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

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

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

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

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

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

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

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

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

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

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

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

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

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

Disappointing growth hits Google parent Alphabet shares

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

After Budget, Sensex rises over 260 in early trade

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

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

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

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

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

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

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

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

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

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

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

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

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

Union Budget 2020-21: Electricity and energy sector announcements

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

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

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

Union Budget 2020-21: Information and telecommunication related announcements

Union finance minister Nirmala Sitharaman while presenting the Budget said Foreign direct investment (FDI) into the country had increased to $284 billion during 2014-19.

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Also Read: Union Budget 2020-21 Live News Updates</a>

"India's FDI got elevated to the level of&nbsp; $284 billion during 2014-19 from $190 billion that came in during the years 2009-14," the minister said during her Budget speech.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/know-how-stock-market-is-reacting-to-budget-2020-277957/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

FDI into the country grew 15 per cent to $26 billion during the first half of the current financial year, Sitharaman informed during her speech.

<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">Also Read:&nbsp;GST has gradually matured into a tax integrating the country economically, says Sitharaman</a>

During the speech, Sitharaman had said that India is now the fifth-largest economy in the world. The minister said debt had reduced to 48.7 per cent of GDP from 52.2 per cent in March 2014.

"We shall strive to bring ease of living for every citizen," the finance minister said.

Union finance minister Nirmala Sitharaman while presenting the Budget said Foreign direct investment (FDI) into the country had increased to $284 billion during 2014-19.

Union finance minister Nirmala Sitharaman while presenting the Budget said Foreign direct investment (FDI) into the country had increased to $284 billion during 2014-19. Also Read: Union Budget 2020-21 Live News Updates "India's FDI got elevated to the level of $284 billion during 2014-19 from $190 billion that came in during the years 2009-14," the minister said during her Budget speech. Watch Video: FDI into the country grew 15 per cent to $26 billion during the first half of the current financial year, Sitharaman informed during her speech. Also Read: GST has gradually matured into a tax integrating the country economically, says Sitharaman During the speech, Sitharaman had said that India is now the fifth-largest economy in the world. The minister said debt had reduced to 48.7 per cent of GDP from 52.2 per cent in March 2014. "We shall strive to bring ease of living for every citizen," the finance minister said.

Foreign direct investment increased to $284 billion during 2014-19: Sitharaman

For her second <a href="https://www.wionews.com/business-economy/latest-business-news-budget-likely-to-increase-spending-to-spur-growth-277909">budget</a> presentation, Union Finance Minister <a href="https://www.wionews.com/business-economy/nirmala-sitharaman-to-present-budget-in-parliament-today-277904">Nirmala Sitharaman</a> on Saturday carried documents in a traditional <a href="https://www.wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">'Bahi-Khata'</a> (ledger) wrapped in a red cloth, similar to what she carried last year.

Dressed in crisp yellow silk saree, accompanied by MoS Finance Anurag Thakur and other officials from her ministry, Sitharam will meet President Ram Nath Kovind before presenting the budget at 11 am today. The duration of the budget speech usually ranges from 90 to 120 minutes.

Last year, Sitharaman had ditched the long-standing tradition of carrying budget documents in a leather briefcase and went swadeshi with a '<a href="https://www.wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">bahi-khata</a>'.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">'Feel good' budget may see cut in tax rate, sops for social sectors</a>

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." 
 
On being asked about the replacement of the briefcase, Subramanian had said, "It is not a Budget, but a <a href="https://www.wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">Bahi-Khata</a> (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.

Also read: <a href="https://www.wionews.com/business-economy/latest-business-news-budget-likely-to-increase-spending-to-spur-growth-277909">Budget likely to increase spending to spur growth</a> 
 
In July last year, Sitharaman had said that the Modi government is not a "suitcase-carrying government", in an apparent jibe at the past dispensations. 
 
Before <a href="https://www.wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">Sitharaman</a>, a long-standing tradition in connection with the budget presentation was broken during the Atal Bihari 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.

For her second budget presentation, Union Finance Minister Nirmala Sitharaman on Saturday carried documents in a traditional 'Bahi-Khata' (ledger) wrapped in a red cloth, similar to what she carried last year.

