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Saudi Arabia's flyadeal will not proceed with a provisional order for 30 Boeing 737 MAX jets, the U.S. planemaker said on Sunday after the airline announced it would operate an all Airbus A320 fleet.

Flyadeal began reconsidering a commitment to order the Boeing jets after two MAX aircraft crashed in Ethiopia in March and Indonesia last October.

"We understand that flyadeal will not finalize its commitment to the 737 MAX at this time given the airline’s schedule requirements," a Boeing spokesperson said.

The provisional order, which included additional purchasing options for 20 MAX jets, was worth $5.9 billion at list prices.

The budget airline will take delivery from 2021 of 30 Airbus A320neo aircraft ordered by its parent, state-owned Saudi Arabian Airlines, at the Paris Air Show in June, it said in its statement.

"This order will result in flyadeal operating an all- Airbus A320 fleet in the future," it added.

The two 737 MAX crashes killed a total of 346 people, triggered the global grounding of the aircraft and wiped billions off Boeing's market value. Regulators must approve changes and new pilot training before the jets can fly again.

Saudi Arabia's flyadeal will not proceed with a provisional order for 30 Boeing 737 MAX jets, the U.S. planemaker said on Sunday after the airline announced it would operate an all Airbus A320 fleet.

Saudi Arabia's flyadeal will not proceed with a provisional order for 30 Boeing 737 MAX jets, the U.S. planemaker said on Sunday after the airline announced it would operate an all Airbus A320 fleet. Flyadeal began reconsidering a commitment to order the Boeing jets after two MAX aircraft crashed in Ethiopia in March and Indonesia last October. "We understand that flyadeal will not finalize its commitment to the 737 MAX at this time given the airline’s schedule requirements," a Boeing spokesperson said. The provisional order, which included additional purchasing options for 20 MAX jets, was worth $5.9 billion at list prices. The budget airline will take delivery from 2021 of 30 Airbus A320neo aircraft ordered by its parent, state-owned Saudi Arabian Airlines, at the Paris Air Show in June, it said in its statement. "This order will result in flyadeal operating an all- Airbus A320 fleet in the future," it added. The two 737 MAX crashes killed a total of 346 people, triggered the global grounding of the aircraft and wiped billions off Boeing's market value. Regulators must approve changes and new pilot training before the jets can fly again.

Saudi airline flyadeal picks Airbus jets over grounded Boeing MAX

Calls in South Korea for a boycott of Japanese goods in response to Tokyo's curbs on the export of high-tech material to South Korea picked up on Friday, as a dispute over compensation for forced wartime labour roiled ties between the US allies.

It is the latest flashpoint in a relationship long over-shadowed by South Korean resentment of Japan's 1910-1945 occupation of the Korean peninsula, in particular South Korean "comfort women", a Japanese euphemism for women forced to work in Japanese military brothels before and during World War Two.

Japan apologised to the women as part of a 2015 deal and provided a $9.4 million fund to help them.

Advocacy groups for the women have criticised the fund and South Korea dissolved it on Friday, despite Japan's warnings that such action could damage ties.

"This is totally unacceptable for Japan. We've made stern representations to the South Korean side," Deputy Chief Cabinet Secretary Yasutoshi Nishimura said in Tokyo.

The bitterness over the forced labour issue could disrupt global supplies of memory chips and smartphones.

Japan said on Monday it would tighten restrictions on the export of high-tech materials used in smartphone displays and chips to South Korea. The curbs took effect on Thursday, fuelling South Korean calls for retaliation.

Samsung Electronics Co and SK Hynix Inc - the world's top memory chipmakers, and suppliers to Apple and China's Huawei Technologies - could face delays if the curbs drag on.

"A boycott is the most immediate way for citizens to express their anger," said Choi Gae-Yeon of the activist group Movement for One Korea, that staged protests in front of a Japanese car showroom and a retailer in Seoul this week.

"Many people are angry at the attitude of the Japanese government," she said.

Boycott

The row over forced labour exploded last year when a South Korean court ordered Japan's Nippon Steel &amp; Sumitomo Metal Corp and Mitsubishi Heavy Industries Ltd to pay hundreds of thousands of dollars to South Korean plaintiffs.

Japan maintains that the issue was fully settled in 1965 when the two countries restored diplomatic ties, and has denounced the ruling as "unthinkable".

Nearly 27,000 people had by Friday signed a petition posted on the South Korean presidential office website calling for a boycott of Japanese products and for tourists not to visit.

The government must respond to a petition that gets 200,000 signatures in a month.

Some Korean social media users posted "Boycott Japan" messages and shared a link to a list of Japanese brands that could be targeted, including Toyota Motor and Fast Retailing's Uniqlo.

Toyota's South Korean unit declined comment, and Fast Retailing's South Korean unit did not have an immediate comment.

"Japan boycott movement" was among the most searched-for terms on South Korea's main online search engine Naver.

A South Korean actor on Thursday deleted photographs he posted on social media of a visit he made to Japan after online criticism.

Tourism-related shares fell this week due to concern about reduced demand for travel to Japan. Tour agency Hana Tour fell 3.4 per cent on Thursday before paring losses on Friday.

South Korea imported $54.6 billion worth of goods from Japan in 2018, and paid for $11.5 billion worth of its services.

South Korea exported $30.5 billion in goods and $8.7 billion in services to Japan in the same year, according to South Korean customs and central bank data.

Calls in South Korea for a boycott of Japanese goods in response to Tokyo's curbs on the export of high-tech material to South Korea picked up on Friday, as a dispute over compensation for forced wartime labour roiled ties between the US allies.

Calls in South Korea for a boycott of Japanese goods in response to Tokyo's curbs on the export of high-tech material to South Korea picked up on Friday, as a dispute over compensation for forced wartime labour roiled ties between the US allies. It is the latest flashpoint in a relationship long over-shadowed by South Korean resentment of Japan's 1910-1945 occupation of the Korean peninsula, in particular South Korean "comfort women", a Japanese euphemism for women forced to work in Japanese military brothels before and during World War Two. Japan apologised to the women as part of a 2015 deal and provided a $9.4 million fund to help them. Advocacy groups for the women have criticised the fund and South Korea dissolved it on Friday, despite Japan's warnings that such action could damage ties. "This is totally unacceptable for Japan. We've made stern representations to the South Korean side," Deputy Chief Cabinet Secretary Yasutoshi Nishimura said in Tokyo. The bitterness over the forced labour issue could disrupt global supplies of memory chips and smartphones. Japan said on Monday it would tighten restrictions on the export of high-tech materials used in smartphone displays and chips to South Korea. The curbs took effect on Thursday, fuelling South Korean calls for retaliation. Samsung Electronics Co and SK Hynix Inc - the world's top memory chipmakers, and suppliers to Apple and China's Huawei Technologies - could face delays if the curbs drag on. "A boycott is the most immediate way for citizens to express their anger," said Choi Gae-Yeon of the activist group Movement for One Korea, that staged protests in front of a Japanese car showroom and a retailer in Seoul this week. "Many people are angry at the attitude of the Japanese government," she said. Boycott The row over forced labour exploded last year when a South Korean court ordered Japan's Nippon Steel & Sumitomo Metal Corp and Mitsubishi Heavy Industries Ltd to pay hundreds of thousands of dollars to South Korean plaintiffs. Japan maintains that the issue was fully settled in 1965 when the two countries restored diplomatic ties, and has denounced the ruling as "unthinkable". Nearly 27,000 people had by Friday signed a petition posted on the South Korean presidential office website calling for a boycott of Japanese products and for tourists not to visit. The government must respond to a petition that gets 200,000 signatures in a month. Some Korean social media users posted "Boycott Japan" messages and shared a link to a list of Japanese brands that could be targeted, including Toyota Motor and Fast Retailing's Uniqlo. Toyota's South Korean unit declined comment, and Fast Retailing's South Korean unit did not have an immediate comment. "Japan boycott movement" was among the most searched-for terms on South Korea's main online search engine Naver. A South Korean actor on Thursday deleted photographs he posted on social media of a visit he made to Japan after online criticism. Tourism-related shares fell this week due to concern about reduced demand for travel to Japan. Tour agency Hana Tour fell 3.4 per cent on Thursday before paring losses on Friday. South Korea imported $54.6 billion worth of goods from Japan in 2018, and paid for $11.5 billion worth of its services. South Korea exported $30.5 billion in goods and $8.7 billion in services to Japan in the same year, according to South Korean customs and central bank data.

Calls for boycott of Japan grow in South Korea as diplomatic row simmers

Petrol price in Delhi went up on Saturday by Rs 2.45, it will now cost Rs 72.96 per litre in the capital city.&nbsp;Diesel price has gone up by Rs 2.36, now at 66.69 per litre in Delhi.

This comes just a day after Finance Minister Nirmala Sitharaman on Friday tabled the government's budget for the first year and announced a hike of Rs 1 per litre on petrol. Customs duty on gold has also been hiked.&nbsp;

<a href="https://www.wionews.com/business-economy/budget-2019-here-is-what-favours-you-and-what-does-not-233308">The new budget</a> did not go well with the stock market as <a href="https://www.wionews.com/business-economy/sensex-falls-395-points-nifty-below-11900-as-budget-2019-fails-to-cheer-markets-233275">BSE Sensex fell</a> 394.67 points to 39,513.39 and the NSE Nifty&nbsp;declined 135.60 points to 11,811.20.

Sitharaman proposed increasing the minimum public shareholding in listed companies to 35% from 25%, threatening a wave of new issuance.

Benchmark indices fell sharply for the first time in the last five straight sessions after the budget failed to boost sentiment.

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Prime Minister Narendra Modi on Friday addressed the nation after Finance Minister Nirmala Sitharaman tabled the budget.&nbsp;

Opening his post-budget address, the prime minister said that the <a href="https://www.wionews.com/india-news/union-budget-2019-this-budget-gives-hope-to-country-shows-we-are-on-right-track-pm-modi-233239">budget "has given hope to the country</a>".

"It testifies that the path we are on is right and that we will reach our target," PM Modi said, adding that the budget will help facilitate the creation of 'New India'.&nbsp;

"The middle class will progress with this budget, development work will expedite even more. The tax structure will simply and infrastructure will modernise," PM Modi said.&nbsp;

Key highlights of the budget:

- Tax rate reduced to 25 per cent for companies with annual turnover up to Rs 400 crore

- Those who don't have PAN can file tax returns using Aadhaar

- Pre-filling of Income-tax Returns for faster, more accurate tax returns

- Additional deduction up to Rs 1.5 lakhs for interest paid on loans borrowed up to March 31, 2020, for purchase of house valued up to Rs 45 lakh

- Funds raised by start-ups to not require scrutiny from Income Tax Department

- No tax on income up to Rs 5 lakh

 
&nbsp;

Petrol price in Delhi went up on Saturday by Rs 2.45, it will now cost Rs 72.96 per litre in the capital city. Diesel price has gone up by Rs 2.36, now at 66.69 per litre in Delhi.

