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Nirmala Sitharaman focuses on 'Gaon, Gareeb aur Kisan' in her first Budget in Union Budget 2019-20.

Budget 2019: Nirmala Sitharaman focuses on 'Gaon, Gareeb aur Kisan' in her first Budget

India's benchmark BSE Sensex fell 363&nbsp;points as finance minister <a href="https://www.wionews.com/business-economy/budget-2019-highlights-of-taxation-revenue-policy-announced-by-finance-minister-nirmala-sitharaman-233200">Nirmala Sitharaman announced</a> the tax policy and levied additional excise&nbsp;on petrol and diesel.

The Sensex had opened over the 40,000-mark before the <a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179">Budget presentation on Friday </a>but began to slide in the latter half of the Budget speech while remaining flat for the early part of the Budget speech by Sitharaman.

Six of the 11 sectoral indexes compiled by the NSE were in the red, with the Nifty metal index among the top drags, falling as much 1.6 per cent&nbsp;while 13 of the 19 sectoral indexes compiled by BSE were trading lower.

The 10-year benchmark government bond yield fell to 6.60 per cent, compared with 6.75 per cent&nbsp;before the Budget.

The rupee strengthened to 68.59 from 68.70. 
&nbsp;

India's benchmark BSE Sensex fell 363 points as finance minister Nirmala Sitharaman announced the tax policy and levied additional excise on petrol and diesel. The Sensex had opened over the 40,000-mark before the Budget presentation on Friday but began to slide in the latter half of the Budget speech while remaining flat for the early part of the Budget speech by Sitharaman.

India's benchmark BSE Sensex fell 363 points as finance minister Nirmala Sitharaman announced the tax policy and levied additional excise on petrol and diesel. The Sensex had opened over the 40,000-mark before the Budget presentation on Friday but began to slide in the latter half of the Budget speech while remaining flat for the early part of the Budget speech by Sitharaman. Six of the 11 sectoral indexes compiled by the NSE were in the red, with the Nifty metal index among the top drags, falling as much 1.6 per cent while 13 of the 19 sectoral indexes compiled by BSE were trading lower. The 10-year benchmark government bond yield fell to 6.60 per cent, compared with 6.75 per cent before the Budget. The rupee strengthened to 68.59 from 68.70.

Sensex slides 363 points after Nirmala Sitharaman's Budget presentation

Budget 2019: Finance Minister Nirmala Sitharaman sets the 'ball rolling for New India'.

Budget 2019: Finance Minister Nirmala Sitharaman sets the 'ball rolling for New India'

Finance minister&nbsp;Nirmala Sitharaman tabled the <a href="https://www.wionews.com/business-economy/finance-minister-nirmala-sitharaman-tables-economic-survey-in-parliament-232941">Economic Survey in Rajya Sabha</a> today which said&nbsp;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&nbsp;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.&nbsp;"The government stood by the fiscal consolidation path," the report said.

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.

"The growth in the economy is expected to pick in 2019/20 as macroeconomic conditions continue to be stable," the finance ministry's chief economic adviser Krishnamurthy Subramanian, the report's main author, said.

The survey is an outlook of developments in the economy that is presented a day before the Union Budget.

The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy.

The Modi government will present its first full-fledged Budget on Friday which will be tabled by&nbsp;finance minister Nirmala Sitharaman.

Finance minister Nirmala Sitharaman tabled the Economic Survey in Rajya Sabha today which said India needed to sustain a GDP growth rate of 8 per cent in order to become a $5 trillion economy by 2025.

Finance minister Nirmala Sitharaman tabled the Economic Survey in Rajya Sabha today 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. 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. "The growth in the economy is expected to pick in 2019/20 as macroeconomic conditions continue to be stable," the finance ministry's chief economic adviser Krishnamurthy Subramanian, the report's main author, said. The survey is an outlook of developments in the economy that is presented a day before the Union Budget. The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy. The Modi government will present its first full-fledged Budget on Friday which will be tabled by finance minister Nirmala Sitharaman.

India needs to sustain 8% GDP growth to become $5 trillion economy by 2025: Economic Survey

The Economic Survey was tabled in Rajya Sabha today with the Union Budget to be presented in Parliament on Friday.

The survey is an outlook of developments in the economy that is presented a day before the Union Budget.

Reuters sources say the survey predicts 2019-20 GDP growth seen picking up on higher private investment and robust consumption.

According to Reuters sources, slow growth, GST, farm schemes will pose challenges on the fiscal front.

Economic Survey says rural wage growth that had bottomed out, started to rise since mid-2018, sources say.

Reuters sources added that Economic Survey says government policies expected to further lift restrictions on FDI inflows.

The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy.

The Modi government will present its first full-fledged Budget on Friday which will be tabled by&nbsp;finance minister Nirmala Sitharaman. 
&nbsp;

The Economic Survey was tabled in Rajya Sabha today with the Union Budget to be presented in Parliament on Friday. The survey is an outlook of developments in the economy that is presented a day before the Union Budget.

The Economic Survey was tabled in Rajya Sabha today with the Union Budget to be presented in Parliament on Friday. The survey is an outlook of developments in the economy that is presented a day before the Union Budget. Reuters sources say the survey predicts 2019-20 GDP growth seen picking up on higher private investment and robust consumption. According to Reuters sources, slow growth, GST, farm schemes will pose challenges on the fiscal front. Economic Survey says rural wage growth that had bottomed out, started to rise since mid-2018, sources say. Reuters sources added that Economic Survey says government policies expected to further lift restrictions on FDI inflows. The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy. The Modi government will present its first full-fledged Budget on Friday which will be tabled by finance minister Nirmala Sitharaman.

Finance minister Nirmala Sitharaman tables Economic Survey in Parliament

Finance Minister <a href="https://www.wionews.com/india-general-elections-2019/nirmala-sitharaman-the-first-full-time-woman-defence-minister-retained-as-union-minister-222866">Nirmala Sitharaman</a> will present the first full-year budget of the new government today at 11 am. As <a href="https://www.wionews.com/business-economy/finance-minister-nirmala-sitharaman-tables-economic-survey-in-parliament-232941">Finance minister,</a> this will be her maiden budget.

This is the time of the year when an individual taxpayer looks forward to taxing relief with the hope that he/ she will be left with more post-tax income in his/her hand.&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.

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;

It is widely expected that the Union Budget will have a slew of measures which will support growth both in the short-term and the long-term. It may be noted that 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.

Meanwhile, The pre-Budget Economic Survey 2018-19&nbsp;estimated the economy to grow at 7 per cent in 2019-20 and has called for shifting gears to realise an 8 per cent growth in the coming year which it cautioned will pose several challenges on the fiscal front.

The first survey of the new government and the first to be tabled in Parliament by Finance Minister Nirmala Sitharaman today said the 7 per cent growth for the current fiscal 2019-20 has been estimated on the back of an anticipated pickup in the growth of investment and acceleration in the growth of consumption.

(With inputs from ANI)

Finance Minister Nirmala Sitharaman will present the first full-year budget of the new government today at 11 am. As Finance minister, this will be her maiden budget.

Finance Minister Nirmala Sitharaman will present the first full-year budget of the new government today at 11 am. As Finance minister, this will be her maiden budget. This is the time of the year when an individual taxpayer looks forward to taxing relief with the hope that he/ she will be left with more post-tax income in his/her hand. 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. 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. It is widely expected that the Union Budget will have a slew of measures which will support growth both in the short-term and the long-term. It may be noted that 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. Meanwhile, The pre-Budget Economic Survey 2018-19 estimated the economy to grow at 7 per cent in 2019-20 and has called for shifting gears to realise an 8 per cent growth in the coming year which it cautioned will pose several challenges on the fiscal front. The first survey of the new government and the first to be tabled in Parliament by Finance Minister Nirmala Sitharaman today said the 7 per cent growth for the current fiscal 2019-20 has been estimated on the back of an anticipated pickup in the growth of investment and acceleration in the growth of consumption. (With inputs from ANI)

Budget 2019: Finance Minister Nirmala Sitharaman to present maiden Budget today at 11 am

Domestic equity benchmark BSE Sensex rose over 100 points in early trade on Thursday.

The 30-share index was trading 122.14 points, or 0.30 per cent, higher at 39,680.15 at 9:30am.&nbsp;

Similarly, the broader NSE Nifty was quoting at 43.55, up at 11,952.30.

In the previous session Wednesday, the broader NSE Nifty closed 0.05% higher at 11,916.75, while the benchmark BSE Sensex settled 0.06% firmer at 39,839.25.

