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Indian shares got off to a choppy start in a special trading session on Saturday ahead of the annual Budget with&nbsp;finance minister <a href="https://www.wionews.com/business-economy/latest-business-news-budget-likely-to-increase-spending-to-spur-growth-277909">Nirmala Sitharaman</a> expected to unveil a raft of measures to revive a sagging economy.

In early trade shares slipped in reaction to an overnight shakeout in global markets on growing concerns about the economic impact of the coronavirus outbreak in China, but the focus is set to shift to the domestic Budget.

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>

"We opened negative in the aftermath of the correction in the US&nbsp;market due to concerns over the China virus," said A.K Prabhakar, head of research at IDBI Capital.

"But from here on, the domestic market might recover ahead of the budget since we have seen significant correction over the past few days and on good results from SBI and Hindustan Unilever."

With growth in Asia's third-largest economy languishing at its lowest in a decade, the government is likely to increase spending on infrastructure and offer some tax incentives in its 2020-2021 Budget.

The government estimates that economic growth in the year ending March 31 will slip to 5 per cent, the weakest pace since the global financial crisis of 2008-09. Growth is expected to recover to 6 per cent-6.5&nbsp;per cent&nbsp;in the following year.

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>

The Nifty and the benchmark Sensex were trading largely flat by 0426 GMT after falling as much as 0.7&nbsp;per cent&nbsp;each in early trade.

Mid-cap and small-cap shares, which were under pressure last year, have outperformed bluechip stocks in January in the run-up to the budget.

The Nifty 50 fell to 1.7&nbsp;per cent&nbsp;in January, while the Sensex slipped 1.3 per cent. However, the Nifty Midcap 50 Index climbed 4.6 per cent.

The blue-chip indexes have rallied over 12 per cent&nbsp;last year, riding on a large corporate tax cut from the government in September aimed at boosting the economy. The rupee was 2.3&nbsp;per cent&nbsp;weaker in 2019.

Shares of roadbuilders Sadbhav Engineering Ltd and IRB Infrastructure Developers Ltd surged 20-43&nbsp;per cent&nbsp;in January as investors bet on increased spending by the government in infrastructure.

Financial stocks were the biggest drag on Saturday, with private sector lenders HDFC Bank Ltd and Kotak Mahindra Bank Ltd slipping around 2 per cent&nbsp;each.

Power Grid Corporation of&nbsp;India&nbsp;Ltd was the biggest loser on the Nifty 50, falling as much as 5.3&nbsp;per cent&nbsp;to a near one-year low.

Consumer products giant Hindustan Unilever Ltd topped gains with a 2.6&nbsp;per cent&nbsp;jump after posting a rise in quarterly profit on Friday.

Indian shares got off to a choppy start in a special trading session on Saturday ahead of the annual Budget with finance minister Nirmala Sitharaman expected to unveil a raft of measures to revive a sagging economy.

Indian shares got off to a choppy start in a special trading session on Saturday ahead of the annual Budget with finance minister Nirmala Sitharaman expected to unveil a raft of measures to revive a sagging economy. In early trade shares slipped in reaction to an overnight shakeout in global markets on growing concerns about the economic impact of the coronavirus outbreak in China, but the focus is set to shift to the domestic Budget. Also read: Budget likely to increase spending to spur growth "We opened negative in the aftermath of the correction in the US market due to concerns over the China virus," said A.K Prabhakar, head of research at IDBI Capital. "But from here on, the domestic market might recover ahead of the budget since we have seen significant correction over the past few days and on good results from SBI and Hindustan Unilever." With growth in Asia's third-largest economy languishing at its lowest in a decade, the government is likely to increase spending on infrastructure and offer some tax incentives in its 2020-2021 Budget. The government estimates that economic growth in the year ending March 31 will slip to 5 per cent, the weakest pace since the global financial crisis of 2008-09. Growth is expected to recover to 6 per cent-6.5 per cent in the following year. Also read: 'Feel good' budget may see cut in tax rate, sops for social sectors The Nifty and the benchmark Sensex were trading largely flat by 0426 GMT after falling as much as 0.7 per cent each in early trade. Mid-cap and small-cap shares, which were under pressure last year, have outperformed bluechip stocks in January in the run-up to the budget. The Nifty 50 fell to 1.7 per cent in January, while the Sensex slipped 1.3 per cent. However, the Nifty Midcap 50 Index climbed 4.6 per cent. The blue-chip indexes have rallied over 12 per cent last year, riding on a large corporate tax cut from the government in September aimed at boosting the economy. The rupee was 2.3 per cent weaker in 2019. Shares of roadbuilders Sadbhav Engineering Ltd and IRB Infrastructure Developers Ltd surged 20-43 per cent in January as investors bet on increased spending by the government in infrastructure. Financial stocks were the biggest drag on Saturday, with private sector lenders HDFC Bank Ltd and Kotak Mahindra Bank Ltd slipping around 2 per cent each. Power Grid Corporation of India Ltd was the biggest loser on the Nifty 50, falling as much as 5.3 per cent to a near one-year low. Consumer products giant Hindustan Unilever Ltd topped gains with a 2.6 per cent jump after posting a rise in quarterly profit on Friday.

Sensex, Nifty shaky ahead of Budget

Finance Minister Nirmala Sitharaman on Saturday presented the second Budget of the Modi-2.0 government and right after the markets slumped. Many experts and industrialists believe that the presented Budget is not in sync with the Economic Survey tabled a day before in the Parliament.

Finance Minister Nirmala Sitharaman on Saturday presented the second Budget of the Modi-2.0 government and right after the markets slumped. Many experts and industrialists believe that the presented Budget is not in sync with the Economic Survey tabled a day before in the Parliament. Indian industrialist and chairman of the Godrej Group spoke to WION and said that the Budget is not in sync with the Economic Survey of the government. "Nothing very major in this Budget which would turn around the economy," Godrej told WION, adding that the "economy is in very bad shape, the growth rate is down to around 5 per cent and it needs to be quickly brought back to 6-7 per cent". Also read: Budget will bolster income; bring vitality in financial system - PM Modi × Godrej stated that income tax has not been reduced just the slabs have been changed provided people give up the existing exemptions. "I don't think the income rates have been reduced. Tax rates should have been reduced that would have provided more money in the hands of the consumers. Exemptions should not have been revoked," Godrej told WION. Also read: Budget 2020 - New tax slab proposed for common man Meanwhile, the most interesting observation of the industrialists is that the Economic Survey cites the example of China to underline how India can become a trade superpower by way of exports and generate 70 million labour-intensive jobs for workers with primary education. However, the Budget has no roadmap or planning about the same to proceed for the new financial year.

Nothing very major in this Budget that would turn around economy: Industrialist Adi Godrej tells WION

Finance Minister Nirmala Sitharaman on Saturday tabled the second Union Budget of the Modi-2.0 government on Saturday. From a new tax slab proposed to a slew of monetary allocation to benefit infrastructure growth, the Budget was presented by Sitharaman in a marathon over two-hour-long presentation.&nbsp;

Here are the top Budget news of the day:

Budget 2020: New tax slab proposed for common man

Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income. <a href="https://www.wionews.com/business-economy/budget-2020-new-tax-slab-proposed-for-common-man-278050">Read more</a>

Union Budget 2020 will bolster income and investment; bring vitality in financial system: PM Modi

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. <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">Read more</a>

Budget 2020 key highlights: 100 more airports to be developed by 2024 under Udaan scheme

Finance minister Nirmala Sitharaman's Budget on Saturday proposed setting up of hundred more airports by 2024 under the Udaan scheme. The minister also announced Rs 69,000 for the healthcare sector. <a href="https://www.wionews.com/business-economy/budget-2020-key-highlights-100-more-airports-to-be-developed-by-2024-under-udaan-scheme-278042">Read more</a>

20 key Budget highlights you must know

Finance minister Nirmala Sitharaman proposed the introduction of a taxpayers' charter in the income tax act. <a href="https://www.wionews.com/business-economy/20-key-budget-highlights-you-must-know-278059">Read more</a>

Sensex tumbles over 1,000 points after Budget announcements

Sensex tanked over 1,000 points on Saturday afternoon as proposals in the Union Budget 2020-21 failed to cheer investors. <a href="https://www.wionews.com/business-economy/union-budget-2020-21-sensex-tumble-over-1000-points-after-budget-announcements-278007">Read more</a>

Railway Budget 2020 highlights: New trains, investments announced&nbsp;

Finance Minister Nirmala Sitharaman in her Railway Budget 2020 speech, as part of the Union Budget speech, announced many projects for Indian Railways besides announcing as many as 150 private trains on the Indian Railways network via the PPP model. She also said that in the coming years more Tejas Express-style trains will be introduced on key tourist routes. <a href="https://www.wionews.com/india-news/railway-budget-2020-highlights-new-trains-investments-announced-budget-2020-news-278003">Read more</a>

Union Budget 2020: Sitharaman allocates Rs 99,300 crore for education

Union finance minister Nirmala Sitharaman during the Budget speech announced the allocation of Rs 99,300 crore for the education sector. <a href="https://www.wionews.com/business-economy/2020-budget-updates-union-budget-2020-sitharaman-allocates-rs-99300-crore-for-education-proposes-medical-colleges-with-district-hospitals-on-ppp-model-277987">Read more</a>

Foreign direct investment increased to $284 billion during 2014-19: Sitharaman

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/foreign-direct-investment-increased-to-284-billion-during-2014-19-sitharaman-277972">Read more</a>

Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of independent India

Finance Minister Nirmala Sitharaman today looked tired while delivering the longest budget speech of &nbsp;Independent India. She couldn't read the last two pages of the Budget. <a href="https://www.wionews.com/business-economy/union-budget-2020-21-news-updates-unwell-nirmala-sitharaman-cuts-short-longest-ever-budget-speech-of-independent-india-278009">Read more</a>

Budget 2020: Find out what will you lose in new tax regime

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-find-out-what-will-you-lose-in-new-tax-regime-278054">Read more</a>

&nbsp;

Finance Minister Nirmala Sitharaman on Saturday tabled the second Union Budget of the Modi-2.0 government on Saturday. From a new tax slab proposed to a slew of monetary allocation to benefit infrastructure growth, the Budget was presented by Sitharaman in a marathon over two-hour-long presentation.

