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

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

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

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

Union finance minister Nirmala Sitharaman during the Budget speech announced the allocation of Rs 99,300 crore for the education sector.

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Also Read:&nbsp;Union Budget 2020-21-&nbsp;Live News Updates</a>

"Special bridge courses will be designed for teachers, nurses, para-medical staff and caregivers," the minister said, while adding that the government proposes to attach medical colleges with district hospitals on the PPP model to deal with the shortage of doctors.

The finance minister also announced degree level full-fledged online education programme by institutions ranked in top 100.

"National police university and national forensic university are being proposed," the minister said during the Budget speech.

Watch Video:

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Sitharaman also announced setting up of project preparation facilities for the infrastructure sector.

"Rs 103 lakh crore infra project pipeline has been launched in December end," the minister announced.

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

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

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

Sensex and Nifty are trading flat as Finance Minister Nirmala Sitharaman was presenting her second budget.

The decision for stock exchanges to open on Saturday was made after traders requested keep trading hours so that quick buys based on Budget initiatives can be made.

Sitharaman is likely to present a `feel-good` Budget in the backdrop of sliding economic growth despite corporate tax cuts and other stimulus measures. However, the Economic Survey has projected the GDP growth rate of 6 to 6.5 per cent during fiscal 2020-21.

At 01:00&nbsp;pm, the BSE S&amp;P Sensex was down 60&nbsp;points while the Nifty was trading 25 points down.&nbsp;

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Also read -&nbsp;Union Budget 2020-21 Live News Updates: Government aims to double farmers' income by 2022, says FM</a>

Sectoral indices at the National Stock Exchange were mixed.

Among stocks, Power Grid Corporation was down by 3.4 per cent at Rs 180.50 per share. Tech Mahindra, power utility major NTPC, Tata Steel and Coal India were among prominent losers. However, FMCG major Hindustan Lever, GAIL, Bajaj Finserv, Bharat Petroleum Corporation and IndianOil Corporation showed marginal gains.&nbsp;

Meanwhile, Asian share markets were closed for the weekend.

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

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

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

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

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

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

India bans export of protective masks, clothing amid coronavirus outbreak

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

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

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

Budget 2020 News: Lok Sabha Budget Session commences today

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

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

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

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

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

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

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

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

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

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

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

Markets struggle after World Health Organisation declares coronavirus emergency

Indian retail and institutional investors shied away from domestic equity markets last year as a slowing economy ate into stock valuations and earnings. Their purchases of equity mutual funds in 2019 were the lowest in three years.

Data from the Association of Mutual Funds in India (AMFI) showed local investors bought a net 712.7 billion rupees&nbsp;in equity funds last year, a 36 per cent&nbsp;fall from 2018, and the lowest net purchase since 2016.

The drop in domestic investment was due to worries over the economy which is forecast to grow at its slowest pace in 11 years in the current fiscal year ending March, analysts said.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/sharp-slwodown-in-india-a-drag-on-world-economy-275527">Sharp slowdown in India drag on the world economy, says IMF</a>

Purchases of mutual funds by domestic investors have traditionally been a support for the Indian stock market, particularly in recent years as concerns over the country's accelerating consumer prices, rising global yields and a falling rupee caused overseas investments to turn fickle.

Foreigners made cumulative purchases of 2.97 trillion rupees worth of Indian stocks in the last five years, less than the 3.5 trillion rupees bought by domestic investors, data from Refinitiv Eikon and Central Depository Services Ltd showed.

Investors who normally conduct large transactions in equity mutual funds have been taking out their money in recent months, said Deepak Jasani, head of retail research at HDFC Securities Ltd.

Also read: <a href="https://www.wionews.com/business-economy/india-can-end-up-with-5-real-gdp-growth-this-fiscal-chairman-of-pms-economic-advisory-council-277423">India can end up with 5% real GDP growth this fiscal: Chairman of PM's Economic Advisory Council</a>

The redeemed money "is instead being used to buy debt products or used for individual&nbsp;business&nbsp;needs," he said.

The AMFI data showed debt funds witnessed an inflow of 696.9 billion rupees last year, compared with outflows worth 349.9 billion rupees in 2018.

India's NSE Nifty 50 index has fallen more than 1 per cent&nbsp;so far this year, however, some analysts said government reforms and lower interest rates could lift the market.

Also read: <a href="https://www.wionews.com/business-economy/latest-business-news-nifty-sensex-end-lower-ahead-of-budget-energy-stocks-lead-losses-277789">Nifty, Sensex end lower ahead of budget</a>

The Nifty index gained 12 per cent last year, helped by a rally after the government cut the corporate tax rate in September.

The government is likely to cut tax on long-term capital gains from equity investments in its next budget, in an attempt to boost economic growth, Reuters reported in December.

Finance Minister <a href="https://www.wionews.com/business-economy/finance-minister-nirmala-sitharaman-tables-economic-survey-in-parliament-gdp-growth-projected-at-6-65-for-2020-21-277715">Nirmala Sitharaman</a> will present the budget for the 2020-21 fiscal year on February&nbsp;1.

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

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

Indian investors eschew equity funds as economy falters

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

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

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

China virus causes scare for India's smartphone makers

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Facebook shares plunge over surge in quarterly expenses

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

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

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

US offers $30 billion more market to Indian pharma companies

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

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

Coronavirus in China impacts global commodity market

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

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

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

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

The rupee lost 22 paise to close at a three-week low of 71.49 against the US dollar on Thursday tracking heavy sell-off in domestic equities amid rising concerns over the outbreak of coronavirus.

Forex traders said most Asian currencies declined after the US Federal Reserve kept its key policy rates steady.

Moreover, market participants are also assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget.

At the interbank foreign exchange market, the domestic currency opened weak at 71.39 a dollar. It finally settled for the day lower by 22 paise at 71.49, a level not seen since January 8. On Wednesday, the local unit had closed at 71.27 against the greenback.

Meanwhile, a positive case of novel coronavirus has been reported in Kerala, the Health Ministry said on Thursday. The patient is a student at Wuhan University.

"Rupee fell for the second successive session following rising concerns over the outbreak of coronavirus in China. On the domestic front, market participants have been a little cautious ahead of the important GDP number that will be released tomorrow and Union Budget that is scheduled this weekend," said Gaurang Somaiyaa, Forex &amp; Bullion Analyst, Motilal Oswal Financial Services.

Somaiyaa further said that "the dollar retraced from its highest level in seven weeks after the Federal Reserve, in line with expectation, held rates unchanged. In the next couple of session the USDINR (Spot) to quote in the range of 71.20 and 71.80".

Also read: <a href="https://www.wionews.com/business-economy/sensex-nifty-end-lower-on-coronavirus-fears-metals-drag-277556">Sensex, Nifty end lower on coronavirus fears; metals drag</a>

Meanwhile, the global crude benchmark Brent Futures fell 2.47 per cent to trade at $58.33 per barrel.

Crude prices have seen some moderation in the past few sessions over demand slump amid rising coronavirus cases in China and other regions.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.01 per cent to 97.99.

The 10-year Indian government bond yield was at 6.56 per cent.

On the domestic equity market front, the 30-share BSE Sensex settled 284.84 points, or 0.69 per cent, lower at 40,913.82. It hit an intra-day low of 40,829.91 and a high of 41,380.14. Likewise, the broader NSE Nifty closed 93.70 points, or 0.77 per cent, down at 12,035.80.

Foreign institutional investors sold equities worth Rs 962.28 crore on a net basis on Thursday, according to provisional exchange data.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.1875 and for rupee/euro at 78.4221. The reference rate for rupee/British pound was fixed at 92.7174 and for rupee/100 Japanese yen at 65.24.&nbsp;

The rupee lost 22 paise to close at a three-week low of 71.49 against the US dollar on Thursday tracking heavy sell-off in domestic equities amid rising concerns over the outbreak of coronavirus.

