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Various initiatives in the interim budget such as tax rebates for the middle class will benefit the travel and tourism sector, industry players said.&nbsp;

"On the whole, the interim budget is promising for the travel industry, complemented by further tax rebate for the middle-income group more savings, more travel," said FCM Travel Solutions MD Rakshit Desai.

Expressing similar views, EaseMyTrip Co-Founder &amp; CEO Nishant Pittie said the budget announced promising initiatives that will definitely augur well for the Indian travel and tourism industry.&nbsp;

The focus on tax rebates for the middle class has brought a sigh of relief for them and now they will be able to spend more on vacations.

The government has increased the funds for the tourism ministry to Rs 2,189.22 crore for 2019-20.

"The exemption of income tax for middle and lower class segment of the society will increase the disposable income, which in line will trigger demand across consumer focused industries," Royal Orchid Hotels MD Chander Baljee said.

Highlighting that tax exemptions will provide a boost to the sector, Cox &amp; Kings Group CEO Peter Kerkar said the move will lead to additional savings thereby leading to more discretionary spends and travel and tourism can be one of the beneficiaries.

Thomas Cook India ED and CEO Mahesh Iyer said: "While the interim budget 2019 has seen no direct mention of the travel and tourism sector, focus on tax breaks for the middle class will result in increased disposable income and a cascading boost to consumption- offering the sector an opportunity for increased travel and tourism spends."&nbsp;

Sambhav Rakyan, Head of Talent and Rewards Consulting, India at Willis Towers Watson said measures on taxation front will have a positive impact on disposable income and savings, which in turn can increase domestic expenditure and enhance the sense of security amongst salaried class.

L Badri Narayanan, Partner, Lakshmikumaran &amp; Sridharan attorneys said the tax exemptions will go a long way in providing relief. At the same time, the tax mop-up may not be affected too severely as the total contribution as percentage of overall tax may be low.

Co-Founder and Co-CEO of Drip Capital, Pushkar Mukewar said the finance minister has announced a few steps that could prove beneficial to MSMEs, including lower interest rates and tax changes.

Various initiatives in the interim budget such as tax rebates for the middle class will benefit the travel and tourism sector, industry players said. "On the whole, the interim budget is promising for the travel industry, complemented by further tax rebate for the middle-income group more savings, more travel," said FCM Travel Solutions MD Rakshit Desai.

Various initiatives in the interim budget such as tax rebates for the middle class will benefit the travel and tourism sector, industry players said. "On the whole, the interim budget is promising for the travel industry, complemented by further tax rebate for the middle-income group more savings, more travel," said FCM Travel Solutions MD Rakshit Desai. Expressing similar views, EaseMyTrip Co-Founder & CEO Nishant Pittie said the budget announced promising initiatives that will definitely augur well for the Indian travel and tourism industry. The focus on tax rebates for the middle class has brought a sigh of relief for them and now they will be able to spend more on vacations. The government has increased the funds for the tourism ministry to Rs 2,189.22 crore for 2019-20. "The exemption of income tax for middle and lower class segment of the society will increase the disposable income, which in line will trigger demand across consumer focused industries," Royal Orchid Hotels MD Chander Baljee said. Highlighting that tax exemptions will provide a boost to the sector, Cox & Kings Group CEO Peter Kerkar said the move will lead to additional savings thereby leading to more discretionary spends and travel and tourism can be one of the beneficiaries. Thomas Cook India ED and CEO Mahesh Iyer said: "While the interim budget 2019 has seen no direct mention of the travel and tourism sector, focus on tax breaks for the middle class will result in increased disposable income and a cascading boost to consumption- offering the sector an opportunity for increased travel and tourism spends." Sambhav Rakyan, Head of Talent and Rewards Consulting, India at Willis Towers Watson said measures on taxation front will have a positive impact on disposable income and savings, which in turn can increase domestic expenditure and enhance the sense of security amongst salaried class. L Badri Narayanan, Partner, Lakshmikumaran & Sridharan attorneys said the tax exemptions will go a long way in providing relief. At the same time, the tax mop-up may not be affected too severely as the total contribution as percentage of overall tax may be low. Co-Founder and Co-CEO of Drip Capital, Pushkar Mukewar said the finance minister has announced a few steps that could prove beneficial to MSMEs, including lower interest rates and tax changes.

Tax rebates for middle class to benefit travel, tourism sector: Industry

Union Finance and Railway Minister Piyush Goyal has been entrusted with the crucial responsibility of presenting the Budget Speech 2019 in the absence of Arun Jaitley. 

Budget 2019: Standard deduction to be raised, no tax on second house

Income tax refunds will be processed within 24 hours, released immediately, said Finance Minister Piyush Goyal said on Friday.

Presenting the Interim Budget in the parliament, he said direct tax collection has&nbsp;increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore and added,&nbsp;the tax base is up from Rs 3.79 crore to 6.85 crores.

The government is also working on reducing the GST burden on home buyers, Goyal said.&nbsp;

GST is probably the biggest taxation reform implemented since Independence, he said added, with tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving Ease of Doing Business, he said.

GST resulted in ease of trade, he said and added within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by officials.&nbsp;

The government&nbsp;increased base tax exception to 2.5 lakh, he said and added government has worked to reduce the tax burden on the middle class.&nbsp;

GST resulted in increased tax base and higher tax collection, he said and added Special benefits and tax incentives were given to businesses.&nbsp;

Income tax refunds will be processed within 24 hours, released immediately, said Finance Minister Piyush Goyal said on Friday. Presenting the Interim Budget in the parliament, he said direct tax collection has increased from Rs 6.

Income tax refunds will be processed within 24 hours, released immediately, said Finance Minister Piyush Goyal said on Friday. Presenting the Interim Budget in the parliament, he said direct tax collection has increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore and added, the tax base is up from Rs 3.79 crore to 6.85 crores. The government is also working on reducing the GST burden on home buyers, Goyal said. GST is probably the biggest taxation reform implemented since Independence, he said added, with tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving Ease of Doing Business, he said. GST resulted in ease of trade, he said and added within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by officials. The government increased base tax exception to 2.5 lakh, he said and added government has worked to reduce the tax burden on the middle class. GST resulted in increased tax base and higher tax collection, he said and added Special benefits and tax incentives were given to businesses.

Budget 2019: Income tax refunds to be processed within 24 hours, says FM 

Under the Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, &nbsp;in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding, said Finance Minister Piyush Goyal on Friday.&nbsp;

Goyal said this while presenting the Interim Budget in the Parliament on Friday.&nbsp;

This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, he added.

Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2 per cent interest subvention and additional 3 per cent interest subvention upon timely repayment

 
Mega pension scheme&nbsp;

The Finance Minister also announced a pension scheme called Pradhan Mantri Shram Yogi Mandhan which will provide assured monthly pension of 3000 rupees per month, with the contribution of 100 rupees per month, for workers in unorganised sector after 60 years of age.&nbsp;

Under the Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding, said Finance Minister Piyush Goyal on Friday.

Under the Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding, said Finance Minister Piyush Goyal on Friday. Goyal said this while presenting the Interim Budget in the Parliament on Friday. This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, he added. Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2 per cent interest subvention and additional 3 per cent interest subvention upon timely repayment Mega pension scheme The Finance Minister also announced a pension scheme called Pradhan Mantri Shram Yogi Mandhan which will provide assured monthly pension of 3000 rupees per month, with the contribution of 100 rupees per month, for workers in unorganised sector after 60 years of age.

Budget 2019: Rs 6,000 crore to be transferred to account of small farmers, says finance minister

Finance Minister Piyush Goyal on Friday said the Narendra Modi-led government had the decisive mandate to continue structured reforms and it was moving towards realising a "New India by 2022".

Presenting the budget for 2019-20 in the Lok Sabha, Goyal said, "We are moving towards realising New India by 2022."

"We have got decisive mandate to continue structured reforms. We have reversed policy paralysis," he added.

India has been recognised as the brightest spot in the world in the last 5 years, he said.&nbsp;

India is the fastest growing major economy in the world, he said and added, GDP Growth in the last five years higher than under any previous government.&nbsp;

NDA government contained double-digit inflation, he said and added, the government has broken the back of high inflation.&nbsp;

Finance Minister Piyush Goyal on Friday said the Narendra Modi-led government had the decisive mandate to continue structured reforms and it was moving towards realising a "New India by 2022".

Finance Minister Piyush Goyal on Friday said the Narendra Modi-led government had the decisive mandate to continue structured reforms and it was moving towards realising a "New India by 2022". Presenting the budget for 2019-20 in the Lok Sabha, Goyal said, "We are moving towards realising New India by 2022." "We have got decisive mandate to continue structured reforms. We have reversed policy paralysis," he added. India has been recognised as the brightest spot in the world in the last 5 years, he said. India is the fastest growing major economy in the world, he said and added, GDP Growth in the last five years higher than under any previous government. NDA government contained double-digit inflation, he said and added, the government has broken the back of high inflation.

Have mandate to continue reforms, moving towards New India by 2022: Piyush Goyal

Unveiling the development vision for the next decade, the government on Friday said it would focus on <a href="http://www.wionews.com/business-economy/budget-2019-full-text-of-finance-minister-piyush-goyals-speech-in-parliament-194373">10 key areas including job creation</a>, physical and social infrastructure building, pollution-free nation and clean rivers.

Presenting the Budget 2019-20, Finance Minister Piyush Goyal laid out vision for 10 most important dimensions in 2030.

<a href="http://www.wionews.com/business-economy/budget-2019-full-text-of-finance-minister-piyush-goyals-speech-in-parliament-194373">Also Read: Big takeaways from Union Budget 2019</a>

"The first dimension of this vision will be to build physical as well as social infrastructure for a $10-trillion economy and to provide ease of living," he said.

It will comprise, he said, next-generation infrastructure of roads, railways, seaports, airports, urban transport, gas and electric transmission and inland waterways.

On the social infrastructure side, Goyal said every family will have a roof over its head and will live in a healthy, clean and wholesome environment.

"We will also build quality, science-oriented educational system with institutes of excellence providing leadership at the top," he said.

The other dimensions of the visions include creating a <a href="http://www.wionews.com/business-economy/union-budget-2019-no-income-tax-for-annual-income-upto-rs-5-lakh-says-piyush-goyal-194324">Digital India reaching every sector </a>of the economy; making India a pollution-free nation; expanding rural industrialisation using modern digital technologies to generate massive employment; space; and clean rivers.

Elaborating on rural industrialisation, he said this would be built upon the Make in India approach to develop grassroots-level clusters, structures and mechanisms encompassing the MSMEs, village industries and start-ups spread in the country.

The fifth dimension of the Vision for India 2030 is clean rivers, with safe drinking water to all Indians and efficient use of water in irrigation using micro-irrigation techniques.

"Our coastline and our ocean waters powering India's development and growth is the sixth dimension of our vision," he said, adding that making India self-sufficient in food, exporting to the world to meet their food needs and producing food in the most organic way is the eighth dimension.

"High farm production and productivity will be achieved through modern agricultural practices and value addition. An integrated approach towards agro and food processing, preservation, packaging and maintenance of the cold chain will be our focus of attention," he added.

Further, he said that by 2030, the government will work towards a distress-free healthcare and a functional and comprehensive wellness system for all.

"Our India of 2030 will have a proactive and responsible bureaucracy which will be viewed as friendly to people," the minister said.

With this comprehensive 10-dimensional Vision, "we will create an India where poverty, malnutrition, littering and illiteracy would be a matter of the past. India would be a modern, technology-driven, high growth, equitable and transparent society," the minister said.

Unveiling the development vision for the next decade, the government on Friday said it would focus on 10 key areas including job creation, physical and social infrastructure building, pollution-free nation and clean rivers.