Finance Minister Nirmala Sitharaman on Saturday tabled the second Union Budget of the Modi-2.0 government on Saturday. From a new tax slab proposed to a slew of monetary allocation to benefit infrastructure growth, the Budget was presented by Sitharaman in a marathon over two-hour-long presentation. Here are the top Budget news of the day: Budget 2020: New tax slab proposed for common man Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income. Read more Union Budget 2020 will bolster income and investment; bring vitality in financial system: PM Modi 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. Read more Budget 2020 key highlights: 100 more airports to be developed by 2024 under Udaan scheme Finance minister Nirmala Sitharaman's Budget on Saturday proposed setting up of hundred more airports by 2024 under the Udaan scheme. The minister also announced Rs 69,000 for the healthcare sector. Read more 20 key Budget highlights you must know Finance minister Nirmala Sitharaman proposed the introduction of a taxpayers' charter in the income tax act. Read more Sensex tumbles over 1,000 points after Budget announcements Sensex tanked over 1,000 points on Saturday afternoon as proposals in the Union Budget 2020-21 failed to cheer investors. Read more Railway Budget 2020 highlights: New trains, investments announced Finance Minister Nirmala Sitharaman in her Railway Budget 2020 speech, as part of the Union Budget speech, announced many projects for Indian Railways besides announcing as many as 150 private trains on the Indian Railways network via the PPP model. She also said that in the coming years more Tejas Express-style trains will be introduced on key tourist routes. Read more Union Budget 2020: Sitharaman allocates Rs 99,300 crore for education Union finance minister Nirmala Sitharaman during the Budget speech announced the allocation of Rs 99,300 crore for the education sector. Read more Foreign direct investment increased to $284 billion during 2014-19: Sitharaman 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. Read more Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of independent India Finance Minister Nirmala Sitharaman today looked tired while delivering the longest budget speech of Independent India. She couldn't read the last two pages of the Budget. Read more Budget 2020: Find out what will you lose in new tax regime 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. Read more

Top news of the day: Union Budget 2020 - key highlights, takeaways and more

Union Finance Minister Nirmala Sitharaman’s second Budget, to be presented on February 1,is required to declare measures to reestablish financial development and to set out a reasonable guide for accomplishing the aspiring objective of $5 trillion economy by 2025.

In its annual economic report, released on Friday, the government predicted that economic growth would pick up to 6.0% to 6.5% in the fiscal year beginning April 1, but warned that it may have exceed its deficit target to revive growth.

India is facing its worst economic slowdown in a decade. The government estimates economic growth this year, which ends on March 31, will slip to 5%, the weakest pace since the global financial crisis of 2008-09.

For Live Streaming Of Union Budget 2020: <a href="https://www.wionews.com/live-tv">Click here</a>

 
For complete coverage of Union Budget 2020 <a href="https://www.wionews.com/">C</a><a href="https://www.wionews.com/">lick here.</a>

Finance Minister Nirmala Sitharaman on Friday tabled the Economic Survey in Parliament which forecasts that economic growth will pick up to 6.0% to 6.5% in the fiscal year beginning April 1 but warned it may have to miss its deficit target to revive growth.

This year's Economic Survey comes at a time when India is staring at an estimated 5 per cent annual rate of expansion - the slowest pace since 2009.&nbsp;

The Economic Survey, a detailed report card on the economic performance in the past year released a day before the Union Budget is presented by the Finance Minister in Parliament.

The&nbsp;Survey&nbsp;provides an authoritative, detailed and official annual summary of the current state of the Indian&nbsp;economy&nbsp;which will act as a policy guideline to the Union Budget.

Union Finance Minister Nirmala Sitharaman’s second Budget, to be presented on February 1,is required to declare measures to reestablish financial development and to set out a reasonable guide for accomplishing the aspiring objective of $5 trillion economy by 2025.

Union Finance Minister Nirmala Sitharaman’s second Budget, to be presented on February 1,is required to declare measures to reestablish financial development and to set out a reasonable guide for accomplishing the aspiring objective of $5 trillion economy by 2025. In its annual economic report, released on Friday, the government predicted that economic growth would pick up to 6.0% to 6.5% in the fiscal year beginning April 1, but warned that it may have exceed its deficit target to revive growth. India is facing its worst economic slowdown in a decade. The government estimates economic growth this year, which ends on March 31, will slip to 5%, the weakest pace since the global financial crisis of 2008-09. For Live Streaming Of Union Budget 2020: Click here For complete coverage of Union Budget 2020 Click here. Finance Minister Nirmala Sitharaman on Friday tabled the Economic Survey in Parliament which forecasts that economic growth will pick up to 6.0% to 6.5% in the fiscal year beginning April 1 but warned it may have to miss its deficit target to revive growth. This year's Economic Survey comes at a time when India is staring at an estimated 5 per cent annual rate of expansion - the slowest pace since 2009. The Economic Survey, a detailed report card on the economic performance in the past year released a day before the Union Budget is presented by the Finance Minister in Parliament. The Survey provides an authoritative, detailed and official annual summary of the current state of the Indian economy which will act as a policy guideline to the Union Budget.

Union Budget 2020 | Live streaming: When and Where to watch, Nirmala Sitharaman's second budget

Government is likely to increase state spending on infrastructure and offer some tax incentives in its 2020-2021 <a href="https://www.wionews.com/india-news/union-budget-2020-live-streaming-when-and-where-to-watch-nirmala-sitharamans-second-budget-277908">budget</a> on Saturday, aiming to get growth back up from its lowest in a decade.

In its annual economic report, released on Friday, the government predicted that economic growth would pick up to 6.0 per cent&nbsp;to 6.5&nbsp;per cent&nbsp;in the fiscal year beginning April 1, but warned that it may have exceed its deficit target to revive growth.

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>

The government estimates economic growth this year, which ends on March 31, will slip to 5 per cent, the weakest pace since the global financial crisis of 2008-09.

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>, who will present her second full-year annual budget to parliament, could defer the earlier target of cutting the deficit to 3 per cent&nbsp;of gross domestic product in 2020-21 by at least two years, government sources told Reuters.

This will be on top of roughly $28 billion of spending from off-budget borrowings, as the government seeks to keep the deficit in check.

Economists in a Reuters poll predicted the government would set a deficit target of 3.6&nbsp;per cent&nbsp;of GDP for 2020-21, up from 3.3&nbsp;per cent&nbsp;targeted for the current 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>is expected to announce plans to spend over 102 trillion rupees on roads, ports, airports, irrigation and other infrastructure over the next five years.

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 government may also announce an income tax amnesty, after collecting over 350 billion rupees from an amnesty this year to settle tax disputes on service and factory gate duties, the sources said.

Some experts said global trade tensions and the outbreak of coronavirus in China, which has killed more than 200 people so far, pose a new risk to economic recovery by hitting cross-border commerce and supply chains.

"The economic recovery is likely to be slow and shallow despite the recent measures to boost investments," said Anagha Deodhar, an economist at ICICI Securities.

Last month, the statistics office said investment growth was expected to fall to just 1% in the current financial year from 10% the previous year. Private consumption growth might slip to 5.8 per cent&nbsp;from 8.1 per cent.

Krishnamurthy Subramanian, chief economic adviser to the finance ministry, said the government could push economic reforms to boost growth.

The government should rationalise food subsidies to create additional fiscal space, push exports and adopt "counter-cyclical fiscal policy" to boost the sluggish demand and consumer sentiments, he said.

The government is expected to earmark around 1.90 trillion rupees for food subsidies in the next financial year, though the food ministry has sought more than 2 trillion rupees to run the world's biggest food welfare programme.

Government is likely to increase state spending on infrastructure and offer some tax incentives in its 2020-2021 budget on Saturday, aiming to get growth back up from its lowest in a decade.

Government is likely to increase state spending on infrastructure and offer some tax incentives in its 2020-2021 budget on Saturday, aiming to get growth back up from its lowest in a decade. In its annual economic report, released on Friday, the government predicted that economic growth would pick up to 6.0 per cent to 6.5 per cent in the fiscal year beginning April 1, but warned that it may have exceed its deficit target to revive growth. Also read: Indian economy experienced abrupt slowdown in 2019, but it’s not in a recession: IMF MD The government estimates economic growth this year, which ends on March 31, will slip to 5 per cent, the weakest pace since the global financial crisis of 2008-09. Finance Minister Nirmala Sitharaman, who will present her second full-year annual budget to parliament, could defer the earlier target of cutting the deficit to 3 per cent of gross domestic product in 2020-21 by at least two years, government sources told Reuters. This will be on top of roughly $28 billion of spending from off-budget borrowings, as the government seeks to keep the deficit in check. Economists in a Reuters poll predicted the government would set a deficit target of 3.6 per cent of GDP for 2020-21, up from 3.3 per cent targeted for the current year. Sitharaman is expected to announce plans to spend over 102 trillion rupees on roads, ports, airports, irrigation and other infrastructure over the next five years. Also read: Feel good' budget may see cut in tax rate, sops for social sectors The government may also announce an income tax amnesty, after collecting over 350 billion rupees from an amnesty this year to settle tax disputes on service and factory gate duties, the sources said. Some experts said global trade tensions and the outbreak of coronavirus in China, which has killed more than 200 people so far, pose a new risk to economic recovery by hitting cross-border commerce and supply chains. "The economic recovery is likely to be slow and shallow despite the recent measures to boost investments," said Anagha Deodhar, an economist at ICICI Securities. Last month, the statistics office said investment growth was expected to fall to just 1% in the current financial year from 10% the previous year. Private consumption growth might slip to 5.8 per cent from 8.1 per cent. Krishnamurthy Subramanian, chief economic adviser to the finance ministry, said the government could push economic reforms to boost growth. The government should rationalise food subsidies to create additional fiscal space, push exports and adopt "counter-cyclical fiscal policy" to boost the sluggish demand and consumer sentiments, he said. The government is expected to earmark around 1.90 trillion rupees for food subsidies in the next financial year, though the food ministry has sought more than 2 trillion rupees to run the world's biggest food welfare programme.