Financials stock helped the indices finish in the black, with Indiabulls Housing Finance Ltd closing 7.6% higher while IndusInd Bank Ltd ending the day 3.8% higher.

Prime Minister Narendra Modi government will unveil its first budget since winning a second term by a landslide in May. Finance Minister Nirmala Sitharaman has to battle slumping economic growth and high rates of unemployment.

Economists expect her to take measures to boost domestic growth and rural consumption, among other things.

Meanwhile,&nbsp;Asian markets rose tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut.

Domestic equity benchmark BSE Sensex rose over 100 points in early trade on Thursday. The 30-share index was trading 122.14 points, or 0.30 per cent, higher at 39,680.

Domestic equity benchmark BSE Sensex rose over 100 points in early trade on Thursday. The 30-share index was trading 122.14 points, or 0.30 per cent, higher at 39,680.15 at 9:30am. Similarly, the broader NSE Nifty was quoting at 43.55, up at 11,952.30. In the previous session Wednesday, the broader NSE Nifty closed 0.05% higher at 11,916.75, while the benchmark BSE Sensex settled 0.06% firmer at 39,839.25. Financials stock helped the indices finish in the black, with Indiabulls Housing Finance Ltd closing 7.6% higher while IndusInd Bank Ltd ending the day 3.8% higher. Prime Minister Narendra Modi government will unveil its first budget since winning a second term by a landslide in May. Finance Minister Nirmala Sitharaman has to battle slumping economic growth and high rates of unemployment. Economists expect her to take measures to boost domestic growth and rural consumption, among other things. Meanwhile, Asian markets rose tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut.

Sensex rises over 100 points ahead of budget

Ministry of Corporate Affairs on Thursday ordered an investigation into embattled <a href="https://www.wionews.com/business-economy/jet-airways-employees-seek-pm-modis-intervention-to-help-them-out-211447">Jet Airways</a> over alleged mismanagement of funds, in another headache for the airline that halted operations in April after running out of cash.

The ministry ordered the Serious Fraud Investigation Office (SFIO) to carry out the probe, according to a government order seen by Reuters.

A spokeswoman for Jet Airways did not immediately respond to a request for comment outside business hours.

Separately, a government source told Reuters that the airline's former chairman, Naresh Goyal, had approached Delhi High Court to quash an order by authorities that stops him from travelling abroad. The government plans to oppose Goyal`s plea, the source added.

Ministry of Corporate Affairs on Thursday ordered an investigation into embattled Jet Airways over alleged mismanagement of funds, in another headache for the airline that halted operations in April after running out of cash.

Ministry of Corporate Affairs on Thursday ordered an investigation into embattled Jet Airways over alleged mismanagement of funds, in another headache for the airline that halted operations in April after running out of cash. The ministry ordered the Serious Fraud Investigation Office (SFIO) to carry out the probe, according to a government order seen by Reuters. A spokeswoman for Jet Airways did not immediately respond to a request for comment outside business hours. Separately, a government source told Reuters that the airline's former chairman, Naresh Goyal, had approached Delhi High Court to quash an order by authorities that stops him from travelling abroad. The government plans to oppose Goyal`s plea, the source added.

Government orders probe into Jet Airways over alleged mismanagement of funds: Document

Oil prices inched lower on Thursday after solid gains the day before, pressured by data showing a smaller-than-expected decline in US crude stockpiles.

Front-month Brent crude futures, the international benchmark for oil prices, were down 0.4% at $63.60 per barrel by 0112 GMT. Brent closed up 2.3% on Wednesday.

US West Texas Intermediate (WTI) crude futures were down 0.3% at $57.18 per barrel. WTI closed up 1.9% on Wednesday.

US crude inventories dropped by 1.1 million barrels last week, the Energy Information Administration (EIA) said on Wednesday. That compared with analyst expectations for a decrease of 3 million barrels.

"The US oil market remains oversupplied," said Edward Moya, senior analyst, OANDA.

But crude prices were underpinned after the Organization of the Petroleum Exporting Countries and other producers such as Russia, a group known as OPEC+, agreed on Tuesday to extend oil supply cuts until March 2020.

Oil prices inched lower on Thursday after solid gains the day before, pressured by data showing a smaller-than-expected decline in US crude stockpiles. Front-month Brent crude futures, the international benchmark for oil prices, were down 0.

Oil prices inched lower on Thursday after solid gains the day before, pressured by data showing a smaller-than-expected decline in US crude stockpiles. Front-month Brent crude futures, the international benchmark for oil prices, were down 0.4% at $63.60 per barrel by 0112 GMT. Brent closed up 2.3% on Wednesday. US West Texas Intermediate (WTI) crude futures were down 0.3% at $57.18 per barrel. WTI closed up 1.9% on Wednesday. US crude inventories dropped by 1.1 million barrels last week, the Energy Information Administration (EIA) said on Wednesday. That compared with analyst expectations for a decrease of 3 million barrels. "The US oil market remains oversupplied," said Edward Moya, senior analyst, OANDA. But crude prices were underpinned after the Organization of the Petroleum Exporting Countries and other producers such as Russia, a group known as OPEC+, agreed on Tuesday to extend oil supply cuts until March 2020.

Oil prices edge down, pressured by US supply

Asian markets rose Thursday, tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut.

US traders went on a pre-July 4 spending spree Wednesday to push all three main indexes to their all-time highs as a string of weak economic indicators reinforced the case for the Fed to reduce borrowing costs.

With the relief-rally from Donald Trump and Xi Jinping's trade war ceasefire running its course, dealers were turning their attention to the global outlook and pinning their hopes on central bank support.

The release Friday of US non-farm payroll figures is key, analysts say, with a weak reading likely to reinforce expectations of a rate cut.&nbsp;

Talk of a reduction and concerns about the economy have seen the yield on safe haven 10-year Treasuries fall below two per cent.

"A lot of US economic data is wavering, as most key indicators are falling below trend, but the recent standouts have been labour and wage data," said OANDA senior market analyst Edward Moya.

"If the pillars of the economy begin to show some signs of weakness, this will disrupt the US consumer and support the calls for the Fed to cut in July and signal an additional one is on the way."

Dollar dips

In early Asian business, Hong Kong was up 0.5 per cent, Shanghai added 0.1 per cent, Tokyo climbed 0.3 per cent by the break and Sydney jumped 0.6 per cent.

Singapore was up 0.3 per cent, Wellington added 0.2 per cent and Taipei was 0.4 per cent stronger though Seoul was marginally lower.

Stephen Innes, at Vanguard Markets, said the fall in yields across several asset classes "has increased investor appetite for high dividend-yielding equity risk".

Investors were "hoping that this next wave central bank monetary infusion will provide a foundation to ensure the global cyclical bottom is set while offering a welcoming climate to extend this bullish trading cycle," he said.

The increasing likelihood of a Fed cut weighed on the dollar, with riskier currencies such as the South Korean won, Australian dollar and Indonesian rupiah all strengthening.

The Chinese yuan was also slightly higher.

However, Trump hit out at China on Wednesday in a Twitter rant, accusing it and Europe of artificially keeping the yuan and euro weak to gain an advantage over the US.

He said they were playing a "big currency manipulation game" and "pumping money into their system", adding that the US should step up to the fight by matching them.

Asian markets rose Thursday, tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut.

Asian markets rose Thursday, tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut. US traders went on a pre-July 4 spending spree Wednesday to push all three main indexes to their all-time highs as a string of weak economic indicators reinforced the case for the Fed to reduce borrowing costs. With the relief-rally from Donald Trump and Xi Jinping's trade war ceasefire running its course, dealers were turning their attention to the global outlook and pinning their hopes on central bank support. The release Friday of US non-farm payroll figures is key, analysts say, with a weak reading likely to reinforce expectations of a rate cut. Talk of a reduction and concerns about the economy have seen the yield on safe haven 10-year Treasuries fall below two per cent. "A lot of US economic data is wavering, as most key indicators are falling below trend, but the recent standouts have been labour and wage data," said OANDA senior market analyst Edward Moya. "If the pillars of the economy begin to show some signs of weakness, this will disrupt the US consumer and support the calls for the Fed to cut in July and signal an additional one is on the way." Dollar dips In early Asian business, Hong Kong was up 0.5 per cent, Shanghai added 0.1 per cent, Tokyo climbed 0.3 per cent by the break and Sydney jumped 0.6 per cent. Singapore was up 0.3 per cent, Wellington added 0.2 per cent and Taipei was 0.4 per cent stronger though Seoul was marginally lower. Stephen Innes, at Vanguard Markets, said the fall in yields across several asset classes "has increased investor appetite for high dividend-yielding equity risk". Investors were "hoping that this next wave central bank monetary infusion will provide a foundation to ensure the global cyclical bottom is set while offering a welcoming climate to extend this bullish trading cycle," he said. The increasing likelihood of a Fed cut weighed on the dollar, with riskier currencies such as the South Korean won, Australian dollar and Indonesian rupiah all strengthening. The Chinese yuan was also slightly higher. However, Trump hit out at China on Wednesday in a Twitter rant, accusing it and Europe of artificially keeping the yuan and euro weak to gain an advantage over the US. He said they were playing a "big currency manipulation game" and "pumping money into their system", adding that the US should step up to the fight by matching them.