Unveiling the development vision for the next decade, the government on Friday said it would focus on 10 key areas including job creation, physical and social infrastructure building, pollution-free nation and clean rivers. Presenting the Budget 2019-20, Finance Minister Piyush Goyal laid out vision for 10 most important dimensions in 2030. Also Read: Big takeaways from Union Budget 2019 "The first dimension of this vision will be to build physical as well as social infrastructure for a $10-trillion economy and to provide ease of living," he said. It will comprise, he said, next-generation infrastructure of roads, railways, seaports, airports, urban transport, gas and electric transmission and inland waterways. On the social infrastructure side, Goyal said every family will have a roof over its head and will live in a healthy, clean and wholesome environment. "We will also build quality, science-oriented educational system with institutes of excellence providing leadership at the top," he said. The other dimensions of the visions include creating a Digital India reaching every sector of the economy; making India a pollution-free nation; expanding rural industrialisation using modern digital technologies to generate massive employment; space; and clean rivers. Elaborating on rural industrialisation, he said this would be built upon the Make in India approach to develop grassroots-level clusters, structures and mechanisms encompassing the MSMEs, village industries and start-ups spread in the country. The fifth dimension of the Vision for India 2030 is clean rivers, with safe drinking water to all Indians and efficient use of water in irrigation using micro-irrigation techniques. "Our coastline and our ocean waters powering India's development and growth is the sixth dimension of our vision," he said, adding that making India self-sufficient in food, exporting to the world to meet their food needs and producing food in the most organic way is the eighth dimension. "High farm production and productivity will be achieved through modern agricultural practices and value addition. An integrated approach towards agro and food processing, preservation, packaging and maintenance of the cold chain will be our focus of attention," he added. Further, he said that by 2030, the government will work towards a distress-free healthcare and a functional and comprehensive wellness system for all. "Our India of 2030 will have a proactive and responsible bureaucracy which will be viewed as friendly to people," the minister said. With this comprehensive 10-dimensional Vision, "we will create an India where poverty, malnutrition, littering and illiteracy would be a matter of the past. India would be a modern, technology-driven, high growth, equitable and transparent society," the minister said.

Budget 2019: Modi government's vision for India 2030 focuses on 10 key areas

The BSE benchmark Sensex Friday jumped over 100 points ahead of the Budget presentation by Finance Minister Piyush Goyal amid heavy buying by foreign portfolio investors.

The 30-share index was trading 119.01 points, or 0.33 per cent, higher at 36,375.70.

Similarly, the 50-share NSE Nifty rose 34.15, or 0.32 per cent, to 10,865.10.

On Thursday, the 30-share Sensex rallied 665.44 points, or 1.87 per cent, to close at 36,256.69; and the broader Nifty soared 179.15 points, or 1.68 per cent, to 10,830.95.

Top gainers in the Sensex pack include Hero MotoCorp, HCL Tech, Bharti Airtel, Bajaj Finance, Infosys, HDFC, HUL, M&amp;M, L&amp;T, ITC and Maruti, rising up to 2.91 per cent.

Vedanta was the biggest loser on Sensex, cracking over 18 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter, on the back of higher expenses and drop in commodity prices.

Other losers include PowerGrid, ONGC, Axis Bank, Kotak Bank and Sun Pharma, shedding up to 1.14 per cent.

According to Hemang Jani, Head - Advisory at Sharekhan by BNP Paribas, the government might look to boost the rural and agri sector ahead of the general election.&nbsp;

"Expect the government to go in for a populist Budget; however, market participants will closely weigh in the risk of a higher fiscal deficit and its impact on the market," he said. &nbsp; &nbsp;&nbsp;

It is classic macroeconomic theory to expect the government to come forward with fiscal stimulus during times of economic weakness, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

A looming election and aggressive opposition only adds to the pressure to deliver a meaningful relief package, he said; adding that, should the Budget disappoint, investors' attention is likely to revert to concerns centered around slowing growth and elections. &nbsp; &nbsp;&nbsp;

Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 3,006.41 crore Thursday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,634.32 crore, provisional data available with BSE showed.

Domestic market, however, will continue to be volatile ahead of the interim budget which will be announced on Friday, traders said.

Elsewhere in Asia, Shanghai Composite Index jumped 0.77 per cent, Kospi gained 0.22 per cent, and Japan's Nikkei was up 0.24 per cent; while, Hong Kong's Hang Seng slipped 0.21 per cent in early trade.

On Wall Street, Dow Jones Industrial Average marginally lower at 24,999.67 on Thursday.

The rupee, meanwhile, was depreciated by 8 paise against US dollar to 71.16.

The benchmark Brent crude futures were flat at USD 60.86 per barrel.&nbsp;

The BSE benchmark Sensex Friday jumped over 100 points ahead of the Budget presentation by Finance Minister Piyush Goyal amid heavy buying by foreign portfolio investors.

The BSE benchmark Sensex Friday jumped over 100 points ahead of the Budget presentation by Finance Minister Piyush Goyal amid heavy buying by foreign portfolio investors. The 30-share index was trading 119.01 points, or 0.33 per cent, higher at 36,375.70. Similarly, the 50-share NSE Nifty rose 34.15, or 0.32 per cent, to 10,865.10. On Thursday, the 30-share Sensex rallied 665.44 points, or 1.87 per cent, to close at 36,256.69; and the broader Nifty soared 179.15 points, or 1.68 per cent, to 10,830.95. Top gainers in the Sensex pack include Hero MotoCorp, HCL Tech, Bharti Airtel, Bajaj Finance, Infosys, HDFC, HUL, M&M, L&T, ITC and Maruti, rising up to 2.91 per cent. Vedanta was the biggest loser on Sensex, cracking over 18 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter, on the back of higher expenses and drop in commodity prices. Other losers include PowerGrid, ONGC, Axis Bank, Kotak Bank and Sun Pharma, shedding up to 1.14 per cent. According to Hemang Jani, Head - Advisory at Sharekhan by BNP Paribas, the government might look to boost the rural and agri sector ahead of the general election. "Expect the government to go in for a populist Budget; however, market participants will closely weigh in the risk of a higher fiscal deficit and its impact on the market," he said. It is classic macroeconomic theory to expect the government to come forward with fiscal stimulus during times of economic weakness, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. A looming election and aggressive opposition only adds to the pressure to deliver a meaningful relief package, he said; adding that, should the Budget disappoint, investors' attention is likely to revert to concerns centered around slowing growth and elections. Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 3,006.41 crore Thursday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,634.32 crore, provisional data available with BSE showed. Domestic market, however, will continue to be volatile ahead of the interim budget which will be announced on Friday, traders said. Elsewhere in Asia, Shanghai Composite Index jumped 0.77 per cent, Kospi gained 0.22 per cent, and Japan's Nikkei was up 0.24 per cent; while, Hong Kong's Hang Seng slipped 0.21 per cent in early trade. On Wall Street, Dow Jones Industrial Average marginally lower at 24,999.67 on Thursday. The rupee, meanwhile, was depreciated by 8 paise against US dollar to 71.16. The benchmark Brent crude futures were flat at USD 60.86 per barrel.

Sensex jumps over 100 points ahead of Budget 2019

The rupee Friday depreciated by 9 paise to 71.17 in early trade on the forex market amid strengthening of the American currency and caution ahead of interim budget.

Forex traders said strengthening of the US dollar against some currencies overseas, focus on interim budget and rising crude oil prices weighed on the local unit.

The current government is set to present its last Budget Friday, which is expected to have major announcements to support the farm sector and spur consumption.

At the Interbank Foreign Exchange, the rupee opened at 71.08 then fell further to 71.17 against the US dollar, showing a decline of 9 paise over its previous closing.

On Thursday, the rupee had settled 4 paise higher at 71.08 against the US dollar.

However, positive opening in domestic equities and fresh foreign fund inflows capped the losses for the domestic unit.

Foreign funds bought shares worth Rs 3,006.41 crore from the capital markets on a net basis Thursday, while domestic institutional investors sold shares worth Rs 1,634.32 crore, provisional data showed.

The global benchmark, brent crude oil was trading at $61.49 per barrel, higher by 0.28 per cent.

Meanwhile, domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex was trading at 36,364.70, up 106.13 points in early trade. The wide-based Nifty was also trading up by 30.20 points at 10,861.15.&nbsp;

The rupee Friday depreciated by 9 paise to 71.17 in early trade on the forex market amid strengthening of the American currency and caution ahead of interim budget.

The rupee Friday depreciated by 9 paise to 71.17 in early trade on the forex market amid strengthening of the American currency and caution ahead of interim budget. Forex traders said strengthening of the US dollar against some currencies overseas, focus on interim budget and rising crude oil prices weighed on the local unit. The current government is set to present its last Budget Friday, which is expected to have major announcements to support the farm sector and spur consumption. At the Interbank Foreign Exchange, the rupee opened at 71.08 then fell further to 71.17 against the US dollar, showing a decline of 9 paise over its previous closing. On Thursday, the rupee had settled 4 paise higher at 71.08 against the US dollar. However, positive opening in domestic equities and fresh foreign fund inflows capped the losses for the domestic unit. Foreign funds bought shares worth Rs 3,006.41 crore from the capital markets on a net basis Thursday, while domestic institutional investors sold shares worth Rs 1,634.32 crore, provisional data showed. The global benchmark, brent crude oil was trading at $61.49 per barrel, higher by 0.28 per cent. Meanwhile, domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex was trading at 36,364.70, up 106.13 points in early trade. The wide-based Nifty was also trading up by 30.20 points at 10,861.15.

Rupee slips 9 paise to 71.17 against US dollar in early trade; focus on interim budget

The <a href="http://www.wionews.com/india-news/budget-will-take-india-on-path-to-development-pm-modi-194378">interim Budget saw India</a> increase its contribution substantially to the Maldives while bringing support to SAARC and BIMSTEC Secretariat at the same level.

According to Budget estimates for 2019-2020, <a href="http://www.wionews.com/business-economy/defence-budget-increased-over-rs-20000-crore-crosses-rs-300000-crore-for-first-time-194380">Maldives got Rs 400 crore grant</a> and Rs 175 crore loan from India making New Delhi's contribution to the Indian ocean country at Rs 575 crore. It is five- times increase from the sum India contributed in FY 2017-2018 which was just Rs 109.24 crore.&nbsp;

<a href="http://www.wionews.com/business-economy/budget-2019-full-text-of-finance-minister-piyush-goyals-speech-in-parliament-194373">Budget 2019: Full text of finance minister Piyush Goyal's speech in Parliament</a>

In the case of Maldives, even the revised <a href="http://www.wionews.com/business-economy/live-updates-union-budget-2019-194198">estimates for the financial year</a> 2018-2019 saw a massive increase. In last year's&nbsp;Budget, India had announced a contribution of Rs 125 crore, it was revised at Rs 440 crore.

It comes after Maldives President Ibrahim Solih&nbsp;visited India in December of 2018, his first foreign visit to any country after taking charge in November last year.&nbsp;During the visit, India had announced an assistance of $1.4 billion&nbsp;to Male.

Clearly, the change in regime in the Maldives has had an impact. The previous regime under Yameen had junked pro-India policies for a pro-China strategy.

For Afghanistan, a country in which India is building a number of infrastructure projects, the interim Budget gave Rs 325 crore. Last year also it was as much but in the revised estimates released on Friday, it increased to Rs 470 crore.&nbsp;

Bhutan, which is India's close partner and gets substantial budgetary support saw a grant of Rs 2,115 crore and a loan of Rs 500 crore. With Rs 2,615 crore, it is the maximum support India gives to any country. Nepal got Rs 700 crore, Myanmar got Rs 400 crore, Bangladesh got Rs 175 crore &amp; Sri Lanka Rs 150 crore in the interim Budget 2019-2020.&nbsp;

The Budget estimate for Chabahar port, India's key connectivity plan with Afghanistan and central Asia remained unchanged from the previous year at Rs 150 crore.