The rupee lost 22 paise to close at a three-week low of 71.49 against the US dollar on Thursday tracking heavy sell-off in domestic equities amid rising concerns over the outbreak of coronavirus. Forex traders said most Asian currencies declined after the US Federal Reserve kept its key policy rates steady. Moreover, market participants are also assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget. At the interbank foreign exchange market, the domestic currency opened weak at 71.39 a dollar. It finally settled for the day lower by 22 paise at 71.49, a level not seen since January 8. On Wednesday, the local unit had closed at 71.27 against the greenback. Meanwhile, a positive case of novel coronavirus has been reported in Kerala, the Health Ministry said on Thursday. The patient is a student at Wuhan University. "Rupee fell for the second successive session following rising concerns over the outbreak of coronavirus in China. On the domestic front, market participants have been a little cautious ahead of the important GDP number that will be released tomorrow and Union Budget that is scheduled this weekend," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services. Somaiyaa further said that "the dollar retraced from its highest level in seven weeks after the Federal Reserve, in line with expectation, held rates unchanged. In the next couple of session the USDINR (Spot) to quote in the range of 71.20 and 71.80". Also read: Sensex, Nifty end lower on coronavirus fears; metals drag Meanwhile, the global crude benchmark Brent Futures fell 2.47 per cent to trade at $58.33 per barrel. Crude prices have seen some moderation in the past few sessions over demand slump amid rising coronavirus cases in China and other regions. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.01 per cent to 97.99. The 10-year Indian government bond yield was at 6.56 per cent. On the domestic equity market front, the 30-share BSE Sensex settled 284.84 points, or 0.69 per cent, lower at 40,913.82. It hit an intra-day low of 40,829.91 and a high of 41,380.14. Likewise, the broader NSE Nifty closed 93.70 points, or 0.77 per cent, down at 12,035.80. Foreign institutional investors sold equities worth Rs 962.28 crore on a net basis on Thursday, according to provisional exchange data. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.1875 and for rupee/euro at 78.4221. The reference rate for rupee/British pound was fixed at 92.7174 and for rupee/100 Japanese yen at 65.24.

Rupee slides 22 paise to 3-week low on equity rout

Indian shares ended lower on Thursday, led by losses in metal and state-owned banking stocks, as worries over the economic impact of the coronavirus weighed on sentiment and as markets waited for the release of the country's federal budget on Saturday.

The NSE <a href="https://www.wionews.com/business-economy/nifty-closes-at-12130-tata-motors-top-performer-277344">Nifty</a> 50 index closed down 0.77 per cent&nbsp;at 12,035.80, while the S&amp;P BSE&nbsp;<a href="https://www.wionews.com/business-economy/nifty-sensex-fall-for-second-day-as-china-virus-fears-persist-277102">Sensex&nbsp;</a>ended 0.69 per cent lower at 40,913.82.

Also read: <a href="https://www.wionews.com/india-news/coronavirus-outbreak-in-india-kerala-reports-first-confirmed-case-277500">Coronavirus: First confirmed case in India, Kerala student tests positive</a>

India reported its first case of the new coronavirus on Thursday, saying a student in Kerala had tested positive for the virus that originated in <a href="https://www.wionews.com/videos/coronavirus-death-toll-rises-to-170-in-china-277445">China</a> and has killed 170 people so far.

Investor fears of the impact of the fast-spreading virus have led them to offload riskier equities and turn to safe-haven assets such as gold and bonds.

The Nifty state-owned banking index closed down 1.32 per cent, while the metals index was down 1.39 per cent.

<a href="https://www.wionews.com/business-economy/board-member-at-yes-bank-quits-cites-governance-concerns-273443">Yes Bank </a>led losses among the blue-chip stocks, falling 5.22 per cent, while <a href="https://www.wionews.com/business-economy/bajaj-auto-reports-9-fall-in-vehicle-sales-during-october-259184">Bajaj Auto</a>, the top gainer, rose 1.74&nbsp;per cent.

Indian shares ended lower on Thursday, led by losses in metal and state-owned banking stocks, as worries over the economic impact of the coronavirus weighed on sentiment and as markets waited for the release of the country's federal budget on Saturday.

Indian shares ended lower on Thursday, led by losses in metal and state-owned banking stocks, as worries over the economic impact of the coronavirus weighed on sentiment and as markets waited for the release of the country's federal budget on Saturday. The NSE Nifty 50 index closed down 0.77 per cent at 12,035.80, while the S&P BSE Sensex ended 0.69 per cent lower at 40,913.82. Also read: Coronavirus: First confirmed case in India, Kerala student tests positive India reported its first case of the new coronavirus on Thursday, saying a student in Kerala had tested positive for the virus that originated in China and has killed 170 people so far. Investor fears of the impact of the fast-spreading virus have led them to offload riskier equities and turn to safe-haven assets such as gold and bonds. The Nifty state-owned banking index closed down 1.32 per cent, while the metals index was down 1.39 per cent. Yes Bank led losses among the blue-chip stocks, falling 5.22 per cent, while Bajaj Auto, the top gainer, rose 1.74 per cent.

Sensex, Nifty end lower on coronavirus fears; metals drag

Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but <a href="https://www.wionews.com/business-economy/global-stocks-edge-up-oil-drops-as-china-virus-worries-abate-276176">concerns about the coronavirus</a> outbreak in China kept enthusiasm in check and a safe-haven bid in <a href="https://www.wionews.com/business-economy/who-tempers-virus-fears-gold-eases-on-improved-risk-appetite-276399">gold and the dollar</a> alive. The yield on benchmark US Treasuries and German bunds fell as foreign governments evacuated citizens from the virus' epicentre in China and the World Health Organization voiced "grave concern" about person-to-person infection in three countries.

The death toll in China from the virus rose by 27 to 133, and 1,459 other cases were confirmed. A Chinese government economist said the outbreak could <a href="https://www.wionews.com/business-economy/global-markets-risk-assets-slip-on-chinese-virus-anxiety-275925">cut China's first-quarter growth</a> by one point to 5 per cent or lower as the crisis hits sectors from mining to luxury goods.

The Federal Reserve left interest rates unchanged at its first policy meeting of the year. Officials pointed to continued moderate US economic growth and a "strong" job market. Since the Fed cut rates in October, policymakers have kept their target rate in a range of 1.50 per cent to 1.75 per cent.

Treasury yields were little changed after the Fed released its policy statement. Benchmark US stock indexes initially ticked up to the day's highs before paring gains to close at break-even. The <a href="https://www.wionews.com/business-economy/gold-climbs-to-two-week-high-as-china-flu-scare-spurs-safe-haven-bids-275730">market's muted reaction</a> to the virus' spread, which is close to the number of people infected by the SARS outbreak in 2003, is very positive, said Kristina Hooper, chief global market strategist at Invesco in New York.

Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but <a href="https://www.wionews.com/business-economy/global-stocks-edge-up-oil-drops-as-china-virus-worries-abate-276176">concerns about the coronavirus</a> outbreak in China kept enthusiasm in check and a safe-haven bid in <a href="https://www.wionews.com/business-economy/who-tempers-virus-fears-gold-eases-on-improved-risk-appetite-276399">gold and the dollar</a> alive. The yield on benchmark US Treasuries and German bunds fell as foreign governments evacuated citizens from the virus' epicentre in China and the World Health Organization voiced "grave concern" about person-to-person infection in three countries.

The death toll in China from the virus rose by 27 to 133, and 1,459 other cases were confirmed. A Chinese government economist said the outbreak could <a href="https://www.wionews.com/business-economy/global-markets-risk-assets-slip-on-chinese-virus-anxiety-275925">cut China's first-quarter growth</a> by one point to 5 per cent or lower as the crisis hits sectors from mining to luxury goods.

The Federal Reserve left interest rates unchanged at its first policy meeting of the year. Officials pointed to continued moderate US economic growth and a "strong" job market. Since the Fed cut rates in October, policymakers have kept their target rate in a range of 1.50 per cent to 1.75 per cent.

Treasury yields were little changed after the Fed released its policy statement. Benchmark US stock indexes initially ticked up to the day's highs before paring gains to close at break-even. The <a href="https://www.wionews.com/business-economy/gold-climbs-to-two-week-high-as-china-flu-scare-spurs-safe-haven-bids-275730">market's muted reaction</a> to the virus' spread, which is close to the number of people infected by the SARS outbreak in 2003, is very positive, said Kristina Hooper, chief global market strategist at Invesco in New York.

"The fact that stocks have held up today in light of the negative news on the novel coronavirus is a sign that the Fed is a dominant factor in keeping markets calm," Hooper said. The practice of buying $60 billion every month of US Treasury bills to ensure adequate short-term liquidity in bank funding markets will remain in place at least into April, as will a related offering of repurchase agreements, the Fed said.