Asian markets track record lead from Wall Street, focus on jobs

Several major <a href="https://www.wionews.com/world/us-hits-chinese-firm-sinovel-with-15-mn-fine-for-stealing-technology-149666">US-based technology</a> companies are planning to shift substantial production out of China, spurred by a bitter trade war between <a href="https://www.wionews.com/world/4th-july-celebrations-battle-tanks-arrive-in-washington-trump-promises-incredible-flyovers-biggest-ever-fireworks-232578">Washington</a> and Beijing, the Nikkei reported on Wednesday, citing sources.

Personal computer makers HP Inc and Dell Technologies are planning to reallocate up to 30% of their notebook production out of China, according to the Nikkei.

Microsoft Corp, Alphabet Inc, Amazon.com Inc, Sony Corp and Nintendo Co Ltd are also looking at moving some of their game console and smart speaker manufacturing out of the country, the Nikkei added.

US President Donald Trump and <a href="https://www.wionews.com/world/xi-jinping-heads-to-north-korea-to-meet-kim-jong-un-ahead-of-trump-talks-228852">Chinese President Xi Jinping</a> struck a truce at last weekend's Group of 20 summits in Japan, paving the way for a restart in trade talks after months of stalemate.

However, the companies are not likely to alter their plans of moving some of their production out of China as they also face higher operating costs in the country.

In June, Apple Inc asked its major suppliers to assess the cost implications of moving 15%-30% of their production capacity from China to Southeast Asia as it prepares for a restructuring of its supply chain, Nikkei had reported last month.

HP, Dell, Amazon, Microsoft and Google did not immediately respond to a Reuters' request for comment.

Several major US-based technology companies are planning to shift substantial production out of China, spurred by a bitter trade war between Washington and Beijing, the Nikkei reported on Wednesday, citing sources.

Several major US-based technology companies are planning to shift substantial production out of China, spurred by a bitter trade war between Washington and Beijing, the Nikkei reported on Wednesday, citing sources. Personal computer makers HP Inc and Dell Technologies are planning to reallocate up to 30% of their notebook production out of China, according to the Nikkei. Microsoft Corp, Alphabet Inc, Amazon.com Inc, Sony Corp and Nintendo Co Ltd are also looking at moving some of their game console and smart speaker manufacturing out of the country, the Nikkei added. US President Donald Trump and Chinese President Xi Jinping struck a truce at last weekend's Group of 20 summits in Japan, paving the way for a restart in trade talks after months of stalemate. However, the companies are not likely to alter their plans of moving some of their production out of China as they also face higher operating costs in the country. In June, Apple Inc asked its major suppliers to assess the cost implications of moving 15%-30% of their production capacity from China to Southeast Asia as it prepares for a restructuring of its supply chain, Nikkei had reported last month. HP, Dell, Amazon, Microsoft and Google did not immediately respond to a Reuters' request for comment.

HP, Dell, other tech firms plan to shift production out of China: Nikkei

Shares closed largely unchanged on Wednesday as weak global data hurt sentiment, while investors awaited positive cues from the budget due later this week.

The government is set to turn on the fiscal taps in the budget and revise its borrowing target slightly higher for this year and next, prompted by a slowing economy and weak jobs growth, a Reuters poll of economists showed.

The broader NSE Nifty closed 0.05% higher at 11,916.75, while the benchmark BSE Sensex settled 0.06% firmer at 39,839.25.

Financials stock helped the indices finish in the black, with Indiabulls Housing Finance Ltd closing 7.6% higher while IndusInd Bank Ltd ending the day 3.8% higher.

Shares closed largely unchanged on Wednesday as weak global data hurt sentiment, while investors awaited positive cues from the budget due later this week. The government is set to turn on the fiscal taps in the budget and revise its borrowing target slightly higher for this year and next, prompted by a slowing economy and weak jobs growth, a Reuters poll of economists showed.

Shares closed largely unchanged on Wednesday as weak global data hurt sentiment, while investors awaited positive cues from the budget due later this week. The government is set to turn on the fiscal taps in the budget and revise its borrowing target slightly higher for this year and next, prompted by a slowing economy and weak jobs growth, a Reuters poll of economists showed. The broader NSE Nifty closed 0.05% higher at 11,916.75, while the benchmark BSE Sensex settled 0.06% firmer at 39,839.25. Financials stock helped the indices finish in the black, with Indiabulls Housing Finance Ltd closing 7.6% higher while IndusInd Bank Ltd ending the day 3.8% higher.

Sensex, Nifty largely unchanged, financials keep index afloat

Industry leaders expect the Union Budget for 2019-20 to lower corporate taxes and spur investments for shoring up consumption levels and reversing the slowdown in economic growth.

CII Director General Chandrajit Banerjee said the corporate tax rate, which currently stands at about 35 per cent for larger companies, should be reduced to 25 per cent. It should be brought down to 18 per cent in a phased manner with simultaneous elimination of exemptions.

Secondly, he said, dividend distribution tax should be brought down from 20 per cent to 10 per cent in the Budget. Thirdly, to encourage taxpayers to invest in mutual funds and shares, the gains from the sale of such instruments should be made more tax-friendly by removing the taxability on sale of long-term capital assets.

"To kick start the economy and encourage investments, the cost of equity should be reduced so that investors are encouraged to take equity risks at a time when raising the growth rate is of utmost importance," he said.

Finance Minister Nirmala Sitharaman will present the first Budget of the second term of Prime Minister Narendra Modi led NDA government at the Centre on July 5.

FICCI president Sandip Somany has called for the simplification of Goods and Services Tax (GST), lowering of interest rates, addressing farm distress and the creation of an eco-system that promotes employment.

The government during its previous tenure succeeded in bringing in critical reforms, including GST, Real Estate (Regulation and Development) Act, and Insolvency and Bankruptcy Code.

"It is time now to not only work towards the required modifications in them but also usher in the next wave of reforms, especially in the important areas of land, labour, and judiciary," he said.

Somany said the real solution to rural distress and farmers' problems lies in the creation of a strong infrastructure to support agriculture, including irrigation and warehousing facilities.

Besides, the reforms associated with agricultural marketing also need to be pushed so that farmers' cost of production and selling is reduced.

"These reforms though depend on coordination with the states and the success of GST can be replicated here. Value-added products have to be produced in agriculture. Exports of agri products should be encouraged," he said.

At the same time, liquidity issues with regard to non-banking financial companies are resurfacing. The government needs to take care of the concerns so that apprehensions in the credit ecosystem subsides quickly. "We are optimistic that the liquidity concerns can be managed with the help of concerted efforts," said Somany.

"We also have to put in place a robust system for capturing the jobs data so that we have an accurate estimate of jobs that are being created industry-wise," he added.

In January to March, GDP growth fell to 5.8 per cent while overall growth during the entire financial year 2018-19 was 6.8 per cent. Indicators like falling industrial output and de-growth in automobile sales have stoked fears of a deeper slowdown.

The Federation of Indian Export Organisations (FIEO) has urged the government to announce various measures such as employment-linked income tax benefits and set up a fund for marketing purposes to boost the country's outbound shipments in the upcoming Budget.

"We would urge the government to provide income tax relief to units which provide additional employment in the export sector," it said in a statement.

Further, FIEO said the Budget should encourage domestic manufacturing with a focus on imports substitution.

"On customs front, the instances of inverted duty structure need to be looked into," it said adding the corporate tax reduction may be extended to all entities," it said.

Industry leaders expect the Union Budget for 2019-20 to lower corporate taxes and spur investments for shoring up consumption levels and reversing the slowdown in economic growth.