India also provides support to international and regional organisations. The amount given for SAARC and BIMSTEC Secretariat stands same at Rs 8 crore. Interestingly, BIMSTEC funds saw an increase from Rs 5 crore last year to Rs 8 crore this year. &nbsp;

The 2016 SAARC summit in Islamabad was cancelled after India along with regional countries like Bangladesh, Bhutan, Afghanistan boycotted the summit due to Islamabad's support to terrorism. BIMSTEC has seen a new push from New Delhi especially after the summit in Nepal last year.

India funds two universities also - &nbsp;The South Asian University and Nalanda International University -&nbsp; which saw Indian support worth Rs 380 crore and Rs 220 crore in the interim Budget.

For 2019-2020, India announced Rs 265 crore for United Nations, last year it was Rs 258 crore which revised estimates being increased at Rs 307 crore. This is excluding the contribution to its various bodies - like UNESCO and UNCTAD.

India will also give a membership contribution of Rs 0.70 cr to FATF under the interim Budget estimates.&nbsp;

Indian Ocean and Africa

Two Indian ocean countries - Mauritius and Seychelles, who have been getting aid historically from New Delhi, got Rs 700 crore and Rs 75 crore. Mauritius PM Pravind Kumar Jugnauth was on an 8-day long India visit only last week and was the chief guest at the Pravasi Bharatiya Divas in Varanasi.

India also increased its support to African countries with the Budget announcing Rs 400 crore this year. Last it was Rs 200 crore and before that, it was Rs 175 crore. This is an increase in line with New Delhi's Africa policy which has seen an increase in engagement with the African continent.&nbsp;

India also provides support to Mongolia. This year it has announced Rs 5 crore, which is&nbsp;same as last year.

The interim Budget saw India increase its contribution substantially to the Maldives while bringing support to SAARC and BIMSTEC Secretariat at the same level. According to Budget estimates for 2019-2020, Maldives got Rs 400 crore grant and Rs 175 crore loan from India making New Delhi's contribution to the Indian ocean country at Rs 575 crore.

The interim Budget saw India increase its contribution substantially to the Maldives while bringing support to SAARC and BIMSTEC Secretariat at the same level. According to Budget estimates for 2019-2020, Maldives got Rs 400 crore grant and Rs 175 crore loan from India making New Delhi's contribution to the Indian ocean country at Rs 575 crore. It is five- times increase from the sum India contributed in FY 2017-2018 which was just Rs 109.24 crore. Budget 2019: Full text of finance minister Piyush Goyal's speech in Parliament In the case of Maldives, even the revised estimates for the financial year 2018-2019 saw a massive increase. In last year's Budget, India had announced a contribution of Rs 125 crore, it was revised at Rs 440 crore. It comes after Maldives President Ibrahim Solih visited India in December of 2018, his first foreign visit to any country after taking charge in November last year. During the visit, India had announced an assistance of $1.4 billion to Male. Clearly, the change in regime in the Maldives has had an impact. The previous regime under Yameen had junked pro-India policies for a pro-China strategy. For Afghanistan, a country in which India is building a number of infrastructure projects, the interim Budget gave Rs 325 crore. Last year also it was as much but in the revised estimates released on Friday, it increased to Rs 470 crore. Bhutan, which is India's close partner and gets substantial budgetary support saw a grant of Rs 2,115 crore and a loan of Rs 500 crore. With Rs 2,615 crore, it is the maximum support India gives to any country. Nepal got Rs 700 crore, Myanmar got Rs 400 crore, Bangladesh got Rs 175 crore & Sri Lanka Rs 150 crore in the interim Budget 2019-2020. The Budget estimate for Chabahar port, India's key connectivity plan with Afghanistan and central Asia remained unchanged from the previous year at Rs 150 crore. India also provides support to international and regional organisations. The amount given for SAARC and BIMSTEC Secretariat stands same at Rs 8 crore. Interestingly, BIMSTEC funds saw an increase from Rs 5 crore last year to Rs 8 crore this year. The 2016 SAARC summit in Islamabad was cancelled after India along with regional countries like Bangladesh, Bhutan, Afghanistan boycotted the summit due to Islamabad's support to terrorism. BIMSTEC has seen a new push from New Delhi especially after the summit in Nepal last year. India funds two universities also - The South Asian University and Nalanda International University - which saw Indian support worth Rs 380 crore and Rs 220 crore in the interim Budget. For 2019-2020, India announced Rs 265 crore for United Nations, last year it was Rs 258 crore which revised estimates being increased at Rs 307 crore. This is excluding the contribution to its various bodies - like UNESCO and UNCTAD. India will also give a membership contribution of Rs 0.70 cr to FATF under the interim Budget estimates. Indian Ocean and Africa Two Indian ocean countries - Mauritius and Seychelles, who have been getting aid historically from New Delhi, got Rs 700 crore and Rs 75 crore. Mauritius PM Pravind Kumar Jugnauth was on an 8-day long India visit only last week and was the chief guest at the Pravasi Bharatiya Divas in Varanasi. India also increased its support to African countries with the Budget announcing Rs 400 crore this year. Last it was Rs 200 crore and before that, it was Rs 175 crore. This is an increase in line with New Delhi's Africa policy which has seen an increase in engagement with the African continent. India also provides support to Mongolia. This year it has announced Rs 5 crore, which is same as last year.

Budget 2019: India increases significant contribution to Maldives; BIMSTEC to get similar funds as SAARC

The BSE benchmark Sensex Friday jumped over 100 points ahead of the Budget presentation by Finance Minister Piyush Goyal amid heavy buying by foreign portfolio investors.

The 30-share index was trading 119.01 points, or 0.33 per cent, higher at 36,375.70.

Similarly, the 50-share NSE Nifty rose 34.15, or 0.32 per cent, to 10,865.10.

On Thursday, the 30-share Sensex rallied 665.44 points, or 1.87 per cent, to close at 36,256.69; and the broader Nifty soared 179.15 points, or 1.68 per cent, to 10,830.95..

Top gainers in the Sensex pack include Hero MotoCorp, HCL Tech, Bharti Airtel, Bajaj Finance, Infosys, HDFC, HUL, M&amp;M, L&amp;T, ITC and Maruti, rising up to 2.91 per cent.

Vedanta was the biggest loser on Sensex, cracking over 18 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter, on the back of higher expenses and drop in commodity prices.

Other losers include PowerGrid, ONGC, Axis Bank, Kotak Bank and Sun Pharma, shedding up to 1.14 per cent. 
According to Hemang Jani, Head - Advisory at Sharekhan by BNP Paribas, the government might look to boost the rural and agri sector ahead of the general election.&nbsp;

"Expect the government to go in for a populist Budget; however, market participants will closely weigh in the risk of a higher fiscal deficit and its impact on the market," he said.&nbsp;&nbsp; &nbsp;&nbsp;

It is a classic macroeconomic theory to expect the government to come forward with fiscal stimulus during times of economic weakness, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

A looming election and aggressive opposition only adds to the pressure to deliver a meaningful relief package, he said; adding that, should the Budget disappoint, investors' attention is likely to revert to concerns centered around slowing growth and elections.&nbsp;&nbsp; &nbsp;&nbsp;

Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 3,006.41 crore Thursday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,634.32 crore, provisional data available with BSE showed.

Domestic market, however, will continue to be volatile ahead of the interim budget which will be announced on Friday, traders said.

Elsewhere in Asia, Shanghai Composite Index jumped 0.77 per cent, Kospi gained 0.22 per cent, and Japan's Nikkei was up 0.24 per cent; while, Hong Kong's Hang Seng slipped 0.21 per cent in early trade.

On Wall Street, Dow Jones Industrial Average marginally lower at 24,999.67 on Thursday.

The rupee, meanwhile, was depreciated by 8 paise against US dollar to 71.16.

The benchmark Brent crude futures were flat at USD 60.86 per barrel.&nbsp;

The BSE benchmark Sensex Friday jumped over 100 points ahead of the Budget presentation by Finance Minister Piyush Goyal amid heavy buying by foreign portfolio investors. The 30-share index was trading 119.01 points, or 0.33 per cent, higher at 36,375.70. Similarly, the 50-share NSE Nifty rose 34.15, or 0.32 per cent, to 10,865.10. On Thursday, the 30-share Sensex rallied 665.44 points, or 1.87 per cent, to close at 36,256.69; and the broader Nifty soared 179.15 points, or 1.68 per cent, to 10,830.95.. Top gainers in the Sensex pack include Hero MotoCorp, HCL Tech, Bharti Airtel, Bajaj Finance, Infosys, HDFC, HUL, M&M, L&T, ITC and Maruti, rising up to 2.91 per cent. Vedanta was the biggest loser on Sensex, cracking over 18 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter, on the back of higher expenses and drop in commodity prices. Other losers include PowerGrid, ONGC, Axis Bank, Kotak Bank and Sun Pharma, shedding up to 1.14 per cent. According to Hemang Jani, Head - Advisory at Sharekhan by BNP Paribas, the government might look to boost the rural and agri sector ahead of the general election. "Expect the government to go in for a populist Budget; however, market participants will closely weigh in the risk of a higher fiscal deficit and its impact on the market," he said. It is a classic macroeconomic theory to expect the government to come forward with fiscal stimulus during times of economic weakness, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. A looming election and aggressive opposition only adds to the pressure to deliver a meaningful relief package, he said; adding that, should the Budget disappoint, investors' attention is likely to revert to concerns centered around slowing growth and elections. Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 3,006.41 crore Thursday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,634.32 crore, provisional data available with BSE showed. Domestic market, however, will continue to be volatile ahead of the interim budget which will be announced on Friday, traders said. Elsewhere in Asia, Shanghai Composite Index jumped 0.77 per cent, Kospi gained 0.22 per cent, and Japan's Nikkei was up 0.24 per cent; while, Hong Kong's Hang Seng slipped 0.21 per cent in early trade. On Wall Street, Dow Jones Industrial Average marginally lower at 24,999.67 on Thursday. The rupee, meanwhile, was depreciated by 8 paise against US dollar to 71.16. The benchmark Brent crude futures were flat at USD 60.86 per barrel.

Prime Minister Narendra Modi's government is expected to try and shore up its political support with big ticket farm giveaways and tax cuts for the middle class in its <a href="http://www.wionews.com/business-economy/key-expectations-from-indias-2019-20-interim-budget-194188">final federal budget </a>on Friday, months before elections.

Modi is facing growing discontent over depressed farm incomes and doubts over whether his policies are creating enough jobs. A local media report on Thursday quoted a government survey as saying the jobless rate was the highest in at least 45 years, putting further pressure on the government.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/budget-2019-what-is-interim-budget-and-how-is-it-different-from-the-regular-one-193702">What is interim Budget and how is it different from the regular one?</a>

Piyush Goyal, the interim finance minister, will present the 2019-20 budget to parliament, in the absence of Finance Minister Arun Jaitley, who is currently in the United States for medical treatment.

The government is set to step up rural welfare spending by 16 per cent for the fiscal year beginning April to 1.3 trillion rupees ($18.25 billion), two government sources said, aiming to boost support in the countryside where more than two-thirds of India's 1.3 billion people live.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/union-budget-2019-how-it-is-formulated-and-presented-194051">How Union Budget 2019 is formulated and presented</a>

The budget, which is interim and is likely to be followed by a full one in July, is expected to project economic growth of around 7.5 percent for the next financial year, while expanding capital spending on railways, roads, ports by 7-8 per cent, and estimating an increase in revenue of about 15 percent, officials said.

Stung by opposition parties' victories in three state polls in December and need to call a national election by May, Modi has already exempted many small businesses from paying taxes under a unified goods and services tax (GST).

The government is now considering raising the income level at which people need to pay personal tax, long demand for the country's influential middle class.

"The pressure to further expand the farmer welfare programme ahead of the 2019 elections is high for PM Modi," said CLSA India.

More than 900 million people will be eligible to cast votes in the world's biggest ever democratic exercise and the pressure to woo them is intense.

Rahul Gandhi, the leader of the main opposition Congress party, is closing in on Modi's lead, according to polls. His promise of a minimum income for the poor has increased pressure on the government to make populist announcements in its budget.

