks. "If the problem persists beyond February 10 then we have a real problem at hand," said Pankaj Mohindroo, head of the India Cellular & Electronics Association, an industry lobby group.

China virus causes scare for India's smartphone makers

The government on Friday revised downwards the economic growth rate for 2018-19 to 6.1 per cent from 6.8 per cent estimated earlier, mainly due to deceleration in mining, manufacturing and farm sectors.

"Real GDP or GDP at constant (2011-12) prices for the years 2018-19 and 2017-18 stand at Rs 139.81 lakh crore and Rs 131.75 lakh crore, respectively, showing growth of 6.1 per cent during 2018-19 and 7.0 per cent during 2017-18," the National Statistical Office said in revised national account data released on Friday.

Under the first revision released in January 2019, real GDP or GDP at constant (2011-12) prices for 2017-18 was pegged at Rs 131.80 lakh crore, showing a growth of 7.2 per cent.

Also read: <a href="https://www.wionews.com/business-economy/finance-minister-nirmala-sitharaman-tables-economic-survey-in-parliament-gdp-growth-projected-at-6-65-for-2020-21-277715">Finance Minister Nirmala Sitharaman tables Economic Survey in Parliament</a>

"The growth in real GVA (gross value added) during 2018-19 has been lower than that in 2017-18 mainly due to relatively lower growth in Agriculture, Forestry &amp; Fishing', Mining and Quarrying', Manufacturing', Electricity, Gas, Water Supply &amp; Other Utility Services', Financial Services, Public Administration and Defense' and Other Services'," it added.

During 2018-19, at constant prices, the growth rates of primary (comprising agriculture, forestry, fishing and mining &amp; quarrying), secondary (comprising manufacturing, electricity, gas, water supply &amp; other utility services, and construction) and tertiary (services) sectors have been estimated at 1.0 per cent, 6.0 per cent and 7.7 per cent, as against 5.8 per cent, 6.5 per cent and 6.9 per cent, respectively, in the previous year.

Also read: <a href="https://www.wionews.com/business-economy/india-can-end-up-with-5-real-gdp-growth-this-fiscal-chairman-of-pms-economic-advisory-council-277423">India can end up with 5% real GDP growth this fiscal: Chairman of PM's Economic Advisory Council</a>

The Nominal Net National Income (NNI) at current prices for 2018-19 stands at Rs 167.89 lakh crore as against Rs 151.50 lakh crore in 2017-18, showing growth of 10.8 per cent during 2018-19 as against 11.2 per cent in the previous year.

The per capita income, that is per capita net national income at current prices, is estimated as Rs 1,15,293 and Rs 1,26,521 respectively for the years 2017-18 and 2018-19. 
Per capita Private Final Consumption Expenditure (PFCE) at current prices for the years 2017-18 and 2018-19 is estimated at Rs 76,794 and Rs 84,808 respectively.&nbsp;

The government on Friday revised downwards the economic growth rate for 2018-19 to 6.1 per cent from 6.8 per cent estimated earlier, mainly due to deceleration in mining, manufacturing and farm sectors.

The government on Friday revised downwards the economic growth rate for 2018-19 to 6.1 per cent from 6.8 per cent estimated earlier, mainly due to deceleration in mining, manufacturing and farm sectors. "Real GDP or GDP at constant (2011-12) prices for the years 2018-19 and 2017-18 stand at Rs 139.81 lakh crore and Rs 131.75 lakh crore, respectively, showing growth of 6.1 per cent during 2018-19 and 7.0 per cent during 2017-18," the National Statistical Office said in revised national account data released on Friday. Under the first revision released in January 2019, real GDP or GDP at constant (2011-12) prices for 2017-18 was pegged at Rs 131.80 lakh crore, showing a growth of 7.2 per cent. Also read: Finance Minister Nirmala Sitharaman tables Economic Survey in Parliament "The growth in real GVA (gross value added) during 2018-19 has been lower than that in 2017-18 mainly due to relatively lower growth in Agriculture, Forestry & Fishing', Mining and Quarrying', Manufacturing', Electricity, Gas, Water Supply & Other Utility Services', Financial Services, Public Administration and Defense' and Other Services'," it added. During 2018-19, at constant prices, the growth rates of primary (comprising agriculture, forestry, fishing and mining & quarrying), secondary (comprising manufacturing, electricity, gas, water supply & other utility services, and construction) and tertiary (services) sectors have been estimated at 1.0 per cent, 6.0 per cent and 7.7 per cent, as against 5.8 per cent, 6.5 per cent and 6.9 per cent, respectively, in the previous year. Also read: India can end up with 5% real GDP growth this fiscal: Chairman of PM's Economic Advisory Council The Nominal Net National Income (NNI) at current prices for 2018-19 stands at Rs 167.89 lakh crore as against Rs 151.50 lakh crore in 2017-18, showing growth of 10.8 per cent during 2018-19 as against 11.2 per cent in the previous year. The per capita income, that is per capita net national income at current prices, is estimated as Rs 1,15,293 and Rs 1,26,521 respectively for the years 2017-18 and 2018-19. Per capita Private Final Consumption Expenditure (PFCE) at current prices for the years 2017-18 and 2018-19 is estimated at Rs 76,794 and Rs 84,808 respectively.