Budget likely to increase spending to spur growth

The government is expected to release Rs 39,500 crore from the <a href="https://www.wionews.com/videos/india-watch-from-vikas-to-vishwas-222073">Sabka Vishwas </a>Scheme, a dispute resolution-cum-amnesty scheme for settling pending disputes of service tax and central excise, according to sources. 
 
This will act as a big booster for the government, which is staring at a revenue shortage from both direct and indirect taxes. 
 
Nearly 1.90 lakh applications involving duties of about Rs 90,000 crore were filed during the amnesty window which closed on January 15, sources said.

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> 
 
The <a href="https://www.wionews.com/india-news/cbic-suspends-assistant-commissioner-deepak-pandit-for-misusing-powers-264782">Central Board of Indirect Taxes and Customs</a> (CBIC) closed the Sabka Vishwas (Legacy Dispute Resolution) Scheme with duty payable being Rs 39,591.91 crore (Rs 24,770.61 crore pre-deposit and Rs 14,821.30 crore freshly payable), the sources said adding that out of this, Rs 1,855.10 is already paid. 
 
Total 1,89,215 applications involving a total duty of Rs 89,823.32 crore were filed, one of the sources said. 
 
Finance Minister <a href="https://www.wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">Nirmala Sitharaman </a>had unveiled the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, in the <a href="https://www.wionews.com/business-economy/nirmala-sitharaman-to-present-budget-in-parliament-today-277904">Budget</a> 2019-20 with the objective of settling pending disputes of service tax and central excise. 
 
The Sabka Vishwas Scheme, which became operational on September 1, 2019, provides a one-time window to eligible persons to declare their tax dues and pay the same in accordance with the provisions.

Also read: <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> 
 
According to the finance ministry, a total of Rs 3.6 lakh crore is locked up in 1.83 lakh cases at various quasi-judicial, appellate and judicial forums under service tax and central excise put together. 
 
The introduction of the goods and services tax regime, which has subsumed these legacy taxes, has given an opportunity to the government and also to taxpayers to settle these cases. 
 
Under this scheme, relief is to the tune of 70 per cent of the duty involved if it is Rs 50 lakh or less, and that of 50 per cent if it is more than Rs 50 lakh. 
 
This scheme was for cases pending in adjudication or appeal or in investigation and audit in latter cases, the duty involved must be quantified and communicated or admitted by the taxpayer in a statement on or before June 30, 2019. 
 
In cases of outstanding arrears of revenue, the relief is 60 per cent of the duty amount if it is Rs 50 lakh or less and 40 per cent if it is more than Rs 50 lakh. 
 
In all cases, there is full waiver of interest and penalty and exemption from prosecution. There are, however, some exclusions, such as if the person is convicted in the same case.

The government is expected to release Rs 39,500 crore from the Sabka Vishwas Scheme, a dispute resolution-cum-amnesty scheme for settling pending disputes of service tax and central excise, according to sources.

The government is expected to release Rs 39,500 crore from the Sabka Vishwas Scheme, a dispute resolution-cum-amnesty scheme for settling pending disputes of service tax and central excise, according to sources. This will act as a big booster for the government, which is staring at a revenue shortage from both direct and indirect taxes. Nearly 1.90 lakh applications involving duties of about Rs 90,000 crore were filed during the amnesty window which closed on January 15, sources said. Also read: 'Feel good' budget may see cut in tax rate, sops for social sectors The Central Board of Indirect Taxes and Customs (CBIC) closed the Sabka Vishwas (Legacy Dispute Resolution) Scheme with duty payable being Rs 39,591.91 crore (Rs 24,770.61 crore pre-deposit and Rs 14,821.30 crore freshly payable), the sources said adding that out of this, Rs 1,855.10 is already paid. Total 1,89,215 applications involving a total duty of Rs 89,823.32 crore were filed, one of the sources said. Finance Minister Nirmala Sitharaman had unveiled the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, in the Budget 2019-20 with the objective of settling pending disputes of service tax and central excise. The Sabka Vishwas Scheme, which became operational on September 1, 2019, provides a one-time window to eligible persons to declare their tax dues and pay the same in accordance with the provisions. Also read: What will Sitharaman carry for her second budget presentation? According to the finance ministry, a total of Rs 3.6 lakh crore is locked up in 1.83 lakh cases at various quasi-judicial, appellate and judicial forums under service tax and central excise put together. The introduction of the goods and services tax regime, which has subsumed these legacy taxes, has given an opportunity to the government and also to taxpayers to settle these cases. Under this scheme, relief is to the tune of 70 per cent of the duty involved if it is Rs 50 lakh or less, and that of 50 per cent if it is more than Rs 50 lakh. This scheme was for cases pending in adjudication or appeal or in investigation and audit in latter cases, the duty involved must be quantified and communicated or admitted by the taxpayer in a statement on or before June 30, 2019. In cases of outstanding arrears of revenue, the relief is 60 per cent of the duty amount if it is Rs 50 lakh or less and 40 per cent if it is more than Rs 50 lakh. In all cases, there is full waiver of interest and penalty and exemption from prosecution. There are, however, some exclusions, such as if the person is convicted in the same case.

Government to get over Rs 39,500 crore under Sabka Vishwas Scheme

Rajya Sabha Chairman <a href="https://www.wionews.com/india-news/make-people-equal-partners-in-development-process-vice-president-venkaiah-naidu-to-ias-officers-249264">M Venkaiah Naidu</a> suggested to all concerned to ensure submission of reports on Demands for Grants of various Ministries by the Department Related Standing Committees (DRSCs) before the <a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">budget</a> is approved by the Parliament.

He said submission of such reports later would not give time for the government to consider the recommendations made by the committees in respect of various ministries.

Naidu spoke on the need for timely submission of reports at a meeting of leaders of various parties in <a href="https://www.wionews.com/india-news/rajya-sabha-passes-citizenship-amendment-bill-267747">Rajya Sabha</a> at his residence coinciding with the start of the budget session.

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 Chairman urged Minister of Parliamentary Affairs Prahlad Joshi to talk to all concerned including Chairmen of various committees regarding timely submission of reports on Demands for Grants.

Naidu said he would also speak to the Lok Sabha Speaker <a href="https://www.wionews.com/india-news/lok-sabha-speaker-om-birla-rejects-ministers-demand-says-there-will-be-no-adjournments-238511">Om Birla</a> in this regard.

Naidu reminded the leaders of the good work done by the Rajya Sabha during the last two sessions in terms of the productivity and quality of debates and urged them to ensure the same positive momentum during the budget session.

He said that the session offers ample opportunities to raise and discuss all issues of wider public concern during the long debates on the Motion of Thanks to the President's Address as also discussion on the budget.

Also read: <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>

He also advised leaders to ensure that members belonging to respective parties come prepared to make an effective contribution to the debates in the House.

Voicing his concern over inadequate attendance during the proceedings of the House and in the meetings of various committees, Naidu urged the leaders of various parties to ensure attendance by their Members.

According to an official release, he noted that a situation of lack of quorum should not arise as it reflects poorly on the functioning of legislatures.

Leader of Opposition <a href="https://www.wionews.com/india-general-elections-2019/azad-does-a-u-turn-219356">Ghulam Nabi Azad </a>said the government should be willing to accommodate concerns of the opposition and enable various issues of public concern to be discussed in the House.

Joshi said the government is always willing to discuss any issue as decided by the Chairman.

Rajya Sabha Chairman M Venkaiah Naidu suggested to all concerned to ensure submission of reports on Demands for Grants of various Ministries by the Department Related Standing Committees (DRSCs) before the budget is approved by the Parliament.

Rajya Sabha Chairman M Venkaiah Naidu suggested to all concerned to ensure submission of reports on Demands for Grants of various Ministries by the Department Related Standing Committees (DRSCs) before the budget is approved by the Parliament. He said submission of such reports later would not give time for the government to consider the recommendations made by the committees in respect of various ministries. Naidu spoke on the need for timely submission of reports at a meeting of leaders of various parties in Rajya Sabha at his residence coinciding with the start of the budget session. Also read: 'Feel good' budget may see cut in tax rate, sops for social sectors The Chairman urged Minister of Parliamentary Affairs Prahlad Joshi to talk to all concerned including Chairmen of various committees regarding timely submission of reports on Demands for Grants. Naidu said he would also speak to the Lok Sabha Speaker Om Birla in this regard. Naidu reminded the leaders of the good work done by the Rajya Sabha during the last two sessions in terms of the productivity and quality of debates and urged them to ensure the same positive momentum during the budget session. He said that the session offers ample opportunities to raise and discuss all issues of wider public concern during the long debates on the Motion of Thanks to the President's Address as also discussion on the budget. Also read: What will Sitharaman carry for her second budget presentation? He also advised leaders to ensure that members belonging to respective parties come prepared to make an effective contribution to the debates in the House. Voicing his concern over inadequate attendance during the proceedings of the House and in the meetings of various committees, Naidu urged the leaders of various parties to ensure attendance by their Members. According to an official release, he noted that a situation of lack of quorum should not arise as it reflects poorly on the functioning of legislatures. Leader of Opposition Ghulam Nabi Azad said the government should be willing to accommodate concerns of the opposition and enable various issues of public concern to be discussed in the House. Joshi said the government is always willing to discuss any issue as decided by the Chairman.