The electoral compulsions mean that major economic reforms, such as tax cuts for bigger companies and plans to bring down the budget deficit, could be put on hold at least until after the election, government sources said.

The higher spending, along with a shortfall in tax collections, will push the fiscal deficit up to the equivalent of 3.5 per cent of gross domestic product for the year ending in March, overshooting a previous 3.3 per cent target, according to one of the sources with direct knowledge of budget discussions.

That would fit with the expectations of a Reuters poll of economists.

The source said there was a chance that the government could take corrective action in March, with an expectation that the election schedule will be settled by that time and that public focus will shift to campaigning.

"In our view, with the upcoming polls gaining precedence, fiscal consolidation is likely to take a back seat," said Nirmal Bang, a brokerage.

Prime Minister Narendra Modi's government is expected to try and shore up its political support with big ticket farm giveaways and tax cuts for the middle class in its final federal budget on Friday, months before elections.

Prime Minister Narendra Modi's government is expected to try and shore up its political support with big ticket farm giveaways and tax cuts for the middle class in its final federal budget on Friday, months before elections. Modi is facing growing discontent over depressed farm incomes and doubts over whether his policies are creating enough jobs. A local media report on Thursday quoted a government survey as saying the jobless rate was the highest in at least 45 years, putting further pressure on the government. Also read: What is interim Budget and how is it different from the regular one? Piyush Goyal, the interim finance minister, will present the 2019-20 budget to parliament, in the absence of Finance Minister Arun Jaitley, who is currently in the United States for medical treatment. The government is set to step up rural welfare spending by 16 per cent for the fiscal year beginning April to 1.3 trillion rupees ($18.25 billion), two government sources said, aiming to boost support in the countryside where more than two-thirds of India's 1.3 billion people live. Also read: How Union Budget 2019 is formulated and presented The budget, which is interim and is likely to be followed by a full one in July, is expected to project economic growth of around 7.5 percent for the next financial year, while expanding capital spending on railways, roads, ports by 7-8 per cent, and estimating an increase in revenue of about 15 percent, officials said. Stung by opposition parties' victories in three state polls in December and need to call a national election by May, Modi has already exempted many small businesses from paying taxes under a unified goods and services tax (GST). The government is now considering raising the income level at which people need to pay personal tax, long demand for the country's influential middle class. "The pressure to further expand the farmer welfare programme ahead of the 2019 elections is high for PM Modi," said CLSA India. More than 900 million people will be eligible to cast votes in the world's biggest ever democratic exercise and the pressure to woo them is intense. Rahul Gandhi, the leader of the main opposition Congress party, is closing in on Modi's lead, according to polls. His promise of a minimum income for the poor has increased pressure on the government to make populist announcements in its budget. The electoral compulsions mean that major economic reforms, such as tax cuts for bigger companies and plans to bring down the budget deficit, could be put on hold at least until after the election, government sources said. The higher spending, along with a shortfall in tax collections, will push the fiscal deficit up to the equivalent of 3.5 per cent of gross domestic product for the year ending in March, overshooting a previous 3.3 per cent target, according to one of the sources with direct knowledge of budget discussions. That would fit with the expectations of a Reuters poll of economists. The source said there was a chance that the government could take corrective action in March, with an expectation that the election schedule will be settled by that time and that public focus will shift to campaigning. "In our view, with the upcoming polls gaining precedence, fiscal consolidation is likely to take a back seat," said Nirmal Bang, a brokerage.

PM Narendra Modi looks to budget to shore up political base

Reliance Communications has decided to opt for insolvency proceedings following its failure to sell assets for paying back its lenders, the <a href="http://www.wionews.com/india-news/supreme-court-issues-notice-to-anil-ambanis-rcom-over-contempt-petition-by-ericsson-188738">Anil Ambani-led telecom firm</a> said Friday.&nbsp;

RCom even failed to sell spectrum to Mukesh Ambani's Reliance Jio, a deal that was expected to bring some relief to the cash-strapped company.&nbsp;

"RCom board of directors decides upon implementation of debt resolution plans through NCLT framework," the company said in a statement.

Swedish telecom gear maker Ericsson had filed the first petition before National Company Law Tribunal to invoke insolvency proceedings against RCom. The NCLT on the request of RCom had granted it time to clear dues to avoid insolvency proceedings.

It is estimated that RCom has been reeling under debt of over Rs 46,000 crore.

The board of directors of RCom Friday reviewed the progress of the company's debt resolution plans since the invocation of strategic debt resolution on June 2, 2017.&nbsp;

The Board noted that despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process is yet to make any headway, the statement said.&nbsp;

"Accordingly, the Board decided that the Company will seek fast track resolution through NCLT, Mumbai. The Board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time bound manner within the prescribed 270 days," the statement said.

The company had chalked out plans to sell assets for about Rs 25,000 crore and use it for clearing debt of around 40 lenders.&nbsp;

RCom was expecting to realise Rs 975 crore from sale of spectrum to Jio which it promised to use paying dues of Rs 550 crore to Ericsson and Rs 230 crore to settle dues of minority stakeholder Reliance Infratel.

Reliance Jio, however, declined to take over any past liability of RCom for which the Department of Telecom may raise demand in future.

Reliance Communications has decided to opt for insolvency proceedings following its failure to sell assets for paying back its lenders, the Anil Ambani-led telecom firm said Friday.

Reliance Communications has decided to opt for insolvency proceedings following its failure to sell assets for paying back its lenders, the Anil Ambani-led telecom firm said Friday. RCom even failed to sell spectrum to Mukesh Ambani's Reliance Jio, a deal that was expected to bring some relief to the cash-strapped company. "RCom board of directors decides upon implementation of debt resolution plans through NCLT framework," the company said in a statement. Swedish telecom gear maker Ericsson had filed the first petition before National Company Law Tribunal to invoke insolvency proceedings against RCom. The NCLT on the request of RCom had granted it time to clear dues to avoid insolvency proceedings. It is estimated that RCom has been reeling under debt of over Rs 46,000 crore. The board of directors of RCom Friday reviewed the progress of the company's debt resolution plans since the invocation of strategic debt resolution on June 2, 2017. The Board noted that despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetisation plans, and the overall debt resolution process is yet to make any headway, the statement said. "Accordingly, the Board decided that the Company will seek fast track resolution through NCLT, Mumbai. The Board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time bound manner within the prescribed 270 days," the statement said. The company had chalked out plans to sell assets for about Rs 25,000 crore and use it for clearing debt of around 40 lenders. RCom was expecting to realise Rs 975 crore from sale of spectrum to Jio which it promised to use paying dues of Rs 550 crore to Ericsson and Rs 230 crore to settle dues of minority stakeholder Reliance Infratel. Reliance Jio, however, declined to take over any past liability of RCom for which the Department of Telecom may raise demand in future.

RCom to go for insolvency resolution process after failure to repay debt

Union minister Arun Jaitley who presided over the previous <a href="http://www.wionews.com/india-news/big-takeaways-from-union-budget-2019-194331">four Budgets of the NDA government </a>said the economic reforms undertaken by the government unshackled the Indian economy, calling the 2019 Budget "pro-growth, fiscally prudent, pro-farmer, pro-poor."

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The Interim Budget (2019) and a five year direction <a href="https://t.co/xWL5KjRwcl">https://t.co/xWL5KjRwcl</a>
— Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/1091285435056312320?ref_src=twsrc%5Etfw">February 1, 2019</a></blockquote>
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Jaitley is currently in the United States after undergoing surgery at a hospital in New York. He had left for the US last month, in his absence Piyush Goyal presented the interim Budget today.

<a href="http://www.wionews.com/business-economy/budget-2019-full-text-of-finance-minister-piyush-goyals-speech-in-parliament-194373">Budget 2019: Full text of finance minister Piyush Goyal's speech in Parliament</a>

"Interim Budgets are also an opportunity for the government of the day to introspect their performance of the last five years and place its facts before the people," he said, while adding,"the future vision is to make India a $5 trillion economy. By the middle of the next decade we will achieve this and thereafter, target doubling that size of the economy."

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Last year the Government restored the benefit of Standard Deduction to salaried taxpayer at Rs.40,000/-. This year this benefit is being extended to Rs.50,000/-.
— Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/1091287474305990656?ref_src=twsrc%5Etfw">February 1, 2019</a></blockquote>
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Jaitley in a tweet said that the <a href="http://www.wionews.com/business-economy/budget-2019-income-tax-refunds-to-be-processed-within-24-hours-says-fm-194308">Budget expanded spending</a> while pragmatically sticking to fiscal prudence. He complimented Piyush Goyal for delivering an "excellent Budget".

"Higher direct and indirect tax collections in 2016-17 and 2017-18 are an indicator of high growth in those two years. Growth is based on estimates, but tax collections are real."&nbsp;

"GST has already brought down most taxes on goods from 31% tax to the 18%, 12% and the 5% bracket," he asserted. "Never in the history of India during the five-year tenure of a government we have witnessed tax reduction and a middle class relief of this magnitude," Jaitley added.

Jaitley while speaking to ANI said: "What did the UPA do in their 10 years in power? A one-time loan waiver of Rs 70,000 crores. Only 52,000 crores were waived off and CAG report was that out of that Rs 52,000 crore a significant part of the money went to traders and businessmen and not to farmers."

"Now look at what we've been doing. Rural roads - 91% completed, rural housing - 2022 everyone will have a roof, 98.7% people in rural areas now have sanitation, every willing home is having electricity, every man has switched over the cooking methods," he said.

 
&nbsp;

Union minister Arun Jaitley who presided over the previous four Budgets of the NDA government said the economic reforms undertaken by the government unshackled the Indian economy, calling the 2019 Budget "pro-growth, fiscally prudent, pro-farmer, pro-poor.

Union minister Arun Jaitley who presided over the previous four Budgets of the NDA government said the economic reforms undertaken by the government unshackled the Indian economy, calling the 2019 Budget "pro-growth, fiscally prudent, pro-farmer, pro-poor." The Interim Budget (2019) and a five year direction https://t.co/xWL5KjRwcl — Arun Jaitley (@arunjaitley) February 1, 2019 × Jaitley is currently in the United States after undergoing surgery at a hospital in New York. He had left for the US last month, in his absence Piyush Goyal presented the interim Budget today. Budget 2019: Full text of finance minister Piyush Goyal's speech in Parliament "Interim Budgets are also an opportunity for the government of the day to introspect their performance of the last five years and place its facts before the people," he said, while adding,"the future vision is to make India a $5 trillion economy. By the middle of the next decade we will achieve this and thereafter, target doubling that size of the economy." Last year the Government restored the benefit of Standard Deduction to salaried taxpayer at Rs.40,000/-. This year this benefit is being extended to Rs.50,000/-. — Arun Jaitley (@arunjaitley) February 1, 2019 × Jaitley in a tweet said that the Budget expanded spending while pragmatically sticking to fiscal prudence. He complimented Piyush Goyal for delivering an "excellent Budget". "Higher direct and indirect tax collections in 2016-17 and 2017-18 are an indicator of high growth in those two years. Growth is based on estimates, but tax collections are real." "GST has already brought down most taxes on goods from 31% tax to the 18%, 12% and the 5% bracket," he asserted. "Never in the history of India during the five-year tenure of a government we have witnessed tax reduction and a middle class relief of this magnitude," Jaitley added. Jaitley while speaking to ANI said: "What did the UPA do in their 10 years in power? A one-time loan waiver of Rs 70,000 crores. Only 52,000 crores were waived off and CAG report was that out of that Rs 52,000 crore a significant part of the money went to traders and businessmen and not to farmers." "Now look at what we've been doing. Rural roads - 91% completed, rural housing - 2022 everyone will have a roof, 98.7% people in rural areas now have sanitation, every willing home is having electricity, every man has switched over the cooking methods," he said.

Higher direct and indirect tax collections indicator of high growth in last two years: Jaitley

The Modi government will present the last budget of the current tenure on Friday. With the election around the corner, the budget is expected to be an interim one and present the outline for the next financial year beginning April 1.