For her second budget presentation, Union Finance Minister Nirmala Sitharaman on Saturday carried documents in a traditional 'Bahi-Khata' (ledger) wrapped in a red cloth, similar to what she carried last year. Dressed in crisp yellow silk saree, accompanied by MoS Finance Anurag Thakur and other officials from her ministry, Sitharam will meet President Ram Nath Kovind before presenting the budget at 11 am today. The duration of the budget speech usually ranges from 90 to 120 minutes. Last year, Sitharaman had ditched the long-standing tradition of carrying budget documents in a leather briefcase and went swadeshi with a 'bahi-khata'. Also read: 'Feel good' budget may see cut in tax rate, sops for social sectors 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." 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. Also read: Budget likely to increase spending to spur growth In July last year, Sitharaman had said that the Modi government is not a "suitcase-carrying government", in an apparent jibe at the past dispensations. Before Sitharaman, a long-standing tradition in connection with the budget presentation was broken during the Atal Bihari 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.

Sitharaman back with traditional 'bahi khata' for Budget 2020-21

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday.

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-speech-time-sensex-plunges-27901-points-ahead-of-union-budget-income-tax-slab-rate-cut-277913">Also Read:&nbsp;Union Budget 2020-21 Live News Updates</a>

"GST has been the most historic step taken by the government," Sitharaman said. "India transitioned from a multi-system indirect tax regime to a "simplified GST"," the minister added.

"India is now the fifth-largest economy in the world,"&nbsp;the minister said.

"GST has been gradually maturing into a tax that has integrated the country economically," the finance minister added.

"Inflation is well contained," the finance minister said. "Fundamentals of the economy are strong, banks have cleaned up accumulated loans,"&nbsp;the finance minister said.

The finance minister said the Union Budget has been based on aspiration, development and compassion.

Highlights:

*Total of 40 crore GST returns filed.

*Rs 99,300 crore allocated for Education.&nbsp;

*60 lakh new taxpayers added.

*Central debt down from 48.7 in 2014 to 52.2 in 2019.&nbsp;

*Agriculture credit target set up at Rs 15 lakh crore for FY21.&nbsp;

*Indian Railways to set up Kisan Rail in PPP mode for cold supply chain to transport perishable goods.

*Horticulture with 311 metric ton exceeded production of food grains.

*NABARD to map and geo-tab 162 mn tonne capacity agricultural warehouses across the country.

*Krishi Udaan to be launched by Civil Aviation Ministry to transport agri-products to national as well international destinations.

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 "GST has been the most historic step taken by the government," Sitharaman said.

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 "GST has been the most historic step taken by the government," Sitharaman said. "India transitioned from a multi-system indirect tax regime to a "simplified GST"," the minister added. "India is now the fifth-largest economy in the world," the minister said. "GST has been gradually maturing into a tax that has integrated the country economically," the finance minister added. "Inflation is well contained," the finance minister said. "Fundamentals of the economy are strong, banks have cleaned up accumulated loans," the finance minister said. The finance minister said the Union Budget has been based on aspiration, development and compassion. Highlights: *Total of 40 crore GST returns filed. *Rs 99,300 crore allocated for Education. *60 lakh new taxpayers added. *Central debt down from 48.7 in 2014 to 52.2 in 2019. *Agriculture credit target set up at Rs 15 lakh crore for FY21. *Indian Railways to set up Kisan Rail in PPP mode for cold supply chain to transport perishable goods. *Horticulture with 311 metric ton exceeded production of food grains. *NABARD to map and geo-tab 162 mn tonne capacity agricultural warehouses across the country. *Krishi Udaan to be launched by Civil Aviation Ministry to transport agri-products to national as well international destinations.

Union Budget 2020-21: GST has gradually matured into a tax integrating the country economically, says Sitharaman

Union Cabinet meeting will be held at 10:15 am on Saturday here, ahead of the presentation of the Union Budget 2020-21 in Parliament.

Finance Minister and Corporate Affairs Minister <a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">Nirmala Sitharaman</a> will present the Union Budget. It will be her second Budget.

Earlier, <a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">Sitharaman</a>, who carried a 'Bahi-Khata', met President Ram Nath Kovind, accompanied by MoS Finance Anurag Thakur and other officials from her ministry.

Also read: <a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">'Feel good' budget may see cut in tax rate, sops for social sectors</a>

She also visited the Ministry of Finance in the North Block.

Sitharaman will present the Budget in Parliament at 11 am today. The duration of the Budget speech usually ranges from 90 to 120 minutes.