Naidu suggests giving reports on Demands for Grants before budget approval

Finance Minister Nirmala Sithraman proposed to allocate Rs 2,500 crore for the tourism sector and to construct eight new museums.

"To make India an attractive destination for both international and domestic tourists, we propose Rs 2,500 crore in 2020-21 for the tourism sector and Rs 3,150 crore for Ministry of Culture," said Sithraman while presenting the Union Budget 2020-21 in Parliament.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2020-21-news-updates-unwell-nirmala-sitharaman-cuts-short-longest-ever-budget-speech-of-independent-india-278009">Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of Independent India</a>

While addressing the Parliament, Nirmala told about the improved tourism revenues due to better ranking.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/sensex-tumble-over-1000-points-after-budget-announcements-278007">Sensex&nbsp;tumbles over 1,000 points after Budget announcements</a> 
 
"India had moved up from rank 65 in 2014 to 34 in 2019 in the Travel and Tourism and due to tourism revenues and foreign exchange earnings grew 7.4 percent to Rs 1.88 lakh crore for the period January 2019 from Rs 1.75 lakh crore," she said.&nbsp;

<iframe allow="autoplay; fullscreen" allowfullscreen="" frameborder="0" height="360" mozallowfullscreen="" scrolling="no" src="https://w3.cdn.anvato.net/player/prod/v3/anvload.html?key=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%2FaXU9LzExNDQwNDY1L1dpb25ld3NfVmlkZW8vV2lvbmV3c19QcmVyb2xsJmRlc2NyaXB0aW9uX3VybD1bcGxhY2Vob2xkZXJdJmVudj12cCZpbXBsPXMmY29ycmVsYXRvcj0mdGZjZD0wJm5wYT0wJmdkZnBfcmVxPTEmb3V0cHV0PXZhc3Qmc3o9NjQweDQ4MCZ1bnZpZXdlZF9wb3NpdGlvbl9zdGFydD0xIn0sImxpYnJhcnlSZXF1ZXN0ZWQiOnRydWV9LCJoZWFsdGhBbmFseXRpY3MiOnt9fSwiaHRtbDUiOnRydWV9" webkitallowfullscreen="" width="640"></iframe>

She further proposed 8 new museums, which include building infrastructure around 5 iconic sites, besides proposing the renovation of 5 major museums across the length and breadth of India and setting up of a tribal museum in Ranchi, Jharkhand.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/latest-india-news-finance-minister-nirmala-sitharaman-breaks-record-of-longest-budget-speech-278005">In the&nbsp;longest Budget speech, Sitharaman recites Kashmiri poem, a couplet in Tamil</a>

The 5 archaeological sites to be developed as iconic sites with on-site museums are situated at 'Rakhigarhi' Haryana, 'Hastinapur' Uttar Pradesh, 'Shivsagar' Assam, 'Dholavira' Gujarat and 'Adichanallur' Tamil Nadu.

Finance Minister Nirmala Sitharaman on Saturday also proposed the setting up of an Indian Institute of Heritage and Conservation,&nbsp;under the Ministry of Culture.

While the fund for the Tourism Ministry was Rs 2,150 crore in the 2018-2019 Budget, it rose to Rs 2,189.22 crore in 2019-2020. The allocation for the Culture Ministry, which was Rs 2,843.32 crore in 2018-2019, increased to Rs 3,042.35 crore for 2019-2020.

Finance Minister Nirmala Sithraman proposed to allocate Rs 2,500 crore for the tourism sector and to construct eight new museums. "To make India an attractive destination for both international and domestic tourists, we propose Rs 2,500 crore in 2020-21 for the tourism sector and Rs 3,150 crore for Ministry of Culture," said Sithraman while presenting the Union Budget 2020-21 in Parliament.

Finance Minister Nirmala Sithraman proposed to allocate Rs 2,500 crore for the tourism sector and to construct eight new museums. "To make India an attractive destination for both international and domestic tourists, we propose Rs 2,500 crore in 2020-21 for the tourism sector and Rs 3,150 crore for Ministry of Culture," said Sithraman while presenting the Union Budget 2020-21 in Parliament. Also read: Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of Independent India While addressing the Parliament, Nirmala told about the improved tourism revenues due to better ranking. Also read: Sensex tumbles over 1,000 points after Budget announcements "India had moved up from rank 65 in 2014 to 34 in 2019 in the Travel and Tourism and due to tourism revenues and foreign exchange earnings grew 7.4 percent to Rs 1.88 lakh crore for the period January 2019 from Rs 1.75 lakh crore," she said. She further proposed 8 new museums, which include building infrastructure around 5 iconic sites, besides proposing the renovation of 5 major museums across the length and breadth of India and setting up of a tribal museum in Ranchi, Jharkhand. Also read: In the longest Budget speech, Sitharaman recites Kashmiri poem, a couplet in Tamil The 5 archaeological sites to be developed as iconic sites with on-site museums are situated at 'Rakhigarhi' Haryana, 'Hastinapur' Uttar Pradesh, 'Shivsagar' Assam, 'Dholavira' Gujarat and 'Adichanallur' Tamil Nadu. Finance Minister Nirmala Sitharaman on Saturday also proposed the setting up of an Indian Institute of Heritage and Conservation, under the Ministry of Culture. While the fund for the Tourism Ministry was Rs 2,150 crore in the 2018-2019 Budget, it rose to Rs 2,189.22 crore in 2019-2020. The allocation for the Culture Ministry, which was Rs 2,843.32 crore in 2018-2019, increased to Rs 3,042.35 crore for 2019-2020.

Government proposes Rs 2,500 crore for tourism; eight new museums

The taxpayers have something to cheer from the Budget proposals presented by Finance minister Nirmala Sitharaman. Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income.

<a href="https://www.wionews.com/business-economy/budget-2020-key-highlights-100-more-airports-to-be-developed-by-2024-under-udaan-scheme-278042">Also Read:&nbsp;Budget 2020 key highlights</a>

The taxpayers who do not wish to avail of the new scheme will have the option to continue under the existing tax regime.

Here are the highlights of the tax plan:

New tax slab proposed for common man.

Taxes halved for two income bands.

Marginal decrease for other taxpayers.

Must forgo exemptions to avail benefits.

New taxation regime to be optional.

Taxes halved for 5-7.5 lakh and 10-12.5 lakh bands.

Those earning 7.5-10 lakh &amp; 12.5-15 lakh to get 5 per cent cut.&nbsp;

No deductions to be claimed under the new tax regime.

Income between 7.5 and 10 lakh will be taxed 15 per cent instead of 20 per cent.&nbsp;

Those earning between 10 lakh to 12.5 lakh also get to benefit the most, they will pay 20 per cent tax instead of existing 30 per cent.

Income between 12.5 to 15 lakh will be taxed 25 per cent instead of 30 per cent, income above 15 lakh remains unchanged at 30 per cent

The exemptions that finance minister wants you to forgo are as many as hundred. Many have been removed while some are proposed to be rationalized.

The taxpayers have something to cheer from the Budget proposals presented by Finance minister Nirmala Sitharaman. Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income.

The taxpayers have something to cheer from the Budget proposals presented by Finance minister Nirmala Sitharaman. Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income. Also Read: Budget 2020 key highlights The taxpayers who do not wish to avail of the new scheme will have the option to continue under the existing tax regime. Here are the highlights of the tax plan: New tax slab proposed for common man. Taxes halved for two income bands. Marginal decrease for other taxpayers. Must forgo exemptions to avail benefits. New taxation regime to be optional. Taxes halved for 5-7.5 lakh and 10-12.5 lakh bands. Those earning 7.5-10 lakh & 12.5-15 lakh to get 5 per cent cut. No deductions to be claimed under the new tax regime. Income between 7.5 and 10 lakh will be taxed 15 per cent instead of 20 per cent. Those earning between 10 lakh to 12.5 lakh also get to benefit the most, they will pay 20 per cent tax instead of existing 30 per cent. Income between 12.5 to 15 lakh will be taxed 25 per cent instead of 30 per cent, income above 15 lakh remains unchanged at 30 per cent The exemptions that finance minister wants you to forgo are as many as hundred. Many have been removed while some are proposed to be rationalized.

Budget 2020: New tax slab proposed for common man

Finance Minister Nirmala Sitharaman today looked tired while delivering the longest budget speech of &nbsp;Independent India. She couldn't read the last two pages of the Budget.

<a href="https://www.wionews.com/business-economy/budget-2020-political-reactions-govt-calls-budget-reform-oriented-opposition-terms-it-rambling-says-no-focus-on-job-creation-278002">Also read: Govt calls Budget reform-oriented; Opposition terms it rambling, says 'no focus on job creation'</a>

Finance Minister appeared uneasy and was seen wiping sweat from her forehead.

<a href="https://www.wionews.com/business-economy/25-tax-for-individuals-annually-earning-between-rs-10-lakh-and-rs-125-lakh-sitharaman-in-budget-2020-277999">Also read: 25% tax for individuals earning between Rs 10 lakh and Rs 12.5 lakh per year</a>

For immediate relief, she was offered a few candies from fellow MPs but she discontinued her speech. This was the longest Budget speech by any finance minister.

India is grappling with its worst economic slowdown in a decade, with falling employment, consumption and investment ratcheting up pressure on Prime Minister Narendra Modi to revive growth.

The government estimates economic growth this year, which ends on March 31, will slip to 5%, the weakest pace since the global financial crisis of 2008-09. It has also warned that an expected bounce back in growth the following year might entail a blow out in fiscal deficit targets.

Amid the ongoing economic slowdown, Finance Minister Nirmala Sitharaman has offered a massive relief to the salaried class with major cuts in the income tax rates. She also announced the abolition of Dividend Distribution Tax for companies.