Industry leaders expect the Union Budget for 2019-20 to lower corporate taxes and spur investments for shoring up consumption levels and reversing the slowdown in economic growth. CII Director General Chandrajit Banerjee said the corporate tax rate, which currently stands at about 35 per cent for larger companies, should be reduced to 25 per cent. It should be brought down to 18 per cent in a phased manner with simultaneous elimination of exemptions. Secondly, he said, dividend distribution tax should be brought down from 20 per cent to 10 per cent in the Budget. Thirdly, to encourage taxpayers to invest in mutual funds and shares, the gains from the sale of such instruments should be made more tax-friendly by removing the taxability on sale of long-term capital assets. "To kick start the economy and encourage investments, the cost of equity should be reduced so that investors are encouraged to take equity risks at a time when raising the growth rate is of utmost importance," he said. Finance Minister Nirmala Sitharaman will present the first Budget of the second term of Prime Minister Narendra Modi led NDA government at the Centre on July 5. FICCI president Sandip Somany has called for the simplification of Goods and Services Tax (GST), lowering of interest rates, addressing farm distress and the creation of an eco-system that promotes employment. The government during its previous tenure succeeded in bringing in critical reforms, including GST, Real Estate (Regulation and Development) Act, and Insolvency and Bankruptcy Code. "It is time now to not only work towards the required modifications in them but also usher in the next wave of reforms, especially in the important areas of land, labour, and judiciary," he said. Somany said the real solution to rural distress and farmers' problems lies in the creation of a strong infrastructure to support agriculture, including irrigation and warehousing facilities. Besides, the reforms associated with agricultural marketing also need to be pushed so that farmers' cost of production and selling is reduced. "These reforms though depend on coordination with the states and the success of GST can be replicated here. Value-added products have to be produced in agriculture. Exports of agri products should be encouraged," he said. At the same time, liquidity issues with regard to non-banking financial companies are resurfacing. The government needs to take care of the concerns so that apprehensions in the credit ecosystem subsides quickly. "We are optimistic that the liquidity concerns can be managed with the help of concerted efforts," said Somany. "We also have to put in place a robust system for capturing the jobs data so that we have an accurate estimate of jobs that are being created industry-wise," he added. In January to March, GDP growth fell to 5.8 per cent while overall growth during the entire financial year 2018-19 was 6.8 per cent. Indicators like falling industrial output and de-growth in automobile sales have stoked fears of a deeper slowdown. The Federation of Indian Export Organisations (FIEO) has urged the government to announce various measures such as employment-linked income tax benefits and set up a fund for marketing purposes to boost the country's outbound shipments in the upcoming Budget. "We would urge the government to provide income tax relief to units which provide additional employment in the export sector," it said in a statement. Further, FIEO said the Budget should encourage domestic manufacturing with a focus on imports substitution. "On customs front, the instances of inverted duty structure need to be looked into," it said adding the corporate tax reduction may be extended to all entities," it said.

Industry leaders call for massive infrastructure investments ahead of Union Budget FY20

Reliance Group is looking to lease out its headquarters in one of Mumbai's prime suburbs, the telecoms to infrastructure conglomerate said, a move that will help the company to raise funds to pay off debt.

Some of the companies under the Reliance Group conglomerate, controlled by businessman Anil Ambani, have been <a href="https://www.wionews.com/india-news/reliance-has-paid-debt-servicing-payments-of-over-rs-35000-crore-anil-ambani-226184">hit by a spate of credit ratings downgrades and auditing issues</a>.

"Reliance infrastructure plans to monetise its marquee Reliance Center Office located in Santacruz East, Mumbai," the company said in a statement.

Reliance will continue to own the premises and proceeds from the leasing deal will go only for debt reduction, the company said. It did not comment on the financial details of the deal or the group's financial condition.

Ambani is the younger brother of Asia's richest man Mukesh Ambani. A feud between the brothers over control the Reliance empire broke out after the death of their father in 2002. The Reliance businesses were split up in 2005 as part of a settlement between them.

That made them both billionaires but while Mukesh's energy, telecoms and retail conglomerate had gone from strength to strength, Anil's companies have struggled.

Mukesh, however, appears more recently to have offered some kind of support to his younger brother so he could repay $80 million in debt to Swedish telecom company Ericsson.

Debts

The company headquarters, located along a busy highway in the premium commercial area of western Mumbai, is spread over 0.7 million square feet and accommodates more than 3,000 employees, a Reliance executive said. The property is under control of the flagship company of the group, Reliance Infrastructure Ltd.

Reliance Infrastructure, known as R-Infra, builds and runs bridges, roads, metro rail and power plants, and operates the company's fledgeling defence business. It is one of the most indebted companies under the Reliance umbrella and has sold off assets in the past two years.

It currently has debts of 150 billion rupees ($2.17 billion) and Ambani said last month that he would sell off all its road assets as it seeks to become a debt-free company by next year.

Reliance Infrastructure reported heavy losses in its fourth quarter results. Its auditors raised red flags around the latest results and cast doubts over the manner in which the firm had accounted for several transactions.

Ambani's financials business, Reliance Capital Ltd also came under scrutiny when global audit firm PwC resigned citing irregularities in the books of accounts. The company rejected the auditor's report.

The company has appointed real estate consulting firm JLL as advisers for leasing out its headquarters, the executive said.

JLL did not reply to an email seeking comment.

Reliance Group is looking to lease out its headquarters in one of Mumbai's prime suburbs, the telecoms to infrastructure conglomerate said, a move that will help the company to raise funds to pay off debt.

Reliance Group is looking to lease out its headquarters in one of Mumbai's prime suburbs, the telecoms to infrastructure conglomerate said, a move that will help the company to raise funds to pay off debt. Some of the companies under the Reliance Group conglomerate, controlled by businessman Anil Ambani, have been hit by a spate of credit ratings downgrades and auditing issues. "Reliance infrastructure plans to monetise its marquee Reliance Center Office located in Santacruz East, Mumbai," the company said in a statement. Reliance will continue to own the premises and proceeds from the leasing deal will go only for debt reduction, the company said. It did not comment on the financial details of the deal or the group's financial condition. Ambani is the younger brother of Asia's richest man Mukesh Ambani. A feud between the brothers over control the Reliance empire broke out after the death of their father in 2002. The Reliance businesses were split up in 2005 as part of a settlement between them. That made them both billionaires but while Mukesh's energy, telecoms and retail conglomerate had gone from strength to strength, Anil's companies have struggled. Mukesh, however, appears more recently to have offered some kind of support to his younger brother so he could repay $80 million in debt to Swedish telecom company Ericsson. Debts The company headquarters, located along a busy highway in the premium commercial area of western Mumbai, is spread over 0.7 million square feet and accommodates more than 3,000 employees, a Reliance executive said. The property is under control of the flagship company of the group, Reliance Infrastructure Ltd. Reliance Infrastructure, known as R-Infra, builds and runs bridges, roads, metro rail and power plants, and operates the company's fledgeling defence business. It is one of the most indebted companies under the Reliance umbrella and has sold off assets in the past two years. It currently has debts of 150 billion rupees ($2.17 billion) and Ambani said last month that he would sell off all its road assets as it seeks to become a debt-free company by next year. Reliance Infrastructure reported heavy losses in its fourth quarter results. Its auditors raised red flags around the latest results and cast doubts over the manner in which the firm had accounted for several transactions. Ambani's financials business, Reliance Capital Ltd also came under scrutiny when global audit firm PwC resigned citing irregularities in the books of accounts. The company rejected the auditor's report. The company has appointed real estate consulting firm JLL as advisers for leasing out its headquarters, the executive said. JLL did not reply to an email seeking comment.

Reliance Group to lease out company headquarters to pay off debt

OPEC agreed on Monday to extend by nine months daily oil output cuts aimed at supporting prices and soaking up excess supplies, following last weekend's G20 pact between cartel kingpin <a href="https://www.wionews.com/world/russia-agrees-with-saudi-arabia-to-extend-opec-and-oil-output-deal-231649">Saudi Arabia and non-member Russia</a>.

"We are very happy to announce that we have reached an agreement to extend for nine months the current production level," said OPEC president and Venezuelan Oil Minister Manuel Quevedo at the group's plush Vienna headquarters.

The expected news followed an official ministerial output meeting of the 14-nation Organization of the Petroleum Exporting Countries (OPEC), which pumps just under one third of the world's oil.&nbsp;

Members will gather again on Tuesday for OPEC+ -&nbsp;a grouping that comprises a total of 24 crude producers including Russia, Kazakhstan, Malaysia and Mexico -&nbsp;which is also expected to extend its collective production limits.

The enlarged crude producing club had already decided in December to remove 1.2 million barrels per day from the market in a deal which ran through to the end of June.&nbsp;

The original cutbacks, sparked after oil prices tanked at the end of last year on fears of slower global growth, sent the market surging by a third in the first three months of this year.