Strong results from Santander helped bank stocks in Europe. Gains in Apple Inc and Boeing Co lifted shares on Wall Street, but a spate of disappointing results from AT&amp;T and Advanced Micro Devices Inc, among others, weighed on equities. MSCI's gauge of stocks across the globe shed 0.01 per cent as emerging market stocks lost 0.38 per cent. Mexico's bolsa index bucked the downdraft in emerging markets, rising about 0.93 per cent.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/global-stocks-slide-to-two-week-low-on-china-virus-fears-safe-havens-gain-277082">Global stocks slide to two-week low on China virus fears, safe havens gain</a>

US President Donald Trump signed a new trade agreement with Canada and Mexico into law on Wednesday, replacing the 26-year-old North American Free Trade Agreement. The pan-European STOXX 600 index rose 0.44 per cent, with the euro-zone banks' index gaining 1 per cent. Santander posted a higher quarterly net profit, boosted by a solid underlying performance in Brazil and capital gains. Santander rose 4.4 per cent.

Apple gained 2.1 per cent after reporting earnings for the holiday shopping quarter above analysts' expectations, even as it braced for more supply disruptions in virus-hit China.

The Dow Jones Industrial Average rose 11.6 points, or 0.04 per cent, to 28,734.45. The S&amp;P 500 lost 2.84 points, or 0.09 per cent, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06 per cent, to 9,275.16. Spot gold prices rose as concerns about economic growth due to the coronavirus buoyed safe-haven demand, but US gold futures settled little changed at $1,570.40 per ounce.

Oil was mixed, weighed by worries about how the coronavirus could affect demand and swelling US crude inventories. Talk that the Organization of the Petroleum Exporting Countries could extend crude output cuts provided support.

Brent crude gained 30 cents to settle at $59.81 a barrel, while US crude fell 15 cents to settle at $53.33. Demand strengthened for the dollar index and the safe-haven Japanese yen firmed modestly. A risk-off tone returned to currency markets amid uncertainty about the coronavirus. The dollar index rose 0.07 per cent, with the euro down 0.14 per cent to $1.1005. The yen strengthened 0.09 per cent versus the greenback at 109.06 per dollar. Benchmark 10-year US Treasury notes rose 18/32 in price to push down its yield to 1.5805 per cent.

Hooper said. The practice of buying $60 billion every month of US Treasury bills to ensure adequate short-term liquidity in bank funding markets will remain in place at least into April, as will a related offering of repurchase agreements, the Fed said.

Strong results from Santander helped bank stocks in Europe. Gains in Apple Inc and Boeing Co lifted shares on Wall Street, but a spate of disappointing results from AT&amp;T and Advanced Micro Devices Inc, among others, weighed on equities. MSCI's gauge of stocks across the globe shed 0.01 per cent as emerging market stocks lost 0.38 per cent. Mexico's bolsa index bucked the downdraft in emerging markets, rising about 0.93 per cent.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/global-stocks-slide-to-two-week-low-on-china-virus-fears-safe-havens-gain-277082">Global stocks slide to two-week low on China virus fears, safe havens gain</a>

US President Donald Trump signed a new trade agreement with Canada and Mexico into law on Wednesday, replacing the 26-year-old North American Free Trade Agreement. The pan-European STOXX 600 index rose 0.44 per cent, with the euro-zone banks' index gaining 1 per cent. Santander posted a higher quarterly net profit, boosted by a solid underlying performance in Brazil and capital gains. Santander rose 4.4 per cent.

Apple gained 2.1 per cent after reporting earnings for the holiday shopping quarter above analysts' expectations, even as it braced for more supply disruptions in virus-hit China.

The Dow Jones Industrial Average rose 11.6 points, or 0.04 per cent, to 28,734.45. The S&amp;P 500 lost 2.84 points, or 0.09 per cent, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06 per cent, to 9,275.16. Spot gold prices rose as concerns about economic growth due to the coronavirus buoyed safe-haven demand, but US gold futures settled little changed at $1,570.40 per ounce.

Oil was mixed, weighed by worries about how the coronavirus could affect demand and swelling US crude inventories. Talk that the Organization of the Petroleum Exporting Countries could extend crude output cuts provided support.

Brent crude gained 30 cents to settle at $59.81 a barrel, while US crude fell 15 cents to settle at $53.33. Demand strengthened for the dollar index and the safe-haven Japanese yen firmed modestly. A risk-off tone returned to currency markets amid uncertainty about the coronavirus. The dollar index rose 0.07 per cent, with the euro down 0.14 per cent to $1.1005. The yen strengthened 0.09 per cent versus the greenback at 109.06 per dollar. Benchmark 10-year US Treasury notes rose 18/32 in price to push down its yield to 1.5805 per cent.

Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but concerns about the coronavirus outbreak in China kept enthusiasm in check and a safe-haven bid in gold and the dollar alive.

Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but concerns about the coronavirus outbreak in China kept enthusiasm in check and a safe-haven bid in gold and the dollar alive. The yield on benchmark US Treasuries and German bunds fell as foreign governments evacuated citizens from the virus' epicentre in China and the World Health Organization voiced "grave concern" about person-to-person infection in three countries. The death toll in China from the virus rose by 27 to 133, and 1,459 other cases were confirmed. A Chinese government economist said the outbreak could cut China's first-quarter growth by one point to 5 per cent or lower as the crisis hits sectors from mining to luxury goods. The Federal Reserve left interest rates unchanged at its first policy meeting of the year. Officials pointed to continued moderate US economic growth and a "strong" job market. Since the Fed cut rates in October, policymakers have kept their target rate in a range of 1.50 per cent to 1.75 per cent. Treasury yields were little changed after the Fed released its policy statement. Benchmark US stock indexes initially ticked up to the day's highs before paring gains to close at break-even. The market's muted reaction to the virus' spread, which is close to the number of people infected by the SARS outbreak in 2003, is very positive, said Kristina Hooper, chief global market strategist at Invesco in New York. Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but concerns about the coronavirus outbreak in China kept enthusiasm in check and a safe-haven bid in gold and the dollar alive. The yield on benchmark US Treasuries and German bunds fell as foreign governments evacuated citizens from the virus' epicentre in China and the World Health Organization voiced "grave concern" about person-to-person infection in three countries. The death toll in China from the virus rose by 27 to 133, and 1,459 other cases were confirmed. A Chinese government economist said the outbreak could cut China's first-quarter growth by one point to 5 per cent or lower as the crisis hits sectors from mining to luxury goods. The Federal Reserve left interest rates unchanged at its first policy meeting of the year. Officials pointed to continued moderate US economic growth and a "strong" job market. Since the Fed cut rates in October, policymakers have kept their target rate in a range of 1.50 per cent to 1.75 per cent. Treasury yields were little changed after the Fed released its policy statement. Benchmark US stock indexes initially ticked up to the day's highs before paring gains to close at break-even. The market's muted reaction to the virus' spread, which is close to the number of people infected by the SARS outbreak in 2003, is very positive, said Kristina Hooper, chief global market strategist at Invesco in New York. "The fact that stocks have held up today in light of the negative news on the novel coronavirus is a sign that the Fed is a dominant factor in keeping markets calm," Hooper said. The practice of buying $60 billion every month of US Treasury bills to ensure adequate short-term liquidity in bank funding markets will remain in place at least into April, as will a related offering of repurchase agreements, the Fed said. Strong results from Santander helped bank stocks in Europe. Gains in Apple Inc and Boeing Co lifted shares on Wall Street, but a spate of disappointing results from AT&T and Advanced Micro Devices Inc, among others, weighed on equities. MSCI's gauge of stocks across the globe shed 0.01 per cent as emerging market stocks lost 0.38 per cent. Mexico's bolsa index bucked the downdraft in emerging markets, rising about 0.93 per cent. Also Read: Global stocks slide to two-week low on China virus fears, safe havens gain US President Donald Trump signed a new trade agreement with Canada and Mexico into law on Wednesday, replacing the 26-year-old North American Free Trade Agreement. The pan-European STOXX 600 index rose 0.44 per cent, with the euro-zone banks' index gaining 1 per cent. Santander posted a higher quarterly net profit, boosted by a solid underlying performance in Brazil and capital gains. Santander rose 4.4 per cent. Apple gained 2.1 per cent after reporting earnings for the holiday shopping quarter above analysts' expectations, even as it braced for more supply disruptions in virus-hit China. The Dow Jones Industrial Average rose 11.6 points, or 0.04 per cent, to 28,734.45. The S&P 500 lost 2.84 points, or 0.09 per cent, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06 per cent, to 9,275.16. Spot gold prices rose as concerns about economic growth due to the coronavirus buoyed safe-haven demand, but US gold futures settled little changed at $1,570.40 per ounce. Oil was mixed, weighed by worries about how the coronavirus could affect demand and swelling US crude inventories. Talk that the Organization of the Petroleum Exporting Countries could extend crude output cuts provided support. Brent crude gained 30 cents to settle at $59.81 a barrel, while US crude fell 15 cents to settle at $53.33. Demand strengthened for the dollar index and the safe-haven Japanese yen firmed modestly. A risk-off tone returned to currency markets amid uncertainty about the coronavirus. The dollar index rose 0.07 per cent, with the euro down 0.14 per cent to $1.1005. The yen strengthened 0.09 per cent versus the greenback at 109.06 per dollar. Benchmark 10-year US Treasury notes rose 18/32 in price to push down its yield to 1.5805 per cent. Hooper said. The practice of buying $60 billion every month of US Treasury bills to ensure adequate short-term liquidity in bank funding markets will remain in place at least into April, as will a related offering of repurchase agreements, the Fed said. Strong results from Santander helped bank stocks in Europe. Gains in Apple Inc and Boeing Co lifted shares on Wall Street, but a spate of disappointing results from AT&T and Advanced Micro Devices Inc, among others, weighed on equities. MSCI's gauge of stocks across the globe shed 0.01 per cent as emerging market stocks lost 0.38 per cent. Mexico's bolsa index bucked the downdraft in emerging markets, rising about 0.93 per cent. Also Read: Global stocks slide to two-week low on China virus fears, safe havens gain US President Donald Trump signed a new trade agreement with Canada and Mexico into law on Wednesday, replacing the 26-year-old North American Free Trade Agreement. The pan-European STOXX 600 index rose 0.44 per cent, with the euro-zone banks' index gaining 1 per cent. Santander posted a higher quarterly net profit, boosted by a solid underlying performance in Brazil and capital gains. Santander rose 4.4 per cent. Apple gained 2.1 per cent after reporting earnings for the holiday shopping quarter above analysts' expectations, even as it braced for more supply disruptions in virus-hit China. The Dow Jones Industrial Average rose 11.6 points, or 0.04 per cent, to 28,734.45. The S&P 500 lost 2.84 points, or 0.09 per cent, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06 per cent, to 9,275.16. Spot gold prices rose as concerns about economic growth due to the coronavirus buoyed safe-haven demand, but US gold futures settled little changed at $1,570.40 per ounce. Oil was mixed, weighed by worries about how the coronavirus could affect demand and swelling US crude inventories. Talk that the Organization of the Petroleum Exporting Countries could extend crude output cuts provided support. Brent crude gained 30 cents to settle at $59.81 a barrel, while US crude fell 15 cents to settle at $53.33. Demand strengthened for the dollar index and the safe-haven Japanese yen firmed modestly. A risk-off tone returned to currency markets amid uncertainty about the coronavirus. The dollar index rose 0.07 per cent, with the euro down 0.14 per cent to $1.1005. The yen strengthened 0.09 per cent versus the greenback at 109.06 per dollar. Benchmark 10-year US Treasury notes rose 18/32 in price to push down its yield to 1.5805 per cent.

Latest Business News - Global stock rally loses steam; safe havens still going strong due to growing virus fears

The Union Budget is just around the corner.&nbsp;With Finance Minister Nirmala Sitharaman getting ready to present the Budget on February 1, it’s also time for us to learn and ready ourselves for the Budget speech.&nbsp;

To make things easier, WION digital simplifies the important Budget items for its readers.&nbsp;

Here is a glossary of commonly used terms in the Budget:

Union Budget

Union Budget Union Budget is the most comprehensive report of the Government's finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government's accounts for the next Fiscal year called Budgeted Estimates.

Union Budget actually lays down the statement of the estimated receipts and expenditure of the Govt. of India for the coming financial year.&nbsp; It sets out exactly how the govt proposes to allocate the financial resources among the various agencies that make claim on it and how it proposes to raise the finances for this.&nbsp; &nbsp;&nbsp;

Union Budget is undoubtedly the most extensive account of the government's finances, in which revenues from all sources and expenses of all activities undertaken are aggregated. It comprises the revenue budget and the capital budget.

Gross Domestic Product

GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.&nbsp;

Direct and Indirect Taxes

Direct taxes are the one that fall directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services. They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc.

GST

The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government.

“Goods” means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply.

“Services” means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged.

Customs Duty

These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer.

Fiscal Deficit&nbsp;

When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the fiscal deficit.

Revenue Deficit&nbsp;

The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government's current receipts over current expenditure.

Primary Deficit

The primary deficit is the fiscal deficit minus interest payments. It tells how much of the Government's borrowings are going towards meeting expenses other than interest payments.

Fiscal policy

It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the budget and is the primary means by which the government can influence the economy.

Monetary Policy

This comprises actions taken by the central bank (i.e. RBI) to regulate the level of money or liquidity in the economy or change the interest rates.

Inflation

A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level.

Capital Budget

The Capital Budget consists of capital receipts and payments. It includes investments in shares, loans and advances granted by the central Government to State Governments, Government companies, corporations and other parties.

Revenue Budget

The revenue budget consists of revenue receipts of the Government and its expenditure. Revenue receipts are divided into tax and non-tax revenue. Tax revenues constitute taxes like income tax, corporate tax, excise, customs, service and other duties that the Government levies. The non-tax revenue sources include interest on loans, dividend on investments.

Finance Bill

The Bill produced immediately after the presentation of the Union Budget detailing the Imposition, abolition, alteration or regulation of taxes proposed in the Budget.

Vote on Account

The Vote on Account is a grant made in advance by the parliament, in respect of the estimated expenditure for a part of&nbsp;new&nbsp;financial year, pending the completion of procedure relating to the voting on the Demand for Grants and the passing of the Appropriation Act.

Excess Grants

If the total expenditure under a Grant exceeds the provision allowed through its original Grant and Supplementary Grant, then, the excess requires regularization by obtaining the Excess Grant from the Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the Annual Budget, i.e. through the presentation of Demands for Grants and passing of Appropriation Bills.

Budget Estimates

Amount of money allocated in the Budget to any ministry or scheme for the coming financial year.

Revised Estimates

Revised Estimates are the mid-year review of possible expenditure, taking into account the rest of expenditure, New Services and New instrument of Services etc. Revised Estimates are not voted by the Parliament, and hence by itself do not provide any authority for expenditure. Any additional projections made in the Revised Estimates need to be authorized for expenditure through the Parliament's approval or by Re-appropriation order.

Re-appropriations

Re-appropriations allow the Government to re-appropriate provisions from one sub-head to another within the same Grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller &amp; Auditor General and the Public Accounts Committee reviews these re-appropriations and comments on them for taking corrective actions.

Outcome Budget

From the fiscal year 2006-07, every Ministry presents a preliminary Outcome Budget to the Ministry of Finance, which is responsible for compiling them. The Outcome Budget is a progress card on what various Ministries and Departments have done with the outlays in the previous annual budget. It measures the development outcomes of all Government programs and whether the money has been spent for the purpose it was sanctioned including the outcome of the fund usage.

Guillotine

Parliament, unfortunately, has very limited time for scrutinising the expenditure demands of all the Ministries. So, once the prescribed period for the discussion on Demands for Grants is over, the Speaker of Lok Sabha puts all the outstanding Demands for Grants, Whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'.

Cut Motions

Motions for reduction to various Demands for Grants are made in the Form of Cut Motions seeking to reduce the sums sought by Government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance.

Consolidated Fund of India

All revenues raised by the Government, money borrowed and receipts from loans given by the Government ?ow into it. All Government expenditure other than certain exceptional items met from Contingency Fund and Public Account are made from this account. No money can be appropriated from the Fund except in accordance with the law.