GDP growth rate for 2018-19 revised downwards to 6.1% from 6.8%

Indian shares gave up early gains to settle lower on Friday, dragged down by energy stocks, a day ahead of the federal budget that comes amid the country's worst economic slowdown in a decade.

The NSE <a href="https://www.wionews.com/business-economy/sensex-nifty-end-lower-on-coronavirus-fears-metals-drag-277556">Nifty </a>50 index ended 0.61 per cent lower at 11,962.12, while the S&amp;P BSE <a href="https://www.wionews.com/business-economy/sensex-nifty-end-lower-on-coronavirus-fears-metals-drag-277556">Sensex </a>closed 0.47 per cent weaker&nbsp;at 40,723.49.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/sharp-slwodown-in-india-a-drag-on-world-economy-275527">Sharp slowdown in India drag on the world economy, says IMF</a>

The Nifty on Friday closed below the 12,000 level for the first time since December&nbsp;12, ending the month 1.70 per cent&nbsp;lower.

Markets have been volatile ahead of the 2020-2021 budget on February&nbsp;1, when Prime Minister <a href="https://www.wionews.com/videos/eu-defers-anti-caa-resolution-vote-relief-for-modi-govt-277447">Narendra Modi'</a>s government is expected to raise spending on infrastructure and cut some personal tax, to spur consumer demand and investment, government sources and economists have said.

Indian stock markets will be open for trading on Saturday on account of the budget, but debt and forex markets will remain shut.

Record profit from India's largest lender State Bank of India (SBI) failed to lift sentiment as energy stocks fell sharply, led by a 2.2&nbsp;per cent drop in <a href="https://www.wionews.com/business-economy/mukesh-ambanis-reliance-posts-record-profit-on-consumer-strength-274936">Reliance </a>Industries Ltd, the country's biggest company by market value.

The Nifty energy index shed 2.66 per cent, marking its worst day since early September, as oil prices were set for a fourth consecutive weekly loss on Friday.&nbsp;

Shares in <a href="https://www.wionews.com/business-economy/slowdown-in-india-expected-to-hit-job-sector-sbi-report-274275">SBI </a>ended 2.5&nbsp;per cent firmer, while those in private-sector lender <a href="https://www.wionews.com/business-economy/kotak-mahindra-bank-q4-profit-rises-14-to-rs-2038-crore-214769">Kotak Mahindra</a> Bank gained 3.9 per cent after the central bank eased rules around the shareholding of its billionaire-founder.

Indian shares gave up early gains to settle lower on Friday, dragged down by energy stocks, a day ahead of the federal budget that comes amid the country's worst economic slowdown in a decade.