Petrol price in Delhi went up on Saturday by Rs 2.45, it will now cost Rs 72.96 per litre in the capital city. Diesel price has gone up by Rs 2.36, now at 66.69 per litre in Delhi. This comes just a day after Finance Minister Nirmala Sitharaman on Friday tabled the government's budget for the first year and announced a hike of Rs 1 per litre on petrol. Customs duty on gold has also been hiked. The new budget did not go well with the stock market as BSE Sensex fell 394.67 points to 39,513.39 and the NSE Nifty declined 135.60 points to 11,811.20. Sitharaman proposed increasing the minimum public shareholding in listed companies to 35% from 25%, threatening a wave of new issuance. Benchmark indices fell sharply for the first time in the last five straight sessions after the budget failed to boost sentiment. Delhi: Petrol price hiked by Rs 2.45, now at 72.96 per litre. Diesel hiked by Rs 2.36, now at 66.69 per litre. pic.twitter.com/RWBVepbfxN — ANI (@ANI) July 6, 2019 × Prime Minister Narendra Modi on Friday addressed the nation after Finance Minister Nirmala Sitharaman tabled the budget. Opening his post-budget address, the prime minister said that the budget "has given hope to the country". "It testifies that the path we are on is right and that we will reach our target," PM Modi said, adding that the budget will help facilitate the creation of 'New India'. "The middle class will progress with this budget, development work will expedite even more. The tax structure will simply and infrastructure will modernise," PM Modi said. Key highlights of the budget: - Tax rate reduced to 25 per cent for companies with annual turnover up to Rs 400 crore - Those who don't have PAN can file tax returns using Aadhaar - Pre-filling of Income-tax Returns for faster, more accurate tax returns - Additional deduction up to Rs 1.5 lakhs for interest paid on loans borrowed up to March 31, 2020, for purchase of house valued up to Rs 45 lakh - Funds raised by start-ups to not require scrutiny from Income Tax Department - No tax on income up to Rs 5 lakh

Fuel prices take hit after Budget, petrol costlier by Rs 2.45 at Rs 72.96 in Delhi

India will closely monitor its shadow lending sector, Finance Minister Nirmala Sitharaman said on Saturday, a day after announcing the RBI would get much more regulatory authority over non-banking financial companies (NBFCs), reported news agency Reuters.

Prime Minister Narendra Modi's government, in the budget for the fiscal year ending March 31, 2020, on Friday announced credit guarantees to support NBFCs in a move aimed at boosting lending and reviving a sagging economy.

The government has tried to address issues such as liquidity and solvency at NBFCs, finance minister told a news conference, adding that New Delhi plans to give the central bank powers to regulate the sector as well as to resolve problems plaguing it.

India has over 10,000 registered NBFCs lending to millions of households who may not have the creditworthiness to borrow directly from a commercial bank.

NBFCs borrow much of their money from banks, mutual funds and via debt sales but after defaults by Infrastructure Leasing &amp; Financial Services (IL&amp;FS) last year borrowing costs have surged and the sector has come under greater scrutiny.

India will closely monitor its shadow lending sector, Finance Minister Nirmala Sitharaman said on Saturday, a day after announcing the RBI would get much more regulatory authority over non-banking financial companies (NBFCs), reported news agency Reuters.

India will closely monitor its shadow lending sector, Finance Minister Nirmala Sitharaman said on Saturday, a day after announcing the RBI would get much more regulatory authority over non-banking financial companies (NBFCs), reported news agency Reuters. Prime Minister Narendra Modi's government, in the budget for the fiscal year ending March 31, 2020, on Friday announced credit guarantees to support NBFCs in a move aimed at boosting lending and reviving a sagging economy. The government has tried to address issues such as liquidity and solvency at NBFCs, finance minister told a news conference, adding that New Delhi plans to give the central bank powers to regulate the sector as well as to resolve problems plaguing it. India has over 10,000 registered NBFCs lending to millions of households who may not have the creditworthiness to borrow directly from a commercial bank. NBFCs borrow much of their money from banks, mutual funds and via debt sales but after defaults by Infrastructure Leasing & Financial Services (IL&FS) last year borrowing costs have surged and the sector has come under greater scrutiny.

India to closely monitor shadow lending sector, says Sitharaman

India's finance minister Nirmala Sitharaman arrived in Parliament today accompanied by&nbsp;MoS finance Anurag Thakur to <a href="https://www.wionews.com/business-economy/ahead-of-budget-sensex-crosses-40k-mark-233149">present the Union Budget</a> as the Budget papers reached the Lok Sabha amid heavy security.

Sitharaman carried her Budget documents i<a href="https://www.wionews.com/business-economy/in-a-first-finance-minister-nirmala-sitharaman-to-carry-budget-documents-four-fold-red-cloth-233152">n a four-fold red cloth as India</a> awaited the Budget presentation by the new finance minister.

Parents of the finance Minister - Savitri and Narayanan Sitharaman - also arrived in Parliament to witness the Budget proceedings.

Finance Minister Nirmala Sitharaman will present the Budget in Lok Sabha at 11am today.

As per convention, Sitharaman earlier in on Friday morning met President Kovind to before presenting the Budget.

This will be Nirmala Sitharaman's first Budget presentation as the new finance minister under the Modi government which won a second term after a mammoth victory in the general election on May 23rd.

India's finance minister Nirmala Sitharaman arrived in Parliament today accompanied by MoS finance Anurag Thakur to present the Union Budget as the Budget papers reached the Lok Sabha amid heavy security.

India's finance minister Nirmala Sitharaman arrived in Parliament today accompanied by MoS finance Anurag Thakur to present the Union Budget as the Budget papers reached the Lok Sabha amid heavy security. Sitharaman carried her Budget documents in a four-fold red cloth as India awaited the Budget presentation by the new finance minister. Parents of the finance Minister - Savitri and Narayanan Sitharaman - also arrived in Parliament to witness the Budget proceedings. Finance Minister Nirmala Sitharaman will present the Budget in Lok Sabha at 11am today. As per convention, Sitharaman earlier in on Friday morning met President Kovind to before presenting the Budget. This will be Nirmala Sitharaman's first Budget presentation as the new finance minister under the Modi government which won a second term after a mammoth victory in the general election on May 23rd.

Finance minister Nirmala Sitharaman arrives in Parliament to present Budget

India's finance minister Nirmala Sitharaman breaking from <a href="https://www.wionews.com/business-economy/union-budget-2019-sitharaman-expected-to-announce-slew-of-measures-to-boost-economy-pronounce-relief-to-tax-payers-233129">tradition carried the Budget documents </a>in a four-fold red cloth instead of a briefcase as the nation awaited the presentation of the Union Budget in Parliament today.

As per tradition, finance minister Nirmala Sitharaman called on President Ramnath Kovind before presenting the Union Budget.&nbsp;

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Chief Economic Advisor Krishnamurthy Subramanian on FM Nirmala Sitharaman keeping budget documents in four fold red cloth instead of a briefcase: It is in Indian tradition. It symbolizes our departure from slavery of Western thought. It is not a budget but a 'bahi khata'(ledger) <a href="https://t.co/ZhXdmnfbvl">pic.twitter.com/ZhXdmnfbvl</a>
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"It is in Indian tradition. It symbolises our departure from slavery of Western thought. It is not a budget but a 'bahi khata'(ledger)," chief economic advisor Krishnamurthy Subramanian said.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/a-brief-about-what-is-union-budget-233147/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

This will be Nirmala Sitharaman's first Budget presentation as the new finance minister under the Modi government which won a second term after a mammoth victory in the general election on May 23rd.

Ahead of the Budget, the Indian stock market opened up 0.29 per cent higher at 40,025.85, the broader NSE Nifty was also up 0.26 per cent at 11,976.

Nirmala Sitharaman while presenting the government's Economic Survey on Thursday had forecast that India's GDP could get back up to 7 per cent in the current fiscal but cautioned that it will face challenges.

Market analysts believe the Narendra Modi-led government will boost spending in the current Budget in order to spur growth.&nbsp;

India's finance minister Nirmala Sitharaman breaking from tradition carried the Budget documents in a four-fold red cloth instead of a briefcase as the nation awaited the presentation of the Union Budget in Parliament today.

India's finance minister Nirmala Sitharaman breaking from tradition carried the Budget documents in a four-fold red cloth instead of a briefcase as the nation awaited the presentation of the Union Budget in Parliament today. As per tradition, finance minister Nirmala Sitharaman called on President Ramnath Kovind before presenting the Union Budget. Chief Economic Advisor Krishnamurthy Subramanian on FM Nirmala Sitharaman keeping budget documents in four fold red cloth instead of a briefcase: It is in Indian tradition. It symbolizes our departure from slavery of Western thought. It is not a budget but a 'bahi khata'(ledger) pic.twitter.com/ZhXdmnfbvl — ANI (@ANI) July 5, 2019 × "It is in Indian tradition. It symbolises our departure from slavery of Western thought. It is not a budget but a 'bahi khata'(ledger)," chief economic advisor Krishnamurthy Subramanian said. This will be Nirmala Sitharaman's first Budget presentation as the new finance minister under the Modi government which won a second term after a mammoth victory in the general election on May 23rd. Ahead of the Budget, the Indian stock market opened up 0.29 per cent higher at 40,025.85, the broader NSE Nifty was also up 0.26 per cent at 11,976. Nirmala Sitharaman while presenting the government's Economic Survey on Thursday had forecast that India's GDP could get back up to 7 per cent in the current fiscal but cautioned that it will face challenges. Market analysts believe the Narendra Modi-led government will boost spending in the current Budget in order to spur growth.

In a first, finance minister Nirmala Sitharaman carries Budget documents in four-fold red cloth

Union Home Minister Amit Shah on Friday described the Budget-2019 as "truly a budget of hope and empowerment" and said it reflects Prime Minister Narendra Modi`s vision for new India.

In a series of Tweets, Shah said the budget highlights the exemplary work in key sectors relating to the economy, housing, infrastructure and the social sectors over the last five years and on this basis, ignites a spirit of hope that India can become a 5 trillion Dollar economy in the coming years.

"The budget is a futuristic one which provides a coherent roadmap for sectors that will drive growth and innovation among our citizens. The emphasis on clean energy and cashless transactions are also the steps in the right direction," he said.

Shah, also the ruling BJP chief, said the budget was for new India that set the stage for fulfilling collective dreams of water for every citizen, ensuring electricity connectivity across India and boosting manufacturing, especially in sunrise sectors.

"The Budget will enable India to become a more vibrant start-up hub," he said.

Shah said the budget clearly reflects the Prime Minister's vision for India's development, where the farmers prosper, poor lead a life of dignity, the middle class get the due for their hard work and Indian enterprise gets a boost.&nbsp;

Union Home Minister Amit Shah on Friday described the Budget-2019 as "truly a budget of hope and empowerment" and said it reflects Prime Minister Narendra Modi`s vision for new India.