Contingency Fund of India

A fund placed at the disposal of the President to enable him/her to make advances to the executive/Government to meet urgent unforeseen expenditure.

Public Account

Under provisions of Article 266(1) of the Constitution of India, Public Account is used in relation to all the fund flows where Government is acting as a banker. Examples include Provident Funds and Small Savings. This money does not belong to the government but is to be returned to the depositors. The expenditure from this fund need not be approved by the Parliament.

Corporate Tax

This is the tax paid by corporations or firms on the incomes they earn.

Minimum Alternative Tax (MAT)

The Minimum Alternative Tax is a minimum tax that a company must pay, even if it is under zero tax limits.

Disinvestment

By disinvestment, we mean the sale of shares of public sector undertakings by the Government. The shares of government companies held by the Government are earning assets at the disposal of the Government. If these shares are sold to get cash, then earning assets are converted into cash, So it is referred to as disinvestment.

The Union Budget is just around the corner. With Finance Minister Nirmala Sitharaman getting ready to present the Budget on February 1, it’s also time for us to learn and ready ourselves for the Budget speech.

The Union Budget is just around the corner. With Finance Minister Nirmala Sitharaman getting ready to present the Budget on February 1, it’s also time for us to learn and ready ourselves for the Budget speech. To make things easier, WION digital simplifies the important Budget items for its readers. Here is a glossary of commonly used terms in the Budget: Union Budget Union Budget Union Budget is the most comprehensive report of the Government's finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government's accounts for the next Fiscal year called Budgeted Estimates. Union Budget actually lays down the statement of the estimated receipts and expenditure of the Govt. of India for the coming financial year. It sets out exactly how the govt proposes to allocate the financial resources among the various agencies that make claim on it and how it proposes to raise the finances for this. Union Budget is undoubtedly the most extensive account of the government's finances, in which revenues from all sources and expenses of all activities undertaken are aggregated. It comprises the revenue budget and the capital budget. Gross Domestic Product GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country. Direct and Indirect Taxes Direct taxes are the one that fall directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services. They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc. GST The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government. “Goods” means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply. “Services” means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged. Customs Duty These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer. Fiscal Deficit When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the fiscal deficit. Revenue Deficit The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government's current receipts over current expenditure. Primary Deficit The primary deficit is the fiscal deficit minus interest payments. It tells how much of the Government's borrowings are going towards meeting expenses other than interest payments. Fiscal policy It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the budget and is the primary means by which the government can influence the economy. Monetary Policy This comprises actions taken by the central bank (i.e. RBI) to regulate the level of money or liquidity in the economy or change the interest rates. Inflation A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level. Capital Budget The Capital Budget consists of capital receipts and payments. It includes investments in shares, loans and advances granted by the central Government to State Governments, Government companies, corporations and other parties. Revenue Budget The revenue budget consists of revenue receipts of the Government and its expenditure. Revenue receipts are divided into tax and non-tax revenue. Tax revenues constitute taxes like income tax, corporate tax, excise, customs, service and other duties that the Government levies. The non-tax revenue sources include interest on loans, dividend on investments. Finance Bill The Bill produced immediately after the presentation of the Union Budget detailing the Imposition, abolition, alteration or regulation of taxes proposed in the Budget. Vote on Account The Vote on Account is a grant made in advance by the parliament, in respect of the estimated expenditure for a part of new financial year, pending the completion of procedure relating to the voting on the Demand for Grants and the passing of the Appropriation Act. Excess Grants If the total expenditure under a Grant exceeds the provision allowed through its original Grant and Supplementary Grant, then, the excess requires regularization by obtaining the Excess Grant from the Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the Annual Budget, i.e. through the presentation of Demands for Grants and passing of Appropriation Bills. Budget Estimates Amount of money allocated in the Budget to any ministry or scheme for the coming financial year. Revised Estimates Revised Estimates are the mid-year review of possible expenditure, taking into account the rest of expenditure, New Services and New instrument of Services etc. Revised Estimates are not voted by the Parliament, and hence by itself do not provide any authority for expenditure. Any additional projections made in the Revised Estimates need to be authorized for expenditure through the Parliament's approval or by Re-appropriation order. Re-appropriations Re-appropriations allow the Government to re-appropriate provisions from one sub-head to another within the same Grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller & Auditor General and the Public Accounts Committee reviews these re-appropriations and comments on them for taking corrective actions. Outcome Budget From the fiscal year 2006-07, every Ministry presents a preliminary Outcome Budget to the Ministry of Finance, which is responsible for compiling them. The Outcome Budget is a progress card on what various Ministries and Departments have done with the outlays in the previous annual budget. It measures the development outcomes of all Government programs and whether the money has been spent for the purpose it was sanctioned including the outcome of the fund usage. Guillotine Parliament, unfortunately, has very limited time for scrutinising the expenditure demands of all the Ministries. So, once the prescribed period for the discussion on Demands for Grants is over, the Speaker of Lok Sabha puts all the outstanding Demands for Grants, Whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'. Cut Motions Motions for reduction to various Demands for Grants are made in the Form of Cut Motions seeking to reduce the sums sought by Government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance. Consolidated Fund of India All revenues raised by the Government, money borrowed and receipts from loans given by the Government ?ow into it. All Government expenditure other than certain exceptional items met from Contingency Fund and Public Account are made from this account. No money can be appropriated from the Fund except in accordance with the law. Contingency Fund of India A fund placed at the disposal of the President to enable him/her to make advances to the executive/Government to meet urgent unforeseen expenditure. Public Account Under provisions of Article 266(1) of the Constitution of India, Public Account is used in relation to all the fund flows where Government is acting as a banker. Examples include Provident Funds and Small Savings. This money does not belong to the government but is to be returned to the depositors. The expenditure from this fund need not be approved by the Parliament. Corporate Tax This is the tax paid by corporations or firms on the incomes they earn. Minimum Alternative Tax (MAT) The Minimum Alternative Tax is a minimum tax that a company must pay, even if it is under zero tax limits. Disinvestment By disinvestment, we mean the sale of shares of public sector undertakings by the Government. The shares of government companies held by the Government are earning assets at the disposal of the Government. If these shares are sold to get cash, then earning assets are converted into cash, So it is referred to as disinvestment.

2020 Budget Glossary: Here are key terms you should know to understand the Budget

India can end up with a real GDP growth of five per cent this financial year excluding the inflation rate, Bibek Debroy, the chairman of PM's Economic Advisory Council said on Friday.

In the present scenario achieving a nine per cent GDP growth will be difficult, he said at the Tata Steel Kolkata Literary Meet.

"The aspirational growth rate could be between 6.5 per cent to 7 per cent. At this stage it will be difficult to attain nine per cent GDP growth," he said.

"This year the growth rate will end at five per cent and this is real and not nominal ... Next year, the GDP growth rate could be anything between 6 to 6.5 per cent," he said.

Also read: <a href="https://www.wionews.com/business-economy/india-forecasts-201920-gdp-growth-rate-at-5-272748">India forecasts 2019/20 GDP growth rate at 5%</a>

Recently IMF had pegged India's GDP growth at 4.8 per cent for 2019-20, much less than its October projection of 6.1 per cent.

Debroy said that Indian economy at present is growing in an environment which is somewhat protectionist and has declining exports.

"The period during which the country grew at high GDP growth rates like nine per cent, the exports-to-GDP ratio was 20 per cent. But now with developed countries resorting to protectionism and after the collapse of the WTO, the contribution of exports to GDP in a large way does not seem possible", he said.

Also read: <a href="https://www.wionews.com/india-news/not-worried-over-slow-gdp-growth-pranab-mukherjee-267778">Not worried over slow GDP growth - Pranab Mukherjee</a>

Debroy said "With India being strong in services and not manufacturing, the country will have to give some to get some. It is a quid pro quo situation particularly in a regional trade bloc kind of arrangement".

On the taxation regime, he said that the country is moving towards a stable direct tax regime without any exemption.

"Goods and Services Tax (GST) is still work in progress. GST was supposed to be revenue-neutral. But the government has lost revenue post-GST implementation, which is not tenable," Debroy said.

He said, "When both direct tax and GST rates get stabilised in future, a day might come when there would be no need to present budgets in the Parliament". 
Regarding the high cost of capital, Debroy said it will continue to be so as it is a scarce resource in India.