(With inputs from agencies)

Finance Minister Nirmala Sitharaman today looked tired while delivering the longest budget speech of Independent India. She couldn't read the last two pages of the Budget.

Finance Minister Nirmala Sitharaman today looked tired while delivering the longest budget speech of Independent India. She couldn't read the last two pages of the Budget. Also read: Govt calls Budget reform-oriented; Opposition terms it rambling, says 'no focus on job creation' Finance Minister appeared uneasy and was seen wiping sweat from her forehead. Also read: 25% tax for individuals earning between Rs 10 lakh and Rs 12.5 lakh per year For immediate relief, she was offered a few candies from fellow MPs but she discontinued her speech. This was the longest Budget speech by any finance minister. India is grappling with its worst economic slowdown in a decade, with falling employment, consumption and investment ratcheting up pressure on Prime Minister Narendra Modi to revive growth. The government estimates economic growth this year, which ends on March 31, will slip to 5%, the weakest pace since the global financial crisis of 2008-09. It has also warned that an expected bounce back in growth the following year might entail a blow out in fiscal deficit targets. Amid the ongoing economic slowdown, Finance Minister Nirmala Sitharaman has offered a massive relief to the salaried class with major cuts in the income tax rates. She also announced the abolition of Dividend Distribution Tax for companies. (With inputs from agencies)

Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of independent India

Finance minister Nirmala Sitharaman's Budget on Saturday proposed setting up of hundred more airports&nbsp;by 2024 under the Udaan scheme. The minister also announced Rs 69,000 for the healthcare sector.

<a href="https://www.wionews.com/india-news/want-to-increase-spending-capacity-nirmala-sitharaman-278011">Also Read:&nbsp;Wanted to increase spending capacity, says Nirmala Sitharaman</a>

Sitharaman&nbsp;during the speech said more Tejas-type trains will be launched to connect tourist destinations.

Key highlights:

Sitharaman said that India has uplifted 271 million people out of poverty.

The government will be launching an anti-tuberculosis campaign to eliminate the disease by 2025.

100 more airports will be developed by 2024 under the Udaan scheme.&nbsp;

Rs 69,000 crore will be allocated for the healthcare sector.

More Tejas-type trains will be launched to connect tourist destinations.

Rs 85 thousand crore has been allocated for the empowerment of the Scheduled&nbsp;Castes &amp; Schedule Tribes respectively.

Rs three thousand one hundred crore has been set aside for the culture ministry.

Rupees four thousand and 400 crore has been allocated for clean air projects.

The taxpayers' charter to be institutionalised. Ayushman Bharat hospitals will be opened in 100 more districts.

Rs 100 crore to be allocated for G-20 preparations.

Industrial development bank of India (IDBI) and the life insurance corporation of india(LIC) will be disinvested.

Finance minister Nirmala Sitharaman's Budget on Saturday proposed setting up of hundred more airports by 2024 under the Udaan scheme. The minister also announced Rs 69,000 for the healthcare sector.

Finance minister Nirmala Sitharaman's Budget on Saturday proposed setting up of hundred more airports by 2024 under the Udaan scheme. The minister also announced Rs 69,000 for the healthcare sector. Also Read: Wanted to increase spending capacity, says Nirmala Sitharaman Sitharaman during the speech said more Tejas-type trains will be launched to connect tourist destinations. Key highlights: Sitharaman said that India has uplifted 271 million people out of poverty. The government will be launching an anti-tuberculosis campaign to eliminate the disease by 2025. 100 more airports will be developed by 2024 under the Udaan scheme. Rs 69,000 crore will be allocated for the healthcare sector. More Tejas-type trains will be launched to connect tourist destinations. Rs 85 thousand crore has been allocated for the empowerment of the Scheduled Castes & Schedule Tribes respectively. Rs three thousand one hundred crore has been set aside for the culture ministry. Rupees four thousand and 400 crore has been allocated for clean air projects. The taxpayers' charter to be institutionalised. Ayushman Bharat hospitals will be opened in 100 more districts. Rs 100 crore to be allocated for G-20 preparations. Industrial development bank of India (IDBI) and the life insurance corporation of india(LIC) will be disinvested.

Budget 2020 key highlights: 100 more airports to be developed by 2024 under Udaan scheme

Apple Inc on Saturday said it would shut all of its official stores and corporate offices in mainland China until Feb 9. as fears over the coronavirus outbreak mounted and the death toll more than doubled to over 250 from a week ago.

"Out of an abundance of caution and based on the latest advice from leading health experts, we're closing all our corporate offices, stores, and contact centers in mainland China through February 9," Apple said in a statement. The company said looked forward to re-opening stores "as soon as possible".

Earlier this week, Apple closed three stores in China due to concerns about the spread of the virus.

It's joining a handful of overseas retailers, including Starbucks Corp and McDonald's Corp to temporarily shut storefronts as a precautionary measure.

Many other companies, meanwhile, have called for employees in China to work from home and cease non-essential business travel in the first week of February.

Normally, businesses in China would be preparing to return to normal operations following the end of the week-long Lunar New Year Holiday.

Apple remains heavily reliant on China both for smartphone sales as well as for its supply chain and manufacturing. Many factories in Hubei province, including plants run by AB InBev and General Motors Co, have temporarily suspended production due to the virus.

In a recent earnings call, Apple CEO Tim Cook said the company was working out mitigation plans to deal with possible production loss from its suppliers in Wuhan. The city where the virus outbreak originated is home to several Apple suppliers.

Apple Inc on Saturday said it would shut all of its official stores and corporate offices in mainland China until Feb 9. as fears over the coronavirus outbreak mounted and the death toll more than doubled to over 250 from a week ago.

Apple Inc on Saturday said it would shut all of its official stores and corporate offices in mainland China until Feb 9. as fears over the coronavirus outbreak mounted and the death toll more than doubled to over 250 from a week ago. "Out of an abundance of caution and based on the latest advice from leading health experts, we're closing all our corporate offices, stores, and contact centers in mainland China through February 9," Apple said in a statement. The company said looked forward to re-opening stores "as soon as possible". Earlier this week, Apple closed three stores in China due to concerns about the spread of the virus. It's joining a handful of overseas retailers, including Starbucks Corp and McDonald's Corp to temporarily shut storefronts as a precautionary measure. Many other companies, meanwhile, have called for employees in China to work from home and cease non-essential business travel in the first week of February. Normally, businesses in China would be preparing to return to normal operations following the end of the week-long Lunar New Year Holiday. Apple remains heavily reliant on China both for smartphone sales as well as for its supply chain and manufacturing. Many factories in Hubei province, including plants run by AB InBev and General Motors Co, have temporarily suspended production due to the virus. In a recent earnings call, Apple CEO Tim Cook said the company was working out mitigation plans to deal with possible production loss from its suppliers in Wuhan. The city where the virus outbreak originated is home to several Apple suppliers.

Apple to close all China mainland stores due to virus outbreak

Stocks struggled worldwide on Friday with most indices ending sharply lower amid mounting worries the coronavirus outbreak will dent global economic growth.

The Dow slid more than two per cent losing more than 600 points in its worst session since August as the three largest US carriers halted all service to China.

Just after markets closed, US authorities declared a public health emergency, and starting Sunday will ban entry into the country of any foreign national who has travelled to China in the past two weeks, while quarantining Americans who have made the trip.

Major European markets slid more than one per cent, including London, where equities were weakened by a stronger pound in the final session before Britain was due to leave the European Union.

Also read:&nbsp;<a href="https://www.wionews.com/world/experts-say-bats-could-be-behind-deadly-coronavirus-outbreak-277877">Experts say bats could be behind deadly coronavirus outbreak</a>

Asian equity markets also were gripped by virus fears in a volatile end to the week, although Japan's Nikkei finished higher.

At least 213 people have died and nearly 10,000 people have been infected in China by the novel coronavirus, while fresh cases were found abroad with more than 20 countries now affected.

"Unless a cure is found, this could push a fragile world economic recovery into reverse," warned Douglas McWilliams, deputy chairman at British research group the Centre for Economics and Business Research (CEBR).

Oxford Economics analysts said the outbreak would have a large short-term impact on Chinese economic growth and possibly curb global GDP growth by 0.2 percentage points this year.

Also read:&nbsp;<a href="https://www.wionews.com/world/to-mask-or-not-to-mask-confusion-spreads-over-coronavirus-protection-277869">To mask or not to mask: Confusion spreads over coronavirus protection</a>

"It's increasingly apparent the disease is becoming an economic as well as a public health concern," they said.

The WHO invoked a global health emergency on coronavirus -- but stopped short of recommending trade and travel restrictions that could have had a bruising effect on China, a key global growth engine.

After initially applauding the WHO action, investor fear returned as Britain confirmed its first cases and Italy declared a state of emergency to fast-track efforts to prevent its spread after two cases were confirmed in Rome.

Quincy Krosby, the chief market strategist at Prudential Financial, said the outbreak has raised doubts about whether growth would accelerate in the aftermath of the US-China trade detente.

"We expected to see global growth," she said. "What this does is perhaps slows that down and adds more uncertainties."

Krosby said the outbreak also could pose problems for companies with supply chain dependent on China.

Separately, the EU's official statistics agency announced Friday that the 19-member single currency area already suffered a sharp slowdown after a turbulent year of Brexit uncertainty and trade spats with US President Donald Trump.

The eurozone economy grew 1.2 per cent over the year, down from 1.8 per cent in 2018 and well off the 2.7 per cent seen in 2017.

Losses were broad-based on Wall Street, but an exception was Amazon, which surged 7.4 per cent after releasing quarterly earnings results for the holiday period that trounced market expectations.

Stocks struggled worldwide on Friday with most indices ending sharply lower amid mounting worries the coronavirus outbreak will dent global economic growth. The Dow slid more than two per cent losing more than 600 points in its worst session since August as the three largest US carriers halted all service to China.