Indian shares gave up early gains to settle lower on Friday, dragged down by energy stocks, a day ahead of the federal budget that comes amid the country's worst economic slowdown in a decade. The NSE Nifty 50 index ended 0.61 per cent lower at 11,962.12, while the S&P BSE Sensex closed 0.47 per cent weaker at 40,723.49. Also read: Sharp slowdown in India drag on the world economy, says IMF The Nifty on Friday closed below the 12,000 level for the first time since December 12, ending the month 1.70 per cent lower. Markets have been volatile ahead of the 2020-2021 budget on February 1, when Prime Minister Narendra Modi's government is expected to raise spending on infrastructure and cut some personal tax, to spur consumer demand and investment, government sources and economists have said. Indian stock markets will be open for trading on Saturday on account of the budget, but debt and forex markets will remain shut. Record profit from India's largest lender State Bank of India (SBI) failed to lift sentiment as energy stocks fell sharply, led by a 2.2 per cent drop in Reliance Industries Ltd, the country's biggest company by market value. The Nifty energy index shed 2.66 per cent, marking its worst day since early September, as oil prices were set for a fourth consecutive weekly loss on Friday. Shares in SBI ended 2.5 per cent firmer, while those in private-sector lender Kotak Mahindra Bank gained 3.9 per cent after the central bank eased rules around the shareholding of its billionaire-founder.

Nifty, Sensex end lower ahead of budget; energy stocks lead losses

International Business Machines Corp Chief Executive Officer Ginni Rometty will hand over the reins to the head of the company`s cloud business, as the pioneer tech company continues its efforts to rejuvenate itself.

<a href="https://www.wionews.com/india-news/arvind-krishna-an-iit-kanpur-graduate-to-take-over-as-ceo-of-ibm-277630">Also read: Arvind Krishna, an IIT Kanpur graduate to take over as CEO of IBM</a>

The company was a late entrant to the business of cloud services, a segment now dominated by Amazon.com Inc and Microsoft Corp, and Rometty, a 40-year IBM veteran and one of the highest-profile women in U.S. business, bet on acquisitions to cut the lead.

During her eight years at the helm, the Big Blue completed 65 acquisitions, culminating in the $34 billion (26 billion pounds) deal for Red Hat last year - the biggest purchase in its 108-year history - while selling some of its legacy businesses.

She leaves on a recent high note, days after IBM reported its first revenue growth in six quarters, but shares have lost about a quarter in value since she took charge, and the turnaround she began remains a work in progress.

Arvind Krishna, 57, who spearheaded the Red Hat deal, will take over in April.

IBM will likely continue its trajectory under Krishna, but may pursue more small acquisitions in the cloud and analytics space, said Tim Hubbard, assistant professor at the University of Notre Dame and a former IBM consultant.

Shares of the company were up nearly 5% in extended trading.

IBM also said Red Hat CEO James Whitehurst will become its president.

Rometty, 62, will continue as executive chairman and will retire at the end of the year.

"Arvind is the right CEO for the next era at IBM," Rometty said in a statement.

International Business Machines Corp Chief Executive Officer Ginni Rometty will hand over the reins to the head of the company`s cloud business, as the pioneer tech company continues its efforts to rejuvenate itself.

International Business Machines Corp Chief Executive Officer Ginni Rometty will hand over the reins to the head of the company`s cloud business, as the pioneer tech company continues its efforts to rejuvenate itself. Also read: Arvind Krishna, an IIT Kanpur graduate to take over as CEO of IBM The company was a late entrant to the business of cloud services, a segment now dominated by Amazon.com Inc and Microsoft Corp, and Rometty, a 40-year IBM veteran and one of the highest-profile women in U.S. business, bet on acquisitions to cut the lead. During her eight years at the helm, the Big Blue completed 65 acquisitions, culminating in the $34 billion (26 billion pounds) deal for Red Hat last year - the biggest purchase in its 108-year history - while selling some of its legacy businesses. She leaves on a recent high note, days after IBM reported its first revenue growth in six quarters, but shares have lost about a quarter in value since she took charge, and the turnaround she began remains a work in progress. Arvind Krishna, 57, who spearheaded the Red Hat deal, will take over in April. IBM will likely continue its trajectory under Krishna, but may pursue more small acquisitions in the cloud and analytics space, said Tim Hubbard, assistant professor at the University of Notre Dame and a former IBM consultant. Shares of the company were up nearly 5% in extended trading. IBM also said Red Hat CEO James Whitehurst will become its president. Rometty, 62, will continue as executive chairman and will retire at the end of the year. "Arvind is the right CEO for the next era at IBM," Rometty said in a statement.