Union Home Minister Amit Shah on Friday described the Budget-2019 as "truly a budget of hope and empowerment" and said it reflects Prime Minister Narendra Modi`s vision for new India. In a series of Tweets, Shah said the budget highlights the exemplary work in key sectors relating to the economy, housing, infrastructure and the social sectors over the last five years and on this basis, ignites a spirit of hope that India can become a 5 trillion Dollar economy in the coming years. "The budget is a futuristic one which provides a coherent roadmap for sectors that will drive growth and innovation among our citizens. The emphasis on clean energy and cashless transactions are also the steps in the right direction," he said. Shah, also the ruling BJP chief, said the budget was for new India that set the stage for fulfilling collective dreams of water for every citizen, ensuring electricity connectivity across India and boosting manufacturing, especially in sunrise sectors. "The Budget will enable India to become a more vibrant start-up hub," he said. Shah said the budget clearly reflects the Prime Minister's vision for India's development, where the farmers prosper, poor lead a life of dignity, the middle class get the due for their hard work and Indian enterprise gets a boost.

Budget 2019: It gives wings to farmers, youngsters, women: Home Minister Amit Shah

Ahead of the Union Budget presentation, the <a href="https://www.wionews.com/business-economy/india-needs-to-sustain-8-gdp-growth-to-become-5-trillion-economy-in-2025-economic-survey-232945">Sensex on Friday morning </a>hit the 40k mark trading 119 points up at 40,027.

The Sensex had closed higher on Thursday settling 0.17 per cent up at 39,908.06 with the Nifty closing 0.25 per cent higher at 11,946.75.

The markets held their ground after finance minister <a href="https://www.wionews.com/business-economy/union-budget-2019-sitharaman-expected-to-announce-slew-of-measures-to-boost-economy-pronounce-relief-to-tax-payers-233129">Nirmala Sitharaman presented</a> the government's Economic Survey in Parliament ahead of the Union Budget.

The survey pegged India's growth to seven per cent Gross Domestic Product (GDP) growth in FY20 on stable macro-economic conditions with fiscal deficit at 5.8 per cent in FY19 against 6.4 per cent in FY18.

In February, while presenting the annual budget for 2019-20, the government had revised upward its fiscal deficit target to 3.4 per cent of gross domestic product (GDP) for 208-19 from the previously estimated 3.3 per cent budgeted target. &nbsp; 
&nbsp;

Ahead of the Union Budget presentation, the Sensex on Friday morning hit the 40k mark trading 119 points up at 40,027. The Sensex had closed higher on Thursday settling 0.

Ahead of the Union Budget presentation, the Sensex on Friday morning hit the 40k mark trading 119 points up at 40,027. The Sensex had closed higher on Thursday settling 0.17 per cent up at 39,908.06 with the Nifty closing 0.25 per cent higher at 11,946.75. The markets held their ground after finance minister Nirmala Sitharaman presented the government's Economic Survey in Parliament ahead of the Union Budget. The survey pegged India's growth to seven per cent Gross Domestic Product (GDP) growth in FY20 on stable macro-economic conditions with fiscal deficit at 5.8 per cent in FY19 against 6.4 per cent in FY18. In February, while presenting the annual budget for 2019-20, the government had revised upward its fiscal deficit target to 3.4 per cent of gross domestic product (GDP) for 208-19 from the previously estimated 3.3 per cent budgeted target.

Ahead of Budget, Sensex crosses 40k mark

Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher.

US West Texas Intermediate (WTI) crude futures were down 1.1% at $56.72 per barrel by 0310 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States.

Front-month Brent crude futures were down 0.1% at $63.25 per barrel, after closing down 0.8% on Thursday.

Analysts said oil was under pressure because fears over future demand amid trade disputes threatening global economic growth. But losses were checked by commitment to cut production from the world's largest exporters - including members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, a grouping known as OPEC+.

"Global growth remains the main factor holding back crude prices," said Alfonso Esparza, senior analyst at OANDA. "The OPEC+ deal will keep prices from falling too hard, but there must be an end to trade protectionism to assure the demand for energy products recovers."

New orders for US factory goods fell for a second straight month in May, government data showed on Wednesday, stoking economic concerns.

The US Energy Information Administration on Wednesday reported a weekly decline of 1.1 million barrels in crude stocks, much smaller than the 5 million barrel draw reported by the American Petroleum Institute earlier in the week.

That suggests oil demand in the United States, the world's biggest crude consumer, could be slowing amid signs of a weakening economy.

Countering the downward pressure, ongoing tensions in the Middle East also offered some support.

British Royal Marines seized a giant Iranian oil tanker in Gibraltar on Thursday for trying to take oil to Syria in violation of EU sanctions, a dramatic step that drew Tehran's fury and could escalate its confrontation with the West.

Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher.

Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher. US West Texas Intermediate (WTI) crude futures were down 1.1% at $56.72 per barrel by 0310 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States. Front-month Brent crude futures were down 0.1% at $63.25 per barrel, after closing down 0.8% on Thursday. Analysts said oil was under pressure because fears over future demand amid trade disputes threatening global economic growth. But losses were checked by commitment to cut production from the world's largest exporters - including members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, a grouping known as OPEC+. "Global growth remains the main factor holding back crude prices," said Alfonso Esparza, senior analyst at OANDA. "The OPEC+ deal will keep prices from falling too hard, but there must be an end to trade protectionism to assure the demand for energy products recovers." New orders for US factory goods fell for a second straight month in May, government data showed on Wednesday, stoking economic concerns. The US Energy Information Administration on Wednesday reported a weekly decline of 1.1 million barrels in crude stocks, much smaller than the 5 million barrel draw reported by the American Petroleum Institute earlier in the week. That suggests oil demand in the United States, the world's biggest crude consumer, could be slowing amid signs of a weakening economy. Countering the downward pressure, ongoing tensions in the Middle East also offered some support. British Royal Marines seized a giant Iranian oil tanker in Gibraltar on Thursday for trying to take oil to Syria in violation of EU sanctions, a dramatic step that drew Tehran's fury and could escalate its confrontation with the West.

Crude oil prices fall 1% on fears for global economy

Most Asian markets drifted lower in subdued trade Friday as investors steeled themselves for the release of a crucial US jobs report that could have a major bearing on the size of an expected Federal Reserve interest rate cut.

With uncertainty over the China-US trade row put aside for now, this week has been dominated by speculation about the US central bank's plans to address a weakening economic outlook, both at home and globally.

The jobs report is a closely watched gauge of the state of the world's biggest economy and a below-forecast reading would ramp up hopes the Fed will announce a 50-basis-point reduction.

"A number in line with consensus probably delivers that July cut and I think that's what the market wants to see," Pepperstone Group head of research Chris Weston told Bloomberg Television.&nbsp;

But he warned: "If we get a really strong number, I think risk could really come off the table."

The clamour for a Fed rate cut comes as central banks around the world take a more accommodative footing to offset economic weakness blamed on trade uncertainty, particularly the China-US standoff.

Equity traders were shifting uneasily ahead of the jobs release, with Hong Kong and Shanghai each down 0.3 per cent and Tokyo ending the morning 0.1 per cent lower.

Singapore, Taipei and Seoul were each 0.1 per cent off as well, but Sydney, Wellington, Manila and Jakarta edged up slightly.

Oil prices struggle

Adding to the soft trading environment was the lack of a lead from Wall Street, which was closed for the Independence Day celebrations.

"If there is one thing financial markets hate it's a delicate balance between risk-on and off, suggesting something will give shortly," said Stephen Innes at Vanguard Markets.

"Over the short run, 'risk-on' sentiment should prevail on the back of the deluge on central banks easing. The Fed is critical to the 'risk-on' &nbsp;fever," he said, adding that "now is the time to shift easing policy into high gear".

Oil prices edged down as traders fret over the impact of weak global growth on demand, which is overshadowing this week's agreement by OPEC and Russia to extend their output caps.

Even the US-Iran crisis has been unable to perk up the commodity, with news that Britain had intercepted an Iranian oil tanker near Gibraltar -- suspected of carrying crude to Syria -- providing only a little support.

The US praised the move but Tehran called it an "illegal interception", adding to geopolitical tensions.

However, while Brent was slightly lower, WTI shed more than one per cent, hit by an increase in US production.

"The US is now positioned to become a net exporter and is not bound by the (OPEC-Russia) production limit agreement. This could further drive prices lower," said OANDA senior market analyst Alfonso Esparza.

Most Asian markets drifted lower in subdued trade Friday as investors steeled themselves for the release of a crucial US jobs report that could have a major bearing on the size of an expected Federal Reserve interest rate cut.

Most Asian markets drifted lower in subdued trade Friday as investors steeled themselves for the release of a crucial US jobs report that could have a major bearing on the size of an expected Federal Reserve interest rate cut. With uncertainty over the China-US trade row put aside for now, this week has been dominated by speculation about the US central bank's plans to address a weakening economic outlook, both at home and globally. The jobs report is a closely watched gauge of the state of the world's biggest economy and a below-forecast reading would ramp up hopes the Fed will announce a 50-basis-point reduction. "A number in line with consensus probably delivers that July cut and I think that's what the market wants to see," Pepperstone Group head of research Chris Weston told Bloomberg Television. But he warned: "If we get a really strong number, I think risk could really come off the table." The clamour for a Fed rate cut comes as central banks around the world take a more accommodative footing to offset economic weakness blamed on trade uncertainty, particularly the China-US standoff. Equity traders were shifting uneasily ahead of the jobs release, with Hong Kong and Shanghai each down 0.3 per cent and Tokyo ending the morning 0.1 per cent lower. Singapore, Taipei and Seoul were each 0.1 per cent off as well, but Sydney, Wellington, Manila and Jakarta edged up slightly. Oil prices struggle Adding to the soft trading environment was the lack of a lead from Wall Street, which was closed for the Independence Day celebrations. "If there is one thing financial markets hate it's a delicate balance between risk-on and off, suggesting something will give shortly," said Stephen Innes at Vanguard Markets. "Over the short run, 'risk-on' sentiment should prevail on the back of the deluge on central banks easing. The Fed is critical to the 'risk-on' fever," he said, adding that "now is the time to shift easing policy into high gear". Oil prices edged down as traders fret over the impact of weak global growth on demand, which is overshadowing this week's agreement by OPEC and Russia to extend their output caps. Even the US-Iran crisis has been unable to perk up the commodity, with news that Britain had intercepted an Iranian oil tanker near Gibraltar -- suspected of carrying crude to Syria -- providing only a little support. The US praised the move but Tehran called it an "illegal interception", adding to geopolitical tensions. However, while Brent was slightly lower, WTI shed more than one per cent, hit by an increase in US production. "The US is now positioned to become a net exporter and is not bound by the (OPEC-Russia) production limit agreement. This could further drive prices lower," said OANDA senior market analyst Alfonso Esparza.