In an election year, the incumbent government usually presents vote-on-account in Parliament which enables the government machinery to meet important expenses of administration, like salaries etc. The vote-on-account is usually for a period of three-four months and is meant to provide a smooth transition for the next government; it gives time to Parliament when it reconstitutes after the elections to discuss and pass the full Budget and allocate money accordingly.

The Modi government has indicated that this year's budget will not be a vote-on-account but an interim one. While the vote-on-account deals only with the expenditure side of the budget, an interim budget has both expenditure and receipts and gives the complete financial statement, much like a full budget.

India had been following a practice of presenting the budget on last working day of February. The Modi government changed that practice in 2017 and started presenting the budget on February 1. The move was challenged in the Supreme Court, but the court refused to intervene.

The budget session of Parliament began on January 31 and will go on till February 13. President Ram Nath Kovind delivered the joint sitting of the two Houses on January 31.&nbsp;

This year's interim Budget is going to be significant, according to a Zee Business channel report. Modi-led government could change the financial year cycle from April-March to January-December, thereby changing the 152-year long tradition that commenced in 1867. The report, citing sources, said that from 2020, the fiscal year will begin on January 1 and end on December 31, adding that the date for budget session of Parliament will also be changed.

The Modi government will present the last budget of the current tenure on Friday. With the election around the corner, the budget is expected to be an interim one and present the outline for the next financial year beginning April 1.

The Modi government will present the last budget of the current tenure on Friday. With the election around the corner, the budget is expected to be an interim one and present the outline for the next financial year beginning April 1. In an election year, the incumbent government usually presents vote-on-account in Parliament which enables the government machinery to meet important expenses of administration, like salaries etc. The vote-on-account is usually for a period of three-four months and is meant to provide a smooth transition for the next government; it gives time to Parliament when it reconstitutes after the elections to discuss and pass the full Budget and allocate money accordingly. The Modi government has indicated that this year's budget will not be a vote-on-account but an interim one. While the vote-on-account deals only with the expenditure side of the budget, an interim budget has both expenditure and receipts and gives the complete financial statement, much like a full budget. India had been following a practice of presenting the budget on last working day of February. The Modi government changed that practice in 2017 and started presenting the budget on February 1. The move was challenged in the Supreme Court, but the court refused to intervene. The budget session of Parliament began on January 31 and will go on till February 13. President Ram Nath Kovind delivered the joint sitting of the two Houses on January 31. This year's interim Budget is going to be significant, according to a Zee Business channel report. Modi-led government could change the financial year cycle from April-March to January-December, thereby changing the 152-year long tradition that commenced in 1867. The report, citing sources, said that from 2020, the fiscal year will begin on January 1 and end on December 31, adding that the date for budget session of Parliament will also be changed.

Budget 2019: What is interim Budget and how is it different from the regular one?

The government will unveil its<a href="http://www.wionews.com/business-economy/ndas-interim-budget-on-friday-likely-to-offer-some-hope-and-relief-194176">&nbsp;budget&nbsp;for the 2019-20 fiscal year </a>on Friday, with investors expecting increased investment in areas such as agriculture, as Prime Minister Narendra Modi tries to woo voters ahead of general elections to be held by May.

After a string of recent setbacks in key state elections for Modi's Bharatiya Janata Party (BJP), the government is expected to woo rural and urban middle-class voters via farm relief measures and tax cuts.

Also read: <a href="http://www.wionews.com/business-economy/budget-2019-what-is-interim-budget-and-how-is-it-different-from-the-regular-one-193702">What is interim Budget and how is it different from the regular one?</a>

The government is expected to project economic growth of around 7.5 per cent for the next financial year while expanding capital spending on railways, roads and ports by 7-8 per cent.

Also read: <a href="http://www.wionews.com/business-economy/union-budget-2019-how-it-is-formulated-and-presented-194051">How Union Budget 2019 is formulated and presented</a>

Below is a list of some of the items expected in the&nbsp;budget, based on published media reports.

AGRICULTURE

Farm relief package itself could run to at least 1 trillion rupees ($14.04 billion)

Set to earmark about 1.8 trillion rupees for food subsidies in the fiscal year

Expected to waive premium for taking insurance policy for food crops

Proposal for waiving interest on crop loans for farmers who pay on time

DIVESTMENT

Target of about $11 billion from state asset sales in FY 2019-20

Potential stake sales via IPOs include Telecommunications Consultants India, Indian Railways' subsidiaries IRCTC, RailTel Corp India and National Seeds Corp

METALS

Gold - Speculation around a duty cut

HEALTH

Budget&nbsp;allocation for health is likely to increase by 5 per cent from a year ago

Taxes

An anticipated corporate tax rate cut to 25 per cent from 30 per cent may be put on hold until after the elections

Higher tax exemptions for the middle class and for small businesses anticipated

BANKS

Discount of 2 percentage points on loans for businesses with annual sales of less than 50 million rupees; government to compensate banks for the costs

40 billion-rupee capital infusion for public-sector general insurers

AUTOS

Reduction of goods and services tax (GST) on electric vehicles and batteries

IT/TELECOM

Better digital infrastructure in rural areas

Abolition of the angel tax to boost start-ups

Exemption from GST for spectrum and licence fee payouts, reduction in spectrum fees and cuts in import duty on telecom equipment (currently at 20 pct)

The government will unveil its budget for the 2019-20 fiscal year on Friday, with investors expecting increased investment in areas such as agriculture, as Prime Minister Narendra Modi tries to woo voters ahead of general elections to be held by May.

The government will unveil its budget for the 2019-20 fiscal year on Friday, with investors expecting increased investment in areas such as agriculture, as Prime Minister Narendra Modi tries to woo voters ahead of general elections to be held by May. After a string of recent setbacks in key state elections for Modi's Bharatiya Janata Party (BJP), the government is expected to woo rural and urban middle-class voters via farm relief measures and tax cuts. Also read: What is interim Budget and how is it different from the regular one? The government is expected to project economic growth of around 7.5 per cent for the next financial year while expanding capital spending on railways, roads and ports by 7-8 per cent. Also read: How Union Budget 2019 is formulated and presented Below is a list of some of the items expected in the budget, based on published media reports. AGRICULTURE Farm relief package itself could run to at least 1 trillion rupees ($14.04 billion) Set to earmark about 1.8 trillion rupees for food subsidies in the fiscal year Expected to waive premium for taking insurance policy for food crops Proposal for waiving interest on crop loans for farmers who pay on time DIVESTMENT Target of about $11 billion from state asset sales in FY 2019-20 Potential stake sales via IPOs include Telecommunications Consultants India, Indian Railways' subsidiaries IRCTC, RailTel Corp India and National Seeds Corp METALS Gold - Speculation around a duty cut HEALTH Budget allocation for health is likely to increase by 5 per cent from a year ago Taxes An anticipated corporate tax rate cut to 25 per cent from 30 per cent may be put on hold until after the elections Higher tax exemptions for the middle class and for small businesses anticipated BANKS Discount of 2 percentage points on loans for businesses with annual sales of less than 50 million rupees; government to compensate banks for the costs 40 billion-rupee capital infusion for public-sector general insurers AUTOS Reduction of goods and services tax (GST) on electric vehicles and batteries IT/TELECOM Better digital infrastructure in rural areas Abolition of the angel tax to boost start-ups Exemption from GST for spectrum and licence fee payouts, reduction in spectrum fees and cuts in import duty on telecom equipment (currently at 20 pct)

Key expectations from India's 2019-20 interim budget

Benchmark Sensex ended over 212 points higher in see-saw trade Friday after the government presented a farm-friendly, consumption-oriented Budget ahead of the general elections.

After rallying over 500 points to hit the day's high of 36,778.14, the 30-share index gave up all gains and sank to 36,221.32 in late-afternoon trade. It finally ended 212.74 points, or 0.59 per cent, higher at 36,469.43.

Similarly, the 50-share NSE Nifty jumped 62.70 points, or 0.58 per cent, to close at 10,893.65.

Auto and consumption stocks buzzed as investors welcomed incentives for the agriculture sector and middle class in the budget, traders said.

Finance Minister Piyush Goyal proposed to double the threshold tax exemption limit to Rs 5 lakh and increased the standard deduction to Rs 50,000 from Rs 40,000.

The proposal will benefit 3 crore middle-class tax payers, Goyal said while unveiling the budget proposals for 2019-20.

As widely expected, the finance minister also announced the Pradhan Mantri Kisan Samman Nidhi for small and marginal farmers, providing Rs 6,000 per year to be transferred directly to farmers' bank accounts.

Overall, market mood was positive even as the government overshot the fiscal deficit target for the current financial year on the back of populist measures ahead of the general elections.

Goyal said the fiscal deficit for the current financial year is expected to be 3.4 per cent of GDP. As per the Budget estimate, the fiscal deficit for 2018-19 was pegged at 3.3 per cent.

"All these are those factors (sops) are going to bring in a lot of liquidity to the market in terms of investment," said Mustafa Nadeem, CEO, Epic Research.

Some profit-booking and consolidation in the short term was expected as prices tend to absorb the Budget, but we expect the momentum to remain strong, he added.

The BSE auto, consumer durables, FMCG and realty indices climbed up to 2.62 per cent.

Top gainers in the Sensex pack included Hero MotoCorp, Maruti, HCL Tech, Asian Paints, Bajaj Auto, Bajaj Finance, HDFC, RIL, HUL, Bharti Airtel and PowerGrid, rising up to 7.48 per cent.

Vedanta was the biggest loser on the Sensex, cracking 17.82 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter on the back of higher expenses and drop in commodity prices.

Banking stocks were the other top losers, with Yes Bank, SBI, ICICI Bank and Axis Bank falling up to 4.68 per cent.

Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 3,006.41 crore Thursday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,634.32 crore, provisional data available with BSE showed.

Elsewhere in Asia, Shanghai Composite Index rallied 1.30 per cent and Japan's Nikkei rose 0.07 per cent. Hong Kong's Hang Seng ended 0.04 per cent lower and Korea's Kospi slipped 0.06 per cent.

In the Eurozone, Frankfurt's DAX gained 0.20 per cent, Paris CAC 40 was up 0.19 per cent and London's FTSE jumped 0.37 per cent in late morning deals.

The rupee, meanwhile, depreciated 24 paise against US dollar to 71.32.

The benchmark Brent crude futures were trading slightly lower at US $60.53 per barrel.&nbsp;

Benchmark Sensex ended over 212 points higher in see-saw trade Friday after the government presented a farm-friendly, consumption-oriented Budget ahead of the general elections.

