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&nbsp;A handful of tweets and four days later, Silicon Valley billionaire Elon Musk has closed orders for his latest novelty product, after selling 20,000 flamethrowers at $500 a piece.

&quot;Guaranteed to liven up any party!&quot; was Musk&#39;s tagline for a sale which raised $10 million for his high-speed tunnel venture The Boring Company.&nbsp;

The man behind electric carmaker Tesla&nbsp;and rocket company SpaceX had earlier sold 50,000 Boring Company hats in similar fashion.

The latest impromptu fundraising scheme comes at a time when financial analysts and investors in Tesla are wondering if Musk will have to seek billions more in funding for the electric carmaker as it struggles to meet promises on production.

&ldquo;When the zombie apocalypse happens, you&rsquo;ll be glad you bought a flamethrower,&rdquo; he tweeted last Saturday. &ldquo;Works against hordes of the undead or your money back!&rdquo;

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<blockquote class="twitter-tweet" data-lang="en">
When the zombie apocalypse happens, you&rsquo;ll be glad you bought a flamethrower. Works against hordes of the undead or your money back!
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/957441956874919936?ref_src=twsrc%5Etfw">January 28, 2018</a></blockquote>
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Each flamethrower, he said on Thursday, would come with a free fire extinguisher and buyers need to agree to certain conditions before getting the device in spring.

&nbsp;

A handful of tweets and four days later, Silicon Valley billionaire Elon Musk has closed orders for his latest novelty product, after selling 20,000 flamethrowers at $500 a piece

A handful of tweets and four days later, Silicon Valley billionaire Elon Musk has closed orders for his latest novelty product, after selling 20,000 flamethrowers at $500 a piece. "Guaranteed to liven up any party!" was Musk's tagline for a sale which raised $10 million for his high-speed tunnel venture The Boring Company. The man behind electric carmaker Tesla and rocket company SpaceX had earlier sold 50,000 Boring Company hats in similar fashion. The latest impromptu fundraising scheme comes at a time when financial analysts and investors in Tesla are wondering if Musk will have to seek billions more in funding for the electric carmaker as it struggles to meet promises on production. “When the zombie apocalypse happens, you’ll be glad you bought a flamethrower,” he tweeted last Saturday. “Works against hordes of the undead or your money back!” When the zombie apocalypse happens, you’ll be glad you bought a flamethrower. Works against hordes of the undead or your money back! — Elon Musk (@elonmusk) January 28, 2018 × Each flamethrower, he said on Thursday, would come with a free fire extinguisher and buyers need to agree to certain conditions before getting the device in spring.

Tesla's Musk sells $10 million in flamethrowers in four days

Finance Minister Arun Jaitley will today present the current NDA government&#39;s fifth and arguably his toughest Budget yet as he seeks to address agriculture distress, create jobs and boost growth while at the same time stick to fiscal prudence.

The Budget, in view of upcoming assembly polls in eight states - including three major states ruled by the BJP - and general elections next year, may see new rural schemes and stepping up of funding towards existing programmes like MNREGA, rural housing, irrigation projects and crop insurance.

With the recent elections in Gujarat indicating erosion of BJP&#39;s rural vote base, Jaitley may also unveil incentives for the farm sector. 
Small businesses, which have traditionally formed the core support base of the BJP, too may get some sops to ease pain caused to them due to chaotic rollout of the Goods and Services Tax (GST) and demonetisation.

There is also an expectation that common man may get some relief in income tax by way of a raise in the exemption limit.

Also on Jaitley&#39;s menu may be upping spending on infrastructure projects like highways and modernisation of railways to boost economic growth that is at a four-year low.

But he has to do all this while sticking to the road map of narrowing one of Asia&#39;s largest budget deficits, as failing which, India may fall on the wrong side of global investors and credit rating agencies which had late last year handed out a rare sovereign upgrade.

The target Jaitley had previously set out was to lower the fiscal deficit to 3.2 per cent of the GDP in the current fiscal and to 3 per cent in 2018-19, the Budget for which he would present in the Lok Sabha tomorrow.

Prime Minister Narendra Modi seemed to have already lowered expectations of mass voter swaying announcements when he indicated that the Budget may not be resort to populism and that it was a myth that common man wants sop.

This will be India&#39;s first post-GST and is being keenly watched to see what Jaitley does to boost growth in Asia&#39;s third largest economy. 
There are talks that tax break on capital gains from stock investments may go and it remains to be seen if Jaitley will finally show some movement on his 2015 promise to lower corporate tax rate to 25 per cent from 30 per cent over four years.

He has to manoeuvre all this within limited scope of tinkering with tax rates given that central excise duty, which was levied on goods manufactured in the country, and service tax have both been subsumed in the GST and he no longer has the sole power to fix rates on them.

Also constraining him would be the rise in global oil prices, which can stoke inflation as well as widen current account deficit.

Some kind of incentives to boost exports of certain sectors may be announced while there may be announcements for start-ups as well as for promoting entrepreneurship.

There have been mixed signals on deficit target, with Chief Economic Adviser Arvind Subramanian earlier this week stating that a pause in the fiscal consolidation plan can&#39;t be ruled out while Niti Aayog vice chairman Rajiv Kumar saying the government is likely to stick to the target.