Asian markets down as dealers bide time ahead of jobs report

The United States on Thursday complained to the World Trade Organisation(WTO) over <a href="https://www.wionews.com/business-economy/india-imposes-higher-customs-duty-on-28-us-products-will-come-into-effect-from-sunday-227455">India's move to impose customs duties</a> on 28 American goods.

Last month the Indian government had announced a hike in customs duties on US goods ranging from almond, pulses and walnut after the Trump administration had imposed tariffs on Indian steel and aluminium. India exports steel and aluminium products worth about $1.5 billion to the US every year.

The Indian government's move according to the Central Board of Indirect taxes and Customs (CBIC) was meant as a "retaliatory duties on 28 specified goods originating in or exported from USA."

Earlier, the list included 29 goods but India has removed artemia, a kind of shrimp, from the list. Although India had waited for a long time in the hope to strike a deal directly with the US administration and was almost the last country to impose "retaliatory duties", it did so after the US later withdrew export incentives to Indian exporters under its Generalised System of Preferences (GSP) programme.

India had hiked walnut customs duties&nbsp;to 120 per cent from 30 per cent, Bengal gram (chana) and masur dal were raised to 70 per cent from 30 per cent.&nbsp;

The US in its filing to the WTO said that the additional duties imposed by India "appear&nbsp;to nullify or impair the benefits accruing to the US directly or indirectly" under the GATT 1994.

World Trade Organisation (WTO) quoting the US complaint said: "India also appears to be applying rates of duty to US imports greater than the rates of duty set out in India's schedule of concessions."

In its complaint, the US said: "India fails to extend to products of the US an advantage, favour, privilege or immunity granted by India with respect to customs duties and charges of any kind imposed on or in connection with the importation of products originating in the territory of other members."

The US in March last year had imposed 25 per cent tariff on Indian steel and a 10 per cent import duty on aluminium products. Earlier, there was no duty on these goods.

The United States on Thursday complained to the World Trade Organisation(WTO) over India's move to impose customs duties on 28 American goods. Last month the Indian government had announced a hike in customs duties on US goods ranging from almond, pulses and walnut after the Trump administration had imposed tariffs on Indian steel and aluminium.

The United States on Thursday complained to the World Trade Organisation(WTO) over India's move to impose customs duties on 28 American goods. Last month the Indian government had announced a hike in customs duties on US goods ranging from almond, pulses and walnut after the Trump administration had imposed tariffs on Indian steel and aluminium. India exports steel and aluminium products worth about $1.5 billion to the US every year. The Indian government's move according to the Central Board of Indirect taxes and Customs (CBIC) was meant as a "retaliatory duties on 28 specified goods originating in or exported from USA." Earlier, the list included 29 goods but India has removed artemia, a kind of shrimp, from the list. Although India had waited for a long time in the hope to strike a deal directly with the US administration and was almost the last country to impose "retaliatory duties", it did so after the US later withdrew export incentives to Indian exporters under its Generalised System of Preferences (GSP) programme. India had hiked walnut customs duties to 120 per cent from 30 per cent, Bengal gram (chana) and masur dal were raised to 70 per cent from 30 per cent. The US in its filing to the WTO said that the additional duties imposed by India "appear to nullify or impair the benefits accruing to the US directly or indirectly" under the GATT 1994. World Trade Organisation (WTO) quoting the US complaint said: "India also appears to be applying rates of duty to US imports greater than the rates of duty set out in India's schedule of concessions." In its complaint, the US said: "India fails to extend to products of the US an advantage, favour, privilege or immunity granted by India with respect to customs duties and charges of any kind imposed on or in connection with the importation of products originating in the territory of other members." The US in March last year had imposed 25 per cent tariff on Indian steel and a 10 per cent import duty on aluminium products. Earlier, there was no duty on these goods.

US complains against India at WTO over customs duty hike on 28 American goods

The number of pilots with commercial pilot licenses has increased in India over the last five years even as airlines have hired more number of foreign pilots during the same period, Civil Aviation Minister Hardeep Singh Puri told Rajya Sabha on Thursday.

Replying to an unstarred question by BJP MP Rajiv Pratap Rudy, Puri said the number of Commercial Pilot License (CPL) and Type Rated Pilot License holders had been increasing over the past five years.

In the year 2015, the number of CPLs issued was 394 and it rose to 659 in the year 2018. For the year 2016 and 2017, the number of CPLs issued were 458 and 593 respectively.

In 2019 a total of 313 CPLs were issued till May 31.

The type rating issued on pilot licenses in the year 2015 the number of endorsements were 1521 and it rose to 2611 in the year 2018.

In his reply, Puri said that the number of foreign pilots employed by aviation companies over the last five years also rose from 280 in the year 2015 to 324 in the year 2018.

In 2019 up to the month of June, a total of 404 foreign pilots were employed.

Puri also said to overcome the shortage of pilots, all the schedule and non-schedule airlines have been advised to develop their own strength to reduce the dependency of foreign pilots.

"Accordingly, airlines train their pilots to upgrade them as a pilot in command/commanders to reduce the dependency on foreign pilots," the minister said.

This was in reply to Rudy's question whether the government will establish a system to develop a homegrown pool of commercial pilots who war type rated so that the dependency on expatriate pilots is minimised.&nbsp;

The number of pilots with commercial pilot licenses has increased in India over the last five years even as airlines have hired more number of foreign pilots during the same period, Civil Aviation Minister Hardeep Singh Puri told Rajya Sabha on Thursday.

The number of pilots with commercial pilot licenses has increased in India over the last five years even as airlines have hired more number of foreign pilots during the same period, Civil Aviation Minister Hardeep Singh Puri told Rajya Sabha on Thursday. Replying to an unstarred question by BJP MP Rajiv Pratap Rudy, Puri said the number of Commercial Pilot License (CPL) and Type Rated Pilot License holders had been increasing over the past five years. In the year 2015, the number of CPLs issued was 394 and it rose to 659 in the year 2018. For the year 2016 and 2017, the number of CPLs issued were 458 and 593 respectively. In 2019 a total of 313 CPLs were issued till May 31. The type rating issued on pilot licenses in the year 2015 the number of endorsements were 1521 and it rose to 2611 in the year 2018. In his reply, Puri said that the number of foreign pilots employed by aviation companies over the last five years also rose from 280 in the year 2015 to 324 in the year 2018. In 2019 up to the month of June, a total of 404 foreign pilots were employed. Puri also said to overcome the shortage of pilots, all the schedule and non-schedule airlines have been advised to develop their own strength to reduce the dependency of foreign pilots. "Accordingly, airlines train their pilots to upgrade them as a pilot in command/commanders to reduce the dependency on foreign pilots," the minister said. This was in reply to Rudy's question whether the government will establish a system to develop a homegrown pool of commercial pilots who war type rated so that the dependency on expatriate pilots is minimised.

Number of pilots with commercial licenses increased over 5 years: Civil Aviation Minister

Finance Minister Nirmala Sitharaman enhanced the defence budget marginally but exempted defence imports from custom duties which will help the services save around Rs 25,000 crore annually.

"In a significant development, import of Defence Equipment not manufactured in India has been exempted from Basic Customs Duty. This will have an impact of augmenting the Defence Budget by approximately Rs 25,000 crore on account of savings in expenditure on Customs Duty over the next five years," the Defence Ministry said.

Rs 3,18,931.22 crore has been earmarked for Defence excluding Defence Pensions. For Defence Pension, an amount of Rs 1,12,079.57 crore has been provided in Budget Estimate 2019-20.

Taking into account both the budget and pensions, the allocation for defence comes to Rs 4,31,010.79 crore.

The allocation for Defence accounts for 15.47 per cent of the total Central Government expenditure for the Financial Year 2019-20.

"The allocation of Rs 3,18,931.22 crore represents a growth of 7.93 per cent over Budget Estimates (2,95,511.41 crore) and 6.87 per cent over Revised Estimates (Rs 2,98,418.72 crore), respectively for the Financial Year 2018-19," the ministry said.

Out of Rs 3,18,931.22 crore allocated for the Financial Year 2019-20, Rs 2,10,682.42 crore is for Revenue (expenditure meaning for paying salaries and maintaining g existing inventory while Rs 1,08,248.80 crore have been given for Capital expenditure for the Defence Services and the Organisations/Departments under Ministry of Defence.

The amount of Rs 1,08,248.80 crore allocated for Capital expenditure, includes modernisation related expenditure.

The Capital Allocation of Ministry of Defence under BE 2019-20 is 31.97 per cent of the total Central Government Capital Expenditure, which is Rs 3,38,569 crore.&nbsp;

Finance Minister Nirmala Sitharaman enhanced the defence budget marginally but exempted defence imports from custom duties which will help the services save around Rs 25,000 crore annually.

Finance Minister Nirmala Sitharaman enhanced the defence budget marginally but exempted defence imports from custom duties which will help the services save around Rs 25,000 crore annually. "In a significant development, import of Defence Equipment not manufactured in India has been exempted from Basic Customs Duty. This will have an impact of augmenting the Defence Budget by approximately Rs 25,000 crore on account of savings in expenditure on Customs Duty over the next five years," the Defence Ministry said. Rs 3,18,931.22 crore has been earmarked for Defence excluding Defence Pensions. For Defence Pension, an amount of Rs 1,12,079.57 crore has been provided in Budget Estimate 2019-20. Taking into account both the budget and pensions, the allocation for defence comes to Rs 4,31,010.79 crore. The allocation for Defence accounts for 15.47 per cent of the total Central Government expenditure for the Financial Year 2019-20. "The allocation of Rs 3,18,931.22 crore represents a growth of 7.93 per cent over Budget Estimates (2,95,511.41 crore) and 6.87 per cent over Revised Estimates (Rs 2,98,418.72 crore), respectively for the Financial Year 2018-19," the ministry said. Out of Rs 3,18,931.22 crore allocated for the Financial Year 2019-20, Rs 2,10,682.42 crore is for Revenue (expenditure meaning for paying salaries and maintaining g existing inventory while Rs 1,08,248.80 crore have been given for Capital expenditure for the Defence Services and the Organisations/Departments under Ministry of Defence. The amount of Rs 1,08,248.80 crore allocated for Capital expenditure, includes modernisation related expenditure. The Capital Allocation of Ministry of Defence under BE 2019-20 is 31.97 per cent of the total Central Government Capital Expenditure, which is Rs 3,38,569 crore.

Customs duty exemption to help defence forces save Rs 25,000 crore annually: Defence Ministry

<a href="https://www.wionews.com/business-economy/budget-2019-finance-minister-nirmala-sitharaman-to-present-maiden-budget-today-at-11-am-233079">Union Finance Minister Nirmala Sitharaman</a> will be unveiling Modi-government 2.0's first Union Budget on Friday. As the finance minister, this will be Sitharaman's maiden budget.&nbsp;

Here's taking a quick look at what all is likely to announced as the finance minister presents the government's first full-year budget today.&nbsp;

Relief to tax payers

Experts suggest Sitharaman is likely to pronounce relief to the common tax payers today by raising the personal income tax threshold for certain categories.