Dressed in a yellow silk saree, Sitharaman continued with the tradition she set last year carrying the Bahi-Khata.

Also read: <a href="https://www.wionews.com/business-economy/latest-business-news-sitharaman-back-with-traditional-bahi-khata-for-budget-2020-21-277916">Sitharaman back with traditional 'bahi khata' for Budget 2020-21</a>

On the first day of the Budget Session of Parliament, Sitharaman on Friday tabled the pre-budget Economic Survey for 2019-20, which projected the state of the economy and outlined its challenges.

According to the Economic Survey 2019-20, India's gross domestic product (GDP) is projected to grow at a rate of 6 to 6.5 per cent in the next financial year 2020-21.

Sitharaman had presented her first Union Budget in July last year, shortly after the BJP retained power at the Centre under the leadership of Prime Minister Narendra Modi by winning the 2019 Lok Sabha elections.&nbsp;

Union Cabinet meeting will be held at 10:15 am on Saturday here, ahead of the presentation of the Union Budget 2020-21 in Parliament. Finance Minister and Corporate Affairs Minister Nirmala Sitharaman will present the Union Budget.

Union Cabinet meeting will be held at 10:15 am on Saturday here, ahead of the presentation of the Union Budget 2020-21 in Parliament. Finance Minister and Corporate Affairs Minister Nirmala Sitharaman will present the Union Budget. It will be her second Budget. Earlier, Sitharaman, who carried a 'Bahi-Khata', met President Ram Nath Kovind, accompanied by MoS Finance Anurag Thakur and other officials from her ministry. Also read: 'Feel good' budget may see cut in tax rate, sops for social sectors She also visited the Ministry of Finance in the North Block. Sitharaman will present the Budget in Parliament at 11 am today. The duration of the Budget speech usually ranges from 90 to 120 minutes. Dressed in a yellow silk saree, Sitharaman continued with the tradition she set last year carrying the Bahi-Khata. Also read: Sitharaman back with traditional 'bahi khata' for Budget 2020-21 On the first day of the Budget Session of Parliament, Sitharaman on Friday tabled the pre-budget Economic Survey for 2019-20, which projected the state of the economy and outlined its challenges. According to the Economic Survey 2019-20, India's gross domestic product (GDP) is projected to grow at a rate of 6 to 6.5 per cent in the next financial year 2020-21. Sitharaman had presented her first Union Budget in July last year, shortly after the BJP retained power at the Centre under the leadership of Prime Minister Narendra Modi by winning the 2019 Lok Sabha elections.

Cabinet meets ahead of Union Budget 2020

Prime Minister Narendra Modi on Saturday addressed the nation after Finance Minister Nirmala Sitharaman presented the second Union Budget of Modi-2.0 government earlier in the day.&nbsp;

The prime minister hailed the budget and called it a progressive one. He congratulated FM Sitharaman and her team "for presenting the first Budget of the decade that has vision as well as action".

The prime minister expressed hope that this year's Budget will bolster the income and investment in the country.

Also read: <a href="https://www.wionews.com/india-news/want-to-increase-spending-capacity-nirmala-sitharaman-278011">Wanted to increase spending capacity - Nirmala Sitharaman on Budget 2020</a>

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"I hope this Budget will boost the demand and consumption in the country and will bring vitality in the financial system," the prime minister added.&nbsp;

"The budget is focused on the skill development of the youth," PM Modi said.&nbsp;

"The main areas of employment are agriculture, infrastructure, textiles and technology. In order to increase employment generation, these four have been given a lot of emphasis in this budget," the prime minister said.&nbsp;

"The goal to develop 100 airports in the country is very important for the tourism sector of the country. In tourism, there is more possibility of employment/income generation with lesser investment," he stated.&nbsp;

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PM Narendra Modi: The main areas of employment are agriculture, infrastructure, textiles and technology. In order to increase employment generation, these four have been given a lot of emphasis in this budget. <a href="https://twitter.com/hashtag/Budget2020?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2020</a> <a href="https://t.co/sFG4cYBiye">pic.twitter.com/sFG4cYBiye</a>
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Sitharaman on Saturday presented 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;

Also read: <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">25% tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh - Budget 2020</a>

In a press conference, Sitharaman said that she wanted to place money in the hands of the people, especially the middle class and lower-middle classes in order to increase the spending capacity.