In the first eight months of 2017-18, fiscal deficit reached 112 per cent of the target, stoking fears of a fiscal slippage. The shortfall was largely due to reduced dividends from government companies, which the government looks to bridge through stake sale in state-owned firms like HPCL.

Scrapping the colonial-era tradition of presenting the Budget at the end of February, Jaitley had for the first time presented the annual accounts on February 1 last year.

The Budget presentation was advanced by a month to ensure that proposals take effect from April 1, the beginning of the new financial year.

Also, the nearly century old tradition of having a separate budget for the railways was scrapped and merged with the general budget.

The Union Budget 2018-19 would be the last full Budget of the BJP-led NDA government before the 2019 general elections. As per the practice, a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government.

While P Chidambaram had presented the previous UPA government&#39;s vote-on-account in February 2014, Jaitley had presented a full budget in July that year. 
The Budget for 2018-19 will be the first budget post implementation of the GST regime.

Even though independent India&#39;s biggest tax reform of GST was implemented from July 1, the Budget for 2017-18 (April- March), had followed the practice of tax revenue projections under the heads of customs duty, central excise and service tax alongside direct tax numbers.

With excise duty and service tax being subsumed in the GST, the classifications in the forthcoming budget may undergo change.

While a new classification for revenues to be accrued from GST will be included in the Budget for the next fiscal, for the current year two sets of accounting may be presented, one for actual accruals during April-June for excise, customs and service tax, and the other for July-March period for GST and customs duty.&nbsp;

Finance Minister Arun Jaitley will present this government's fifth and arguably toughest Budget today

Finance Minister Arun Jaitley will today present the current NDA government's fifth and arguably his toughest Budget yet as he seeks to address agriculture distress, create jobs and boost growth while at the same time stick to fiscal prudence. The Budget, in view of upcoming assembly polls in eight states - including three major states ruled by the BJP - and general elections next year, may see new rural schemes and stepping up of funding towards existing programmes like MNREGA, rural housing, irrigation projects and crop insurance. With the recent elections in Gujarat indicating erosion of BJP's rural vote base, Jaitley may also unveil incentives for the farm sector. Small businesses, which have traditionally formed the core support base of the BJP, too may get some sops to ease pain caused to them due to chaotic rollout of the Goods and Services Tax (GST) and demonetisation. There is also an expectation that common man may get some relief in income tax by way of a raise in the exemption limit. Also on Jaitley's menu may be upping spending on infrastructure projects like highways and modernisation of railways to boost economic growth that is at a four-year low. But he has to do all this while sticking to the road map of narrowing one of Asia's largest budget deficits, as failing which, India may fall on the wrong side of global investors and credit rating agencies which had late last year handed out a rare sovereign upgrade. The target Jaitley had previously set out was to lower the fiscal deficit to 3.2 per cent of the GDP in the current fiscal and to 3 per cent in 2018-19, the Budget for which he would present in the Lok Sabha tomorrow. Prime Minister Narendra Modi seemed to have already lowered expectations of mass voter swaying announcements when he indicated that the Budget may not be resort to populism and that it was a myth that common man wants sop. This will be India's first post-GST and is being keenly watched to see what Jaitley does to boost growth in Asia's third largest economy. There are talks that tax break on capital gains from stock investments may go and it remains to be seen if Jaitley will finally show some movement on his 2015 promise to lower corporate tax rate to 25 per cent from 30 per cent over four years. He has to manoeuvre all this within limited scope of tinkering with tax rates given that central excise duty, which was levied on goods manufactured in the country, and service tax have both been subsumed in the GST and he no longer has the sole power to fix rates on them. Also constraining him would be the rise in global oil prices, which can stoke inflation as well as widen current account deficit. Some kind of incentives to boost exports of certain sectors may be announced while there may be announcements for start-ups as well as for promoting entrepreneurship. There have been mixed signals on deficit target, with Chief Economic Adviser Arvind Subramanian earlier this week stating that a pause in the fiscal consolidation plan can't be ruled out while Niti Aayog vice chairman Rajiv Kumar saying the government is likely to stick to the target. In the first eight months of 2017-18, fiscal deficit reached 112 per cent of the target, stoking fears of a fiscal slippage. The shortfall was largely due to reduced dividends from government companies, which the government looks to bridge through stake sale in state-owned firms like HPCL. Scrapping the colonial-era tradition of presenting the Budget at the end of February, Jaitley had for the first time presented the annual accounts on February 1 last year. The Budget presentation was advanced by a month to ensure that proposals take effect from April 1, the beginning of the new financial year. Also, the nearly century old tradition of having a separate budget for the railways was scrapped and merged with the general budget. The Union Budget 2018-19 would be the last full Budget of the BJP-led NDA government before the 2019 general elections. As per the practice, a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government. While P Chidambaram had presented the previous UPA government's vote-on-account in February 2014, Jaitley had presented a full budget in July that year. The Budget for 2018-19 will be the first budget post implementation of the GST regime. Even though independent India's biggest tax reform of GST was implemented from July 1, the Budget for 2017-18 (April- March), had followed the practice of tax revenue projections under the heads of customs duty, central excise and service tax alongside direct tax numbers. With excise duty and service tax being subsumed in the GST, the classifications in the forthcoming budget may undergo change. While a new classification for revenues to be accrued from GST will be included in the Budget for the next fiscal, for the current year two sets of accounting may be presented, one for actual accruals during April-June for excise, customs and service tax, and the other for July-March period for GST and customs duty.