In the Interim Budget, the government had proposed a rebate on all payable taxes if an individual's taxable income is up to Rs 5 lakh per annum. But it kept the basic exemption levels unchanged.&nbsp;

Sources said that the Budget 2019-20 will take the sops announced in the Interim Budget further by raising the basic tax exemption limit for an individual income tax payee to Rs 3 lakh from Rs 2.50 lakh at present to cover for the inflationary impact over the years.

Watch:&nbsp;Key Expectations From Indian Budget 2019-20

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/budget-2019-key-expectations-from-indian-budget-2019-20-233113/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Push to agriculture, infrastructure, healthcare spending

It is also anticipated that spending on agriculture, healthcare, social sectors and infrastructure would get a push.&nbsp;

The budget is likely to feature schemes for ushering in a "blue revolution". The BJP's promise of allocation of Rs 10,000 crore for providing infrastructure like storage and marketing for small fishermen is likely to be fulfilled.&nbsp;

Pradhan Mantri Fasal Biima Yojana (Prime Minister's Crop Insurance) scheme will be improved. Proposals with a focus on micro-irrigation and new agriculture warehouses along national highways are also on the cards, said sources.

Slew of measures

It is widely expected that the budget will have a slew of measures which will support the economic growth both in the short-term and the long-term. It may be noted that the economic expansion during last fiscal has slowed down to a five-year low of 6.8 per cent, with growth for the running fiscal (2019-20) pegged down substantially by the Reserve Bank of India.

New industrial policy&nbsp;

Sitharaman is expected to make public the new industrial policy today which primarily centres around the "Make in India" theme and was first envisaged in Modi's first term.&nbsp;

Disinvestment, RBI dividend

Today's budget may feature the government's plan to raise the funds required to boost the economy through welfare measures. The disinvestment target is likely to be raised whereas the Reserve Bank of India may be nudged for a higher dividend. The 5G spectrum auction, due in October, is also likely to find a mention today.&nbsp;

Air India woes

As per reports, cash-strapped, privatisation-bound Air India may not get financial support from the budget today. &nbsp;

Sitharaman, on Thursday, tabled the <a href="https://www.wionews.com/business-economy/india-needs-to-sustain-8-gdp-growth-to-become-5-trillion-economy-in-2025-economic-survey-232945">Economic Survey</a>&nbsp;in Rajya Sabha which said India needed to sustain a GDP growth rate of 8 per cent in order to become a $5 trillion economy by 2025.

The economic survey has predicted seven per cent Gross Domestic Product (GDP) growth in FY20 on stable macro-economic conditions.

The survey said oil prices were expected to decline in 2019-20.

According to the survey, the general fiscal deficit is seen at 5.8 per cent in FY19 against 6.4 per cent in FY18. "The government stood by the fiscal consolidation path," the report said.

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Union Finance Minister Nirmala Sitharaman will be unveiling Modi-government 2.0's first Union Budget on Friday. As the finance minister, this will be Sitharaman's maiden budget.

Union Finance Minister Nirmala Sitharaman will be unveiling Modi-government 2.0's first Union Budget on Friday. As the finance minister, this will be Sitharaman's maiden budget. Here's taking a quick look at what all is likely to announced as the finance minister presents the government's first full-year budget today. Relief to tax payers Experts suggest Sitharaman is likely to pronounce relief to the common tax payers today by raising the personal income tax threshold for certain categories. In the Interim Budget, the government had proposed a rebate on all payable taxes if an individual's taxable income is up to Rs 5 lakh per annum. But it kept the basic exemption levels unchanged. Sources said that the Budget 2019-20 will take the sops announced in the Interim Budget further by raising the basic tax exemption limit for an individual income tax payee to Rs 3 lakh from Rs 2.50 lakh at present to cover for the inflationary impact over the years. Watch: Key Expectations From Indian Budget 2019-20 Push to agriculture, infrastructure, healthcare spending It is also anticipated that spending on agriculture, healthcare, social sectors and infrastructure would get a push. The budget is likely to feature schemes for ushering in a "blue revolution". The BJP's promise of allocation of Rs 10,000 crore for providing infrastructure like storage and marketing for small fishermen is likely to be fulfilled. Pradhan Mantri Fasal Biima Yojana (Prime Minister's Crop Insurance) scheme will be improved. Proposals with a focus on micro-irrigation and new agriculture warehouses along national highways are also on the cards, said sources. Slew of measures It is widely expected that the budget will have a slew of measures which will support the economic growth both in the short-term and the long-term. It may be noted that the economic expansion during last fiscal has slowed down to a five-year low of 6.8 per cent, with growth for the running fiscal (2019-20) pegged down substantially by the Reserve Bank of India. New industrial policy Sitharaman is expected to make public the new industrial policy today which primarily centres around the "Make in India" theme and was first envisaged in Modi's first term. Disinvestment, RBI dividend Today's budget may feature the government's plan to raise the funds required to boost the economy through welfare measures. The disinvestment target is likely to be raised whereas the Reserve Bank of India may be nudged for a higher dividend. The 5G spectrum auction, due in October, is also likely to find a mention today. Air India woes As per reports, cash-strapped, privatisation-bound Air India may not get financial support from the budget today. Sitharaman, on Thursday, tabled the Economic Survey in Rajya Sabha which said India needed to sustain a GDP growth rate of 8 per cent in order to become a $5 trillion economy by 2025. The economic survey has predicted seven per cent Gross Domestic Product (GDP) growth in FY20 on stable macro-economic conditions. The survey said oil prices were expected to decline in 2019-20. According to the survey, the general fiscal deficit is seen at 5.8 per cent in FY19 against 6.4 per cent in FY18. "The government stood by the fiscal consolidation path," the report said.

Budget 2019: Slew of measures to boost economy, relief to tax payers likely in Sitharaman's maiden budget today

Niti Aayog CEO Amitabh Kant on Thursday hailed the Union Budget presented by Finance Minister Nirmala Sitharaman calling it as path-breaking and very comprehensive.

Speaking to ANI, Kant said, "The Union Budget 2019 is path-breaking. It is a very comprehensive budget. We are particularly delighted as Finance Minister has acknowledged role of Niti. But more important is the road map that she has set for laying down a vision for 5 trillion US dollars economy."

"We needed credit flow to take off, so Sitharaman has provided Rs 70,000 crores to the banks. She is focused on strategic disinvestment and asset monetization. This should bring in the role of the private sector in India," said Kant.

"The Finance Minister has also provided 100 lakh crore over a period of five years to drive infrastructure. With this, we are able to create roads, ports, airports and we will see a huge multiplier effect in the economy," he said.

NITI Aayog CEO further said, "The other key thing is that this budget pushes for a very unique ecosystem for startups. Sitharaman takes the issue of Angel tax. She pushes for digitisation in a very big way that merchants does not pay the extra amount. She pushes for an electric vehicle."

"Sitharaman has talked about large scale manufacture. She spoke of opening Foreign Direct Investment (FDI) in several areas like airports. She has opened up a single brand route which will enable the foreign mobile country to manufacture here. It is a massive thrust to manufacture," he said.

To a question about fiscal policy, Kant said, "Sitharaman brought the target of the fiscal deficit from 3.4 per cent to 3.3 per cent."

Talking about NITI Aayog's role, Kant said, "NITI Aayog will focus on every aspect of the budget like structural changes in agriculture. We will focus on Micro, Small and Medium Enterprises (MSMEs), electric vehicle and artificial intelligence as all these are areas of growth."

"MSMEs will play a critical role as it is a very big job creator. India can not grow without jobs and MSMEs will provide it," he added.

Niti Aayog CEO Amitabh Kant on Thursday hailed the Union Budget presented by Finance Minister Nirmala Sitharaman calling it as path-breaking and very comprehensive.

Niti Aayog CEO Amitabh Kant on Thursday hailed the Union Budget presented by Finance Minister Nirmala Sitharaman calling it as path-breaking and very comprehensive. Speaking to ANI, Kant said, "The Union Budget 2019 is path-breaking. It is a very comprehensive budget. We are particularly delighted as Finance Minister has acknowledged role of Niti. But more important is the road map that she has set for laying down a vision for 5 trillion US dollars economy." "We needed credit flow to take off, so Sitharaman has provided Rs 70,000 crores to the banks. She is focused on strategic disinvestment and asset monetization. This should bring in the role of the private sector in India," said Kant. "The Finance Minister has also provided 100 lakh crore over a period of five years to drive infrastructure. With this, we are able to create roads, ports, airports and we will see a huge multiplier effect in the economy," he said. NITI Aayog CEO further said, "The other key thing is that this budget pushes for a very unique ecosystem for startups. Sitharaman takes the issue of Angel tax. She pushes for digitisation in a very big way that merchants does not pay the extra amount. She pushes for an electric vehicle." "Sitharaman has talked about large scale manufacture. She spoke of opening Foreign Direct Investment (FDI) in several areas like airports. She has opened up a single brand route which will enable the foreign mobile country to manufacture here. It is a massive thrust to manufacture," he said. To a question about fiscal policy, Kant said, "Sitharaman brought the target of the fiscal deficit from 3.4 per cent to 3.3 per cent." Talking about NITI Aayog's role, Kant said, "NITI Aayog will focus on every aspect of the budget like structural changes in agriculture. We will focus on Micro, Small and Medium Enterprises (MSMEs), electric vehicle and artificial intelligence as all these are areas of growth." "MSMEs will play a critical role as it is a very big job creator. India can not grow without jobs and MSMEs will provide it," he added.

Budget 2019: It is 'path-breaking, comprehensive', says NITI Aayog CEO Amitabh Kant

Union Finance Minister <a href="https://www.wionews.com/india-news/budget-2019-20-petrol-diesel-to-become-dearer-233267">Nirmala Sitharaman</a> on Friday presented the first budget of the new Narendra Modi government. Announcing key measures for the common man, Sitharaman asserted that the government's promise to give power to all rural families by 2022.

She said even farmers need to have 'Ease of Doing Business'&nbsp;and 'Ease of Living'.

Here is a quick look at what goes in your favour and what does not:

The positives -

* Tax rate reduced to 25 per cent for companies with annual turnover up to Rs 400 crore

* Those who don't have PAN can file tax returns using Aadhaar

* Pre-filling of Income-tax Returns for faster, more accurate tax returns

*Additional deduction up to Rs 1.5 lakhs for interest paid on loans borrowed up to March 31, 2020, for purchase of house valued up to Rs 45 lakh

*Appropriate class of persons exempted from the anti-abuse provisions of Section 50CA and Section 56 of the Income Tax Act.