The news nevertheless sent oil prices rallying on Monday, with sentiment boosted also by the China-US trade truce that was agreed at the G20 in Osaka.

New York crude gained 62 cents to finish at $59.09 per barrel, while Brent oil added 32 cents to $65.06.

"The G20 put a very nice backdrop to where we are today," said Saudi Arabia's Energy Minister Khalid al-Falih at a press conference announcing the extension.

"The global economy looks a lot better than it did a couple of years ago because of the agreement reached between President (Donald) Trump and China."

However, this week's OPEC action was largely overshadowed after Russian President Vladimir Putin and Saudi Arabia agreed Saturday on the sidelines of the G20 to extend the deal by between six and nine months, leaving only the time frame unclear.

The cartel's ministers also agreed on Monday to establish a formal and permanent "charter of cooperation" between OPEC and non-OPEC nations, despite reservations from Iran.

Falih said that Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin had met and "enthusiastically supported an extension for up to nine months".

"There was no doubt in their minds that this (OPEC+) framework... has been extremely beneficial to producers as well as consumers, and of course to the global economy," Falih said.

"They also gave us their support to (Russian Energy Minister Alexander) Novak and myself that they would welcome making this cooperation... a permanent framework that would always bring producers from both sides together."

Novak had declared earlier Monday that "everyone" supported the proposition to extend production caps.

The OPEC+ grouping, formed three years ago to combat slumping prices in the face of abundant supplies, together accounts for almost half of global crude.

Iran had earlier slammed the Osaka move, arguing that OPEC did not simply exist to rubber-stamp a decision made outside of the cartel, but did nevertheless support the extension.

The Islamic republic, with production severely hit by US sanctions, is however exempt from the December cuts agreement along with crisis-stricken pair Venezuela and Libya.

Falih was meanwhile swift to deflect criticism from Saudi Arabia's archfoe Iran that OPEC could "die" in the face of Riyadh and Moscow's deal.

"As Mark Twain said once, the reports of OPEC's death have been repeated many times, and every time it was ... greatly exaggerated," Falih told reporters earlier in the day.

Monday's meeting also followed an agreement between Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 to restart trade talks, reviving hopes of an end to their tariff war which has dented the outlook for energy demand and the global economy generally.

The cartel meanwhile remains on red alert over escalating US-Iran tensions that have also fuelled strong oil-price gains, particularly over disputed attacks on tankers in the Straits of Hormuz -- a vital passage for world oil supplies.

Yet global demand worries persist and the cartel has also lost considerable market share to the US, whose booming shale output has transformed it into the world's biggest oil producer ahead of Saudi Arabia.

OPEC agreed on Monday to extend by nine months daily oil output cuts aimed at supporting prices and soaking up excess supplies, following last weekend's G20 pact between cartel kingpin Saudi Arabia and non-member Russia.

OPEC agreed on Monday to extend by nine months daily oil output cuts aimed at supporting prices and soaking up excess supplies, following last weekend's G20 pact between cartel kingpin Saudi Arabia and non-member Russia. "We are very happy to announce that we have reached an agreement to extend for nine months the current production level," said OPEC president and Venezuelan Oil Minister Manuel Quevedo at the group's plush Vienna headquarters. The expected news followed an official ministerial output meeting of the 14-nation Organization of the Petroleum Exporting Countries (OPEC), which pumps just under one third of the world's oil. Members will gather again on Tuesday for OPEC+ - a grouping that comprises a total of 24 crude producers including Russia, Kazakhstan, Malaysia and Mexico - which is also expected to extend its collective production limits. The enlarged crude producing club had already decided in December to remove 1.2 million barrels per day from the market in a deal which ran through to the end of June. The original cutbacks, sparked after oil prices tanked at the end of last year on fears of slower global growth, sent the market surging by a third in the first three months of this year. The news nevertheless sent oil prices rallying on Monday, with sentiment boosted also by the China-US trade truce that was agreed at the G20 in Osaka. New York crude gained 62 cents to finish at $59.09 per barrel, while Brent oil added 32 cents to $65.06. "The G20 put a very nice backdrop to where we are today," said Saudi Arabia's Energy Minister Khalid al-Falih at a press conference announcing the extension. "The global economy looks a lot better than it did a couple of years ago because of the agreement reached between President (Donald) Trump and China." However, this week's OPEC action was largely overshadowed after Russian President Vladimir Putin and Saudi Arabia agreed Saturday on the sidelines of the G20 to extend the deal by between six and nine months, leaving only the time frame unclear. The cartel's ministers also agreed on Monday to establish a formal and permanent "charter of cooperation" between OPEC and non-OPEC nations, despite reservations from Iran. Falih said that Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin had met and "enthusiastically supported an extension for up to nine months". "There was no doubt in their minds that this (OPEC+) framework... has been extremely beneficial to producers as well as consumers, and of course to the global economy," Falih said. "They also gave us their support to (Russian Energy Minister Alexander) Novak and myself that they would welcome making this cooperation... a permanent framework that would always bring producers from both sides together." Novak had declared earlier Monday that "everyone" supported the proposition to extend production caps. The OPEC+ grouping, formed three years ago to combat slumping prices in the face of abundant supplies, together accounts for almost half of global crude. Iran had earlier slammed the Osaka move, arguing that OPEC did not simply exist to rubber-stamp a decision made outside of the cartel, but did nevertheless support the extension. The Islamic republic, with production severely hit by US sanctions, is however exempt from the December cuts agreement along with crisis-stricken pair Venezuela and Libya. Falih was meanwhile swift to deflect criticism from Saudi Arabia's archfoe Iran that OPEC could "die" in the face of Riyadh and Moscow's deal. "As Mark Twain said once, the reports of OPEC's death have been repeated many times, and every time it was ... greatly exaggerated," Falih told reporters earlier in the day. Monday's meeting also followed an agreement between Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 to restart trade talks, reviving hopes of an end to their tariff war which has dented the outlook for energy demand and the global economy generally. The cartel meanwhile remains on red alert over escalating US-Iran tensions that have also fuelled strong oil-price gains, particularly over disputed attacks on tankers in the Straits of Hormuz -- a vital passage for world oil supplies. Yet global demand worries persist and the cartel has also lost considerable market share to the US, whose booming shale output has transformed it into the world's biggest oil producer ahead of Saudi Arabia.

OPEC decides to extend oil output cuts after Saudi Arabia-Russia pact

Indian shares closed higher on Tuesday, with financials and IT stocks driving gains on the index as investors awaited further cues from the budget due later in the week.

Earlier in the session, markets witnessed thin trade as heavy rains lashed Mumbai, India's financial capital, for a second straight day, disrupting road, rail and air traffic.

The authorities declared a public holiday in the city.

The broader Nifty closed 0.38 per cent higher at 11,910.3, while the benchmark Sensex settled 0.33 per cent firmer at 39,816.48.

Housing Development Finance Corp Ltd closed 1.6 per cent up, while Infosys Ltd ended the session 1.1 per cent higher.

Meanwhile, a day after automakers posted lacklustre monthly sales figures, the country's auto index rebounded from early losses to close 0.2 per cent firmer.

Shares of Yes Bank Ltd finished the session 8.3 per cent lower on the report that Mumbai-based real estate company Radius Developers defaulted on scheduled interest payments on 12 bln rupees ($174.07 million) loan to the lender. 
&nbsp;

Indian shares closed higher on Tuesday, with financials and IT stocks driving gains on the index as investors awaited further cues from the budget due later in the week.

Indian shares closed higher on Tuesday, with financials and IT stocks driving gains on the index as investors awaited further cues from the budget due later in the week. Earlier in the session, markets witnessed thin trade as heavy rains lashed Mumbai, India's financial capital, for a second straight day, disrupting road, rail and air traffic. The authorities declared a public holiday in the city. The broader Nifty closed 0.38 per cent higher at 11,910.3, while the benchmark Sensex settled 0.33 per cent firmer at 39,816.48. Housing Development Finance Corp Ltd closed 1.6 per cent up, while Infosys Ltd ended the session 1.1 per cent higher. Meanwhile, a day after automakers posted lacklustre monthly sales figures, the country's auto index rebounded from early losses to close 0.2 per cent firmer. Shares of Yes Bank Ltd finished the session 8.3 per cent lower on the report that Mumbai-based real estate company Radius Developers defaulted on scheduled interest payments on 12 bln rupees ($174.07 million) loan to the lender.

Markets close higher, IT stocks boost index

India`s gold imports rose 12.6% in June from a year earlier to $2.69 billion amid a jump in global prices to six-year highs, a government source said on Tuesday.