Stocks struggled worldwide on Friday with most indices ending sharply lower amid mounting worries the coronavirus outbreak will dent global economic growth. The Dow slid more than two per cent losing more than 600 points in its worst session since August as the three largest US carriers halted all service to China. Just after markets closed, US authorities declared a public health emergency, and starting Sunday will ban entry into the country of any foreign national who has travelled to China in the past two weeks, while quarantining Americans who have made the trip. Major European markets slid more than one per cent, including London, where equities were weakened by a stronger pound in the final session before Britain was due to leave the European Union. Also read: Experts say bats could be behind deadly coronavirus outbreak Asian equity markets also were gripped by virus fears in a volatile end to the week, although Japan's Nikkei finished higher. At least 213 people have died and nearly 10,000 people have been infected in China by the novel coronavirus, while fresh cases were found abroad with more than 20 countries now affected. "Unless a cure is found, this could push a fragile world economic recovery into reverse," warned Douglas McWilliams, deputy chairman at British research group the Centre for Economics and Business Research (CEBR). Oxford Economics analysts said the outbreak would have a large short-term impact on Chinese economic growth and possibly curb global GDP growth by 0.2 percentage points this year. Also read: To mask or not to mask: Confusion spreads over coronavirus protection "It's increasingly apparent the disease is becoming an economic as well as a public health concern," they said. The WHO invoked a global health emergency on coronavirus -- but stopped short of recommending trade and travel restrictions that could have had a bruising effect on China, a key global growth engine. After initially applauding the WHO action, investor fear returned as Britain confirmed its first cases and Italy declared a state of emergency to fast-track efforts to prevent its spread after two cases were confirmed in Rome. Quincy Krosby, the chief market strategist at Prudential Financial, said the outbreak has raised doubts about whether growth would accelerate in the aftermath of the US-China trade detente. "We expected to see global growth," she said. "What this does is perhaps slows that down and adds more uncertainties." Krosby said the outbreak also could pose problems for companies with supply chain dependent on China. Separately, the EU's official statistics agency announced Friday that the 19-member single currency area already suffered a sharp slowdown after a turbulent year of Brexit uncertainty and trade spats with US President Donald Trump. The eurozone economy grew 1.2 per cent over the year, down from 1.8 per cent in 2018 and well off the 2.7 per cent seen in 2017. Losses were broad-based on Wall Street, but an exception was Amazon, which surged 7.4 per cent after releasing quarterly earnings results for the holiday period that trounced market expectations.

Stocks struggle as China virus sparks fear for world economy

Finance minister Nirmala Sitharaman while presenting the Budget on Saturday introduced new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh per annum provided the taxpayer opts for foregoing exemptions.

<a href="https://www.wionews.com/business-economy/budget-2020-finance-minister-nirmala-sitharaman-proposes-withdrawal-of-customs-duty-exemption-on-raw-sugar-agro-animal-based-products-278019">Also Read:&nbsp;Sitharaman proposes withdrawal of customs duty exemption on raw sugar, agro-animal based products</a>

"Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," Sitharaman said.

"Dividend distribution tax shifted to individuals instead of companies," India's finance minister asserted.

For individuals earning upto Rs 5 lakh in a year will pay no tax. "For income between Rs 7.5 lakh and Rs 10 lakh per annum, tax rate has been reduced to 15 per cent from 20 per cent," the minister said.

<a href="https://www.wionews.com/india-news/latest-india-news-finance-minister-nirmala-sitharaman-breaks-record-of-longest-budget-speech-278005">Also Read:&nbsp;In longest Budget speech, Sitharaman recites Kashmiri poem, couplet in Tamil</a>

"The proposal would lead to a revenue sacrifice of Rs 40,000 crore per annum," the minister added.

The minister said the new regime will be optional and the people can continue with old regime if they wanted.

The government also proposed cut in tax on cooperative societies to twenty-two per cent including surchange and cess. Sitharaman also announced extending the approval date by one year of affordable housing projects in order to avail tax holiday on profit earned by developers.

<a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">In Pics: Key facts about India's Budget &nbsp;</a>

"Direct taxes are the lowest, simplest and smoothest," the finance minister said.&nbsp;

The finance minister also announced the extension of additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021.

In order to simplify PAN, the minister said a process would be put in place to instantly allot it through Aadhaar.

Finance minister Nirmala Sitharaman while presenting the Budget on Saturday introduced new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh per annum provided the taxpayer opts for foregoing exemptions.

Finance minister Nirmala Sitharaman while presenting the Budget on Saturday introduced new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh per annum provided the taxpayer opts for foregoing exemptions. Also Read: Sitharaman proposes withdrawal of customs duty exemption on raw sugar, agro-animal based products "Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," Sitharaman said. "Dividend distribution tax shifted to individuals instead of companies," India's finance minister asserted. For individuals earning upto Rs 5 lakh in a year will pay no tax. "For income between Rs 7.5 lakh and Rs 10 lakh per annum, tax rate has been reduced to 15 per cent from 20 per cent," the minister said. Also Read: In longest Budget speech, Sitharaman recites Kashmiri poem, couplet in Tamil "The proposal would lead to a revenue sacrifice of Rs 40,000 crore per annum," the minister added. The minister said the new regime will be optional and the people can continue with old regime if they wanted. The government also proposed cut in tax on cooperative societies to twenty-two per cent including surchange and cess. Sitharaman also announced extending the approval date by one year of affordable housing projects in order to avail tax holiday on profit earned by developers. In Pics: Key facts about India's Budget "Direct taxes are the lowest, simplest and smoothest," the finance minister said. The finance minister also announced the extension of additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021. In order to simplify PAN, the minister said a process would be put in place to instantly allot it through Aadhaar.

Budget 2020: Sitharaman's new optional tax slabs to give choice for people to decide

India's aid to the neighbouring countries for the financial year (FY) 2020-2021 stands at Rs 5084.65 crore. This forms a substantial chunk of India's aid globally which stands at Rs 5863.65 crore.&nbsp;

Bhutan continued to see maximum aid allocation in the budget today at Rs 2884.65 crore with Afghanistan getting Rs 400 crore, Maldives and Myanmar getting Rs 300 crore each and Bangladesh and Sri Lanka getting Rs 200 crore each. Mongolia, which considers India its third neighbour and a spiritual one was allotted Rs 2 crore.

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>

While three countries saw an increase in aid by India, four countries saw a cut in Indian aid. Myanmar saw an aid increase of Rs 170 crore, Seychelles received an increase of Rs 90 crore while Bangladesh's was an increase of Rs 50 crore.&nbsp;

Nepal saw a cut of Rs 400 crore and will be getting Rs 800 crore as financial aid from India as compared to Rs 1200 crore in the revised budget of last year. One of the major reasons was that funds from the previous allocation was still left. Nepal was allocated around 763 crore in FY 2018-19 and last FY saw a substantial allocation of Rs 1200 crore.

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&nbsp;</a>

Mauritius, Maldives and Sri Lanka saw a minor aid cut of Rs 75 crore, Rs 26 crore and Rs 5 crore, respectively.&nbsp;

Overall, the Union Budget for the financial year 2020-2021 stands at Rs 17346.71 crore versus the revised budget for the financial year 2019-20 at Rs 17372.27 crore, which can be considered almost unchanged. Rs 150 crore, from the MEA budget, has been allocated for the maintenance cost of Air India aircraft for VVIP travel.&nbsp;

India's aid to the neighbouring countries for the financial year (FY) 2020-2021 stands at Rs 5084.65 crore. This forms a substantial chunk of India's aid globally which stands at Rs 5863.

India's aid to the neighbouring countries for the financial year (FY) 2020-2021 stands at Rs 5084.65 crore. This forms a substantial chunk of India's aid globally which stands at Rs 5863.65 crore. Bhutan continued to see maximum aid allocation in the budget today at Rs 2884.65 crore with Afghanistan getting Rs 400 crore, Maldives and Myanmar getting Rs 300 crore each and Bangladesh and Sri Lanka getting Rs 200 crore each. Mongolia, which considers India its third neighbour and a spiritual one was allotted Rs 2 crore. Also read: Union Budget 2020 will bolster income and investment; bring vitality in financial system - PM Modi While three countries saw an increase in aid by India, four countries saw a cut in Indian aid. Myanmar saw an aid increase of Rs 170 crore, Seychelles received an increase of Rs 90 crore while Bangladesh's was an increase of Rs 50 crore. Nepal saw a cut of Rs 400 crore and will be getting Rs 800 crore as financial aid from India as compared to Rs 1200 crore in the revised budget of last year. One of the major reasons was that funds from the previous allocation was still left. Nepal was allocated around 763 crore in FY 2018-19 and last FY saw a substantial allocation of Rs 1200 crore. Also read: Wanted to increase spending capacity - Nirmala Sitharaman Mauritius, Maldives and Sri Lanka saw a minor aid cut of Rs 75 crore, Rs 26 crore and Rs 5 crore, respectively. Overall, the Union Budget for the financial year 2020-2021 stands at Rs 17346.71 crore versus the revised budget for the financial year 2019-20 at Rs 17372.27 crore, which can be considered almost unchanged. Rs 150 crore, from the MEA budget, has been allocated for the maintenance cost of Air India aircraft for VVIP travel.