Jaitley has tough task of choosing between populism, prudence in today's Budget

According to Transparency International India (TII), India&#39;s budget provides less information in the public domain and therefore is less transparent.&nbsp;

The anti-corruption watchdog noted on Wednesday the fact that less transparency would trigger severe economic problems.&nbsp;

TII called the budget &quot;intractable&quot; and &quot;incomprehensible&quot; for the citizens, therefore it becomes difficult for a common man to participate in shaping public policy.

The watchdog also noted that very little budgetary information is available in the public domain which makes the Indian budget less transparent when accessed according to the international parameters.

India scored 48 on 100 in the Open Budget Survey of 2017.

The TII report aimed at highlighting the inadequacies and gaps in the Indian budgetary process and called for improvement. It also noted that Bangladesh&#39;s budget is more transparent than the Indian system.&nbsp;

The watchdog also noted that the budget must be completely transparent and accessible to the common public so that they could understand it better and participate in policy formulation.&nbsp;

The knowledge associated with the budgetary revenue and expenditure statements must not be limited to strategists and experts, emphasised TII.&nbsp;

Union Finance Minister Arun Jaitley will be presenting the NDA&#39;s last budget for the term today.&nbsp;

The anti-corruption watchdog noted on Wednesday the fact that less transparency would trigger severe economic problems

According to Transparency International India (TII), India's budget provides less information in the public domain and therefore is less transparent. The anti-corruption watchdog noted on Wednesday the fact that less transparency would trigger severe economic problems. TII called the budget "intractable" and "incomprehensible" for the citizens, therefore it becomes difficult for a common man to participate in shaping public policy. The watchdog also noted that very little budgetary information is available in the public domain which makes the Indian budget less transparent when accessed according to the international parameters. India scored 48 on 100 in the Open Budget Survey of 2017. The TII report aimed at highlighting the inadequacies and gaps in the Indian budgetary process and called for improvement. It also noted that Bangladesh's budget is more transparent than the Indian system. The watchdog also noted that the budget must be completely transparent and accessible to the common public so that they could understand it better and participate in policy formulation. The knowledge associated with the budgetary revenue and expenditure statements must not be limited to strategists and experts, emphasised TII. Union Finance Minister Arun Jaitley will be presenting the NDA's last budget for the term today.

Indian budget 'incomprehensible' to citizens: Transparency International

The Union Budget is just around the corner.&nbsp;With Finance Minister Arun Jaitley getting ready to present the Budget on February 1, it&rsquo;s also time for us to learn and ready ourselves for the Budget speech.&nbsp;

To make things easier, WION digital simplifies the important Budget items for its readers.&nbsp;

Here is a glossary of commonly used terms in the Budget:

Union Budget

Union Budget Union Budget is the most comprehensive report of the Government&#39;s finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government&#39;s accounts for the next Fiscal year called Budgeted Estimates.

Union Budget actually lays down the statement of the estimated receipts and expenditure of the Govt. of India for the coming financial year.&nbsp; It sets out exactly how the govt proposes to allocate the financial resources among the various agencies that make claim on it and how it proposes to raise the finances for this.&nbsp; &nbsp;&nbsp;

Union Budget is undoubtedly the most extensive account of the government&#39;s finances, in which revenues from all sources and expenses of all activities undertaken are aggregated. It comprises the revenue budget and the capital budget.

Gross Domestic Product

GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.&nbsp;

Direct and Indirect Taxes

Direct taxes are the one that fall directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services. They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc.

GST

The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government.

&ldquo;Goods&rdquo; means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply.

&ldquo;Services&rdquo; means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged.

Customs Duty

These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer.

Fiscal Deficit&nbsp;

When the government&#39;s non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the fiscal deficit.

Revenue Deficit&nbsp;

The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government&#39;s current receipts over current expenditure.

Primary Deficit

The primary deficit is the fiscal deficit minus interest payments. It tells how much of the Government&#39;s borrowings are going towards meeting expenses other than interest payments.

Fiscal policy

It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the budget and is the primary means by which the government can influence the economy.

Monetary Policy

This comprises actions taken by the central bank (i.e. RBI) to regulate the level of money or liquidity in the economy or change the interest rates.

Inflation

A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level.

Capital Budget

The Capital Budget consists of capital receipts and payments. It includes investments in shares, loans and advances granted by the central Government to State Governments, Government companies, corporations and other parties.

Revenue Budget

The revenue budget consists of revenue receipts of the Government and its expenditure. Revenue receipts are divided into tax and non-tax revenue. Tax revenues constitute taxes like income tax, corporate tax, excise, customs, service and other duties that the Government levies. The non-tax revenue sources include interest on loans, dividend on investments.

Finance Bill

The Bill produced immediately after the presentation of the Union Budget detailing the Imposition, abolition, alteration or regulation of taxes proposed in the Budget.

Vote on Account

The Vote on Account is a grant made in advance by the parliament, in respect of the estimated expenditure for a part of&nbsp;new&nbsp;financial year, pending the completion of procedure relating to the voting on the Demand for Grants and the passing of the Appropriation Act.