*Funds raised by start-ups to not require scrutiny from Income Tax Department

* No tax on income up to Rs 5 lakh*One woman in every SHG will be made eligible for a loan up to Rs. 1 lakh under the MUDRA Scheme

* Customs duty reduced on certain raw materials such as inputs for artificial kidney and disposable sterilised dialyser and fuels for nuclear power plants, etc.

The negatives:

* Basic customs duty increased on cashew kernels, PVC, tiles, auto parts, marble slabs, optical fibre cable, CCTV camera, etc.

* Exemptions from Customs duty on certain electronic items now manufactured in India withdrawn.

* End use-based exemptions on palm stearin, fatty oils withdrawn

* Exemptions to various kinds of papers withdrawn

* 5 per cent basic Customs duty imposed on imported books

* Capital goods required for the manufacture of specified electronic goods

* Customs duty on gold, silver and other precious metals increased

* Additional excise duty and road and infrastructure cess of one rupee will be imposed on petrol and diesel

* Hike in the prices of cigars, chewing tobacco, cigarettes&nbsp;

Union Finance Minister Nirmala Sitharaman on Friday presented the first budget of the new Narendra Modi government. Announcing key measures for the common man, Sitharaman asserted that the government's promise to give power to all rural families by 2022.

Union Finance Minister Nirmala Sitharaman on Friday presented the first budget of the new Narendra Modi government. Announcing key measures for the common man, Sitharaman asserted that the government's promise to give power to all rural families by 2022. She said even farmers need to have 'Ease of Doing Business' and 'Ease of Living'. Here is a quick look at what goes in your favour and what does not: The positives - * Tax rate reduced to 25 per cent for companies with annual turnover up to Rs 400 crore * Those who don't have PAN can file tax returns using Aadhaar * Pre-filling of Income-tax Returns for faster, more accurate tax returns *Additional deduction up to Rs 1.5 lakhs for interest paid on loans borrowed up to March 31, 2020, for purchase of house valued up to Rs 45 lakh *Appropriate class of persons exempted from the anti-abuse provisions of Section 50CA and Section 56 of the Income Tax Act. *Funds raised by start-ups to not require scrutiny from Income Tax Department * No tax on income up to Rs 5 lakh*One woman in every SHG will be made eligible for a loan up to Rs. 1 lakh under the MUDRA Scheme * Customs duty reduced on certain raw materials such as inputs for artificial kidney and disposable sterilised dialyser and fuels for nuclear power plants, etc. The negatives: * Basic customs duty increased on cashew kernels, PVC, tiles, auto parts, marble slabs, optical fibre cable, CCTV camera, etc. * Exemptions from Customs duty on certain electronic items now manufactured in India withdrawn. * End use-based exemptions on palm stearin, fatty oils withdrawn * Exemptions to various kinds of papers withdrawn * 5 per cent basic Customs duty imposed on imported books * Capital goods required for the manufacture of specified electronic goods * Customs duty on gold, silver and other precious metals increased * Additional excise duty and road and infrastructure cess of one rupee will be imposed on petrol and diesel * Hike in the prices of cigars, chewing tobacco, cigarettes

Budget 2019: Here is what favours you and what does not

The BSE Sensex fell 394.67 points to 39,513.39 and the Nifty50 declined 135.60 points to 11,811.20 after Finance Minister Nirmala Sitharaman proposed increasing the minimum public shareholding in listed companies to 35% from 25%, threatening a wave of new issuance.

Benchmark indices fell sharply for first time in last five straight sessions after Budget failed to boost sentiment.

Sitharaman unveiled the proposal while presenting the budget for the fiscal year ending March 31, 2020 to parliament. She said the government has asked the Securities and Exchange Board of India to consider the proposal, but did not give many other details.

The government also trimmed its fiscal deficit target to 3.3% from 3.4% for this year in the budget and said some of the borrowing would be made in offshore markets.

Corporate taxes were cut to 25% for some firms, but the government also said it raise import tariffs on items such as gold and impose an additional excise duty on petrol and diesel.

The broader NSE Nifty fell 0.82% to 11,849.85 points by 0925 GMT, while the benchmark BSE Sensex was 0.67% lower at 39,646.57.

Six of the 11 sector indexes compiled by the NSE were in the red while 15 of the 19 sector indexes compiled by BSE were trading lower.

Shares of Tata Consultancy Services Ltd was the biggest drag on the index, falling as much as 4.6% in afternoon trade. The country's IT index was down 2.3%.

(With inputs from Reuters)

The BSE Sensex fell 394.67 points to 39,513.39 and the Nifty50 declined 135.60 points to 11,811.20 after Finance Minister Nirmala Sitharaman proposed increasing the minimum public shareholding in listed companies to 35% from 25%, threatening a wave of new issuance.

The BSE Sensex fell 394.67 points to 39,513.39 and the Nifty50 declined 135.60 points to 11,811.20 after Finance Minister Nirmala Sitharaman proposed increasing the minimum public shareholding in listed companies to 35% from 25%, threatening a wave of new issuance. Benchmark indices fell sharply for first time in last five straight sessions after Budget failed to boost sentiment. Sitharaman unveiled the proposal while presenting the budget for the fiscal year ending March 31, 2020 to parliament. She said the government has asked the Securities and Exchange Board of India to consider the proposal, but did not give many other details. The government also trimmed its fiscal deficit target to 3.3% from 3.4% for this year in the budget and said some of the borrowing would be made in offshore markets. Corporate taxes were cut to 25% for some firms, but the government also said it raise import tariffs on items such as gold and impose an additional excise duty on petrol and diesel. The broader NSE Nifty fell 0.82% to 11,849.85 points by 0925 GMT, while the benchmark BSE Sensex was 0.67% lower at 39,646.57. Six of the 11 sector indexes compiled by the NSE were in the red while 15 of the 19 sector indexes compiled by BSE were trading lower. Shares of Tata Consultancy Services Ltd was the biggest drag on the index, falling as much as 4.6% in afternoon trade. The country's IT index was down 2.3%. (With inputs from Reuters)

Sensex falls 395 points, Nifty below 11,900 as Budget 2019 fails to cheer markets 

Mauritius, Nepal and Maldives have seen the maximum increase in funds by the Indian government as country's Finance Minister <a href="https://www.wionews.com/business-economy/budget-2019-nirmala-sitharaman-to-launch-study-in-india-initiative-to-encourage-foreign-students-233240">Nirmala Sitharaman</a> presented the budget for the fiscal year ending March 31, 2020, to Parliament.&nbsp;

The Budget, <a href="https://www.wionews.com/india-news/union-budget-2019-this-budget-gives-hope-to-country-shows-we-are-on-right-track-pm-modi-233239">first under the second term of Modi government</a> saw budget estimates for the Maldives being increased to Rs 576 crores, from earlier Rs 440 crores in the financial year 2018-2019. The new amount of Rs 576 crores is divided into Rs 400 crores of the grant being provided by India and Rs 176 crores of loan.&nbsp;

India has increased its support to the Indian Ocean island country under the present Ibrahim Mohamed Solih government. India is also planning to build a cricket stadium in the country soon.

Mauritius saw an increase of Rs 440 crores in grant, with this, it will be getting Rs 1100 crores. Last year the number was at Rs 660 crores.

Nepal saw an increase in the grant at Rs 1050 crores in the current financial year from Rs 750 cr, which is an increase of 28.5%.&nbsp;

Bhutan that has seen progressive Indian support saw Rs 2801.79 crores being granted which includes Rs 666 crores loan. An overall increase of Rs 291.79 crores year on year.

Indian grant to Afghanistan for FY 2019-2020 stands at Rs 400 crores, Seychelles at Rs 100 crores, Bangladesh at Rs 175 crores, Sri Lanka at Rs 250 crores, Mongolia at Rs 5 crores.

New Delhi backed Chabahar port was given a grant at 45 crores for FY2019-2020, last financial year it got Rs 150 crores.

Among the international organisations, SAARC and BIMSTEC both got Rs 8 crores, Commonwealth Secretariat got Rs 10 crore while the United Nation got Rs 275 crores. 
&nbsp;

Mauritius, Nepal and Maldives have seen the maximum increase in funds by the Indian government as country's Finance Minister Nirmala Sitharaman presented the budget for the fiscal year ending March 31, 2020, to Parliament.

Mauritius, Nepal and Maldives have seen the maximum increase in funds by the Indian government as country's Finance Minister Nirmala Sitharaman presented the budget for the fiscal year ending March 31, 2020, to Parliament. The Budget, first under the second term of Modi government saw budget estimates for the Maldives being increased to Rs 576 crores, from earlier Rs 440 crores in the financial year 2018-2019. The new amount of Rs 576 crores is divided into Rs 400 crores of the grant being provided by India and Rs 176 crores of loan. India has increased its support to the Indian Ocean island country under the present Ibrahim Mohamed Solih government. India is also planning to build a cricket stadium in the country soon. Mauritius saw an increase of Rs 440 crores in grant, with this, it will be getting Rs 1100 crores. Last year the number was at Rs 660 crores. Nepal saw an increase in the grant at Rs 1050 crores in the current financial year from Rs 750 cr, which is an increase of 28.5%. Bhutan that has seen progressive Indian support saw Rs 2801.79 crores being granted which includes Rs 666 crores loan. An overall increase of Rs 291.79 crores year on year. Indian grant to Afghanistan for FY 2019-2020 stands at Rs 400 crores, Seychelles at Rs 100 crores, Bangladesh at Rs 175 crores, Sri Lanka at Rs 250 crores, Mongolia at Rs 5 crores. New Delhi backed Chabahar port was given a grant at 45 crores for FY2019-2020, last financial year it got Rs 150 crores. Among the international organisations, SAARC and BIMSTEC both got Rs 8 crores, Commonwealth Secretariat got Rs 10 crore while the United Nation got Rs 275 crores.

Budget 2019: Mauritius, Maldives, Nepal see increase in Indian support

The Centre has rolled out a number of schemes for middle-class homebuyers that are expected to entail net gains worth Rs 7 lakh, in a big boost towards the goal of 'Housing for All'.

<a href="https://www.wionews.com/business-economy/budget-2019-nirmala-sitharaman-to-launch-study-in-india-initiative-to-encourage-foreign-students-233240">Finance Minister Nirmala Sitharaman</a>, while presenting the <a href="https://www.wionews.com/business-economy/budget-2019-finance-minister-sitharaman-proposes-opening-up-insurance-aviation-sectors-to-boost-growth-233235">Union Budget 2019-20 in Parliament </a>on Friday, proposed additional deduction of Rs 1.5 lakh for interest paid on loans borrowed up to March 31, 2020.

This move, Sitharaman said, will translate into a benefit of Rs 7 lakh for middle-class homebuyers over their loan period of 15 years.

Those purchasing homes valued up to Rs 45 lakh under the affordable housing scheme, Sitharaman said, can avail enhanced interest deduction up to Rs 3.5 lakh.