IBM's first female CEO Ginni Rometty to step down in April

Facebook shares came under heavy selling pressure Thursday as the latest earnings report for the leading social network highlighted mushrooming costs in dealing with privacy, abuse and misinformation.

<a href="https://www.wionews.com/world/facebook-sued-in-us-federal-court-for-alleged-anti-competitive-conduct-274773">Also Read:&nbsp;Facebook sued in US federal court for alleged anti competitive conduct</a>

Shares plunged seven per cent in opening trade to $207.57 as investors soured on Facebook even after a fourth quarter update largely in line with analyst estimates.

Profit rose seven per cent from a year ago to $7.3 billion, while revenue increased 25 per cent to $21 billion in the final three months of last year, the update showed.

The number of people using Facebook monthly climbed eight per cent to 2.5 billion. For all its apps including Instagram, Messenger and WhatsApp, the figure was 2.89 billion.

Some analysts said the results pointed to weaker growth ahead for Facebook.

"The spectre of slowing growth took the edge off what has been an excellent run for the shares during 2019," said independent analyst Richard Windsor on his Radio Free Mobile blog.

"Despite the seemingly endless series of leaks and scandals, growth had remained strong, but some cracks are finally beginning to show."

Highlighting those concerns, Facebook acknowledged it agreed to pay a $550 million settlement in a class action suit based on allegations that users' biometric data was illegally gathered using photo-scanning technology and then stored.&nbsp;

The lawsuit stemmed from an Illinois law on biometric privacy, underscoring concerns on the costs of dealing with a range of data protection measures in Europe, California and elsewhere.

Analyst Michael Levine of Pivotal Research Group downgraded Facebook after the earnings reporting, citing weaker-than-expected ad revenues and "headwinds" that could limit its ability to collect data for targeted ads, the largest source of revenue.

"More of the headwinds are ahead of us rather than behind us," Levine said in a research note.

Investors appear concerned about the continuing increases in the amount of money Facebook spends as it pours resources into protecting privacy and preventing the network from being used as a platform for hate speech, abuse, and disinformation.

Costs in the recently ended fourth quarter rose 34 percent to $12.2 billion. Facebook ended the year with its employee ranks up 26 per cent to nearly 45,000.

Facebook is likely to see pressure from privacy rules hobbling the company's ability to effectively target its money-making ads.

Chief financial officer David Wehner told analysts the company expects revenue growth to slow, in part due to regulations and "other ad-targeting related headwinds."

Recent data privacy regulations in Europe and California as well as enhancements to browser or operating system software from Google and Apple, along with tools added by Facebook itself, are expected to limit the ability of the social network to use "signals" from third-party websites to more finely target ads, Wehner said.

Chief executive Mark Zuckerberg welcomed what he called "a good quarter and a strong end to the year" while noting that the company had much work to do.

He said Facebook was ramping up efforts to comply with a record $5 billion settlement with the US Federal Trade Commission on privacy controls while also fighting manipulation efforts during the US election campaign.

"As part of our FTC settlement, we committed to building privacy controls and auditing that will set a new standard for our industry -- going beyond anything that's required by law today," Zuckerberg wrote on his Facebook page.

"We're very focused on election integrity -- and this is an area where I'm proud of the progress we've made preventing foreign interference.&nbsp;

"We were behind in 2016, but after working to protect elections in countries across the world from the EU to India to Mexico to the US midterms for the past few years, we think our systems are now more advanced than any other company."

- Some still upbeat - 
Some analysts remained upbeat on Facebook, noting that advertising revenues, &nbsp;the vast majority of cash it generates, rose 25 percent at $20.7 billion in the quarter.&nbsp;

Morningstar analyst Ali Mogharabi said Facebook still has a "moat" as the largest social network, which will attract advertisers.

"The growth in users and user engagement, along with the valuable data that they generate, makes Facebook attractive to advertisers in the short and long term," Mogharabi said in a note to clients.

Debra Aho Williamson said Facebook has been able to maintain momentum despite a barrage of criticism and regulatory issues.

"Despite all of the concerns that have been swirling around the company in the past two years, it beat expectations on revenue, and it demonstrated continued growth in its user base," she said.

Facebook shares came under heavy selling pressure Thursday as the latest earnings report for the leading social network highlighted mushrooming costs in dealing with privacy, abuse and misinformation.