Excess Grants

If the total expenditure under a Grant exceeds the provision allowed through its original Grant and Supplementary Grant, then, the excess requires regularization by obtaining the Excess Grant from the Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the Annual Budget, i.e. through the presentation of Demands for Grants and passing of Appropriation Bills.

Budget Estimates

Amount of money allocated in the Budget to any ministry or scheme for the coming financial year.

Revised Estimates

Revised Estimates are the mid-year review of possible expenditure, taking into account the rest of expenditure, New Services and New instrument of Services etc. Revised Estimates are not voted by the Parliament, and hence by itself do not provide any authority for expenditure. Any additional projections made in the Revised Estimates need to be authorized for expenditure through the Parliament&#39;s approval or by Re-appropriation order.

Re-appropriations

Re-appropriations allow the Government to re-appropriate provisions from one sub-head to another within the same Grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller &amp; Auditor General and the Public Accounts Committee reviews these re-appropriations and comments on them for taking corrective actions.

Outcome Budget

From the fiscal year 2006-07, every Ministry presents a preliminary Outcome Budget to the Ministry of Finance, which is responsible for compiling them. The Outcome Budget is a progress card on what various Ministries and Departments have done with the outlays in the previous annual budget. It measures the development outcomes of all Government programs and whether the money has been spent for the purpose it was sanctioned including the outcome of the fund usage.

Guillotine

Parliament, unfortunately, has very limited time for scrutinising the expenditure demands of all the Ministries. So, once the prescribed period for the discussion on Demands for Grants is over, the Speaker of Lok Sabha puts all the outstanding Demands for Grants, Whether discussed or not, to the vote of the House. This process is popularly known as &#39;Guillotine&#39;.

Cut Motions

Motions for reduction to various Demands for Grants are made in the Form of Cut Motions seeking to reduce the sums sought by Government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance.

Consolidated Fund of India

All revenues raised by the Government, money borrowed and receipts from loans given by the Government ?ow into it. All Government expenditure other than certain exceptional items met from Contingency Fund and Public Account are made from this account. No money can be appropriated from the Fund except in accordance with the law.

Contingency Fund of India

A fund placed at the disposal of the President to enable him/her to make advances to the executive/Government to meet urgent unforeseen expenditure.

Public Account

Under provisions of Article 266(1) of the Constitution of India, Public Account is used in relation to all the fund flows where Government is acting as a banker. Examples include Provident Funds and Small Savings. This money does not belong to the government but is to be returned to the depositors. The expenditure from this fund need not be approved by the Parliament.

Corporate Tax

This is the tax paid by corporations or firms on the incomes they earn.

Minimum Alternative Tax (MAT)

The Minimum Alternative Tax is a minimum tax that a company must pay, even if it is under zero tax limits.

Disinvestment

By disinvestment, we mean the sale of shares of public sector undertakings by the Government. The shares of government companies held by the Government are earning assets at the disposal of the Government. If these shares are sold to get cash, then earning assets are converted into cash, So it is referred to as disinvestment.

Glossary of commonly used terms on the Budget

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

Here are key terms you should know to understand the Budget

Indian shares fell for a second consecutive session on Wednesday, as investors stayed cautious a day before the government unveils its annual&nbsp;budget, but indexes still posted their best month since October amid signs of recovering earnings.

The broader NSE index fell 0.20 per cent to 11,027.70, but gained 4.72 per cent for the month, posting its second consecutive monthly gain.

The benchmark BSE index closed down 0.19 per cent at 35,965.02 but ended the month 5.6 per cent higher.

Indian shares fell for a second consecutive session on Wednesday, as investors stayed cautious a day before the government unveils its annual budget

Indian shares fell for a second consecutive session on Wednesday, as investors stayed cautious a day before the government unveils its annual budget, but indexes still posted their best month since October amid signs of recovering earnings. The broader NSE index fell 0.20 per cent to 11,027.70, but gained 4.72 per cent for the month, posting its second consecutive monthly gain. The benchmark BSE index closed down 0.19 per cent at 35,965.02 but ended the month 5.6 per cent higher.

Sensex, Nifty fall ahead of budget, but see best month since October

India is expected to unveil only modest stimulus at this week&#39;s budget, a Reuters poll of analysts showed, despite it being the last before the next election, with government spending likely limited by longer-term efforts to trim the fiscal deficit.

Fiscal consolidation was first proposed by Prime Minister Narendra Modi&#39;s Bharatiya Janata Party (BJP) government in its maiden budget in fiscal 2014/15, aiming to break a long line of Indian governments that preferred to borrow and spend.

But in following budgets, the timeframe for reaching a reduction to a 3.0 percent fiscal deficit target was pushed back.

The latest Reuters poll shows the government is expected to delay the timeframe for hitting that target by another year, for the third year in a row, due to setbacks in the economic outlook.

The median forecast from over 40 economists polled Jan 24-29 was for India&#39;s government to borrow 3.2 per cent of gross domestic product (GDP) in fiscal 2018-19.

&quot;As the current government will present its last full-year budget before the 2019 general elections, many in the market expect a heavier dose of populism. However, the government has limited financial resources to propose any targeted scheme for the poor,&quot; wrote Gautam Duggad, head of research at Motilal Oswal Securities, in a research note.