Some of the key highlights of Budget 2020 include new income tax structure for individuals willing to forego certain exemptions and deductions

Under the new structure, income of Rs 5-7.5 lakh to attract 10 per cent tax, Rs 7.5-Rs 10 lakh 15 per cent, Rs 10-12.5 lakh 20 per cent, Rs 12.5-15 lakh 25 per cent, above Rs 15 lakh 30 per cent. Income up to Rs 5 lakh to remain exempt from tax.

Bank deposit insurance coverage increased to Rs 5 lakh from Rs 1 lakh.

Prime Minister Narendra Modi on Saturday addressed the nation after Finance Minister Nirmala Sitharaman presented the second Union Budget of Modi-2.0 government earlier in the day.

Prime Minister Narendra Modi on Saturday addressed the nation after Finance Minister Nirmala Sitharaman presented the second Union Budget of Modi-2.0 government earlier in the day. The prime minister hailed the budget and called it a progressive one. He congratulated FM Sitharaman and her team "for presenting the first Budget of the decade that has vision as well as action". The prime minister expressed hope that this year's Budget will bolster the income and investment in the country. Also read: Wanted to increase spending capacity - Nirmala Sitharaman on Budget 2020 × "I hope this Budget will boost the demand and consumption in the country and will bring vitality in the financial system," the prime minister added. "The budget is focused on the skill development of the youth," PM Modi said. "The main areas of employment are agriculture, infrastructure, textiles and technology. In order to increase employment generation, these four have been given a lot of emphasis in this budget," the prime minister said. "The goal to develop 100 airports in the country is very important for the tourism sector of the country. In tourism, there is more possibility of employment/income generation with lesser investment," he stated. PM Narendra Modi: The main areas of employment are agriculture, infrastructure, textiles and technology. In order to increase employment generation, these four have been given a lot of emphasis in this budget. #Budget2020 pic.twitter.com/sFG4cYBiye — ANI (@ANI) February 1, 2020 × Sitharaman on Saturday presented 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. Also read: 25% tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh - Budget 2020 In a press conference, Sitharaman said that she wanted to place money in the hands of the people, especially the middle class and lower-middle classes in order to increase the spending capacity. Some of the key highlights of Budget 2020 include new income tax structure for individuals willing to forego certain exemptions and deductions Under the new structure, income of Rs 5-7.5 lakh to attract 10 per cent tax, Rs 7.5-Rs 10 lakh 15 per cent, Rs 10-12.5 lakh 20 per cent, Rs 12.5-15 lakh 25 per cent, above Rs 15 lakh 30 per cent. Income up to Rs 5 lakh to remain exempt from tax. Bank deposit insurance coverage increased to Rs 5 lakh from Rs 1 lakh.

Union Budget 2020 will bolster income and investment; bring vitality in financial system: PM Modi

Finance Minister <a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">Nirmala Sitharaman </a>will on Saturday present the budget of the second term of the <a href="https://www.wionews.com/india-news/pm-modi-netanyahu-exchange-pleasantries-on-28th-anniversary-of-establishment-of-india-israel-diplomatic-ties-277605">Narendra Modi</a> government.

This will also be the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.

<a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">Sitharaman </a>will present the full-year budget for the year ending March 2021.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">'Feel good' budget may see cut in tax rate, sops for social sectors</a>

The Budget speech will begin at around 11 am today with Sitharaman beginning it with an address to the speaker of Lok Sabha. Usually, the duration of the presentation ranges from 90 to 120 minutes.

The Finance Minister on Friday tabled in Parliament the pre-Budget Economic Survey for 2019-20, which projected the state of the economy and outlined its challenges.

The survey was released by Chief Economic Adviser Krishnamurthy Subramanian.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">What will Sitharaman carry for her second budget presentation?</a>

The Union Budget is the financial statement of the government, detailing its revenue and expenditure in the past, as well as estimated spending and projections for the coming year.

<a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">Sitharaman </a>had presented her maiden budget in July last year, shortly after the BJP-led government came back to power in the Centre in the 2019 Lok Sabha elections.

Till 2016, the <a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">Union Budget </a>was presented on the last working day of February.

Former finance minister Arun Jaitley had changed the tradition in 2017 when the Union Budget was presented on February 1.

Finance Minister Nirmala Sitharaman will on Saturday present the budget of the second term of the Narendra Modi government. This will also be the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.