Facebook shares came under heavy selling pressure Thursday as the latest earnings report for the leading social network highlighted mushrooming costs in dealing with privacy, abuse and misinformation. Also Read: Facebook sued in US federal court for alleged anti competitive conduct Shares plunged seven per cent in opening trade to $207.57 as investors soured on Facebook even after a fourth quarter update largely in line with analyst estimates. Profit rose seven per cent from a year ago to $7.3 billion, while revenue increased 25 per cent to $21 billion in the final three months of last year, the update showed. The number of people using Facebook monthly climbed eight per cent to 2.5 billion. For all its apps including Instagram, Messenger and WhatsApp, the figure was 2.89 billion. Some analysts said the results pointed to weaker growth ahead for Facebook. "The spectre of slowing growth took the edge off what has been an excellent run for the shares during 2019," said independent analyst Richard Windsor on his Radio Free Mobile blog. "Despite the seemingly endless series of leaks and scandals, growth had remained strong, but some cracks are finally beginning to show." Highlighting those concerns, Facebook acknowledged it agreed to pay a $550 million settlement in a class action suit based on allegations that users' biometric data was illegally gathered using photo-scanning technology and then stored. The lawsuit stemmed from an Illinois law on biometric privacy, underscoring concerns on the costs of dealing with a range of data protection measures in Europe, California and elsewhere. Analyst Michael Levine of Pivotal Research Group downgraded Facebook after the earnings reporting, citing weaker-than-expected ad revenues and "headwinds" that could limit its ability to collect data for targeted ads, the largest source of revenue. "More of the headwinds are ahead of us rather than behind us," Levine said in a research note. Investors appear concerned about the continuing increases in the amount of money Facebook spends as it pours resources into protecting privacy and preventing the network from being used as a platform for hate speech, abuse, and disinformation. Costs in the recently ended fourth quarter rose 34 percent to $12.2 billion. Facebook ended the year with its employee ranks up 26 per cent to nearly 45,000. Facebook is likely to see pressure from privacy rules hobbling the company's ability to effectively target its money-making ads. Chief financial officer David Wehner told analysts the company expects revenue growth to slow, in part due to regulations and "other ad-targeting related headwinds." Recent data privacy regulations in Europe and California as well as enhancements to browser or operating system software from Google and Apple, along with tools added by Facebook itself, are expected to limit the ability of the social network to use "signals" from third-party websites to more finely target ads, Wehner said. Chief executive Mark Zuckerberg welcomed what he called "a good quarter and a strong end to the year" while noting that the company had much work to do. He said Facebook was ramping up efforts to comply with a record $5 billion settlement with the US Federal Trade Commission on privacy controls while also fighting manipulation efforts during the US election campaign. "As part of our FTC settlement, we committed to building privacy controls and auditing that will set a new standard for our industry -- going beyond anything that's required by law today," Zuckerberg wrote on his Facebook page. "We're very focused on election integrity -- and this is an area where I'm proud of the progress we've made preventing foreign interference. "We were behind in 2016, but after working to protect elections in countries across the world from the EU to India to Mexico to the US midterms for the past few years, we think our systems are now more advanced than any other company." - Some still upbeat - Some analysts remained upbeat on Facebook, noting that advertising revenues, the vast majority of cash it generates, rose 25 percent at $20.7 billion in the quarter. Morningstar analyst Ali Mogharabi said Facebook still has a "moat" as the largest social network, which will attract advertisers. "The growth in users and user engagement, along with the valuable data that they generate, makes Facebook attractive to advertisers in the short and long term," Mogharabi said in a note to clients. Debra Aho Williamson said Facebook has been able to maintain momentum despite a barrage of criticism and regulatory issues. "Despite all of the concerns that have been swirling around the company in the past two years, it beat expectations on revenue, and it demonstrated continued growth in its user base," she said.