Budget 2020: Indian aid to neighbouring countries stands at around 5,000 crore; Nepal sees a cut

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-news-updates-unwell-nirmala-sitharaman-cuts-short-longest-ever-budget-speech-of-independent-india-278009">Also read:&nbsp;Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of Independent India</a>

The key highlights of the Budget 2020-2021&nbsp;are as follows:

Tax rates:

<table border="1" cellpadding="1" cellspacing="1">
	<tbody>
		<tr>
			<td>Below Rs 5 lakh</td>
			<td>No tax</td>
		</tr>
		<tr>
			<td>Between Rs 2.5 to Rs 5 lakh</td>
			<td>5%</td>
		</tr>
		<tr>
			<td>Between Rs 5 to Rs 7.5</td>
			<td>10%</td>
		</tr>
		<tr>
			<td>Between Rs 7.5 to Rs 10 lakh</td>
			<td>15%</td>
		</tr>
		<tr>
			<td>Between Rs 10 lakhs to Rs 12.5 lakh</td>
			<td>20%</td>
		</tr>
		<tr>
			<td>Between Rs 12.5 to Rs 15 lakhs</td>
			<td>25%</td>
		</tr>
		<tr>
			<td>Above Rs 15 lakh</td>
			<td>30 %</td>
		</tr>
	</tbody>
</table>

* Corporate tax for existing companies slashed to 22 per cent.

Education:

* Rs 99,300 crore allocated for the education sector and Rs 3,000 crore for skill development.

* Steps to be taken to attract external commercial borrowing, FDI in the education sector.

* Centre to announce new education policy soon; govt received over 2 lakh suggestions on it.

Climate change:

* Rs 4,400 crore allocated for the 'Clean Air policy'.&nbsp;In this, the focus will be on those cities that have a population of one million.&nbsp;

* India's commitment towards tackling climate change made in Paris conference kick-starts from January 1, 2021.

* PM KUSUM to be expanded to provide 2 million farmers in setting up standalone solar pumps.

* Sitharaman&nbsp;allocated Rs 2,955 crores to the Ministry of Environment, Forests and Climate Change which was roughly 10 per cent more than the previous Budgets.

* Out of this, pollution control got a fresh budget of Rs 460 crores, which includes multiple initiatives like the National Clean Air Programme (NCAP).

Infrastructure:

* India to provide 273 billion rupees&nbsp;for promotion of industry and commerce.

* Firms operating old thermal power plants advised to shut units if emission norms not met.

* India to allocate 44 billion rupees&nbsp;for clean air incentives in cities with over 1 million people.

* India to allocate 220 billion rupees&nbsp;for power and renewables.

* Conventional energy meters to be replaced by prepaid smart meters in the next three years.

* India to expand national gas grid to 27,000 km.

* Large solar power capacity to be set up alongside rail tracks, on land owned by Indian Railways.

Transport:

* 550 wi-fi facilities have been commissioned at railway stations.

* Proposal for setting up large solar power capacity alongside rail track is under consideration.

* More Tejas type trains will connect tourist destinations

* 1,150 trains to be run in PPP mode, also 4 stations to be redeveloped with help of the private sector.

* 100 more airports to be developed by 2025 to support Udaan scheme.

* Government to consider corporatisation of at least one major port and listing it on stock exchanges.

* Rs 1.7 lakh cr provided for transport infrastructure in 2020-21.&nbsp;

Agriculture:

* 2.83 trillion rupees for agriculture and allied activities.

* Approves 3.6 trillion rupees&nbsp;for a federal water scheme.

* The government to disburse Rs 15 lakh crore among farmers as credit for the year 2020-21.

* Refinancing scheme of National Bank for Agriculture and Rural Development (NABARD) will be further expanded.

Medicine:

* Special bridge courses will be designed for teachers, nurses, para-medical staff and caregivers.

* Proposal to attach medical colleges with district hospitals on the Public-Private Partnership.

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. Also read: Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of Independent India The key highlights of the Budget 2020-2021 are as follows: Tax rates: Below Rs 5 lakh No tax Between Rs 2.

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. Also read: Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of Independent India The key highlights of the Budget 2020-2021 are as follows: Tax rates: Below Rs 5 lakh No tax Between Rs 2.5 to Rs 5 lakh 5% Between Rs 5 to Rs 7.5 10% Between Rs 7.5 to Rs 10 lakh 15% Between Rs 10 lakhs to Rs 12.5 lakh 20% Between Rs 12.5 to Rs 15 lakhs 25% Above Rs 15 lakh 30 % * Corporate tax for existing companies slashed to 22 per cent. Education: * Rs 99,300 crore allocated for the education sector and Rs 3,000 crore for skill development. * Steps to be taken to attract external commercial borrowing, FDI in the education sector. * Centre to announce new education policy soon; govt received over 2 lakh suggestions on it. Climate change: * Rs 4,400 crore allocated for the 'Clean Air policy'. In this, the focus will be on those cities that have a population of one million. * India's commitment towards tackling climate change made in Paris conference kick-starts from January 1, 2021. * PM KUSUM to be expanded to provide 2 million farmers in setting up standalone solar pumps. * Sitharaman allocated Rs 2,955 crores to the Ministry of Environment, Forests and Climate Change which was roughly 10 per cent more than the previous Budgets. * Out of this, pollution control got a fresh budget of Rs 460 crores, which includes multiple initiatives like the National Clean Air Programme (NCAP). Infrastructure: * India to provide 273 billion rupees for promotion of industry and commerce. * Firms operating old thermal power plants advised to shut units if emission norms not met. * India to allocate 44 billion rupees for clean air incentives in cities with over 1 million people. * India to allocate 220 billion rupees for power and renewables. * Conventional energy meters to be replaced by prepaid smart meters in the next three years. * India to expand national gas grid to 27,000 km. * Large solar power capacity to be set up alongside rail tracks, on land owned by Indian Railways. Transport: * 550 wi-fi facilities have been commissioned at railway stations. * Proposal for setting up large solar power capacity alongside rail track is under consideration. * More Tejas type trains will connect tourist destinations * 1,150 trains to be run in PPP mode, also 4 stations to be redeveloped with help of the private sector. * 100 more airports to be developed by 2025 to support Udaan scheme. * Government to consider corporatisation of at least one major port and listing it on stock exchanges. * Rs 1.7 lakh cr provided for transport infrastructure in 2020-21. Agriculture: * 2.83 trillion rupees for agriculture and allied activities. * Approves 3.6 trillion rupees for a federal water scheme. * The government to disburse Rs 15 lakh crore among farmers as credit for the year 2020-21. * Refinancing scheme of National Bank for Agriculture and Rural Development (NABARD) will be further expanded. Medicine: * Special bridge courses will be designed for teachers, nurses, para-medical staff and caregivers. * Proposal to attach medical colleges with district hospitals on the Public-Private Partnership.

Union Budget 2020-21: Key takeaways in taxes, education, climate, transport, infrastructure, agriculture & medicine

Finance minister Nirmala Sitharaman in the Budget today announced increase in customs duty on imported wall fans, tableware and kitchenware.&nbsp;

<a href="https://www.wionews.com/india-news/latest-india-news-finance-minister-nirmala-sitharaman-breaks-record-of-longest-budget-speech-278005">Also Read: In longest Budget speech, Sitharaman recites Kashmiri poem, couplet in Tamil</a>

The finance minister also proposed withdrawl of customs duty exemption on raw sugar, agro-animal based products, tuna bait, skimmed milk, certain alcoholic beverages, soya fibre and soya protein. The government also hiked customs duty on catalytic converters, parts of commercial vehicles excluding electric vehicles.

The increase in customs duty on wall fans was increased from 7.5 per cent to twenty per cent. The duty on tableware and kitchenware made of porcelain, copper, steel, clay iron was doubled to 20 per cent.

<a href="https://www.wionews.com/india-news/want-to-increase-spending-capacity-nirmala-sitharaman-278011">Also Read: Wanted to increase spending capacity: Nirmala Sitharaman on Budget 2020</a>

The minister also removed dividend distribution tax on companies.

"This is another bold move, which will further make India an attractive destination for investment," Sitharaman said.

"In order to increase the attractiveness of the Indian equity market and to provide relief to a large class of investors, I propose to remove the DDT and adopt the classical system of dividend taxation under which the companies would not be required to pay DDT," India's finance miniser added.

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-allocations-for-environment-and-climate-change-277988">Also Read:&nbsp;Nirmala Sitharaman's key announcements on climate change</a>

"Further, in order to remove the cascading effect, I also propose to allow deduction for the dividend received by holding company from its subsidiary. The removal of DDT will lead to estimated annual revenue forgone of Rs 25,000 crore," the minister said. 
&nbsp;

Finance minister Nirmala Sitharaman in the Budget today announced increase in customs duty on imported wall fans, tableware and kitchenware. Also Read: In longest Budget speech, Sitharaman recites Kashmiri poem, couplet in Tamil The finance minister also proposed withdrawl of customs duty exemption on raw sugar, agro-animal based products, tuna bait, skimmed milk, certain alcoholic beverages, soya fibre and soya protein.

Finance minister Nirmala Sitharaman in the Budget today announced increase in customs duty on imported wall fans, tableware and kitchenware. Also Read: In longest Budget speech, Sitharaman recites Kashmiri poem, couplet in Tamil The finance minister also proposed withdrawl of customs duty exemption on raw sugar, agro-animal based products, tuna bait, skimmed milk, certain alcoholic beverages, soya fibre and soya protein. The government also hiked customs duty on catalytic converters, parts of commercial vehicles excluding electric vehicles. The increase in customs duty on wall fans was increased from 7.5 per cent to twenty per cent. The duty on tableware and kitchenware made of porcelain, copper, steel, clay iron was doubled to 20 per cent. Also Read: Wanted to increase spending capacity: Nirmala Sitharaman on Budget 2020 The minister also removed dividend distribution tax on companies. "This is another bold move, which will further make India an attractive destination for investment," Sitharaman said. "In order to increase the attractiveness of the Indian equity market and to provide relief to a large class of investors, I propose to remove the DDT and adopt the classical system of dividend taxation under which the companies would not be required to pay DDT," India's finance miniser added. Also Read: Nirmala Sitharaman's key announcements on climate change "Further, in order to remove the cascading effect, I also propose to allow deduction for the dividend received by holding company from its subsidiary. The removal of DDT will lead to estimated annual revenue forgone of Rs 25,000 crore," the minister said.