&quot;We also do not expect much relief on the tax front, except some reduction in the corporate tax rate for medium-sized companies.&quot;

The government&#39;s own economic survey presented to Parliament on Monday suggested that pushing further out the fiscal deficit target would give the economy some momentum.

For the current fiscal year, the target is 3.2 per cent and the government is unlikely to meet that as it has already overshot its full-year goal. With less than one quarter of the fiscal year left, the government is unlikely to meet its deficit target.

Three-quarters of the 40 economists polled, based in India, Singapore and Europe, said that fiscal consolidation is likely to be Finance Minister Arun Jaitley&#39;s dominant theme when he unveils his budget on Thursday.

Just under 10 per cent of survey respondents said he will focus on boosting subsidies while about 18 per cent expect a significant increase in borrowing and spending.

Among those expecting a more populist budget are economists that say the government will announce new subsidies, such as loan waivers for farmers, an increase in healthcare spending, a cut to taxes on fuel and a ramp up in rural housing schemes.

Some also said the focus on the potential budget provisions could address rising rural dissatisfaction shown by the increase in farmer protests and suicides across India.

&quot;We expect India&#39;s upcoming Union Budget to focus extensively on the agriculture sector, especially given that the government has only one year left in its current term and will want to boost its popularity before the next election,&quot; noted Kunal Kundu, India economist at Societe Generale.

With the Reserve Bank of India holding interest rates for now, demand for fiscal stimulus has increased after the ban of high-value currency notes in November 2016 and the implementation of a goods and services tax (GST) last year.

The economy, which likely marked its weakest pace of growth in four years in fiscal year ending in March, is still recovering from those two measures.

Shilan Shah, senior India economist at Capital Economics, a consultancy, wrote in a note to clients that the government is unlikely to meet its deficit targets for this year and next.

India&#39;s economy is forecast to grow by 6.6 per cent in the current fiscal year, which would be its weakest since before a new calculation was introduced in fiscal 2014-15, a Reuters poll of economists found earlier in January.

It is forecast to pick up to 7.3 per cent in 2018-19.

The government's own economic survey presented to Parliament on Monday suggested that pushing further out the fiscal deficit target would give the economy some momentum.

India is expected to unveil only modest stimulus at this week's budget, a Reuters poll of analysts showed, despite it being the last before the next election, with government spending likely limited by longer-term efforts to trim the fiscal deficit. Fiscal consolidation was first proposed by Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) government in its maiden budget in fiscal 2014/15, aiming to break a long line of Indian governments that preferred to borrow and spend. But in following budgets, the timeframe for reaching a reduction to a 3.0 percent fiscal deficit target was pushed back. The latest Reuters poll shows the government is expected to delay the timeframe for hitting that target by another year, for the third year in a row, due to setbacks in the economic outlook. The median forecast from over 40 economists polled Jan 24-29 was for India's government to borrow 3.2 per cent of gross domestic product (GDP) in fiscal 2018-19. "As the current government will present its last full-year budget before the 2019 general elections, many in the market expect a heavier dose of populism. However, the government has limited financial resources to propose any targeted scheme for the poor," wrote Gautam Duggad, head of research at Motilal Oswal Securities, in a research note. "We also do not expect much relief on the tax front, except some reduction in the corporate tax rate for medium-sized companies." The government's own economic survey presented to Parliament on Monday suggested that pushing further out the fiscal deficit target would give the economy some momentum. For the current fiscal year, the target is 3.2 per cent and the government is unlikely to meet that as it has already overshot its full-year goal. With less than one quarter of the fiscal year left, the government is unlikely to meet its deficit target. Three-quarters of the 40 economists polled, based in India, Singapore and Europe, said that fiscal consolidation is likely to be Finance Minister Arun Jaitley's dominant theme when he unveils his budget on Thursday. Just under 10 per cent of survey respondents said he will focus on boosting subsidies while about 18 per cent expect a significant increase in borrowing and spending. Among those expecting a more populist budget are economists that say the government will announce new subsidies, such as loan waivers for farmers, an increase in healthcare spending, a cut to taxes on fuel and a ramp up in rural housing schemes. Some also said the focus on the potential budget provisions could address rising rural dissatisfaction shown by the increase in farmer protests and suicides across India. "We expect India's upcoming Union Budget to focus extensively on the agriculture sector, especially given that the government has only one year left in its current term and will want to boost its popularity before the next election," noted Kunal Kundu, India economist at Societe Generale. With the Reserve Bank of India holding interest rates for now, demand for fiscal stimulus has increased after the ban of high-value currency notes in November 2016 and the implementation of a goods and services tax (GST) last year. The economy, which likely marked its weakest pace of growth in four years in fiscal year ending in March, is still recovering from those two measures. Shilan Shah, senior India economist at Capital Economics, a consultancy, wrote in a note to clients that the government is unlikely to meet its deficit targets for this year and next. India's economy is forecast to grow by 6.6 per cent in the current fiscal year, which would be its weakest since before a new calculation was introduced in fiscal 2014-15, a Reuters poll of economists found earlier in January. It is forecast to pick up to 7.3 per cent in 2018-19.

No spending spree due in last Indian budget before elections: Poll

Since his election four years ago, Indian markets have welcomed Prime Minister Narendra Modi&#39;s campaign to mend patchy public finances and develop new areas of growth in Asia&#39;s third largest economy.