Finance Minister Nirmala Sitharaman will on Saturday present the budget of the second term of the Narendra Modi government. This will also be the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India. Sitharaman will present the full-year budget for the year ending March 2021. Also read: 'Feel good' budget may see cut in tax rate, sops for social sectors The Budget speech will begin at around 11 am today with Sitharaman beginning it with an address to the speaker of Lok Sabha. Usually, the duration of the presentation ranges from 90 to 120 minutes. The Finance Minister on Friday tabled in Parliament the pre-Budget Economic Survey for 2019-20, which projected the state of the economy and outlined its challenges. The survey was released by Chief Economic Adviser Krishnamurthy Subramanian. Also read: What will Sitharaman carry for her second budget presentation? The Union Budget is the financial statement of the government, detailing its revenue and expenditure in the past, as well as estimated spending and projections for the coming year. Sitharaman had presented her maiden budget in July last year, shortly after the BJP-led government came back to power in the Centre in the 2019 Lok Sabha elections. Till 2016, the Union Budget was presented on the last working day of February. Former finance minister Arun Jaitley had changed the tradition in 2017 when the Union Budget was presented on February 1.

Nirmala Sitharaman to present budget in Parliament today

Union Cabinet, chaired by Prime Minister Narendra Modi, on Saturday approved the Budget for the year 2020-21 ahead of its presentation in the Parliament.

The Cabinet meeting was held after Sitharaman, who carried a 'Bahi-Khata', met President Ram Nath Kovind, accompanied by MoS Finance Anurag Thakur and other officials from her ministry.

She also visited the Ministry of Finance in the North Block.

Also read: <a href="https://www.wionews.com/business-economy/latest-business-news-sitharaman-back-with-traditional-bahi-khata-for-budget-2020-21-277916">Sitharaman back with traditional 'bahi khata' for Budget 2020-21</a>

Sitharaman will present the Budget in Parliament at 11 am today.

Ahead of the presentation, printed copies of the Budget were brought to the Parliament.

The duration of the Budget speech usually ranges from 90 to 120 minutes.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/latest-business-news-budget-likely-to-increase-spending-to-spur-growth-277909">Budget likely to increase spending to spur growth</a>

On the first day of the Budget Session of Parliament, Sitharaman on Friday tabled the pre-budget Economic Survey for 2019-20, which projected the state of the economy and outlined its challenges.

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&nbsp;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. India's gross domestic product (GDP) is expected to rebound and grow at a rate of 6 to 6.5 per cent in the next financial year 2020-21, according to the Economic Survey laid in Parliament on Friday.

Union Cabinet, chaired by Prime Minister Narendra Modi, on Saturday approved the Budget for the year 2020-21 ahead of its presentation in the Parliament. The Cabinet meeting was held after Sitharaman, who carried a 'Bahi-Khata', met President Ram Nath Kovind, accompanied by MoS Finance Anurag Thakur and other officials from her ministry.

Union Cabinet, chaired by Prime Minister Narendra Modi, on Saturday approved the Budget for the year 2020-21 ahead of its presentation in the Parliament. The Cabinet meeting was held after Sitharaman, who carried a 'Bahi-Khata', met President Ram Nath Kovind, accompanied by MoS Finance Anurag Thakur and other officials from her ministry. She also visited the Ministry of Finance in the North Block. Also read: Sitharaman back with traditional 'bahi khata' for Budget 2020-21 Sitharaman will present the Budget in Parliament at 11 am today. Ahead of the presentation, printed copies of the Budget were brought to the Parliament. The duration of the Budget speech usually ranges from 90 to 120 minutes. Also read: Budget likely to increase spending to spur growth On the first day of the Budget Session of Parliament, Sitharaman on Friday tabled the pre-budget Economic Survey for 2019-20, which projected the state of the economy and outlined its challenges. 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. India's gross domestic product (GDP) is expected to rebound and grow at a rate of 6 to 6.5 per cent in the next financial year 2020-21, according to the Economic Survey laid in Parliament on Friday.

Union Cabinet approves Budget 2020-21

Finance minister Nirmala Sitharaman proposed the introduction of a taxpayers' charter in the income tax act.

It has been done to ensure harassment of taxpayers by income tax officials does not take place.

The finance minister reiterated that tax harassment cannot be tolerated, as often it is the wealth generators who end up getting harassed.

Certain offences under the companies act will not be decriminalised, and other laws are being examined to make corrections.