Benchmark Sensex ended over 212 points higher in see-saw trade Friday after the government presented a farm-friendly, consumption-oriented Budget ahead of the general elections. After rallying over 500 points to hit the day's high of 36,778.14, the 30-share index gave up all gains and sank to 36,221.32 in late-afternoon trade. It finally ended 212.74 points, or 0.59 per cent, higher at 36,469.43. Similarly, the 50-share NSE Nifty jumped 62.70 points, or 0.58 per cent, to close at 10,893.65. Auto and consumption stocks buzzed as investors welcomed incentives for the agriculture sector and middle class in the budget, traders said. Finance Minister Piyush Goyal proposed to double the threshold tax exemption limit to Rs 5 lakh and increased the standard deduction to Rs 50,000 from Rs 40,000. The proposal will benefit 3 crore middle-class tax payers, Goyal said while unveiling the budget proposals for 2019-20. As widely expected, the finance minister also announced the Pradhan Mantri Kisan Samman Nidhi for small and marginal farmers, providing Rs 6,000 per year to be transferred directly to farmers' bank accounts. Overall, market mood was positive even as the government overshot the fiscal deficit target for the current financial year on the back of populist measures ahead of the general elections. Goyal said the fiscal deficit for the current financial year is expected to be 3.4 per cent of GDP. As per the Budget estimate, the fiscal deficit for 2018-19 was pegged at 3.3 per cent. "All these are those factors (sops) are going to bring in a lot of liquidity to the market in terms of investment," said Mustafa Nadeem, CEO, Epic Research. Some profit-booking and consolidation in the short term was expected as prices tend to absorb the Budget, but we expect the momentum to remain strong, he added. The BSE auto, consumer durables, FMCG and realty indices climbed up to 2.62 per cent. Top gainers in the Sensex pack included Hero MotoCorp, Maruti, HCL Tech, Asian Paints, Bajaj Auto, Bajaj Finance, HDFC, RIL, HUL, Bharti Airtel and PowerGrid, rising up to 7.48 per cent. Vedanta was the biggest loser on the Sensex, cracking 17.82 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter on the back of higher expenses and drop in commodity prices. Banking stocks were the other top losers, with Yes Bank, SBI, ICICI Bank and Axis Bank falling up to 4.68 per cent. Meanwhile, on a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 3,006.41 crore Thursday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,634.32 crore, provisional data available with BSE showed. Elsewhere in Asia, Shanghai Composite Index rallied 1.30 per cent and Japan's Nikkei rose 0.07 per cent. Hong Kong's Hang Seng ended 0.04 per cent lower and Korea's Kospi slipped 0.06 per cent. In the Eurozone, Frankfurt's DAX gained 0.20 per cent, Paris CAC 40 was up 0.19 per cent and London's FTSE jumped 0.37 per cent in late morning deals. The rupee, meanwhile, depreciated 24 paise against US dollar to 71.32. The benchmark Brent crude futures were trading slightly lower at US $60.53 per barrel.

Budget day: Sensex ends 212 points higher; auto, consumption stocks rally

An outlay of Rs 3.05 lakh crore was set aside for the<a href="http://www.wionews.com/business-economy/union-budget-2019-rs-64587-crore-budgetary-support-for-railways-in-2019-20-says-goyal-194329"> defence Budget for 2019-20 </a>which was a hike of around Rs 20,000 crore compared to allocation of Rs 2.85 lakh crore in the current fiscal.

Presenting an interim <a href="http://www.wionews.com/india-news/big-takeaways-from-union-budget-2019-194331">Budget for 2019-20 </a>in Parliament, Union Minister for finance and corporate affairs Piyush Goyal said additional funds, if necessary, would be provided to secure the country's borders and maintain defence preparedness.

"Our defence budget will be crossing Rs 3,00,000 crore for the first time in 2019-20. For securing our borders and to maintain preparedness of the highest order, if necessary, additional funds would be provided," he said.

Referring to strengthening defence and national security, Goyal said the soldiers protect India's borders in tough conditions and that due care has been taken for them.

He said the issue of One Rank One Pension (OROP) which was pending for the last 40 years has been resolved.

"The previous governments announced it in three budgets but sanctioned a mere Rs 500 crore in 2014-15 interim budget. In contrast we have already disbursed over Rs 35,000 crore after implementing the scheme in its true spirit," he said.

He said the government also announced substantial hike in the Military Service Pay (MSP) of all service personnel and special allowances were given to naval and air force personnel deployed in high-risk duties.&nbsp;

After the defence Budget was announced, shares of companies related to defence sector rose up to 5 per cent as an outlay of Rs 3.05 lakh crore was set aside for the sector for 2019-20.

Shares of Walchandnagar Industries jumped 4.71 per cent, Bharat Electronics gained 2.98 per cent, BEML 2.79 per cent and Bharat Dynamics 1.76 per cent on BSE.

An outlay of Rs 3.05 lakh crore was set aside for the defence Budget for 2019-20 which was a hike of around Rs 20,000 crore compared to allocation of Rs 2.85 lakh crore in the current fiscal.

An outlay of Rs 3.05 lakh crore was set aside for the defence Budget for 2019-20 which was a hike of around Rs 20,000 crore compared to allocation of Rs 2.85 lakh crore in the current fiscal. Presenting an interim Budget for 2019-20 in Parliament, Union Minister for finance and corporate affairs Piyush Goyal said additional funds, if necessary, would be provided to secure the country's borders and maintain defence preparedness. "Our defence budget will be crossing Rs 3,00,000 crore for the first time in 2019-20. For securing our borders and to maintain preparedness of the highest order, if necessary, additional funds would be provided," he said. Referring to strengthening defence and national security, Goyal said the soldiers protect India's borders in tough conditions and that due care has been taken for them. He said the issue of One Rank One Pension (OROP) which was pending for the last 40 years has been resolved. "The previous governments announced it in three budgets but sanctioned a mere Rs 500 crore in 2014-15 interim budget. In contrast we have already disbursed over Rs 35,000 crore after implementing the scheme in its true spirit," he said. He said the government also announced substantial hike in the Military Service Pay (MSP) of all service personnel and special allowances were given to naval and air force personnel deployed in high-risk duties. After the defence Budget was announced, shares of companies related to defence sector rose up to 5 per cent as an outlay of Rs 3.05 lakh crore was set aside for the sector for 2019-20. Shares of Walchandnagar Industries jumped 4.71 per cent, Bharat Electronics gained 2.98 per cent, BEML 2.79 per cent and Bharat Dynamics 1.76 per cent on BSE.

Defence Budget increased over Rs 20,000 crore; crosses Rs 3,00,000 crore for first time

Asian markets mostly rose Friday, with investors treading carefully as <a href="http://www.wionews.com/world/us-china-trade-talks-begin-amid-deep-differences-193945">China-US trade talks</a> ended with no deal but with both sides sounding notes of optimism and setting up more high-level meetings later this month.

After the much-anticipated gathering, Donald Trump hailed "tremendous progress" between the world's top two economies but warned the "hard deadline" of March 1 remained in place, after which US tariffs on billions of dollars of Chinese goods will be imposed.

For its part, Beijing said they held "candid, specific and fruitful" discussions and had agreed to increase cooperation on intellectual property — a major source of White House anger with China — and boost imports of US goods.

Trump's top two economic officials will visit Beijing later this month, after which he said he will meet his counterpart Xi Jinping to hammer out the final deal.

While the negotiations ended with no agreement, Jeffrey Halley, senior market analyst at OANDA, said: "For the markets, which are clearly in 'risk-on' mood, it was a case of no news is good news."

However, an early surge across the region petered out to leave markets mixed.

Tokyo ended 0.1 per cent higher and Hong Kong was marginally lower, while Shanghai jumped 1.3 per cent as traders welcomed news that authorities had relaxed certain rules to make investing easier.

Sydney and Singapore were both flat and Seoul dipped 0.1 per cent, though Manila, Mumbai, Bangkok and Jakarta were all up.

In early trade, London rose 0.3 per cent, while Frankfurt and Paris each added 0.2 per cent.

"The statement certainly signals progress, but at best-limited progress on the core long-term structural issues that separate the two sides," Eswar Prasad, a trade policy professor at Cornell University, told Bloomberg News.

"The statement ends with a not-so-veiled threat that China will need to offer more substantive concessions to enable a deal that would take further tariffs off the table."

The tepid movement in markets also comes after an impressive month that saw Hong Kong pile on more than eight per cent and Tokyo more than four per cent, a much-needed bounce after December's hammering.

Next on the agenda is the release of US jobs data later Friday, which comes days after the Federal Reserve fueled a rally by signalling a slowdown in its pace of interest rate hikes this year.

The non-farm payrolls figures will be closely watched for an idea about the state of the world's number-one economy, with the Fed having warned of a global slowdown.

Asian markets mostly rose Friday, with investors treading carefully as China-US trade talks ended with no deal but with both sides sounding notes of optimism and setting up more high-level meetings later this month.

Asian markets mostly rose Friday, with investors treading carefully as China-US trade talks ended with no deal but with both sides sounding notes of optimism and setting up more high-level meetings later this month. After the much-anticipated gathering, Donald Trump hailed "tremendous progress" between the world's top two economies but warned the "hard deadline" of March 1 remained in place, after which US tariffs on billions of dollars of Chinese goods will be imposed. For its part, Beijing said they held "candid, specific and fruitful" discussions and had agreed to increase cooperation on intellectual property — a major source of White House anger with China — and boost imports of US goods. Trump's top two economic officials will visit Beijing later this month, after which he said he will meet his counterpart Xi Jinping to hammer out the final deal. While the negotiations ended with no agreement, Jeffrey Halley, senior market analyst at OANDA, said: "For the markets, which are clearly in 'risk-on' mood, it was a case of no news is good news." However, an early surge across the region petered out to leave markets mixed. Tokyo ended 0.1 per cent higher and Hong Kong was marginally lower, while Shanghai jumped 1.3 per cent as traders welcomed news that authorities had relaxed certain rules to make investing easier. Sydney and Singapore were both flat and Seoul dipped 0.1 per cent, though Manila, Mumbai, Bangkok and Jakarta were all up. In early trade, London rose 0.3 per cent, while Frankfurt and Paris each added 0.2 per cent. "The statement certainly signals progress, but at best-limited progress on the core long-term structural issues that separate the two sides," Eswar Prasad, a trade policy professor at Cornell University, told Bloomberg News. "The statement ends with a not-so-veiled threat that China will need to offer more substantive concessions to enable a deal that would take further tariffs off the table." The tepid movement in markets also comes after an impressive month that saw Hong Kong pile on more than eight per cent and Tokyo more than four per cent, a much-needed bounce after December's hammering. Next on the agenda is the release of US jobs data later Friday, which comes days after the Federal Reserve fueled a rally by signalling a slowdown in its pace of interest rate hikes this year. The non-farm payrolls figures will be closely watched for an idea about the state of the world's number-one economy, with the Fed having warned of a global slowdown.

Asian markets mixed as China, US agree to further trade talks

Madam Speaker, I rise to present the Interim Budget for the year 2019-20. PART A 2. I am deeply conscious of the absence of Shri Arun Jaitley today. Also read: Big takeaways from Union Budget 2019 I am sure the House joins me in wishing Shri Jaitley speedy recovery, good health and long life in the service of the nation.

Budget 2019: Full text of finance minister Piyush Goyal's speech in Parliament

Finance Minister Piyush Goyal on Friday proposed that salaried individuals with an annual income up to 5 lakh will be exempted from paying any tax.&nbsp;

Goyal made the populist announcement while presenting the Interim Budget in the parliament.&nbsp;

Currently, resident individuals with an annual income of up to Rs 2.5 lakh (age below 60 years) are exempted from tax.&nbsp;

Narendra Modi-led government provided tax relief to taxpayers earlier as well. In Budget 2014, the minimum tax-exemption limit was raised from Rs 2 lakh to Rs 2.5 lakh.&nbsp;

The finance minister also raised standard deduction from Rs 40,000 to Rs 50,000.

He also said that individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.&nbsp;

Sops for farmers

"Under Pradhan Mantri Kisan Samman Nidhi, Rs 6,000 per year for each farmer, in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding," Goyal said.

"This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, this will enable farmers to earn a respectable living," he said, adding that Rs 20,000 crore would also be added in the revised estimates of this year as well.

The date for the scheme's implementation has been fixed as December 2018. The first instalment will be sent to the farmers in the next few days, the FM added.

In another major sop announced for the agrarian community, the animal husbandry and fisheries farmers will also be provided with the Kisan Credit Card. A 2 per cent interest subvention will be granted, Goyal said, adding that it would be increased to 3 per cent if the repayment is done on time.

In addition to the interest subvention for farmers in the animal husbandry and fisheries sector, the relief measure will also be extended to all among the agrarian class who gets affected by natural calamities.

"In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2 per cent interest subvention and additional 3 per cent interest subvention upon timely repayment," Goyal announced.

Mega pension scheme&nbsp;

Targeting a huge electorate ahead of the 2019 polls, the finance minister announced a mega pension scheme to provide assured pension of Rs. 3000 rupees per month to nearly 10 crore people working in largely fragmented informal sector.

These informal workers joining the pension scheme at 18 years will pay Rs. 55 per month and Rs. 100 if joining at the age of 29. The pension will be paid once they reached the age of 60.