To keep investors&#39; confidence, however, Modi&#39;s government will need to be seen containing the fiscal deficit, while also increasing spending in key areas of the slowing economy.

Markets will be focused on how much India widens its fiscal deficit beyond the 3 per cent of gross domestic product projected for 2018/19.

A Reuters poll showed most economists expect a 3.2 per cent deficit as the government looks to increase investments in key areas such as agriculture to bolster its re-election prospects in elections due by 2019.

A modest widening of that nature would calm investors worried that the government may slip away from its judicious spending. Traders say bond yields could fall 10 to 15 basis points, while shares could hit new record highs. Gains could be more pronounced if India sticks to its 3.0 per cent target.

But a deficit above 3.2 per cent could hit shares and send bond yields up by 20-25 basis points, depending on the size of the blowout, on fears of populist policy ahead of next year&#39;s elections.

Markets remain nervous after the government&#39;s annual economic survey on Monday suggested &quot;a pause&quot; in fiscal consolidation, sending bonds plummeting.

&quot;I think the budget will be focused on both investors as well as the common man,&quot; said A Balasubramanian, chief executive officer at Aditya Birla Sun Life Asset Management, adding he expects a deficit of 3.2 per cent.

&quot;The government will take care so that the budget is neither inflationary nor fiscally less prudent.&quot;

A prudent budget could also soothe the Reserve Bank of India, which holds a policy review on Feb. 6-7 amid worries it could raise rates in coming months after inflation hit a 17-month high in December, well above its 4 per cent target.

CRITICAL JUNCTURE

Benchmark 10-year bond yields have fallen 135 bps and the NSE share index has surged 55 per cent since Modi took power in May 2014.

But a recent spike in inflation, tightening cash conditions, and worries about fiscal slippage have sent the 10-year bond yield up more than 80 basis points since July, the biggest move since the 2013 rupee crisis.

Stocks have been more resilient, gaining 4.9 percent this year and hitting records amid signs earnings are recovering after years of poor performance.

While investors expect some spending to support an economy that&#39;s expected to post its weakest growth in four years, they will want to see such stimulus is well-financed.

Growth has been hampered by rollout of the goods and service tax last year and the move to ban high value currency notes in late 2016, which hit tax revenues and increased the chances the fiscal deficit shortfall would hit 3.2 per cent target for the year to March.

An expected pickup in growth next fiscal year and state asset sales estimated to raise 1 trillion rupees ($15.74 billion) should boost tax revenues.

Despite an expected revenue increase, investors don&#39;t believe India will swing to profligacy, with a rally in oil prices likely to constrain government spending.

India imports 80 percent of its energy requirements, and the government may need to respond to higher crude prices like it did in October, by cutting fuel duties. The risk that such a contingency is needed could keep the government in check.

&quot;I believe that there is a high chance that fiscal discipline is more likely to be maintained in this budget,&quot; said Lakshmi Iyer, fixed income head at Kotak Mutual Fund.

Markets will be focused on how much India widens its fiscal deficit beyond the 3 per cent of gross domestic product projected for 2018/19.

Since his election four years ago, Indian markets have welcomed Prime Minister Narendra Modi's campaign to mend patchy public finances and develop new areas of growth in Asia's third largest economy. To keep investors' confidence, however, Modi's government will need to be seen containing the fiscal deficit, while also increasing spending in key areas of the slowing economy. Markets will be focused on how much India widens its fiscal deficit beyond the 3 per cent of gross domestic product projected for 2018/19. A Reuters poll showed most economists expect a 3.2 per cent deficit as the government looks to increase investments in key areas such as agriculture to bolster its re-election prospects in elections due by 2019. A modest widening of that nature would calm investors worried that the government may slip away from its judicious spending. Traders say bond yields could fall 10 to 15 basis points, while shares could hit new record highs. Gains could be more pronounced if India sticks to its 3.0 per cent target. But a deficit above 3.2 per cent could hit shares and send bond yields up by 20-25 basis points, depending on the size of the blowout, on fears of populist policy ahead of next year's elections. Markets remain nervous after the government's annual economic survey on Monday suggested "a pause" in fiscal consolidation, sending bonds plummeting. "I think the budget will be focused on both investors as well as the common man," said A Balasubramanian, chief executive officer at Aditya Birla Sun Life Asset Management, adding he expects a deficit of 3.2 per cent. "The government will take care so that the budget is neither inflationary nor fiscally less prudent." A prudent budget could also soothe the Reserve Bank of India, which holds a policy review on Feb. 6-7 amid worries it could raise rates in coming months after inflation hit a 17-month high in December, well above its 4 per cent target. CRITICAL JUNCTURE Benchmark 10-year bond yields have fallen 135 bps and the NSE share index has surged 55 per cent since Modi took power in May 2014. But a recent spike in inflation, tightening cash conditions, and worries about fiscal slippage have sent the 10-year bond yield up more than 80 basis points since July, the biggest move since the 2013 rupee crisis. Stocks have been more resilient, gaining 4.9 percent this year and hitting records amid signs earnings are recovering after years of poor performance. While investors expect some spending to support an economy that's expected to post its weakest growth in four years, they will want to see such stimulus is well-financed. Growth has been hampered by rollout of the goods and service tax last year and the move to ban high value currency notes in late 2016, which hit tax revenues and increased the chances the fiscal deficit shortfall would hit 3.2 per cent target for the year to March. An expected pickup in growth next fiscal year and state asset sales estimated to raise 1 trillion rupees ($15.74 billion) should boost tax revenues. Despite an expected revenue increase, investors don't believe India will swing to profligacy, with a rally in oil prices likely to constrain government spending. India imports 80 percent of its energy requirements, and the government may need to respond to higher crude prices like it did in October, by cutting fuel duties. The risk that such a contingency is needed could keep the government in check. "I believe that there is a high chance that fiscal discipline is more likely to be maintained in this budget," said Lakshmi Iyer, fixed income head at Kotak Mutual Fund.