India can end up with a real GDP growth of five per cent this financial year excluding the inflation rate, Bibek Debroy, the chairman of PM's Economic Advisory Council said on Friday.

India can end up with a real GDP growth of five per cent this financial year excluding the inflation rate, Bibek Debroy, the chairman of PM's Economic Advisory Council said on Friday. In the present scenario achieving a nine per cent GDP growth will be difficult, he said at the Tata Steel Kolkata Literary Meet. "The aspirational growth rate could be between 6.5 per cent to 7 per cent. At this stage it will be difficult to attain nine per cent GDP growth," he said. "This year the growth rate will end at five per cent and this is real and not nominal ... Next year, the GDP growth rate could be anything between 6 to 6.5 per cent," he said. Also read: India forecasts 2019/20 GDP growth rate at 5% Recently IMF had pegged India's GDP growth at 4.8 per cent for 2019-20, much less than its October projection of 6.1 per cent. Debroy said that Indian economy at present is growing in an environment which is somewhat protectionist and has declining exports. "The period during which the country grew at high GDP growth rates like nine per cent, the exports-to-GDP ratio was 20 per cent. But now with developed countries resorting to protectionism and after the collapse of the WTO, the contribution of exports to GDP in a large way does not seem possible", he said. Also read: Not worried over slow GDP growth - Pranab Mukherjee Debroy said "With India being strong in services and not manufacturing, the country will have to give some to get some. It is a quid pro quo situation particularly in a regional trade bloc kind of arrangement". On the taxation regime, he said that the country is moving towards a stable direct tax regime without any exemption. "Goods and Services Tax (GST) is still work in progress. GST was supposed to be revenue-neutral. But the government has lost revenue post-GST implementation, which is not tenable," Debroy said. He said, "When both direct tax and GST rates get stabilised in future, a day might come when there would be no need to present budgets in the Parliament". Regarding the high cost of capital, Debroy said it will continue to be so as it is a scarce resource in India.

India can end up with 5% real GDP growth this fiscal: Chairman of PM's Economic Advisory Council

Boeing reported its first annual loss in more than two decades Wednesday as the lengthy grounding of the 737 MAX undercut the company's revenues and exploded costs.

<a href="https://www.wionews.com/business-economy/boeing-says-737-max-planes-return-delayed-until-mid-2020-275914">Also Read:&nbsp;Boeing delays return of 737 MAX planes until mid-2020</a>

The aerospace giant reported a $1.0 billion loss in the fourth-quarter and a loss of $636 million for all of 2019, the company's first year in the red since 1997.

Newly-installed Chief Executive David Calhoun, who took the reins this month to stabilize the situation, pledged to turn the company around even as Boeing disclosed $9.2 billion in new costs connected to the MAX.

Some analysts had expected new costs twice as high, and despite the hefty charges, Boeing shares rallied early Wednesday in pre-market.&nbsp;

The MAX has been grounded since March following two crashes that killed 346 people which opened the doors to intense scrutiny of Boeing's safety practices -- and regulatory oversight of its productions -- as well bruising congressional investigations which have revealed a troublesome culture at the aviation giant.

"We are committed to transparency and excellence in everything we do," Calhoun said in a statement. "Safety will underwrite every decision, every action and every step we take as we move forward."

Calhoun has been at the helm of Boeing only since January 13 after Dennis Muilenburg was ousted in December following criticism of his handling of the crisis, and immediately after damning series of internal communications were released.

Calhoun is targeting mid-2020 to win approval from aviation regulators to resume flights on the MAX, which is seen as a more realistic timeframe after Muilenburg repeatedly pushed a more optimistic schedule.

- Higher costs - 
The grounding of the MAX dented Boeing's earnings in multiple ways, halting deliveries of new planes to customers, a major source of revenues.

Boeing revenues in the fourth quarter plunged 36.8 percent to $17.9 billion, while revenues for all of 2019 dropped 24.3 percent to $76.6 billion.

The crisis also prompted the manufacturer to first reduce and then halt production of the MAX until the crisis is resolved.

Boeing said Wednesday the changes in the production schedule added $2.6 billion in costs connected to airplane deliveries, plus another $4 billion in "abnormal production costs" primarily in 2020 associated with the suspension of the MAX and a "gradual resumption" of production.

The company set aside $2.6 billion to compensate airlines that have been forced to cancel thousands of flights due to grounded MAX planes and undelivered aircraft.

The MAX crisis also has weighed on numerous suppliers, such as Spirit AeroSystems, which announced earlier this month that it would lay off 2,800 employees in Kansas due to the production stoppage.

And General Electric, which builds engines for the MAX, said the crisis lowered cash flow by $1.4 billion for 2019.

Boeing also announced Wednesday that it would again cut back production of the 787 Dreamliner, a top-selling plane that has supported revenues during the protracted 737 MAX grounding.

The aerospace giant plans to cut production to 10 airplanes a month in early 2021 through 2023 based on the "near-term market outlook," Boeing said. &nbsp;

The company in October had dropped to 12 a month from 14 due to lower orders from China.

Boeing shares rose 2.4 percent to $324.25 in pre-market trading.

Boeing reported its first annual loss in more than two decades Wednesday as the lengthy grounding of the 737 MAX undercut the company's revenues and exploded costs.

Boeing reported its first annual loss in more than two decades Wednesday as the lengthy grounding of the 737 MAX undercut the company's revenues and exploded costs. Also Read: Boeing delays return of 737 MAX planes until mid-2020 The aerospace giant reported a $1.0 billion loss in the fourth-quarter and a loss of $636 million for all of 2019, the company's first year in the red since 1997. Newly-installed Chief Executive David Calhoun, who took the reins this month to stabilize the situation, pledged to turn the company around even as Boeing disclosed $9.2 billion in new costs connected to the MAX. Some analysts had expected new costs twice as high, and despite the hefty charges, Boeing shares rallied early Wednesday in pre-market. The MAX has been grounded since March following two crashes that killed 346 people which opened the doors to intense scrutiny of Boeing's safety practices -- and regulatory oversight of its productions -- as well bruising congressional investigations which have revealed a troublesome culture at the aviation giant. "We are committed to transparency and excellence in everything we do," Calhoun said in a statement. "Safety will underwrite every decision, every action and every step we take as we move forward." Calhoun has been at the helm of Boeing only since January 13 after Dennis Muilenburg was ousted in December following criticism of his handling of the crisis, and immediately after damning series of internal communications were released. Calhoun is targeting mid-2020 to win approval from aviation regulators to resume flights on the MAX, which is seen as a more realistic timeframe after Muilenburg repeatedly pushed a more optimistic schedule. - Higher costs - The grounding of the MAX dented Boeing's earnings in multiple ways, halting deliveries of new planes to customers, a major source of revenues. Boeing revenues in the fourth quarter plunged 36.8 percent to $17.9 billion, while revenues for all of 2019 dropped 24.3 percent to $76.6 billion. The crisis also prompted the manufacturer to first reduce and then halt production of the MAX until the crisis is resolved. Boeing said Wednesday the changes in the production schedule added $2.6 billion in costs connected to airplane deliveries, plus another $4 billion in "abnormal production costs" primarily in 2020 associated with the suspension of the MAX and a "gradual resumption" of production. The company set aside $2.6 billion to compensate airlines that have been forced to cancel thousands of flights due to grounded MAX planes and undelivered aircraft. The MAX crisis also has weighed on numerous suppliers, such as Spirit AeroSystems, which announced earlier this month that it would lay off 2,800 employees in Kansas due to the production stoppage. And General Electric, which builds engines for the MAX, said the crisis lowered cash flow by $1.4 billion for 2019. Boeing also announced Wednesday that it would again cut back production of the 787 Dreamliner, a top-selling plane that has supported revenues during the protracted 737 MAX grounding. The aerospace giant plans to cut production to 10 airplanes a month in early 2021 through 2023 based on the "near-term market outlook," Boeing said. The company in October had dropped to 12 a month from 14 due to lower orders from China. Boeing shares rose 2.4 percent to $324.25 in pre-market trading.

737 MAX effect: Boeing reports first annual loss in over two decades

Gold rose on Wednesday, propped up by lingering concerns over the <a href="https://www.wionews.com/business-economy/global-stocks-slide-to-two-week-low-on-china-virus-fears-safe-havens-gain-277082">economic impact of a coronavirus outbreak</a> in China, while investors awaited a policy decision from the US Federal Reserve later in the day.