<img alt="ooo" data-entity-type="file" data-entity-uuid="e952b40f-f0ac-4568-a43a-76627db96162" src="//cdn.wionews.com/sites/default/files/inline-images/BUDGET_HIGHLIGHTS01.jpg" />

Key highlights of Budget 2020:

Mega 16-point action plan for farmers

India now fifth largest economy globally, says Sitharaman

Rs 12,300 crore allocated for Swachh Bharat mission this year

<img alt="ppp" data-entity-type="file" data-entity-uuid="4e66ed89-4d67-4b9d-87b6-265175ea8af5" src="//cdn.wionews.com/sites/default/files/inline-images/BUDGET_HIGHLIGHTS02.jpg" />

India uplifted 271 million people out of poverty: Sitharaman

60 lakh taxpayers added in the last 2 years

Anti-TB campaign to be launched to eliminate TB by 2025

100 more airports to be developed by 2024

<img alt="ppppppp" data-entity-type="file" data-entity-uuid="a868347c-0411-47ac-9c4e-040b4d4c58e7" src="//cdn.wionews.com/sites/default/files/inline-images/BUDGET_HIGHLIGHTS03.jpg" />

Rs 69,000 crore allocated for the healthcare sector

More Tejas-type trains to connect tourist destinations

Rs 85,000 crore allocated for the employment of Scheduled Tribes

Rs 100 crore set aside for culture ministry

<img alt="pp" data-entity-type="file" data-entity-uuid="9aa85351-cf0c-4eea-ae79-2831af9b5bc2" src="//cdn.wionews.com/sites/default/files/inline-images/BUDGET_HIGHLIGHTS04.jpg" />

Rs 4,400 crore dedicated for clean air projects

Taxpayers' charter to be&nbsp;institutionalized

Ayushman Bharat hospitals in 100 more districts&nbsp;

Rs 100 crore to be allocated for G20 preparations

Industrial Development Bank of India(IDBI) to be disinvested

LIC disinvestment to take place

<img alt="o" data-entity-type="file" data-entity-uuid="9237fb30-92b2-411c-b2aa-00a0bfcbe41e" src="//cdn.wionews.com/sites/default/files/inline-images/BUDGET_HIGHLIGHTS0005.jpg" />

Government slashes tax rates

I-T rates slashed to 10 per cent for those earning between Rs 5-7.5 lakh

I-T rates slashed to 15 per cent for those earning between Rs 7.5-10 lakh

Finance minister Nirmala Sitharaman proposed the introduction of a taxpayers' charter in the income tax act. It has been done to ensure harassment of taxpayers by income tax officials does not take place.

Finance minister Nirmala Sitharaman proposed the introduction of a taxpayers' charter in the income tax act. It has been done to ensure harassment of taxpayers by income tax officials does not take place. The finance minister reiterated that tax harassment cannot be tolerated, as often it is the wealth generators who end up getting harassed. Certain offences under the companies act will not be decriminalised, and other laws are being examined to make corrections. Key highlights of Budget 2020: Mega 16-point action plan for farmers India now fifth largest economy globally, says Sitharaman Rs 12,300 crore allocated for Swachh Bharat mission this year India uplifted 271 million people out of poverty: Sitharaman 60 lakh taxpayers added in the last 2 years Anti-TB campaign to be launched to eliminate TB by 2025 100 more airports to be developed by 2024 Rs 69,000 crore allocated for the healthcare sector More Tejas-type trains to connect tourist destinations Rs 85,000 crore allocated for the employment of Scheduled Tribes Rs 100 crore set aside for culture ministry Rs 4,400 crore dedicated for clean air projects Taxpayers' charter to be institutionalized Ayushman Bharat hospitals in 100 more districts Rs 100 crore to be allocated for G20 preparations Industrial Development Bank of India(IDBI) to be disinvested LIC disinvestment to take place Government slashes tax rates I-T rates slashed to 10 per cent for those earning between Rs 5-7.5 lakh I-T rates slashed to 15 per cent for those earning between Rs 7.5-10 lakh

20 key Budget highlights you must know

Over Rs, 17,300 crore has been allocated for the Ministry of External Affairs in the Budget, with Rs 100 crore earmarked for the strategic Chabahar Port project in southeastern Iran that gives India connectivity to Afghanistan bypassing Pakistan.

The total aid to countries has decreased by about Rs 56 crore from Rs 6,963 revised estimates of 2019-20 to Rs 6,907crore in Budget 2020-21.