However, imports were 44% lower in June from May's $4.78 billion, the source said, who was not allowed to speak to the media.

In India, local prices jumped to a record high in June, moderating demand from retail consumers.

The drop in gold imports by India, the world`s second-biggest consumer of the precious metal, could weigh on global prices that are struggling to hold recent gains.

India`s gold imports rose 12.6% in June from a year earlier to $2.69 billion amid a jump in global prices to six-year highs, a government source said on Tuesday.

India`s gold imports rose 12.6% in June from a year earlier to $2.69 billion amid a jump in global prices to six-year highs, a government source said on Tuesday. However, imports were 44% lower in June from May's $4.78 billion, the source said, who was not allowed to speak to the media. In India, local prices jumped to a record high in June, moderating demand from retail consumers. The drop in gold imports by India, the world`s second-biggest consumer of the precious metal, could weigh on global prices that are struggling to hold recent gains.

India's June gold imports rise 12.6 per cent year-on-year amid global price rally: Report

Equity benchmark indices edged higher during early hours on Monday amid strong global cues coupled with investors awaiting the Union Budget this week.

At 10:15 am, the BSE S&amp;P Sensex was up 222 points at 39,616 while the Nifty 50 jumped 61 points to 11,849. All sectoral indices except PSU bank at the National Stock Exchange were in the positive zone.

Among stocks, Dr Reddy traded 2.3 per cent higher while power utility major NTPC gained over 2 per cent.

Indiabulls Housing Finance, Eicher Motors and Tata Steel also moved up over 1.5 per cent.

However, shares of Reliance Home Finance slipped 5.5 per cent after the company failed to repay the principal obligations on its non-convertible debentures held by Reliance Mutual Fund worth Rs 400 crore.

Eveready Industries too fell 5 per cent after Price Waterhouse resigned as its statutory auditor over the weekend, citing the inability to analyse the impact of financial support extended by the battery maker to its promoter group entities.

Indian Oil, Bharat Petroleum, Ultratech Cement and Bharti Infratel were also in the red.

Meanwhile, Asian stocks rallied as a thaw in US-China trade dispute averted one threat to the global economy.

The United States and China agreed on Saturday to restart trade talks after President Donald Trump offered concessions to his Chinese counterpart Xi Jinping when the two met on sidelines of G-20 summit in Japan.

The Shanghai Composite gained 1.3 per cent. Japanese shares also jumped through South Korea's benchmark was little changed. 
&nbsp;

Equity benchmark indices edged higher during early hours on Monday amid strong global cues coupled with investors awaiting the Union Budget this week. At 10:15 am, the BSE S&P Sensex was up 222 points at 39,616 while the Nifty 50 jumped 61 points to 11,849.

Equity benchmark indices edged higher during early hours on Monday amid strong global cues coupled with investors awaiting the Union Budget this week. At 10:15 am, the BSE S&P Sensex was up 222 points at 39,616 while the Nifty 50 jumped 61 points to 11,849. All sectoral indices except PSU bank at the National Stock Exchange were in the positive zone. Among stocks, Dr Reddy traded 2.3 per cent higher while power utility major NTPC gained over 2 per cent. Indiabulls Housing Finance, Eicher Motors and Tata Steel also moved up over 1.5 per cent. However, shares of Reliance Home Finance slipped 5.5 per cent after the company failed to repay the principal obligations on its non-convertible debentures held by Reliance Mutual Fund worth Rs 400 crore. Eveready Industries too fell 5 per cent after Price Waterhouse resigned as its statutory auditor over the weekend, citing the inability to analyse the impact of financial support extended by the battery maker to its promoter group entities. Indian Oil, Bharat Petroleum, Ultratech Cement and Bharti Infratel were also in the red. Meanwhile, Asian stocks rallied as a thaw in US-China trade dispute averted one threat to the global economy. The United States and China agreed on Saturday to restart trade talks after President Donald Trump offered concessions to his Chinese counterpart Xi Jinping when the two met on sidelines of G-20 summit in Japan. The Shanghai Composite gained 1.3 per cent. Japanese shares also jumped through South Korea's benchmark was little changed.

Sensex rallies over 200 points in early trading, Nifty hovers near 11,800

Asian markets surged Monday after Donald Trump and Xi Jinping agreed to restart trade talks, reviving hopes of an end to their tariffs war, while oil prices also rallied on news that Saudi Arabia and Russia will extend their output caps.

Trump's historic visit to North Korea, where he met leader Kim Jong Un, soothed geopolitical concerns and added to the upbeat mood on trading floors.

After a highly anticipated meeting on the sidelines of the G20 summit Saturday, the US president said negotiations to resolve the standoff between the world's two biggest economies were "back on track" and threatened new levies on Chinese goods would be held off.

Trump also signalled a softer position on Chinese telecom giant Huawei, a major bone of contention in the row, by saying US companies could sell equipment "where there's no great national security problem", White House economic advisor Larry Kudlow said Sunday.

While there had been a quiet sense of optimism the talks would end with an agreement to return to the negotiating table, the apparent concession on Huawei took some by surprise and provided some extra buying support.&nbsp;

The news was much-needed after Trump sparked volatility in early May with his shock decision to hit China with new tariffs and halt talks that had seemed to be nearing a positive end.

'Sigh of relief'

"After spending the better part of two months in trade war purgatory and with G20 done and dusted, risk markets have responded to Saturday's events in a reveller tone," said Stephen Innes at Vanguard Markets.

"Indeed, investors heaved a massive, but exhausted, sigh of relief that both the US and China opted to push the reset button and restart trade negotiations amidst other pleasantries -- now we'll have to see whether it all sticks."

Shanghai jumped 2.1 per cent in the morning while the Chinese yuan climbed to its strongest level in almost two months. Soft factory activity data indicated continued weakness in the world's number two economy, though analysts said the readings could press the central People's Bank of China to unveil fresh stimulus measures.

Tokyo ended the morning 1.8 per cent higher, Singapore rallied 1.2 per cent and Taipei was 1.5 per cent higher, with Sydney, Seoul, Wellington and Manila also higher. Hong Kong was closed for a public holiday.

Oil prices were also on a roll, with both main contracts jumping more than two per cent as the Trump-Xi agreement came with news that Russia and OPEC cartel kingpin Saudi Arabia had agreed at the G20 to extend a deal to limit output.

Innes added that "even with some long-term uncertainty on US-China trade leaking into the equation, I think medium-term risks to oil prices remained skewed to the upside, as Middle East tension continues to percolate, and we anticipate more easing from the PBoC. Both positives for oil prices".

The optimistic tone hit demand for safe-haven gold, which sank below $1,400.

Asian markets surged Monday after Donald Trump and Xi Jinping agreed to restart trade talks, reviving hopes of an end to their tariffs war, while oil prices also rallied on news that Saudi Arabia and Russia will extend their output caps.

Asian markets surged Monday after Donald Trump and Xi Jinping agreed to restart trade talks, reviving hopes of an end to their tariffs war, while oil prices also rallied on news that Saudi Arabia and Russia will extend their output caps. Trump's historic visit to North Korea, where he met leader Kim Jong Un, soothed geopolitical concerns and added to the upbeat mood on trading floors. After a highly anticipated meeting on the sidelines of the G20 summit Saturday, the US president said negotiations to resolve the standoff between the world's two biggest economies were "back on track" and threatened new levies on Chinese goods would be held off. Trump also signalled a softer position on Chinese telecom giant Huawei, a major bone of contention in the row, by saying US companies could sell equipment "where there's no great national security problem", White House economic advisor Larry Kudlow said Sunday. While there had been a quiet sense of optimism the talks would end with an agreement to return to the negotiating table, the apparent concession on Huawei took some by surprise and provided some extra buying support. The news was much-needed after Trump sparked volatility in early May with his shock decision to hit China with new tariffs and halt talks that had seemed to be nearing a positive end. 'Sigh of relief' "After spending the better part of two months in trade war purgatory and with G20 done and dusted, risk markets have responded to Saturday's events in a reveller tone," said Stephen Innes at Vanguard Markets. "Indeed, investors heaved a massive, but exhausted, sigh of relief that both the US and China opted to push the reset button and restart trade negotiations amidst other pleasantries -- now we'll have to see whether it all sticks." Shanghai jumped 2.1 per cent in the morning while the Chinese yuan climbed to its strongest level in almost two months. Soft factory activity data indicated continued weakness in the world's number two economy, though analysts said the readings could press the central People's Bank of China to unveil fresh stimulus measures. Tokyo ended the morning 1.8 per cent higher, Singapore rallied 1.2 per cent and Taipei was 1.5 per cent higher, with Sydney, Seoul, Wellington and Manila also higher. Hong Kong was closed for a public holiday. Oil prices were also on a roll, with both main contracts jumping more than two per cent as the Trump-Xi agreement came with news that Russia and OPEC cartel kingpin Saudi Arabia had agreed at the G20 to extend a deal to limit output. Innes added that "even with some long-term uncertainty on US-China trade leaking into the equation, I think medium-term risks to oil prices remained skewed to the upside, as Middle East tension continues to percolate, and we anticipate more easing from the PBoC. Both positives for oil prices". The optimistic tone hit demand for safe-haven gold, which sank below $1,400.