“(We are starting) Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with the contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age," Goyal said in his Budget speech.

“Will benefit 10 crore workers in the unorganised sector, may become the world's biggest pension scheme for the unorganised sector in five years," he added.

Domestic workers, beedi workers, small shop workers among others may benefit from the announcement but the details on how it will be implemented and how the government will calculate the income threshold is yet to be spelt out.

Goyal also doubled gratuity cap to Rs 20 lakh from 10 lakh.&nbsp;

Finance Minister Piyush Goyal on Friday proposed that salaried individuals with an annual income up to 5 lakh will be exempted from paying any tax. Goyal made the populist announcement while presenting the Interim Budget in the parliament.

Finance Minister Piyush Goyal on Friday proposed that salaried individuals with an annual income up to 5 lakh will be exempted from paying any tax. Goyal made the populist announcement while presenting the Interim Budget in the parliament. Currently, resident individuals with an annual income of up to Rs 2.5 lakh (age below 60 years) are exempted from tax. Narendra Modi-led government provided tax relief to taxpayers earlier as well. In Budget 2014, the minimum tax-exemption limit was raised from Rs 2 lakh to Rs 2.5 lakh. The finance minister also raised standard deduction from Rs 40,000 to Rs 50,000. He also said that individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities. Sops for farmers "Under Pradhan Mantri Kisan Samman Nidhi, Rs 6,000 per year for each farmer, in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding," Goyal said. "This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, this will enable farmers to earn a respectable living," he said, adding that Rs 20,000 crore would also be added in the revised estimates of this year as well. The date for the scheme's implementation has been fixed as December 2018. The first instalment will be sent to the farmers in the next few days, the FM added. In another major sop announced for the agrarian community, the animal husbandry and fisheries farmers will also be provided with the Kisan Credit Card. A 2 per cent interest subvention will be granted, Goyal said, adding that it would be increased to 3 per cent if the repayment is done on time. In addition to the interest subvention for farmers in the animal husbandry and fisheries sector, the relief measure will also be extended to all among the agrarian class who gets affected by natural calamities. "In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2 per cent interest subvention and additional 3 per cent interest subvention upon timely repayment," Goyal announced. Mega pension scheme Targeting a huge electorate ahead of the 2019 polls, the finance minister announced a mega pension scheme to provide assured pension of Rs. 3000 rupees per month to nearly 10 crore people working in largely fragmented informal sector. These informal workers joining the pension scheme at 18 years will pay Rs. 55 per month and Rs. 100 if joining at the age of 29. The pension will be paid once they reached the age of 60. “(We are starting) Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with the contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age," Goyal said in his Budget speech. “Will benefit 10 crore workers in the unorganised sector, may become the world's biggest pension scheme for the unorganised sector in five years," he added. Domestic workers, beedi workers, small shop workers among others may benefit from the announcement but the details on how it will be implemented and how the government will calculate the income threshold is yet to be spelt out. Goyal also doubled gratuity cap to Rs 20 lakh from 10 lakh.

Budget 2019: Interim Budget delights farmers; middle class wooed with tax rebates

Finance Minister Piyush Goyal on Friday said the government has allocated Rs 64,587 crore for railways in the Interim Budget for 2019-20.

Presenting the Interim Budget in Parliament, Goyal said: "Indian Railways has experienced its safest year in history. We are introducing container cargo movement to the North East.&nbsp;

"All unmanned level crossings on broad gauge network have been completely eliminated," he said.&nbsp;

He said: "Capital support from Budget for railways is proposed at Rs 64,587 crore for railways in 2019-20.

"In fact, railways` overall capital expenditure programme is historic at Rs 1,58,658 crore."

Goyal also said that the operating ratio of railways will come down to 95 per cent in 2019-20 from 96.2 per cent in 2018-19.

Finance Minister Piyush Goyal on Friday said the government has allocated Rs 64,587 crore for railways in the Interim Budget for 2019-20. Presenting the Interim Budget in Parliament, Goyal said: "Indian Railways has experienced its safest year in history.

Finance Minister Piyush Goyal on Friday said the government has allocated Rs 64,587 crore for railways in the Interim Budget for 2019-20. Presenting the Interim Budget in Parliament, Goyal said: "Indian Railways has experienced its safest year in history. We are introducing container cargo movement to the North East. "All unmanned level crossings on broad gauge network have been completely eliminated," he said. He said: "Capital support from Budget for railways is proposed at Rs 64,587 crore for railways in 2019-20. "In fact, railways` overall capital expenditure programme is historic at Rs 1,58,658 crore." Goyal also said that the operating ratio of railways will come down to 95 per cent in 2019-20 from 96.2 per cent in 2018-19.

Union Budget 2019: Rs 64,587 crore support for railways in 2019-20, says Goyal

The BSE benchmark Sensex rallied over 500 points in afternoon trade Friday, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim Budget.

Overall, market sentiment was bullish even as the government overshot the fiscal deficit target for the current financial year and announced some populist measures, which experts believe will increase the financial burden on the exchequer.

The 30-share Sensex was trading 506.21 points or 1.40 per cent, higher at 36,762.90; and the 50-share Nifty inched near the 11,000 marks rallying 143.30 points, or 1.32 per cent, to 10,974.25.&nbsp;

Also read: <a href="http://www.wionews.com/india-news/big-takeaways-from-union-budget-2019-194331">Big takeaways from Union Budget 2019</a>

In a major relief to the middle-class, Finance Minister Piyush Goyal Friday proposed to double the threshold tax exemption limit to Rs 5 lakh and increased the standard deduction to Rs 50,000 from Rs 40,000. 
The proposal will benefit 3 crore, middle-class taxpayers, Goyal said while unveiling the Budget proposals for 2019-20.

As widely expected, the finance minister announced the Pradhan Mantri Kisan Samman Nidhi for small and marginal farmers, providing Rs 6,000 per year to be transferred directly to farmers' bank accounts. 
Goyal said the fiscal deficit for the current financial year is expected to be 3.4 per cent of GDP. As per the Budget estimate, the fiscal deficit for 2018-19 was pegged at 3.3 per cent.

Consumption-driven stocks rallied the most after the Budget announcement, with BSE auto, consumer durables, FMCG and realty indices soaring up to 4 per cent. &nbsp; &nbsp;&nbsp;

Top gainers in the Sensex pack included Hero MotoCorp, Maruti, M&amp;M, Bajaj Auto, HUL, HCL Tech, Bajaj Finance, ITC, HDFC and L&amp;T, rising up to 7.51 per cent.

Vedanta was the biggest loser on Sensex, cracking over 16 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter on the back of higher expenses and drop in commodity prices.

Other losers included Axis Bank, Yes Bank, ICICI Bank and PowerGrid, falling up to 0.72 per cent.

The rupee, meanwhile, was trading 5 paise lower against US dollar to 71.13.

The BSE benchmark Sensex rallied over 500 points in afternoon trade Friday, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim Budget.

The BSE benchmark Sensex rallied over 500 points in afternoon trade Friday, driven by consumption and auto stocks as investors welcomed individual tax exemptions and sops in the farm sector announced in the interim Budget. Overall, market sentiment was bullish even as the government overshot the fiscal deficit target for the current financial year and announced some populist measures, which experts believe will increase the financial burden on the exchequer. The 30-share Sensex was trading 506.21 points or 1.40 per cent, higher at 36,762.90; and the 50-share Nifty inched near the 11,000 marks rallying 143.30 points, or 1.32 per cent, to 10,974.25. Also read: Big takeaways from Union Budget 2019 In a major relief to the middle-class, Finance Minister Piyush Goyal Friday proposed to double the threshold tax exemption limit to Rs 5 lakh and increased the standard deduction to Rs 50,000 from Rs 40,000. The proposal will benefit 3 crore, middle-class taxpayers, Goyal said while unveiling the Budget proposals for 2019-20. As widely expected, the finance minister announced the Pradhan Mantri Kisan Samman Nidhi for small and marginal farmers, providing Rs 6,000 per year to be transferred directly to farmers' bank accounts. Goyal said the fiscal deficit for the current financial year is expected to be 3.4 per cent of GDP. As per the Budget estimate, the fiscal deficit for 2018-19 was pegged at 3.3 per cent. Consumption-driven stocks rallied the most after the Budget announcement, with BSE auto, consumer durables, FMCG and realty indices soaring up to 4 per cent. Top gainers in the Sensex pack included Hero MotoCorp, Maruti, M&M, Bajaj Auto, HUL, HCL Tech, Bajaj Finance, ITC, HDFC and L&T, rising up to 7.51 per cent. Vedanta was the biggest loser on Sensex, cracking over 16 per cent after the metals and mining giant Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter on the back of higher expenses and drop in commodity prices. Other losers included Axis Bank, Yes Bank, ICICI Bank and PowerGrid, falling up to 0.72 per cent. The rupee, meanwhile, was trading 5 paise lower against US dollar to 71.13.

Budget 2019: Sensex rallies over 500 points; Nifty nears 11,000 mark

Anti-black money measures including demonetisation have led to the discovery of undisclosed income of Rs 1.30 lakh crore and seizure of Rs 50,000 crore, Finance Minister Piyush Goyal said Friday.

He said the government is committed to eliminating the ills of black money.

"Anti-black money measures including demonetisation led to the discovery of undisclosed income of Rs 1.30 lakh crore, seizure of Rs 50,000 crore," Goyal said while presenting Interim Budget for 2019-20 in the Lok Sabha.&nbsp;

The government had demonetised currency notes of 500 and 1,000 denomination on November 8, 2016, to check black money. It later issued new Rs 500 and Rs 2,000 notes.

Anti-black money measures including demonetisation have led to the discovery of undisclosed income of Rs 1.30 lakh crore and seizure of Rs 50,000 crore, Finance Minister Piyush Goyal said Friday.

Anti-black money measures including demonetisation have led to the discovery of undisclosed income of Rs 1.30 lakh crore and seizure of Rs 50,000 crore, Finance Minister Piyush Goyal said Friday. He said the government is committed to eliminating the ills of black money. "Anti-black money measures including demonetisation led to the discovery of undisclosed income of Rs 1.30 lakh crore, seizure of Rs 50,000 crore," Goyal said while presenting Interim Budget for 2019-20 in the Lok Sabha. The government had demonetised currency notes of 500 and 1,000 denomination on November 8, 2016, to check black money. It later issued new Rs 500 and Rs 2,000 notes.

Budget 2019: Rs 1.30 lakh cr undisclosed income detected post anti-black money measures

Keeping up with the tradition, the Narendra Modi-led government ahead of the general election will present an interim Budget on February 1, 2019, at 11 am.

The last Budget of the present NDA government is likely to be presented by interim Finance Minister Piyush Goyal in the Lok Sabha.

<a href="http://www.wionews.com/photos/nine-landmark-budgets-and-their-impact-on-republic-of-india-194050">In pics: Nine landmark budgets and their impact on the Republic of India</a>

Before the presentation of the Budget in Lok Sabha here we bring the entire process in brief:

Printing of Budget documents begins with 'Halwa' ceremony

The process of creating budget starts some 10-15 days before the exact budget presentation. The process flags off with a dessert 'Halwa'.

Ministers and senior officials of the Finance Ministry observe a symbolic 'Halwa Ceremony' to mark the launch of formal printing of documents relating to the Union Budget.

As part of the ritual, 'halwa' is prepared in a big 'kadhai' (large frying pot) and served to the entire staff in the ministry.

This year, the 'Halwa Ceremony' was held on January 21, in presence of Minister of State for Finance Shiv Pratap Shukla and senior officials. Finance Minister Arun Jaitley, however, missed the customary pre-Budget event as he is currently in the US for a medical check-up.

Secrecy of top level

The printing of the budget documents is carried out in top secrecy at the finance ministry in North Block. Confidentiality and secrecy are the primary ingredients of the whole process.