"For realisation of the goal of 'Housing for All' and affordable housing, a tax holiday has already been provided on the profits earned by developers of affordable housing. Also, interest paid on housing loans is allowed as a deduction to the extent of Rs. 2 lakh in respect of self-occupied property," she added.

Talking about rental tenancy laws, Sitharaman said the Centre would take substantial steps to promote rental housing for which government would make amendments in the existing rental laws.

"Current rental laws are archaic as they do not address lessor-lessee relationships fairly," she said, adding that the new tenancy rules would be shared with the states.

The Centre has rolled out a number of schemes for middle-class homebuyers that are expected to entail net gains worth Rs 7 lakh, in a big boost towards the goal of 'Housing for All'.

The Centre has rolled out a number of schemes for middle-class homebuyers that are expected to entail net gains worth Rs 7 lakh, in a big boost towards the goal of 'Housing for All'. Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2019-20 in Parliament on Friday, proposed additional deduction of Rs 1.5 lakh for interest paid on loans borrowed up to March 31, 2020. This move, Sitharaman said, will translate into a benefit of Rs 7 lakh for middle-class homebuyers over their loan period of 15 years. Those purchasing homes valued up to Rs 45 lakh under the affordable housing scheme, Sitharaman said, can avail enhanced interest deduction up to Rs 3.5 lakh. "For realisation of the goal of 'Housing for All' and affordable housing, a tax holiday has already been provided on the profits earned by developers of affordable housing. Also, interest paid on housing loans is allowed as a deduction to the extent of Rs. 2 lakh in respect of self-occupied property," she added. Talking about rental tenancy laws, Sitharaman said the Centre would take substantial steps to promote rental housing for which government would make amendments in the existing rental laws. "Current rental laws are archaic as they do not address lessor-lessee relationships fairly," she said, adding that the new tenancy rules would be shared with the states.

Centre announces benefits worth Rs 7 lakh for middle-class homebuyers

During the interim Budget presented by former finance minister Piyush Goyal the Modi government had pushed for electric vehicles(EVs) and emphasised on green technology, the move was taken forward by the new <a href="https://www.wionews.com/business-economy/budget-2019-finance-minister-sitharaman-proposes-opening-up-insurance-aviation-sectors-to-boost-growth-233235">finance minister Nirmala Sitharaman</a> who took forward the Sagarmala project for road, rail and port connectivity.

The "Bharatmala", "Sagarmala" and UDAN was proposed by the finance minister to "bridge the rural-urbal divide".

"Schemes such as 'Bharatmala', 'Sagarmala' and UDAN are bridging the rural and urban divide, improving our transport infrastructure," Sitharaman stressed.

Sitharaman said in the second phase of Bharatmala project states will be helped to develop roadways. The Sagarmala project unveiled by the first Modi government had envisaged developing India's waterways and costline by setting up new ports linking it through rail and roads.

"Comprehensive restructuring of National Highways Programme will be done to ensure the creation of National Highways Grid of desirable capacity," Sitharaman said during her maiden Budget presentation in Parliament.

"Government envisions using rivers for cargo transport,it will also decongest roads and railways," the finance minister informed.

Sitharaman said 1.25 lakh kilometres roads would be upgraded under the PM Gram Sadak Yogana with the government set to invest Rs 80,250 crores.

The finance minister also said 657 km of metro rail network would become operational across the country.

Sitharaman informed the Lok Sabha that "Dedicated Freight Corridors" by Indian Railways will decongest the mainline railway network with PPP (Public-Private Partnership) for Railway development.

The finance minister Special Purpose Vehicles (SPVs) will encourge suburban railway network development. &nbsp;Indian Railways needs Rs 50 lakh crore investment till 2030, Sitharaman said.&nbsp;

During the interim Budget presented by former finance minister Piyush Goyal the Modi government had pushed for electric vehicles(EVs) and emphasised on green technology, the move was taken forward by the new finance minister Nirmala Sitharaman who took forward the Sagarmala project for road, rail and port connectivity.

During the interim Budget presented by former finance minister Piyush Goyal the Modi government had pushed for electric vehicles(EVs) and emphasised on green technology, the move was taken forward by the new finance minister Nirmala Sitharaman who took forward the Sagarmala project for road, rail and port connectivity. The "Bharatmala", "Sagarmala" and UDAN was proposed by the finance minister to "bridge the rural-urbal divide". "Schemes such as 'Bharatmala', 'Sagarmala' and UDAN are bridging the rural and urban divide, improving our transport infrastructure," Sitharaman stressed. Sitharaman said in the second phase of Bharatmala project states will be helped to develop roadways. The Sagarmala project unveiled by the first Modi government had envisaged developing India's waterways and costline by setting up new ports linking it through rail and roads. "Comprehensive restructuring of National Highways Programme will be done to ensure the creation of National Highways Grid of desirable capacity," Sitharaman said during her maiden Budget presentation in Parliament. "Government envisions using rivers for cargo transport,it will also decongest roads and railways," the finance minister informed. Sitharaman said 1.25 lakh kilometres roads would be upgraded under the PM Gram Sadak Yogana with the government set to invest Rs 80,250 crores. The finance minister also said 657 km of metro rail network would become operational across the country. Sitharaman informed the Lok Sabha that "Dedicated Freight Corridors" by Indian Railways will decongest the mainline railway network with PPP (Public-Private Partnership) for Railway development. The finance minister Special Purpose Vehicles (SPVs) will encourge suburban railway network development. Indian Railways needs Rs 50 lakh crore investment till 2030, Sitharaman said.

Budget 2019: 'Bharatmala', 'Sagarmala' and UDAN bridging rural-urban divide: Sitharaman

Finance minister <a href="https://www.wionews.com/business-economy/need-structural-reforms-to-continue-growth-says-sitharaman-in-budget-speech-233176">Nirmala Sitharaman today announced </a>a slew of measures in the Budget to boost the economy. India is the sixth largest economy, she said. The finance minister said she will announce changes to kick-start foreign investment.

"It's right time to consider increasing minimum public shareholding in the listed companies, I have asked SEBI to consider raising the current threshold of 25 per cent to 35 per cent," India's finance minister informed Parliament during the Budget speech.

"We'll support private entrepreneurship in driving value addition to farmers produce and those from allied activities too, like bamboo, timber and also for generating renewable energy," the finance minister said during her Budget speech.&nbsp;

The major takeways included:

In order to harness India's space ability commercially, a public sector enterprise, New Space India Limited (NSIL) incorporated to tap benefits of ISRO.

Proposal&nbsp;to reform KYC for FPIs.

New National Education policy announced, encourage foreign students to study in India.

Propose to consider issuing Aadhaar Card for Non-Resident Indians (NRIs) with Indian passports after their arrival in India without waiting for the mandatory 180 days.&nbsp;

Rs 350 crore allocated for 2 per cent interest subvention for all GST-registered MSMEs on fresh or incremental loans.&nbsp;

Provide Non-resident Indians (NRIs) seamless access to Indian equities, NRI portfolio investment route to be merged with foreign portfolio investment route.

Pension for shopkeepers and retailers with turnover less than Rs 1.5 crore to be launched under Pradhan Mantri Karma Yogi Maan Dhan Scheme.

100 per cent FDI in insurance intermediaries.

1 crore loans for MSMEs in 59 minutes.&nbsp;

Pradhan Mantri Gram Sadak Yojana phase 3 envisaged to upgrade 1,25,000 km of road length over the next 5 years.

National Highways Programme will be done&nbsp;to ensure the creation of National Highways Grid of desirable capacity. The government envisions using rivers for cargo transport, it will also decongest roads and railways.

Government to&nbsp;invite suggestions for further opening up of FDI in the aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders.&nbsp;

PPP to be used to unleash faster development and the delivery of passenger freight services.&nbsp; 
&nbsp; 
FAME II scheme to encourage faster adoption of electric vehicles by the right incentives and charging infrastructure.&nbsp;

New Rupay scheme for transport.

Rental laws to be reformed.

Long term bonds for markets.

Multiple transport lines with one card.

Big Metro line push for new India.

Sagarmala for road, rail and port connectivity. It is meant for 'poor man's transport'.

India to enter aircraft financing.

India to create aspirational jobs in the aviation sector.

<a href="https://www.wionews.com/business-economy/in-a-first-finance-minister-nirmala-sitharaman-to-carry-budget-documents-four-fold-red-cloth-233152">Sitharaman</a> pushed for the development of MRO industry.

Annual Global Investors' Meet to be organized in India, using National Investment and Infrastructure Fund(NIIF) as the anchor to get key sets of global players to come and invest in India.&nbsp;

Expansion of Swachh Bharat mission to undertake sustainable solid waste management in every village.

Management of water resources and water supply in an integrated and holistic manner to ensure 'Har Ghar Jal', to all rural households by 2024 under 'Jal Jeevan Mission'.

Government to set up Sports Development Board under Khelo India.

Women Self Help Group(SHG) Interest Subvention Programme to be expanded to all districts in India.

Finance minister Nirmala Sitharaman today announced a slew of measures in the Budget to boost the economy. India is the sixth largest economy, she said. The finance minister said she will announce changes to kick-start foreign investment.

Finance minister Nirmala Sitharaman today announced a slew of measures in the Budget to boost the economy. India is the sixth largest economy, she said. The finance minister said she will announce changes to kick-start foreign investment. "It's right time to consider increasing minimum public shareholding in the listed companies, I have asked SEBI to consider raising the current threshold of 25 per cent to 35 per cent," India's finance minister informed Parliament during the Budget speech. "We'll support private entrepreneurship in driving value addition to farmers produce and those from allied activities too, like bamboo, timber and also for generating renewable energy," the finance minister said during her Budget speech. The major takeways included: In order to harness India's space ability commercially, a public sector enterprise, New Space India Limited (NSIL) incorporated to tap benefits of ISRO. Proposal to reform KYC for FPIs. New National Education policy announced, encourage foreign students to study in India. Propose to consider issuing Aadhaar Card for Non-Resident Indians (NRIs) with Indian passports after their arrival in India without waiting for the mandatory 180 days. Rs 350 crore allocated for 2 per cent interest subvention for all GST-registered MSMEs on fresh or incremental loans. Provide Non-resident Indians (NRIs) seamless access to Indian equities, NRI portfolio investment route to be merged with foreign portfolio investment route. Pension for shopkeepers and retailers with turnover less than Rs 1.5 crore to be launched under Pradhan Mantri Karma Yogi Maan Dhan Scheme. 100 per cent FDI in insurance intermediaries. 1 crore loans for MSMEs in 59 minutes. Pradhan Mantri Gram Sadak Yojana phase 3 envisaged to upgrade 1,25,000 km of road length over the next 5 years. National Highways Programme will be done to ensure the creation of National Highways Grid of desirable capacity. The government envisions using rivers for cargo transport, it will also decongest roads and railways. Government to invite suggestions for further opening up of FDI in the aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders. PPP to be used to unleash faster development and the delivery of passenger freight services. FAME II scheme to encourage faster adoption of electric vehicles by the right incentives and charging infrastructure. New Rupay scheme for transport. Rental laws to be reformed. Long term bonds for markets. Multiple transport lines with one card. Big Metro line push for new India. Sagarmala for road, rail and port connectivity. It is meant for 'poor man's transport'. India to enter aircraft financing. India to create aspirational jobs in the aviation sector. Sitharaman pushed for the development of MRO industry. Annual Global Investors' Meet to be organized in India, using National Investment and Infrastructure Fund(NIIF) as the anchor to get key sets of global players to come and invest in India. Expansion of Swachh Bharat mission to undertake sustainable solid waste management in every village. Management of water resources and water supply in an integrated and holistic manner to ensure 'Har Ghar Jal', to all rural households by 2024 under 'Jal Jeevan Mission'. Government to set up Sports Development Board under Khelo India. Women Self Help Group(SHG) Interest Subvention Programme to be expanded to all districts in India.