Budget 2020: Finance minister Nirmala Sitharaman proposes withdrawal of customs duty exemption on raw sugar, agro-animal based products

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

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

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

Sensex tumbles over 1,000 points after Budget announcements

Union finance minister <a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Nirmala Sitharaman</a> delivered the longest Budget speech on Saturday after she spoke for two hours and forty-one minutes.

She also broke her own previous record of speaking for two hours and seventeen minutes in the previous Budget.

Before this, the longest speeches were given by <a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">Jaswant Singh</a>&nbsp;in 2003 and <a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">Arun Jaitley</a>&nbsp;in 2014 who spoke for two hours thirteen minutes and two hours ten minutes respectively.

Also see:<a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">&nbsp;Key facts about India's Budget</a>

However, &nbsp;ex-finance minister Manmohan Singh speech was longest in terms of words as it comprised of 18,650 words in the historic 1991 speech in which he announced the liberalization of the economy.

It was followed by former finance minister late Arun Jaitley&nbsp;whose speech comprised of 18,604 words.

Interestingly, the shortest Budget speech was given by HM Patel in 1977 during the Janta Dal government comprising&nbsp;800 words.

The Union Budget speeches have become longer over the period of time.

The following chart shows the number of paragraphs in each budget speech:

<img alt="Data" data-entity-type="file" data-entity-uuid="6767e228-a3b9-41f0-8a2a-334c5fbc61cf" src="//cdn.wionews.com/sites/default/files/inline-images/Capture%20454.JPG" />

(Data: Ministry of Finance)

After over two hours and a half hours, Sitharaman appeared to be exhausted after speaking for such a long duration.

''Sir, I think I will lay down the rest of the pages,'' she told the Lok Sabha speaker <a href="https://www.wionews.com/india-news/lok-sabha-speaker-om-birla-rejects-ministers-demand-says-there-will-be-no-adjournments-238511">Om Birla.</a>

India's finance minister cut shot the Budget and did not read the remaining two pages of her speech as she felt uneasy.

True to her style in 2019, she recited several poems and couplets from a Kashmiri poem by Dina Nath Kaul Nadim, a line from Tamil Saint poet Avvaiyar's 'Aathichudi' and one couplet of Tamil saint Thirukkural.

She had also used six&nbsp;languages in her Budget Day speech on July 5, 2019.

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

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

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

Union finance minister <a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Nirmala Sitharaman</a> presented the Budget for the second time in her tenure on Saturday.

In her speech she said, ''clean air is a matter of concern in large cities, propose to encourage states to formulate and implement plans to ensure clean air''.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Union Budget 2020-21 Live News Updates</a>

She made several announcements for the environment and climate change.

Key Highlights:&nbsp;

*Rs 4,400 crore allocated for the 'Clean Air policy'.&nbsp;In this, the focus will be on those cities that have a population of one million.&nbsp;

*India's commitment towards tackling climate change made in Paris conference kick-starts from January 1, 2021.

*PM KUSUM to be expanded to provide 2 million farmers in setting up standalone solar pumps.

* Sitharaman&nbsp;allocated Rs 2,955 crores to the Ministry of Environment, Forests and Climate Change which was roughly 10 per cent more than the previous Budgets.

* Out of this, pollution control got a fresh budget of Rs 460 crores, which includes multiple initiatives like the National Clean Air Programme (NCAP).

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

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

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

Finance Minister Nirmala Sitharaman presented her second Budget in Prime Minister Narendra Modi's second term in what is considered to be the most difficult budget in a decade.&nbsp;

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Also Read:&nbsp;Union Budget 2020-21-&nbsp;News Updates</a>

The FM Presented the budget at a time when the Indian economy was facing multipronged challenges including lack of jobs and slowing consumption.&nbsp;

<a href="https://www.wionews.com/business-economy/2020-budget-updates-union-budget-2020-sitharaman-allocates-rs-99300-crore-for-education-proposes-medical-colleges-with-district-hospitals-on-ppp-model-277987">Also Read:&nbsp;Sitharaman allocates Rs 99,300 crore for education</a>

Here are the reactions of political leaders on Sitharaman's budget:&nbsp;

The budget gives an outline of new and confident India: Defence Minister Rajnath Singh

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The first Budget of the new decade presented today by Finance Minister Smt. <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> gives an outline of a New and Confident India. 
 
It is a promising, proactive and progressive Budget which will make India healthy and wealthy in coming years.
— Rajnath Singh (@rajnathsingh) <a href="https://twitter.com/rajnathsingh/status/1223524289694978053?ref_src=twsrc%5Etfw">February 1, 2020</a></blockquote>
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Govt removes incentives to ''save'' in the nation with no social security: Trinamool Congress on Budget

The Trinamool Congress on Saturday slammed the Union Budget over the removal of tax exemptions and questioned such a move in a country with no social security. 
Finance Minister Nirmala Sitharaman introduced new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh per annum, if a taxpayer opts for foregoing exemptions and deductions.

<a href="https://www.wionews.com/business-economy/nominal-gdp-growth-for-2020-21-estimated-at-10-per-cent-says-fm-sitharaman-277995">Nominal GDP growth for 2020-21 estimated at 10 per cent, says FM Sitharaman&nbsp;</a>

The official handle of Congress party tweeted that the Budget 2020 has failed to layout a roadmap or plan on how the govt plans to address this serious issue.

<img alt="Congress" data-entity-type="file" data-entity-uuid="6ceb8870-ef0a-431d-8df4-863c188ebc78" src="//cdn.wionews.com/sites/default/files/inline-images/congress.JPG" /> 
 
Criticizing the Union Budget presented by the Finance Minister Nirmala Sitharaman, Congress leader Rahul Gandhi said that govt's hollow approach visible in Budget. The budget describes govt's mindset well - all talk, nothing concrete; a lot of repetition and rambling.&nbsp;

"Did not see any concrete, strategic idea in Budget that could help youngsters get jobs; redundant things, no central idea," said Rahul Gandhi.

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

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

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

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

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

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

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

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

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

Budget 2020: Sensex plunges over 600 points

Union finance minister Nirmala Sitharaman while announcing the Budget in Parliament today announced hundred per cent tax concession to sovereign wealth funds on investment in infrastructure&nbsp;projects.

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Also Read:&nbsp;Union Budget 2020-21-&nbsp;News Updates</a>

"Fiscal deficit pegged at 3.8 per cent in current fiscal and 3.5 per cent next year," Sitharaman said during the Budge speech.

The minister also announced concessional tax rate of 15 per cent to power generation companies.

"Concessional withholding rate of 5 per cent on interest payment to non-residents extended up to June 30, 2022," the minister announced.

<a href="https://www.wionews.com/business-economy/2020-budget-updates-union-budget-2020-sitharaman-allocates-rs-99300-crore-for-education-proposes-medical-colleges-with-district-hospitals-on-ppp-model-277987">Also Read:&nbsp;Sitharaman allocates Rs 99,300 crore for education</a>

"Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," Sitharaman said.

"Dividend distribution tax shifted to individuals instead of companies," India's finance minister asserted.

For individuals,&nbsp;those earning upto Rs 5 lakh in a year will pay no tax. "For income between Rs 7.5 lakh and Rs 10 lakh per annum, tax rate has been reduced to 15 per cent from 20 per cent," the minister said.

Sitharaman proposed 10 per cent tax for income between Rs 5 lakh and Rs 7.5 lakh per anum for those who forego deductions and exemptions.

<a href="https://www.wionews.com/business-economy/nominal-gdp-growth-for-2020-21-estimated-at-10-per-cent-says-fm-sitharaman-277995">Nominal GDP growth for 2020-21 estimated at 10 per cent, says FM Sitharaman&nbsp;</a>

"Expected tax buoyancy will take time," the minister added. "Government to sell part of its holding in LIC," she added.&nbsp;

The minister added that all flagship schemes of the government have been provided for in the Budget.

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

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

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

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday.

Also read: <a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Union Budget 2020-21 Live News Updates</a>

She made several announcements regarding the&nbsp;Rail, Road, ports and Air transports. These include:&nbsp;

550 wi-fi facilities have been commissioned at railway stations.

Proposal for setting up large solar power capacity alongside rail track is under consideration.

More Tejas type trains will connect tourist destinations

1,150 trains to be run in PPP mode, also 4 stations to be redeveloped with help of the private sector.

100 more airports to be developed by 2025 to support Udaan scheme.

Government to consider corporatisation of at least one major port and listing it on stock exchanges.

Rs 1.7 lakh cr provided for transport infrastructure in 2020-21.&nbsp;

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. Also read: Union Budget 2020-21 Live News Updates She made several announcements regarding the Rail, Road, ports and Air transports.

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

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

Finance Minister Nirmala Sitharaman on Saturday&nbsp;pegged nominal gross domestic product (GDP) growth at 10 per cent for FY21 in the Union Budget presented on Saturday.&nbsp;

The Economic Survey 2020-21 presented in Parliament on January 31 pegged <a href="https://www.wionews.com/business-economy/budget-2020-highlights-swachh-bharat-funds-railway-ppp-agricultural-credit-target-budget-news-updates-277980">economic growth</a> in the range of 6 per cent to 6.5 per cent.

The Indian economy is expericing&nbsp;a slowdown.&nbsp;

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The Reserve Bank of India (RBI) has revised its real <a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">GDP growth </a>for the year to 5 per cent, from 6.1 per cent earlier.

International Monetary Fund (IMF) slashed India's Financial Year 21 growth forecast by 120 bps to 5.8 per cent.&nbsp;

India's GDP — the total value of goods and services produced in the country — slumped to over 6-year low of 5 per cent in the April -June quarter and 4.5 per cent in the July - September quarter of 2019, against a 7.1 per cent growth in July-September last year.

The Central Statistics Office in its first advanced estimate released in January, pegged economic growth rate for 2019-20 at 5 per cent, slower than the 2018-19 expansion rate of 6.8 per cent.

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

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

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