A large number of officials and support staff, who are directly associated with the Budget making and printing process, are required to stay in the ministry and remain cut off from their families till the presentation of the Budget in the Lok Sabha.

They are not even allowed to contact their near and dear ones through phone or any other form of communication, like e-mail.

Only very senior officials in the finance ministry are permitted to go home.

The budget process

Budget is an account of the finances. It lays down the consolidated report of revenue from all sources. The budget also carries Budgeted Estimates which are the estimates of the Central government’s accounts for the upcoming fiscal.

During the final stage of budget preparation, ministries provide the estimates for their revenue receipts in the current fiscal year (revised estimates) and next fiscal year (budget estimates) to the finance ministry.

The budget speech

Before the presentation of the Budget, President's recommendation is obtained under Article 117(1) and 117(3) for introduction and consideration in the lower house of Parliament.

After President's recommendation, the Budget is then laid before the Lok Sabha by the finance minister with the "Budget speech".

The two-part Budget speech contains an overview of the economy and tax proposals.

The first part comprises major policy initiatives taken by the govt and an overview of the economy. and after the introduction of GST most indirect tax changes are carried outside the Budget.

In Rajya Sabha

Before the actual presentation of the budget in the house, the members of the parliament are given a gist a day before.

The annual financial statement is laid on the table of Rajya Sabha only after the finance minister concludes his budget speech in Lok Sabha.

Keeping up with the tradition, the Narendra Modi-led government ahead of the general election will present an interim Budget on February 1, 2019, at 11 am. The last Budget of the present NDA government is likely to be presented by interim Finance Minister Piyush Goyal in the Lok Sabha.

Keeping up with the tradition, the Narendra Modi-led government ahead of the general election will present an interim Budget on February 1, 2019, at 11 am. The last Budget of the present NDA government is likely to be presented by interim Finance Minister Piyush Goyal in the Lok Sabha. In pics: Nine landmark budgets and their impact on the Republic of India Before the presentation of the Budget in Lok Sabha here we bring the entire process in brief: Printing of Budget documents begins with 'Halwa' ceremony The process of creating budget starts some 10-15 days before the exact budget presentation. The process flags off with a dessert 'Halwa'. Ministers and senior officials of the Finance Ministry observe a symbolic 'Halwa Ceremony' to mark the launch of formal printing of documents relating to the Union Budget. As part of the ritual, 'halwa' is prepared in a big 'kadhai' (large frying pot) and served to the entire staff in the ministry. This year, the 'Halwa Ceremony' was held on January 21, in presence of Minister of State for Finance Shiv Pratap Shukla and senior officials. Finance Minister Arun Jaitley, however, missed the customary pre-Budget event as he is currently in the US for a medical check-up. Secrecy of top level The printing of the budget documents is carried out in top secrecy at the finance ministry in North Block. Confidentiality and secrecy are the primary ingredients of the whole process. A large number of officials and support staff, who are directly associated with the Budget making and printing process, are required to stay in the ministry and remain cut off from their families till the presentation of the Budget in the Lok Sabha. They are not even allowed to contact their near and dear ones through phone or any other form of communication, like e-mail. Only very senior officials in the finance ministry are permitted to go home. The budget process Budget is an account of the finances. It lays down the consolidated report of revenue from all sources. The budget also carries Budgeted Estimates which are the estimates of the Central government’s accounts for the upcoming fiscal. During the final stage of budget preparation, ministries provide the estimates for their revenue receipts in the current fiscal year (revised estimates) and next fiscal year (budget estimates) to the finance ministry. The budget speech Before the presentation of the Budget, President's recommendation is obtained under Article 117(1) and 117(3) for introduction and consideration in the lower house of Parliament. After President's recommendation, the Budget is then laid before the Lok Sabha by the finance minister with the "Budget speech". The two-part Budget speech contains an overview of the economy and tax proposals. The first part comprises major policy initiatives taken by the govt and an overview of the economy. and after the introduction of GST most indirect tax changes are carried outside the Budget. In Rajya Sabha Before the actual presentation of the budget in the house, the members of the parliament are given a gist a day before. The annual financial statement is laid on the table of Rajya Sabha only after the finance minister concludes his budget speech in Lok Sabha.

Union Budget 2019: How it is formulated and presented

With the Lok Sabha elections only a few months away, the NDA government will present its <a href="http://www.wionews.com/business-economy/union-budget-2019-how-it-is-formulated-and-presented-194051">Interim Budget </a>on Friday amidst a lot of hopes and expectations from across the spectrum of society—right from the common people to industries.

The Interim Budget for 2019, the last financial exercise by Prime Minister Narendra Modi led Central government before the General Elections will be presented in the Lok Sabha by Finance Minister Piyush Goyal on Friday at 11 am.

If some relief in income tax exemption to the salaried and middle-class people is expected, there is a hope that the Central government may come out with some ‘concrete’ measures to combat the problem of unemployment.

At present, there is an exemption from paying personal tax on an income up to Rs 2.5 lakh, while income between Rs 2.5 lakh and Rs 5 lakh attracts five per cent tax. A 20 per cent tax is levied on the income in the range of Rs 5 lakh to Rs 10 lakh. An individual’s income above Rs 10 lakh is taxed at 30 per cent.

However, in 2014’s Interim Budget presented by then Finance Minister P Chidambaram in the Lok Sabha on February 14 for 2014-15 fiscal, no change was made in income tax rates.

Since the Goods and Services Tax (GST) is in force now, there is not much scope for the government to offer in terms of relief on the front of indirect taxes.

Union Minister of Parliamentary Affairs, Rural Development, Panchayati Raj and Mines Narendra Singh Tomar on Thursday told media persons that the Interim Budget Session of Parliament, subject to exigencies of Government Business, may conclude on February 13, 2019.

“The Session will mainly be devoted to the Financial Business relating to Interim Budget for 2019 and discussion on the Motion of Thanks on President’s address. However, essential Legislative and other Business will also be taken up during the Session,” he said.

Some of the key highlights of 2014 Interim Budget, which the BJP had then described as more of an election Budget rather than an Interim Budget, relief in indirect taxes, reduction in excise duty on capital goods from 12 per cent to 10 per cent, focus on building up manufacturing capacity, three more industrial corridors, one million jobs, and Rs 11,200 crore for capital infusion in PSBs.

Distressed farmers are another area of serious concern, which the Central government would like to take care of in the ‘Interim Budget.’ It, however, remains to be seen how the government moves on this front as most of the states have chosen to waive off farm loans.

&nbsp;

With the Lok Sabha elections only a few months away, the NDA government will present its Interim Budget on Friday amidst a lot of hopes and expectations from across the spectrum of society—right from the common people to industries.

With the Lok Sabha elections only a few months away, the NDA government will present its Interim Budget on Friday amidst a lot of hopes and expectations from across the spectrum of society—right from the common people to industries. The Interim Budget for 2019, the last financial exercise by Prime Minister Narendra Modi led Central government before the General Elections will be presented in the Lok Sabha by Finance Minister Piyush Goyal on Friday at 11 am. If some relief in income tax exemption to the salaried and middle-class people is expected, there is a hope that the Central government may come out with some ‘concrete’ measures to combat the problem of unemployment. At present, there is an exemption from paying personal tax on an income up to Rs 2.5 lakh, while income between Rs 2.5 lakh and Rs 5 lakh attracts five per cent tax. A 20 per cent tax is levied on the income in the range of Rs 5 lakh to Rs 10 lakh. An individual’s income above Rs 10 lakh is taxed at 30 per cent. However, in 2014’s Interim Budget presented by then Finance Minister P Chidambaram in the Lok Sabha on February 14 for 2014-15 fiscal, no change was made in income tax rates. Since the Goods and Services Tax (GST) is in force now, there is not much scope for the government to offer in terms of relief on the front of indirect taxes. Union Minister of Parliamentary Affairs, Rural Development, Panchayati Raj and Mines Narendra Singh Tomar on Thursday told media persons that the Interim Budget Session of Parliament, subject to exigencies of Government Business, may conclude on February 13, 2019. “The Session will mainly be devoted to the Financial Business relating to Interim Budget for 2019 and discussion on the Motion of Thanks on President’s address. However, essential Legislative and other Business will also be taken up during the Session,” he said. Some of the key highlights of 2014 Interim Budget, which the BJP had then described as more of an election Budget rather than an Interim Budget, relief in indirect taxes, reduction in excise duty on capital goods from 12 per cent to 10 per cent, focus on building up manufacturing capacity, three more industrial corridors, one million jobs, and Rs 11,200 crore for capital infusion in PSBs. Distressed farmers are another area of serious concern, which the Central government would like to take care of in the ‘Interim Budget.’ It, however, remains to be seen how the government moves on this front as most of the states have chosen to waive off farm loans.

NDA’s interim Budget on Friday likely to offer some hope and relief

Goldman Sachs Group Inc told employees on Wednesday it will no longer carry widely used, throw-away plastic items like water bottles or silverware in its offices and cafeterias as the US bank tries to cut the amount of trash it puts in landfills.

Starting last week, Goldman cafeterias and vending machines globally swapped out plastic soda and water bottles for aluminium cans, glass bottles and compostable cups to be used for fountain drinks, said Cindy Quan, the bank's head of environment, social and governance for real estate.

Throw-away plastic items have been the subject of bans by a growing number of countries and corporations because they often end up littering oceans and waterways.

In December, the European Union agreed to ban by 2021 a list of 10 single-use plastic products, like plates, straws and drink stirrers.

The operator of luxury hotel chain Peninsula Hotels, The Hongkong and Shanghai Hotels, Limited, said it will stop using plastic bottles, packaging and bathroom amenities by 2020.

Quan said Goldman is banning single-use plastics because they often ended up in the company's garbage instead of the recycling bin.

The bank has said it is trying to divert 100 per cent of its business waste from landfills by 2020 and is 93 per cent of the way there, Quan said.

This step will reduce the amount of single-use plastics bank employees throw away by 85 per cent or to 6 tons, the bank said.

Goldman has worked with companies and groups with ties to the plastics industry.

Kevin Smith, vice president of the bank's environmental markets group, said that the bank does not discuss matters related to specific clients.

The move away from single-use plastics, Smith said, is part of the bank's broader environmental strategy, which includes raising capital for green energy projects and underwriting climate-related risks.

Goldman Sachs Group Inc told employees on Wednesday it will no longer carry widely used, throw-away plastic items like water bottles or silverware in its offices and cafeterias as the US bank tries to cut the amount of trash it puts in landfills.

Goldman Sachs Group Inc told employees on Wednesday it will no longer carry widely used, throw-away plastic items like water bottles or silverware in its offices and cafeterias as the US bank tries to cut the amount of trash it puts in landfills. Starting last week, Goldman cafeterias and vending machines globally swapped out plastic soda and water bottles for aluminium cans, glass bottles and compostable cups to be used for fountain drinks, said Cindy Quan, the bank's head of environment, social and governance for real estate. Throw-away plastic items have been the subject of bans by a growing number of countries and corporations because they often end up littering oceans and waterways. In December, the European Union agreed to ban by 2021 a list of 10 single-use plastic products, like plates, straws and drink stirrers. The operator of luxury hotel chain Peninsula Hotels, The Hongkong and Shanghai Hotels, Limited, said it will stop using plastic bottles, packaging and bathroom amenities by 2020. Quan said Goldman is banning single-use plastics because they often ended up in the company's garbage instead of the recycling bin. The bank has said it is trying to divert 100 per cent of its business waste from landfills by 2020 and is 93 per cent of the way there, Quan said. This step will reduce the amount of single-use plastics bank employees throw away by 85 per cent or to 6 tons, the bank said. Goldman has worked with companies and groups with ties to the plastics industry. Kevin Smith, vice president of the bank's environmental markets group, said that the bank does not discuss matters related to specific clients. The move away from single-use plastics, Smith said, is part of the bank's broader environmental strategy, which includes raising capital for green energy projects and underwriting climate-related risks.

Goldman Sachs ditches single-use plastic products