Spot gold was up 0.3 per cent at $1,571.07 an ounce by 1125 GMT, <a href="https://www.wionews.com/business-economy/equities-and-oil-tank-plunge-as-deadly-coronavirus-triggers-panic-276900">having fallen</a> about 1 per cent in the previous session after positive US economic data drove recovery inequities. The US gold futures were little changed at $1,570.60 an ounce.

"The coronavirus will definitely have some impact on the Chinese economy and that will <a href="https://www.wionews.com/business-economy/oil-rout-extends-to-sixth-day-as-china-virus-death-toll-rises-277073">mostly affect the country's currency</a>, but an impulsive bull trend in gold is not expected yet," said Bernard Sin, group head of trading at MKS.

Safe-haven gold held aloft despite signs of stabilisation in <a href="https://www.wionews.com/business-economy/oil-slips-to-62-heads-for-weekly-loss-on-china-virus-concerns-276358">global stock markets</a> as equities investors tried to look past China's coronavirus outbreak, encouraged by better-than-expected company earnings.

While <a href="https://www.wionews.com/business-economy/barclays-sees-2-per-barrel-impact-to-oil-prices-as-virus-fears-threaten-demand-277075">rising stocks</a> are capping gold's gains, it is still being supported by other factors such as uncertainty around US President Donald Trump's impeachment and tensions in the Middle East, said Quantitative Commodity Research analyst Peter Fertig.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/who-tempers-virus-fears-gold-eases-on-improved-risk-appetite-276399">Gold prices ease after WHO tempers coronavirus fears</a>

Risk aversion has not completely lifted, however. With the number of coronavirus fatalities now at 132 and 6,000 cases reported worldwide, there are fears the outbreak could inflict damage on Chinese growth. 
If there is an escalation, gold could reach $1,600, Jeffrey Halley, senior market analyst at OANDA, said in a note.

Investors are now waiting for the Fed's monetary policy statement at 1900 GMT. Possibly of greatest interest would be what if anything Fed Chair Jerome Powell has to say about the high Treasury purchases the Fed has been making since October to inject more liquidity into the money market, Commerzbank said in a note.

Lower interest rates reduce the opportunity cost of holding non-yielding bullion. "The main driver for gold this year will be strategic inflows, as it will continue to be viewed as an attractive diversifier for investor portfolios in an environment where rates remain low," UBS strategist Joni Teves said.

Elsewhere, palladium fell 0.7 per cent to $2,272.77 an ounce, while platinum was up 0.7 per cent at $992.45. Palladium will cost on average more than twice as much as platinum this year, but that premium will narrow in 2021. Silver rose 0.5 per cent 
&nbsp;to $17.51, having earlier dipped to its lowest since December 23 at $17.35. 
&nbsp;

Gold rose on Wednesday, propped up by lingering concerns over the economic impact of a coronavirus outbreak in China, while investors awaited a policy decision from the US Federal Reserve later in the day.

Gold rose on Wednesday, propped up by lingering concerns over the economic impact of a coronavirus outbreak in China, while investors awaited a policy decision from the US Federal Reserve later in the day. Spot gold was up 0.3 per cent at $1,571.07 an ounce by 1125 GMT, having fallen about 1 per cent in the previous session after positive US economic data drove recovery inequities. The US gold futures were little changed at $1,570.60 an ounce. "The coronavirus will definitely have some impact on the Chinese economy and that will mostly affect the country's currency, but an impulsive bull trend in gold is not expected yet," said Bernard Sin, group head of trading at MKS. Safe-haven gold held aloft despite signs of stabilisation in global stock markets as equities investors tried to look past China's coronavirus outbreak, encouraged by better-than-expected company earnings. While rising stocks are capping gold's gains, it is still being supported by other factors such as uncertainty around US President Donald Trump's impeachment and tensions in the Middle East, said Quantitative Commodity Research analyst Peter Fertig. Also Read: Gold prices ease after WHO tempers coronavirus fears Risk aversion has not completely lifted, however. With the number of coronavirus fatalities now at 132 and 6,000 cases reported worldwide, there are fears the outbreak could inflict damage on Chinese growth. If there is an escalation, gold could reach $1,600, Jeffrey Halley, senior market analyst at OANDA, said in a note. Investors are now waiting for the Fed's monetary policy statement at 1900 GMT. Possibly of greatest interest would be what if anything Fed Chair Jerome Powell has to say about the high Treasury purchases the Fed has been making since October to inject more liquidity into the money market, Commerzbank said in a note. Lower interest rates reduce the opportunity cost of holding non-yielding bullion. "The main driver for gold this year will be strategic inflows, as it will continue to be viewed as an attractive diversifier for investor portfolios in an environment where rates remain low," UBS strategist Joni Teves said. Elsewhere, palladium fell 0.7 per cent to $2,272.77 an ounce, while platinum was up 0.7 per cent at $992.45. Palladium will cost on average more than twice as much as platinum this year, but that premium will narrow in 2021. Silver rose 0.5 per cent to $17.51, having earlier dipped to its lowest since December 23 at $17.35.

Investors await signal from the US Federal Reserve, virus concerns felt across the world

Qantas Airways Ltd Chief Executive Alan Joyce said on Wednesday it was too early for the airline to quantify the financial impact of <a href="https://www.wionews.com/business-economy/coronavirus-outbreak-global-health-scares-and-its-impact-on-world-economy-277136">China's coronavirus epidemic</a> on its business but it was reviewing whether to end Beijing flights early.

<a href="https://www.wionews.com/world/passengers-evacuate-qantas-plane-via-emergency-slides-at-sydney-airport-268331">Qantas </a>in November said it was axing its underperforming Sydney-Beijing route from March due to stiff competition from Chinese airlines and weak business class demand.

"We continue to review that, continue to review the loads, and whether we look to do that earlier, or keep it operating until that date," Joyce told reporters at the opening of a new pilot training school in Queensland, according to reports.

Also Read:&nbsp;<a href="https://www.wionews.com/videos/coronavirus-outbreak-china-records-1st-virus-death-in-beijing-wion-news-world-news-277124">Coronavirus Outbreak: China Records 1st Virus Death In Beijing | WION News | World News</a>

He said the most similar comparison to coronavirus was the SARS epidemic in 2003, which cost the carrier $55 million in lost earnings over a six to eight-month period and led it to cut some international capacity.

UBS analysts on Tuesday estimated Qantas could take an earnings hit of $204 million to $513 million in the 2021 financial year depending on traffic declines as a result of the coronavirus.

Joyce said he did not comment on analyst reports as a rule but noted that UBS assumed a much worse financial impact than the airline had experienced from SARS.

He added that a fall in the oil price over the past month was benefiting the airline and the carrier did not expect a material financial impact from widespread bushfires in Australia that have hit the local tourism industry.

Qantas Airways Ltd Chief Executive Alan Joyce said on Wednesday it was too early for the airline to quantify the financial impact of China's coronavirus epidemic on its business but it was reviewing whether to end Beijing flights early.

Qantas Airways Ltd Chief Executive Alan Joyce said on Wednesday it was too early for the airline to quantify the financial impact of China's coronavirus epidemic on its business but it was reviewing whether to end Beijing flights early. Qantas in November said it was axing its underperforming Sydney-Beijing route from March due to stiff competition from Chinese airlines and weak business class demand. "We continue to review that, continue to review the loads, and whether we look to do that earlier, or keep it operating until that date," Joyce told reporters at the opening of a new pilot training school in Queensland, according to reports. Also Read: Coronavirus Outbreak: China Records 1st Virus Death In Beijing | WION News | World News He said the most similar comparison to coronavirus was the SARS epidemic in 2003, which cost the carrier $55 million in lost earnings over a six to eight-month period and led it to cut some international capacity. UBS analysts on Tuesday estimated Qantas could take an earnings hit of $204 million to $513 million in the 2021 financial year depending on traffic declines as a result of the coronavirus. Joyce said he did not comment on analyst reports as a rule but noted that UBS assumed a much worse financial impact than the airline had experienced from SARS. He added that a fall in the oil price over the past month was benefiting the airline and the carrier did not expect a material financial impact from widespread bushfires in Australia that have hit the local tourism industry.