While Nepal saw a cut of Rs 400 crore in aid by India from Rs 1,200 crore in 2019-20 to Rs 800 crore in 2020-21, Myanmar saw a hike in allocation from Rs 170 crore in 2019-20 to Rs 300 crore for the next fiscal.

The aid for the strategically-important Chabahar Port which was zero in the revised estimates of 2019-20 has gone up to Rs 100 crore for the next fiscal.

The Port complex, backed by India, on Iran's coast along the Gulf of Oman is being developed to provide an alternative trade route between India and Afghanistan.

Also read: <a href="https://www.wionews.com/business-economy/union-budget-2020-indian-aid-to-neighbouring-countries-stands-at-around-5000-crore-nepal-sees-a-cut-of-rs-400-crore-278024">Budget 2020 - Indian aid to neighbouring countries stands at around 5,000 cr</a>

In May 2016, India and Iran signed a bilateral agreement under which India would refurbish one of the berths at Shahid Beheshti Port, and reconstruct a 600-metre-long container handling facility at the port.

The aid allocation for Bhutan has gone up from Rs 2,674.51 crore in 2019-20 to Rs 2,884.65 crore in the next fiscal.

Aid allocation to Maldives has been reduced by Rs 75 crore to Rs 1,025 crore in the next fiscal.

In the budget 2020-21, aid allocation for African countries is Rs 350 crore, Rs 200 crore for Bangladesh and Sri Lanka, Rs 140 crore for Seychelles, Rs 20 crore to Latin American countries and Rs 2 crore to Mongolia.

The revised budget for 2019-20 showed that Rs 188 crore was spent for maintenance of aircraft of Air India for VVIP travel, and for the next fiscal year, Rs 150 crore has been allocated for it.

The total allocation to the ministry in 2020-21 stands at Rs 17,346.71 as compared with the revised budget FY 2019-20 of Rs 17,372.27 crore.

Over Rs, 17,300 crore has been allocated for the Ministry of External Affairs in the Budget, with Rs 100 crore earmarked for the strategic Chabahar Port project in southeastern Iran that gives India connectivity to Afghanistan bypassing Pakistan.

Over Rs, 17,300 crore has been allocated for the Ministry of External Affairs in the Budget, with Rs 100 crore earmarked for the strategic Chabahar Port project in southeastern Iran that gives India connectivity to Afghanistan bypassing Pakistan. The total aid to countries has decreased by about Rs 56 crore from Rs 6,963 revised estimates of 2019-20 to Rs 6,907crore in Budget 2020-21. While Nepal saw a cut of Rs 400 crore in aid by India from Rs 1,200 crore in 2019-20 to Rs 800 crore in 2020-21, Myanmar saw a hike in allocation from Rs 170 crore in 2019-20 to Rs 300 crore for the next fiscal. The aid for the strategically-important Chabahar Port which was zero in the revised estimates of 2019-20 has gone up to Rs 100 crore for the next fiscal. The Port complex, backed by India, on Iran's coast along the Gulf of Oman is being developed to provide an alternative trade route between India and Afghanistan. Also read: Budget 2020 - Indian aid to neighbouring countries stands at around 5,000 cr In May 2016, India and Iran signed a bilateral agreement under which India would refurbish one of the berths at Shahid Beheshti Port, and reconstruct a 600-metre-long container handling facility at the port. The aid allocation for Bhutan has gone up from Rs 2,674.51 crore in 2019-20 to Rs 2,884.65 crore in the next fiscal. Aid allocation to Maldives has been reduced by Rs 75 crore to Rs 1,025 crore in the next fiscal. In the budget 2020-21, aid allocation for African countries is Rs 350 crore, Rs 200 crore for Bangladesh and Sri Lanka, Rs 140 crore for Seychelles, Rs 20 crore to Latin American countries and Rs 2 crore to Mongolia. The revised budget for 2019-20 showed that Rs 188 crore was spent for maintenance of aircraft of Air India for VVIP travel, and for the next fiscal year, Rs 150 crore has been allocated for it. The total allocation to the ministry in 2020-21 stands at Rs 17,346.71 as compared with the revised budget FY 2019-20 of Rs 17,372.27 crore.

Budget 2020: Over Rs 17,300 crore allocated to MEA; 100 crore earmarked for strategic Chabahar Port