Asian markets surge on Trump-Xi breakthrough, oil rallies

Gross revenue on account of Goods and Services Tax (GST) totalled Rs 99,939 crore in June, up 4.52 per cent from Rs 95,610 crore in the corresponding period of last year, the Central government said on Monday.

Of the GST collection in June, the central GST was Rs 18,366 crore, state GST Rs 25,343 crore, integrated GST Rs 47,772 crore (including Rs 21,980 crore collected on imports) and cess Rs 8,457 crore (including Rs 876 crore collected on imports).

The total number of GSTR 3B returns filed for May up to June 30 was 74.38 lakh.

The government settled Rs 18,169 crore to CGST and Rs 13,613 crore to SGST from IGST as regular settlement.

The total revenue earned by the Centre and state governments after regular settlement in June is Rs 36,535 crore for CGST and Rs 38,956 crore for the SGST.

The revenue in June 2019 is 1.86 per cent higher than the monthly average of GST revenue in FY 2018-19 which was Rs 98,114 crore, according to an official statement.&nbsp;

Gross revenue on account of Goods and Services Tax (GST) totalled Rs 99,939 crore in June, up 4.52 per cent from Rs 95,610 crore in the corresponding period of last year, the Central government said on Monday.

Gross revenue on account of Goods and Services Tax (GST) totalled Rs 99,939 crore in June, up 4.52 per cent from Rs 95,610 crore in the corresponding period of last year, the Central government said on Monday. Of the GST collection in June, the central GST was Rs 18,366 crore, state GST Rs 25,343 crore, integrated GST Rs 47,772 crore (including Rs 21,980 crore collected on imports) and cess Rs 8,457 crore (including Rs 876 crore collected on imports). The total number of GSTR 3B returns filed for May up to June 30 was 74.38 lakh. The government settled Rs 18,169 crore to CGST and Rs 13,613 crore to SGST from IGST as regular settlement. The total revenue earned by the Centre and state governments after regular settlement in June is Rs 36,535 crore for CGST and Rs 38,956 crore for the SGST. The revenue in June 2019 is 1.86 per cent higher than the monthly average of GST revenue in FY 2018-19 which was Rs 98,114 crore, according to an official statement.

GST revenue collections for June total Rs 99,939 crore

India's infrastructure output grew 5.1% in May from a year earlier, government data showed on Monday.&nbsp;

Infrastructure output, which comprises eight sectors such as coal, crude oil and electricity, accounts for nearly 40% of the country's industrial output.

This comes days after it was reported that&nbsp;India's May steel exports dropped to the

<a href="https://www.wionews.com/business-economy/indias-may-steel-exports-drop-to-lowest-in-three-years-230563">Country's finished steel exports in May</a> fell to their lowest in three years as shipments to traditional markets in the European Union (EU) and Nepal shrank, preliminary government data reviewed by Reuters showed.

India exported 319,000 tonnes of finished steel in May, down 28 per cent from the same month last year and the lowest level since April 2016, the data showed.&nbsp;

Steel exports to the EU dropped 55 per cent in May, led by fewer shipments to Italy, Belgium and Spain, which together made up about 80% of India's overall exports to the region.

That comes amid 'safeguard' measures by the EU that are designed to limit incoming steel and prevent a surge of imports as a result of Washington's 25 per cent import tariffs, which have effectively closed the U.S. market.

Indian exports to Italy slumped 65 per cent to 23,000 tonnes, according to the data. Exports to Spain fell 41% to 13,000 tonnes, while shipments to Belgium were down 42% at 25,000 tonnes.

India, which typically ships cold-rolled coil, galvanized steel and some long products such as bars and rods to the EU, saw a decline in these shipments by as much as 30 per cent.

Meanwhile, India's exports to Nepal, the top destination last year, were down 22 per cent at 63,000 tonnes.&nbsp;

&nbsp;

&nbsp;

India's infrastructure output grew 5.1% in May from a year earlier, government data showed on Monday. Infrastructure output, which comprises eight sectors such as coal, crude oil and electricity, accounts for nearly 40% of the country's industrial output.

India's infrastructure output grew 5.1% in May from a year earlier, government data showed on Monday. Infrastructure output, which comprises eight sectors such as coal, crude oil and electricity, accounts for nearly 40% of the country's industrial output. This comes days after it was reported that India's May steel exports dropped to the Country's finished steel exports in May fell to their lowest in three years as shipments to traditional markets in the European Union (EU) and Nepal shrank, preliminary government data reviewed by Reuters showed. India exported 319,000 tonnes of finished steel in May, down 28 per cent from the same month last year and the lowest level since April 2016, the data showed. Steel exports to the EU dropped 55 per cent in May, led by fewer shipments to Italy, Belgium and Spain, which together made up about 80% of India's overall exports to the region. That comes amid 'safeguard' measures by the EU that are designed to limit incoming steel and prevent a surge of imports as a result of Washington's 25 per cent import tariffs, which have effectively closed the U.S. market. Indian exports to Italy slumped 65 per cent to 23,000 tonnes, according to the data. Exports to Spain fell 41% to 13,000 tonnes, while shipments to Belgium were down 42% at 25,000 tonnes. India, which typically ships cold-rolled coil, galvanized steel and some long products such as bars and rods to the EU, saw a decline in these shipments by as much as 30 per cent. Meanwhile, India's exports to Nepal, the top destination last year, were down 22 per cent at 63,000 tonnes.

India's May infrastructure output at 5.1%: Government

The domestic stock market on Monday ended on a positive note with BSE Sensex closing 0.74 per cent or 292 points higher at 39,686.50 as compared to its previous close.&nbsp;

NSE Nifty, on the other hand, rose by 77 points to end at 11,865.60.

In early trade today, the benchmark indices edged higher amid strong global cues coupled with investors awaiting the Union Budget this week.&nbsp;

Finance Minister Nirmala Sitharaman is slated to present the new budget this Friday, July 5.&nbsp;

In its previous close on Friday, the domestic stock market on Friday ended in red with BSE Sensex falling 191.77 points to end at 39,394.64. NSE Nifty, on the other hand, dropped 52.70 points to close at 11,788.85.

Amid weak cues from global equities, domestic equity benchmarks BSE Sensex and NSE Nifty started on a cautious note Friday. &nbsp;

The domestic stock market on Monday ended on a positive note with BSE Sensex closing 0.74 per cent or 292 points higher at 39,686.50 as compared to its previous close.

The domestic stock market on Monday ended on a positive note with BSE Sensex closing 0.74 per cent or 292 points higher at 39,686.50 as compared to its previous close. NSE Nifty, on the other hand, rose by 77 points to end at 11,865.60. In early trade today, the benchmark indices edged higher amid strong global cues coupled with investors awaiting the Union Budget this week. Finance Minister Nirmala Sitharaman is slated to present the new budget this Friday, July 5. In its previous close on Friday, the domestic stock market on Friday ended in red with BSE Sensex falling 191.77 points to end at 39,394.64. NSE Nifty, on the other hand, dropped 52.70 points to close at 11,788.85. Amid weak cues from global equities, domestic equity benchmarks BSE Sensex and NSE Nifty started on a cautious note Friday.

Markets end in green; Sensex gains 292 points, Nifty up by 77 

The government is considering giving more powers to the central bank to regulate the struggling shadow banking sector, Finance Minister Nirmala Sitharaman informed Parliament on Monday.

The government does not have any plans to infuse funds in privately-held shadow banks, she said in a written reply.

"Government has received a proposal from RBI to strengthen RBI's regulatory and supervisory powers under the Reserve Bank of India Act, 1934, and the same is under consideration," Sitharaman said.

The outlook on the shadow banking sector has been bleak ever since the state-run Infrastructure Leasing &amp; Financial Services defaulted on a series of debt obligation triggering New Delhi to take over the control of the company.