Budget to test investors' faith in Modi government

In January every year, there is a trade fair that takes place in Las Vegas where manufacturers from across the world display their latest consumer technology products.

The exhibition is called the Consumer Electronic Show, or CES.&quot;Good Morning and welcome to CES 2018, the largest tech event, actually the largest business event in the world.

This weekend, Las Vegas is preparing to be Whoa! Over the next four days, tens of thousands of the brightest and most innovative minds will gather to connect and do business in order to advance the tech industry,&quot; Gary Shapiro of Consumer Technology Association said.

This year, approximately 4,000 companies took part in the event.

Manufacturers of cameras, virtual reality (VR) games, robot and automotive tech, also showcased their new technologies.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/the-international-consumer-electronics-show-2018-wireless-charging-autonomous-vehicles-virtual-reality-and-other-top-takeaways-29500">CES 2018: Wireless charging, autonomous vehicles, virtual reality and other top takeaways</a>

&quot;Galaxy experience on CES 2018 is introduced with a whole bunch of different VR experiences. Interactive experiences so you can feel the products in real life from an alpine skiing experience where we are having a competition running. Or someone can walk home with a gear that fits like a pro,&quot; Paul Boris of Vuzix Corporation said.

Health-related products were displayed such as monitoring and wearable diagnostic devices, and with these new inventions, the healthcare industry is embracing new technologies to enhance the patient experience.

&quot;We designed and manufactured electronic two sensors. These are skin software sensors that can be used to mark your electrocardiogram, electronic safer-gram, and electronic mark-gram. Basically, all the sensors that are metrics coming from your body, Dr. Pulin Wang of Rotex Inc. said.

The products of &quot;IoT- Internet of Things&quot; with their AI technology which is attracting attention have shown an exhibit whereby the furniture and the system of the entire house are highly interactive and in close contact with life.

The 5G network is used in building a lot of technology. 5G means greater data through capacity, faster speed, and lower latency.

Automatic driving systems and a smart speaker supported &quot;Google assistant&quot; are well-known examples.

&quot;This is a Google assistant enabled smart home speaker, and it&#39;s the very first smart home speaker with built-in Z-wave Zigbee Wi-Fi and Bluetooth, it&#39;s going to be launched in the marketplace within the first quarter of 2018 and all for the retail price of $149,&quot; Avi Rosenthal of Z-Wave Alliance said.

The latest technologies and products presented at &quot;CES&quot; are a glimpse into what the future lives of people around the world will be.

 
&nbsp;

This year, approximately 4,000 companies took part in the event

In January every year, there is a trade fair that takes place in Las Vegas where manufacturers from across the world display their latest consumer technology products. The exhibition is called the Consumer Electronic Show, or CES."Good Morning and welcome to CES 2018, the largest tech event, actually the largest business event in the world. This weekend, Las Vegas is preparing to be Whoa! Over the next four days, tens of thousands of the brightest and most innovative minds will gather to connect and do business in order to advance the tech industry," Gary Shapiro of Consumer Technology Association said. This year, approximately 4,000 companies took part in the event. Manufacturers of cameras, virtual reality (VR) games, robot and automotive tech, also showcased their new technologies. Also read: CES 2018: Wireless charging, autonomous vehicles, virtual reality and other top takeaways "Galaxy experience on CES 2018 is introduced with a whole bunch of different VR experiences. Interactive experiences so you can feel the products in real life from an alpine skiing experience where we are having a competition running. Or someone can walk home with a gear that fits like a pro," Paul Boris of Vuzix Corporation said. Health-related products were displayed such as monitoring and wearable diagnostic devices, and with these new inventions, the healthcare industry is embracing new technologies to enhance the patient experience. "We designed and manufactured electronic two sensors. These are skin software sensors that can be used to mark your electrocardiogram, electronic safer-gram, and electronic mark-gram. Basically, all the sensors that are metrics coming from your body, Dr. Pulin Wang of Rotex Inc. said. The products of "IoT- Internet of Things" with their AI technology which is attracting attention have shown an exhibit whereby the furniture and the system of the entire house are highly interactive and in close contact with life. The 5G network is used in building a lot of technology. 5G means greater data through capacity, faster speed, and lower latency. Automatic driving systems and a smart speaker supported "Google assistant" are well-known examples. "This is a Google assistant enabled smart home speaker, and it's the very first smart home speaker with built-in Z-wave Zigbee Wi-Fi and Bluetooth, it's going to be launched in the marketplace within the first quarter of 2018 and all for the retail price of $149," Avi Rosenthal of Z-Wave Alliance said. The latest technologies and products presented at "CES" are a glimpse into what the future lives of people around the world will be.