Facebook shares plunge over surge in quarterly expenses

Domestic pharma companies have the potential to grow their revenue from the US by almost five times at around USD 30 billion from USD 6.5 billion in 2018 if they properly tap just 10 of the widely consumed drugs in the world’s largest drug market, according to an analysis by the World Trade Centre.&nbsp;

<a href="https://www.wionews.com/business-%26-economy/india-china-clinch-deal-to-reduce-tariffs-on-indian-medicines-anti-cancer-drugs-150325">Also read: As trade war with US heats up, China cuts duties on Indian medicines</a> 
 
Despite being the largest export market for domestic pharma makers, they served only a miniscule 5.6 per cent or USD 6.5 billion of the over USD 116 billion American pharma imports of in 2018, show the WTC data.

Despite having good demand from across the markets, primarily due to lower prices and easy availability, India controls only 2.4 per cent of global pharma exports. With robust manufacturing capabilities, domestic pharma companies have the potential to enhance their exports to the US by almost five times to USD 29.6 billion, says the WTC in a note quoting data from the UN’s International Trade Commission.

The WTC has identified 10 products that constitute about 25 per cent of American pharma imports in 2018 at USD 29.6 billion which constitute about 17 per cent of US imports from India. These ten products include single vitamins, medicaments affecting central nervous system, cough &amp; cold preparations, dermatological agents &amp; local anesthetics, chemical contraceptives, sterile surgical catgut, antineoplastic &amp; immunosupressive medicaments, and structural analogues among others.

These 10 products constitute around 25 per cent of American drug imports and but the share of Indian companies in 2018 was only worth USD 1 billion. Domestic pharma companies shipped products worth USD 6.53 billion in 2018 to the US, which was only 5.61 per cent of total American imports worth USD 116.35 billion, showed WTC data.

Domestic pharma companies have the potential to grow their revenue from the US by almost five times at around USD 30 billion from USD 6.5 billion in 2018 if they properly tap just 10 of the widely consumed drugs in the world’s largest drug market, according to an analysis by the World Trade Centre.

Domestic pharma companies have the potential to grow their revenue from the US by almost five times at around USD 30 billion from USD 6.5 billion in 2018 if they properly tap just 10 of the widely consumed drugs in the world’s largest drug market, according to an analysis by the World Trade Centre. Also read: As trade war with US heats up, China cuts duties on Indian medicines Despite being the largest export market for domestic pharma makers, they served only a miniscule 5.6 per cent or USD 6.5 billion of the over USD 116 billion American pharma imports of in 2018, show the WTC data. Despite having good demand from across the markets, primarily due to lower prices and easy availability, India controls only 2.4 per cent of global pharma exports. With robust manufacturing capabilities, domestic pharma companies have the potential to enhance their exports to the US by almost five times to USD 29.6 billion, says the WTC in a note quoting data from the UN’s International Trade Commission. The WTC has identified 10 products that constitute about 25 per cent of American pharma imports in 2018 at USD 29.6 billion which constitute about 17 per cent of US imports from India. These ten products include single vitamins, medicaments affecting central nervous system, cough & cold preparations, dermatological agents & local anesthetics, chemical contraceptives, sterile surgical catgut, antineoplastic & immunosupressive medicaments, and structural analogues among others. These 10 products constitute around 25 per cent of American drug imports and but the share of Indian companies in 2018 was only worth USD 1 billion. Domestic pharma companies shipped products worth USD 6.53 billion in 2018 to the US, which was only 5.61 per cent of total American imports worth USD 116.35 billion, showed WTC data.

US offers $30 billion more market to Indian pharma companies

A new coronavirus that has killed 170 people in China and spread to over a dozen other countries has roiled global commodity markets, raising fears of weaker demand and disrupting raw material supply chains in the world's most populous country.