The government is considering giving more powers to the central bank to regulate the struggling shadow banking sector, Finance Minister Nirmala Sitharaman informed Parliament on Monday.

The government is considering giving more powers to the central bank to regulate the struggling shadow banking sector, Finance Minister Nirmala Sitharaman informed Parliament on Monday. The government does not have any plans to infuse funds in privately-held shadow banks, she said in a written reply. "Government has received a proposal from RBI to strengthen RBI's regulatory and supervisory powers under the Reserve Bank of India Act, 1934, and the same is under consideration," Sitharaman said. The outlook on the shadow banking sector has been bleak ever since the state-run Infrastructure Leasing & Financial Services defaulted on a series of debt obligation triggering New Delhi to take over the control of the company.

Government considering more powers for RBI to regulate shadow banking sector

The price of non-subsidised LPG in Delhi has been slashed by Rs 100.50 per cylinder and the same will come into effect from July 1. Upfront cash payment by consumer of domestic LPG will reduce by Rs 100.50 per cylinder.

As domestic LPG prices are subsidized by the government, the effective price after subsidy to the consumers will be Rs 494.35 per cylinder for the month of July 2019, the Indian Oil Corporation said in a statement.&nbsp;

Earlier this month, United Arab Emirates' (UAE) Minister of State and ADNOC Group CEO Sultan Ahmed Al Jaber assured India of <a href="https://www.wionews.com/india-news/uae-assures-supply-of-oil-lpg-despite-tanker-attacks-oil-minister-dharmendra-pradhan-228139">uninterrupted supply of oil and liquefied petroleum gas</a> despite disruptions in the Strait of Hormuz.

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Oil Minister Dharmendra Pradhan had stated he discussed collaboration between India and the UAE during a telephone conversation with Jaber.

Pradhan had previously said that Tripura is country's number one gas producing point and every poor household in the state will have LPG connection in 2019. &nbsp;

The price of non-subsidised LPG in Delhi has been slashed by Rs 100.50 per cylinder and the same will come into effect from July 1. Upfront cash payment by consumer of domestic LPG will reduce by Rs 100.

The price of non-subsidised LPG in Delhi has been slashed by Rs 100.50 per cylinder and the same will come into effect from July 1. Upfront cash payment by consumer of domestic LPG will reduce by Rs 100.50 per cylinder. As domestic LPG prices are subsidized by the government, the effective price after subsidy to the consumers will be Rs 494.35 per cylinder for the month of July 2019, the Indian Oil Corporation said in a statement. Earlier this month, United Arab Emirates' (UAE) Minister of State and ADNOC Group CEO Sultan Ahmed Al Jaber assured India of uninterrupted supply of oil and liquefied petroleum gas despite disruptions in the Strait of Hormuz. Indian Oil Corporation: As domestic LPG prices are subsidized by the Government, the effective price after subsidy to consumer will be Rs 494.35 per cylinder for the month of July 2019. https://t.co/2YQs6da0Jw — ANI (@ANI) June 30, 2019 × Oil Minister Dharmendra Pradhan had stated he discussed collaboration between India and the UAE during a telephone conversation with Jaber. Pradhan had previously said that Tripura is country's number one gas producing point and every poor household in the state will have LPG connection in 2019.

LPG cooking gas cylinders to be cheaper by Rs 100.50 from Monday

The state-run Bangladesh Energy Regulatory Commission (BERC) on Sunday raised natural gas prices by 32.8 per cent&nbsp;on average for all users effective from July 1, the first day of country`s fiscal year, the head of the Commission said.

"The price has been hiked only to adjust the huge losses of state-run Petrobangla," said Monwar Islam, the chairman of the Commission.&nbsp;

Petrobangla is incurring losses of about $235 million a month as it currently imports liquefied natural gas from the international market and sells it onto the domestic market at a loss, an official said.

BERC last raised natural gas prices by 11 per cent&nbsp;in 2017.

Business leaders said with this price hike the industry will lose its competitiveness in the international market.

"This huge price hike is a stops us boosting our output and also it will give us strong competition in the international market," said Anwarul Alam Chowdhury, the President of the Bangladesh Chambers of Industry.&nbsp;

The state-run Bangladesh Energy Regulatory Commission (BERC) on Sunday raised natural gas prices by 32.8 per cent on average for all users effective from July 1, the first day of country`s fiscal year, the head of the Commission said.

The state-run Bangladesh Energy Regulatory Commission (BERC) on Sunday raised natural gas prices by 32.8 per cent on average for all users effective from July 1, the first day of country`s fiscal year, the head of the Commission said. "The price has been hiked only to adjust the huge losses of state-run Petrobangla," said Monwar Islam, the chairman of the Commission. Petrobangla is incurring losses of about $235 million a month as it currently imports liquefied natural gas from the international market and sells it onto the domestic market at a loss, an official said. BERC last raised natural gas prices by 11 per cent in 2017. Business leaders said with this price hike the industry will lose its competitiveness in the international market. "This huge price hike is a stops us boosting our output and also it will give us strong competition in the international market," said Anwarul Alam Chowdhury, the President of the Bangladesh Chambers of Industry.

Bangladesh raises natural gas price by about 33%

Central banks grappling with fast-changing financial technology and companies like <a href="https://www.wionews.com/world/facebook-inc-chief-executive-mark-zuckerberg-says-delay-in-flagging-fake-pelosi-video-was-execution-mistake-230784">Facebook</a> moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements.

The BIS said the intention of the hub, which will be based in Basel, Hong Kong and Singapore, is to improve the functioning of the global financial system and it will identify and develop insights into trends in technology affecting central banking.

Facebook`s plan to expand into payments and launch its own Libra cryptocurrency was not mentioned in the BIS statement, but the social media giant`s move has helped crystallise opinion among central bankers on the urgency of coordinating regulatory responses to financial technology trends.

"The IT revolution knows no borders and therefore has repercussions in multiple locations simultaneously," BIS Chairman Jens Weidmann said in a statement following the decision to create the hub at a BIS board meeting.&nbsp;

The hub will focus on helping central banks to "identify relevant trends in technology, supporting these developments where this is consistent with their mandate, and keeping abreast of regulatory requirements with the objective of safeguarding financial stability," he added.

Basel-based BIS, a central bank umbrella group, has already called on politicians to closely scrutinise Big Tech`s incursion into finance, a move that raises questions about data privacy, competition, markets and banking.

Details about the hub were limited, and the BIS said it was not able to provide details on investment or staffing levels.

The <a href="https://www.wionews.com/india-news/money-in-swiss-banks-india-slips-to-74th-place-uk-remains-on-top-231751">Swiss National Bank</a> (SNB), the Hong Kong Monetary Authority and the Monetary Authority of Singapore have all signed up to support the initiative.

SNB Chairman Thomas Jordan said the central bank would step up its efforts in scrutinizing new financial technology.

"The SNB is already keeping very close track of technological innovations in the financial area, and works actively within the central banking community in identifying and assessing relevant developments at an early stage," Jordan said.

Central banks grappling with fast-changing financial technology and companies like Facebook moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements.

Central banks grappling with fast-changing financial technology and companies like Facebook moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements. The BIS said the intention of the hub, which will be based in Basel, Hong Kong and Singapore, is to improve the functioning of the global financial system and it will identify and develop insights into trends in technology affecting central banking. Facebook`s plan to expand into payments and launch its own Libra cryptocurrency was not mentioned in the BIS statement, but the social media giant`s move has helped crystallise opinion among central bankers on the urgency of coordinating regulatory responses to financial technology trends. "The IT revolution knows no borders and therefore has repercussions in multiple locations simultaneously," BIS Chairman Jens Weidmann said in a statement following the decision to create the hub at a BIS board meeting. The hub will focus on helping central banks to "identify relevant trends in technology, supporting these developments where this is consistent with their mandate, and keeping abreast of regulatory requirements with the objective of safeguarding financial stability," he added. Basel-based BIS, a central bank umbrella group, has already called on politicians to closely scrutinise Big Tech`s incursion into finance, a move that raises questions about data privacy, competition, markets and banking. Details about the hub were limited, and the BIS said it was not able to provide details on investment or staffing levels. The Swiss National Bank (SNB), the Hong Kong Monetary Authority and the Monetary Authority of Singapore have all signed up to support the initiative. SNB Chairman Thomas Jordan said the central bank would step up its efforts in scrutinizing new financial technology. "The SNB is already keeping very close track of technological innovations in the financial area, and works actively within the central banking community in identifying and assessing relevant developments at an early stage," Jordan said.

World's central banks tackle technology with innovation hub