Coronavirus hits demands; Qantas CEO says they may decide to axe Beijing Route

Global <a href="https://www.wionews.com/business-economy/equities-and-oil-tank-plunge-as-deadly-coronavirus-triggers-panic-276900">equity markets</a> rebounded in a broad rally on Tuesday and some safe-haven assets eased as investors took a less pessimistic view of the potential economic fallout from China's coronavirus outbreak.

Gold fell and the Japanese yen dipped against the dollar, but risk aversion in currency markets persisted, with the Australian dollar leading losers and the greenback strengthening to an eight-week high against a basket of six rivals.

In a possible warning of a future weak economy, strong gains in US Treasuries this week led key parts of the US yield curve to reinvert, a trend that in the past has indicated that a recession in the United States will follow in a year or two.

Gains in technology and financial shares helped Wall Street recoup some losses from Monday's selloff, which was sparked by worries about the possible economic impact of the coronavirus outbreak.

Major European and US <a href="https://www.wionews.com/business-economy/global-stocks-slide-to-two-week-low-on-china-virus-fears-safe-havens-gain-277082">stock indexes</a> rebounded around 1 per cent as President Xi Jinping said China was sure of defeating a "devil" coronavirus that has killed 106 people.

The World Health Organization's director-general said he is confident China can control the spread of the coronavirus, the Chinese Foreign Ministry said.

Chinese markets will remain closed until next week, but a 0.5 per cent overnight drop in Tokyo's Nikkei was more modest than Monday's thumping. Other Asian markets that were openly rallied.

<img alt="New York Stock Exchange" data-entity-type="file" data-entity-uuid="d117fb1e-7aa3-41a8-a846-ccc1863d6016" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%281%29_65.jpg" /> 
[&nbsp;Traders Anthony Rinaldi (L) and Federico DeMarco (R) work on the floor of the New York Stock Exchange (Courtesy: Reuters) ]

"History shows us as we look back at several different examples that these viral outbreaks tend to be short-lived," said Candice Bangsund, a global asset allocation portfolio manager at Fiera Capital in Montreal. 
While markets should gyrate for a while, the global economy will resume the improving growth it started to exhibit late last year, Bangsund said.

"The economy could be ripe for a sharp snapback or a V-shaped recovery once we find out when this is contained and when the outbreak is indeed brought under control," she said. "We maintain the global economy will come back to life."

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/barclays-sees-2-per-barrel-impact-to-oil-prices-as-virus-fears-threaten-demand-277075">Barclays sees $2 per barrel impact to oil prices as virus fears threaten demand</a>

MSCI's gauge of stocks across the globe gained 0.65 per cent, while its emerging market index lost 0.05 per cent.

Shares on Wall Street also surged. The Dow Jones Industrial Average rose 187.05 points, or 0.66 per cent, to 28,722.85. The S&amp;P 500 gained 32.61 points, or 1.01 per cent, to 3,276.24 and the Nasdaq Composite added 130.37 points, or 1.43 per cent, to 9,269.68.

<a href="https://www.wionews.com/business-economy/oil-rout-extends-to-sixth-day-as-china-virus-death-toll-rises-277073">Oil futures </a>edged up after falling for five days, following the recovery in equities and talk that Organization of the Petroleum Exporting Countries and its allies might tighten the market amid fears the coronavirus could weigh on oil demand. 
Brent futures settled up 19 cents at $59.51 a barrel, while US West Texas Intermediate (WTI) crude settled up 34 cents at $53.48. [O/R]

The yield on the benchmark 10-year US Treasury note bounced off three-month lows after a key part of the yield curve briefly inverted for the first time since October.

The yield fell as low as 1.57 per cent overnight, the lowest since October 10, before the 10-year note pared some losses to fall 13/32 in price and lift its yield to 1.6493 per cent.

An inverted curve, when longer-dated yields fall below shorter-maturity ones, has often been a percussor of a US recession. Eurozone government bond yields bounced off three-month lows to rise for the first time in over a week after US consumer confidence exceeded expectations to hit its highest level since August.

Traders awaited the outcome of a two-day meeting of Federal Reserve policymakers, which started on Tuesday. The market consensus is that the central bank will keep interest rates unchanged at between 1.5 per cent and 1.75 per cent.

The dollar index rose 0.02 per cent, with the euro up 0.03 per cent to $1.1019. The yen weakened 0.24 per cent versus the greenback at 109.15 per dollar. The US gold futures settled down 0.5 per cent at $1,569.8 an ounce.

Global equity markets rebounded in a broad rally on Tuesday and some safe-haven assets eased as investors took a less pessimistic view of the potential economic fallout from China's coronavirus outbreak.

Global equity markets rebounded in a broad rally on Tuesday and some safe-haven assets eased as investors took a less pessimistic view of the potential economic fallout from China's coronavirus outbreak. Gold fell and the Japanese yen dipped against the dollar, but risk aversion in currency markets persisted, with the Australian dollar leading losers and the greenback strengthening to an eight-week high against a basket of six rivals. In a possible warning of a future weak economy, strong gains in US Treasuries this week led key parts of the US yield curve to reinvert, a trend that in the past has indicated that a recession in the United States will follow in a year or two. Gains in technology and financial shares helped Wall Street recoup some losses from Monday's selloff, which was sparked by worries about the possible economic impact of the coronavirus outbreak. Major European and US stock indexes rebounded around 1 per cent as President Xi Jinping said China was sure of defeating a "devil" coronavirus that has killed 106 people. The World Health Organization's director-general said he is confident China can control the spread of the coronavirus, the Chinese Foreign Ministry said. Chinese markets will remain closed until next week, but a 0.5 per cent overnight drop in Tokyo's Nikkei was more modest than Monday's thumping. Other Asian markets that were openly rallied. [ Traders Anthony Rinaldi (L) and Federico DeMarco (R) work on the floor of the New York Stock Exchange (Courtesy: Reuters) ] "History shows us as we look back at several different examples that these viral outbreaks tend to be short-lived," said Candice Bangsund, a global asset allocation portfolio manager at Fiera Capital in Montreal. While markets should gyrate for a while, the global economy will resume the improving growth it started to exhibit late last year, Bangsund said. "The economy could be ripe for a sharp snapback or a V-shaped recovery once we find out when this is contained and when the outbreak is indeed brought under control," she said. "We maintain the global economy will come back to life." Also Read: Barclays sees $2 per barrel impact to oil prices as virus fears threaten demand MSCI's gauge of stocks across the globe gained 0.65 per cent, while its emerging market index lost 0.05 per cent. Shares on Wall Street also surged. The Dow Jones Industrial Average rose 187.05 points, or 0.66 per cent, to 28,722.85. The S&P 500 gained 32.61 points, or 1.01 per cent, to 3,276.24 and the Nasdaq Composite added 130.37 points, or 1.43 per cent, to 9,269.68. Oil futures edged up after falling for five days, following the recovery in equities and talk that Organization of the Petroleum Exporting Countries and its allies might tighten the market amid fears the coronavirus could weigh on oil demand. Brent futures settled up 19 cents at $59.51 a barrel, while US West Texas Intermediate (WTI) crude settled up 34 cents at $53.48. [O/R] The yield on the benchmark 10-year US Treasury note bounced off three-month lows after a key part of the yield curve briefly inverted for the first time since October. The yield fell as low as 1.57 per cent overnight, the lowest since October 10, before the 10-year note pared some losses to fall 13/32 in price and lift its yield to 1.6493 per cent. An inverted curve, when longer-dated yields fall below shorter-maturity ones, has often been a percussor of a US recession. Eurozone government bond yields bounced off three-month lows to rise for the first time in over a week after US consumer confidence exceeded expectations to hit its highest level since August. Traders awaited the outcome of a two-day meeting of Federal Reserve policymakers, which started on Tuesday. The market consensus is that the central bank will keep interest rates unchanged at between 1.5 per cent and 1.75 per cent. The dollar index rose 0.02 per cent, with the euro up 0.03 per cent to $1.1019. The yen weakened 0.24 per cent versus the greenback at 109.15 per dollar. The US gold futures settled down 0.5 per cent at $1,569.8 an ounce.

Demand for safe havens decreases as global stocks rally in a big rebound