Budget 2019: Key takeaways announced by Nirmala Sitharaman in Parliament

During the Budget speech, finance minister<a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179"> Nirmala Sitharaman said India's</a> sovereign external debt to GDP was among the lowest globally at less than 5 per cent.

"The fiscal deficit this year is 3.3 per cent, brought down from 3.4 per cent,"&nbsp;Sitharaman said.

"More than 120 crore Indians now have Aadhar card, therefore for ease of taxpayers I propose to make PAN card and Aadhar card interchangeable and allow those who don't have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN," the finance minister said.&nbsp;

The finance minister informed that Parliament that tax collection had risen from Rs 6.38 lakh crore rupees in 2013-14 to Rs 11.37 lakh crore rupees in 2018.

"Tax proposal will spur growth," the finance minister said.

"The government will start raising a part of its gross borrowing program in external markets in external currencies," Sitharaman said during her maiden Budget speech.

"New series of coins of Rs 1, Rs 2, Rs 5, Rs 10, Rs 20 easily identifiable to the visually impaired released by the PM on 7th March 2019. The&nbsp;coins will be made available for public use shortly,' the finance minister said.

Highlights of Tax policy:

Direct tax revenue increased by 78 per cent.

Excise hike on Rs 1 litre on petrol, diesel

Customs duty on gold increased by 2 per cent

Cheaper home loans for houses upto 45 lakhs

Proposal to levy TDS of 2 per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account.

Tax benefits for buying electric vehicles.

Easing of Angel tax for startups.

Additional income tax deduction on loans taken on e-vehicles.

All companies with an annual turnover of Rs 400 crores to now come under the&nbsp; 25 per cent bracket. It will cover 99.3 per cent of all the companies.

Tax deduction for affordable housing.

Interchangeability&nbsp;of Pan, Aadhar.

Discourage making cash payments in business transactions.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

During the Budget speech, finance minister Nirmala Sitharaman said India's sovereign external debt to GDP was among the lowest globally at less than 5 per cent. "The fiscal deficit this year is 3.

During the Budget speech, finance minister Nirmala Sitharaman said India's sovereign external debt to GDP was among the lowest globally at less than 5 per cent. "The fiscal deficit this year is 3.3 per cent, brought down from 3.4 per cent," Sitharaman said. "More than 120 crore Indians now have Aadhar card, therefore for ease of taxpayers I propose to make PAN card and Aadhar card interchangeable and allow those who don't have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN," the finance minister said. The finance minister informed that Parliament that tax collection had risen from Rs 6.38 lakh crore rupees in 2013-14 to Rs 11.37 lakh crore rupees in 2018. "Tax proposal will spur growth," the finance minister said. "The government will start raising a part of its gross borrowing program in external markets in external currencies," Sitharaman said during her maiden Budget speech. "New series of coins of Rs 1, Rs 2, Rs 5, Rs 10, Rs 20 easily identifiable to the visually impaired released by the PM on 7th March 2019. The coins will be made available for public use shortly,' the finance minister said. Highlights of Tax policy: Direct tax revenue increased by 78 per cent. Excise hike on Rs 1 litre on petrol, diesel Customs duty on gold increased by 2 per cent Cheaper home loans for houses upto 45 lakhs Proposal to levy TDS of 2 per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account. Tax benefits for buying electric vehicles. Easing of Angel tax for startups. Additional income tax deduction on loans taken on e-vehicles. All companies with an annual turnover of Rs 400 crores to now come under the 25 per cent bracket. It will cover 99.3 per cent of all the companies. Tax deduction for affordable housing. Interchangeability of Pan, Aadhar. Discourage making cash payments in business transactions.

Budget 2019: Highlights of taxation, revenue policy announced by finance minister Nirmala Sitharaman

Finance minister <a href="https://www.wionews.com/business-economy/in-a-first-finance-minister-nirmala-sitharaman-to-carry-budget-documents-four-fold-red-cloth-233152">Nirmala Sitharaman presented </a>her first Budget in Lok Sabha today.

"The recent election was charged with brimming home and desire for a bright and stable 'New India'. Voter turnout was highest; every section came to stamp their approval for the performing government," the finance minister said in her speech.&nbsp;

"Reform, perform is the mantra of NDA government," the finance minister said in her opening remarks.

"India needs&nbsp;structural reforms to continue growth," she added.

'Last mile delivery of the government stood out," she said.

"It took us over 55 years to reach $1 trillion dollar economy. But when the hearts are filled with hope, trust and aspiration, we in just 5 years, added $1 trillion," she said.&nbsp;

''Schemes such as BharatMala, Sagarmala and UDAN are bridging rural-urban divide and improving our transport infrastructure,'' Sitharaman said.

''For providing an enabling ecosystem for Maintenance, Repair and Overhaul, suitable policy interventions will be adopted,'' she added.

Finance minister Nirmala Sitharaman presented her first Budget in Lok Sabha today. "The recent election was charged with brimming home and desire for a bright and stable 'New India'.

Finance minister Nirmala Sitharaman presented her first Budget in Lok Sabha today. "The recent election was charged with brimming home and desire for a bright and stable 'New India'. Voter turnout was highest; every section came to stamp their approval for the performing government," the finance minister said in her speech. "Reform, perform is the mantra of NDA government," the finance minister said in her opening remarks. "India needs structural reforms to continue growth," she added. 'Last mile delivery of the government stood out," she said. "It took us over 55 years to reach $1 trillion dollar economy. But when the hearts are filled with hope, trust and aspiration, we in just 5 years, added $1 trillion," she said. ''Schemes such as BharatMala, Sagarmala and UDAN are bridging rural-urban divide and improving our transport infrastructure,'' Sitharaman said. ''For providing an enabling ecosystem for Maintenance, Repair and Overhaul, suitable policy interventions will be adopted,'' she added.

Need structural reforms to continue growth, says Sitharaman in Budget speech

The <a href="https://www.wionews.com/india-news/union-budget-2019-this-budget-gives-hope-to-country-shows-we-are-on-right-track-pm-modi-233239">Union Budget 2019-20</a> on Friday proposed to extend the lower rate of 25 per cent corporate tax to all companies with annual turnover up to Rs 400 crore.

Currently, this rate is only applicable to companies having annual turnover up to Rs 250 crore. Presenting the Budget in Parliament, Finance Minister <a href="https://www.wionews.com/business-economy/budget-2019-finance-minister-sitharaman-proposes-opening-up-insurance-aviation-sectors-to-boost-growth-233235">Nirmala Sitharaman said</a>: "This will cover 99.3 per cent of the companies.&nbsp;Now only 0.7 per cent of companies will remain outside this rate."

The Budget also proposed to make PAN and Aadhaar interchangeable and allow those who do not have PAN to file income tax returns by simply quoting their Aadhaar number and also use it wherever they are required to quote PAN. Sitharaman said more than 120 crore Indians now have Aadhaar and the proposal aims at ease and convenience of taxpayers.

At the same time, pre-filed tax returns will be made available to taxpayers which will contain details of salary income, capital gains from securities, bank interests, dividends and tax deductions. "This will not only significantly reduce the time taken to file a tax return, but will also ensure accuracy of reporting of income and taxes," said Sitharaman.

Watch:&nbsp;India will become a $3-billion economy this year, says Nirmala Sitharaman

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A scheme of faceless assessment in electronic mode involving no human interface will be launched in a phased manner. To start with, such e-assessments will be carried out in cases requiring verification of certain specified transactions or discrepancies, she added.

The Budget also proposed to levy tax deduction at source of two per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account.&nbsp;

This is in continuation of a number of initiatives taken in the recent past for the promotion of digital payments and less cash economy and to promote digital payments further, said the minister.

The Union Budget 2019-20 on Friday proposed to extend the lower rate of 25 per cent corporate tax to all companies with annual turnover up to Rs 400 crore. Currently, this rate is only applicable to companies having annual turnover up to Rs 250 crore.

The Union Budget 2019-20 on Friday proposed to extend the lower rate of 25 per cent corporate tax to all companies with annual turnover up to Rs 400 crore. Currently, this rate is only applicable to companies having annual turnover up to Rs 250 crore. Presenting the Budget in Parliament, Finance Minister Nirmala Sitharaman said: "This will cover 99.3 per cent of the companies. Now only 0.7 per cent of companies will remain outside this rate." The Budget also proposed to make PAN and Aadhaar interchangeable and allow those who do not have PAN to file income tax returns by simply quoting their Aadhaar number and also use it wherever they are required to quote PAN. Sitharaman said more than 120 crore Indians now have Aadhaar and the proposal aims at ease and convenience of taxpayers. At the same time, pre-filed tax returns will be made available to taxpayers which will contain details of salary income, capital gains from securities, bank interests, dividends and tax deductions. "This will not only significantly reduce the time taken to file a tax return, but will also ensure accuracy of reporting of income and taxes," said Sitharaman. Watch: India will become a $3-billion economy this year, says Nirmala Sitharaman A scheme of faceless assessment in electronic mode involving no human interface will be launched in a phased manner. To start with, such e-assessments will be carried out in cases requiring verification of certain specified transactions or discrepancies, she added. The Budget also proposed to levy tax deduction at source of two per cent on cash withdrawal exceeding Rs 1 crore in a year from a bank account. This is in continuation of a number of initiatives taken in the recent past for the promotion of digital payments and less cash economy and to promote digital payments further, said the minister.

Budget 2019: Sitharaman proposes interchangeable PAN, Aadhaar for filing income tax returns

In Budget 2019, One woman in every SHG to be eligible for loan upto 1 lakh under Mudra scheme.

Budget 2019: One woman in every SHG to be eligible for loan upto 1 lakh under Mudra scheme

In Budget 2019, Govt will bring New Education Policy at par with international level, says Sitharaman

Budget 2019: Govt will bring New Education Policy at par with international level, says Sitharaman