A new coronavirus that has killed 170 people in China and spread to over a dozen other countries has roiled global commodity markets, raising fears of weaker demand and disrupting raw material supply chains in the world's most populous country. All but around 100 of the nearly 8,000 cases so far identified have been in mainland China, but the virus has caused global alarm because it is still too early to know how dangerous it is and how easily it spreads among people. The World Health Organisation will meet on Thursday to decide whether its rapid spread amounts to a global health emergency. Commodity Markets impacted the most Oil prices slumped to 3-month lows this week in response to the widening spread of the virus in China, the world's top oil importer, prompting OPEC to look to extend current oil output cuts until at least June from March, as well as consider deeper cuts if oil demand is badly hit. China is the second-largest oil refiner and a critical growth engine for the global economy, so any material contraction in Chinese economic activity is expected to have far-reaching repercussions across several industries. The aviation sector was a high-profile coronavirus casualty, with scores of flights to and from China cancelled this week. Jet fuel prices and production margins in Asia slumped in response, hurting refiners and fuel exporters. Greatly reduced mobility within China also hit gasoline demand, with Asia's benchmark gasoline price falling the most in four years on Tuesday. Also Read: Barclays sees $2 per barrel impact to oil prices as virus fears threaten demand Other commodity markets affected Palm oil prices slumped as much as 10% on Tuesday as traders reacted to the widening shutdowns of offices, malls, and factories within China. Palm oil is used mainly in food courts and by catering companies in China, the second-largest palm importer behind India, so reduced consumption is expected over the near to medium term. Base metals have also taken a hit as manufacturing plants and factories take protracted Lunar New Year breaks while they assess the fallout from the virus. Toyota Motor Corp and other firms announced extended plant shutdowns. Industrial bellwether copper fell to near a fourth-month on Thursday and was set for an 11th straight session of losses on fears of an economic slowdown in the world's top metals consumer. Commodities futures exchanges have also remained shut longer than planned due to the virus, with the Shanghai Futures Exchange (ShFE) and Dalian Commodity Exchange (DCE) announcing extended closures. Gold has won some support during a time of uncertainty, hitting a three-week high early in the week, and analysts expect the precious metal to remain bid while worries about the virus persist.

Coronavirus in China impacts global commodity market

South Korean battery maker <a href="https://www.wionews.com/world/us-aged-21-phones-are-a-greater-threat-than-guns-in-vermont-273423">Samsung</a> SDI Co Ltd said on Thursday its first-quarter earnings could be negatively affected by a virus outbreak in China.

The total number of confirmed deaths from the virus in China had risen by 38 to 170 as of Wednesday, and the number of infected patients had risen to over 7,700.

<a href="https://www.wionews.com/business-economy/the-transformation-tale-of-mobile-phones-how-we-evolved-from-nokia-3310-to-samsung-galaxy-fold-271299">Samsung</a> SDI, an affiliate of South Korean tech giant Samsung Electronics Co Ltd, counts Volvo and Volkswagen among its customers.

<img alt="Samsung" data-entity-type="file" data-entity-uuid="54388805-24c3-4d63-ba45-10cc68d8944a" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2815%29_11.jpg" /> 
[ A customer stands near Samsung logo during Galaxy Note 8 consumer launch event (Courtesy: Reuters) ]

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/apples-iphone-sales-in-china-up-18-in-december-sources-273217">Apple's iPhone sales in China up 18 per cent in December: Report</a>

Meanwhile, &nbsp;<a href="https://www.wionews.com/business-economy/apple-supplier-japan-display-to-receive-830-million-from-asset-manager-ichigo-267874">Apple</a> said it had baked into its outlook uncertainty related to a virus outbreak in China that has killed 132 and infected nearly 6,000. Companies also asked the staff there to work from home.

Apple closed one of its retail stores in China, reduced hours at others and prevented employees from travelling.

South Korean battery maker Samsung SDI Co Ltd said on Thursday its first-quarter earnings could be negatively affected by a virus outbreak in China. The total number of confirmed deaths from the virus in China had risen by 38 to 170 as of Wednesday, and the number of infected patients had risen to over 7,700.

South Korean battery maker Samsung SDI Co Ltd said on Thursday its first-quarter earnings could be negatively affected by a virus outbreak in China. The total number of confirmed deaths from the virus in China had risen by 38 to 170 as of Wednesday, and the number of infected patients had risen to over 7,700. Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics Co Ltd, counts Volvo and Volkswagen among its customers. [ A customer stands near Samsung logo during Galaxy Note 8 consumer launch event (Courtesy: Reuters) ] Also Read: Apple's iPhone sales in China up 18 per cent in December: Report Meanwhile, Apple said it had baked into its outlook uncertainty related to a virus outbreak in China that has killed 132 and infected nearly 6,000. Companies also asked the staff there to work from home. Apple closed one of its retail stores in China, reduced hours at others and prevented employees from travelling.

Apple prepares for Coronavirus fallout, Samsung fears it may affect earnings