CES introduces world's best technologies

US retailer Wal-Mart Stores Inc is in advanced talks to buy a minority stake in Indian e-commerce firm Flipkart,&nbsp;financial daily the Economic Times reported on Tuesday.

Walmart could buy a 15 percent to 20 percent stake in Amazon.com Inc`s main competitor in India, the newspaper said, citing two anonymous sources.&nbsp;

A deal could be finalised as early as March and may involve primary and secondary sales by longstanding Flipkart investors, the paper added.

&quot;We don&#39;t comment on rumours and speculation,&quot; Walmart spokesman Randy Hargrove told Reuters via email.

Bengaluru-based Flipkart was not immediately available for comment outside regular business hours.

The news comes nearly two years after Reuters reported that Walmart was looking to invest between $750 million and $1 billion in Flipkart.

A deal could be finalised as early as March and may involve primary and secondary sales by longstanding Flipkart investors

US retailer Wal-Mart Stores Inc is in advanced talks to buy a minority stake in Indian e-commerce firm Flipkart, financial daily the Economic Times reported on Tuesday. Walmart could buy a 15 percent to 20 percent stake in Amazon.com Inc`s main competitor in India, the newspaper said, citing two anonymous sources. A deal could be finalised as early as March and may involve primary and secondary sales by longstanding Flipkart investors, the paper added. "We don't comment on rumours and speculation," Walmart spokesman Randy Hargrove told Reuters via email. Bengaluru-based Flipkart was not immediately available for comment outside regular business hours. The news comes nearly two years after Reuters reported that Walmart was looking to invest between $750 million and $1 billion in Flipkart.

Walmart in talks to buy a significant minority stake in Flipkart 

India&#39;s finance minister <a href="http://www.wionews.com/india-news/budget-2018-finance-minister-has-tough-task-to-choose-between-populism-fiscal-prudence-31344">Arun Jaitley will be presenting NDA&#39;s </a>last federal budget ahead of the elections next year amid mounting pressure to balance the fiscal deficit.

Jaitley had earlier tabled the &nbsp;<a href="http://www.wionews.com/business-economy/budget-to-test-investors-faith-in-modi-government-31327">Economic Survey on Monday targeting</a> a 7-7.5 per cent growth in 2018-19. The finance minister will, however, have to look at a number of things as presents his budget on Thursday in Parliament.

The budget would need to address housing, taxation, inflation and a roadmap for corporate India as the country aims to surge ahead of other economies in the near and long-term.

Monu Ratra, ED and CEO, India Infoline Housing Finance said: &quot;Considering the government`s vision to achieve Housing for All by 2022, we believe affordable housing development requires a long-term perspective supported by easy home finance at very affordable interest rates.&quot;&nbsp;

Getamber Anand, Chairman, CREDAI and CMD, ATS Infrastructure Ltd. said, &quot;The real estate opportunity to boost GDP mustn`t be missed by the finance ministry in this budget. We expect the government to increase the exemption limits for deduction of interest from the income of the middle class and salaried homebuyer.&quot;

Arjunpreet Singh Sahni, Executive Director, Solitaire Group.Pankaj Kumar Jain, Managing Director, KW Group said, &quot;We have a lot of expectations from this year`s budget as the real estate sector is completely marred by rising input cost and week buying sentiments. We expect the&nbsp;finance minister to announce a specific mechanism to regulate the cost of key raw materials like cement and steel to help the industry produce affordable housing units for the masses.

The finance minister will also be expected to provide a vision statement for the government&#39;s GST scheme with several traders still demanding more relaxation in several products across the board.

Siddharth Gupta, MD, Hicks India said, &quot;We expect the government to re-look at GST rates on medical devices since currently it is pegged at 12 per cent which could affect the overall cost structure of the healthcare sector and even a minor relief may result in delivery of affordable healthcare services to the wider population. Also, some basic products like thermometers and hot water bottles should be moved to tax slab of 5 from 18 per cent.&quot; 
&nbsp; 
Meanwhile, political parties are bracing for the budget with UPA chairperson Sonia Gandhi likely to chair a meeting of opposition leaders on Thursday to plan a joint strategy for the ongoing budget session.

West Bengal chief minister Mamata Banerjee has already declared the government will be presenting an &quot;election budget&quot;, with most other opposition parties of the same the view.

The budget would need to address housing, taxation, inflation and a roadmap for corporate India as the country aims to surge ahead of other economies

India's finance minister Arun Jaitley will be presenting NDA's last federal budget ahead of the elections next year amid mounting pressure to balance the fiscal deficit. Jaitley had earlier tabled the Economic Survey on Monday targeting a 7-7.5 per cent growth in 2018-19. The finance minister will, however, have to look at a number of things as presents his budget on Thursday in Parliament. The budget would need to address housing, taxation, inflation and a roadmap for corporate India as the country aims to surge ahead of other economies in the near and long-term. Monu Ratra, ED and CEO, India Infoline Housing Finance said: "Considering the government`s vision to achieve Housing for All by 2022, we believe affordable housing development requires a long-term perspective supported by easy home finance at very affordable interest rates." Getamber Anand, Chairman, CREDAI and CMD, ATS Infrastructure Ltd. said, "The real estate opportunity to boost GDP mustn`t be missed by the finance ministry in this budget. We expect the government to increase the exemption limits for deduction of interest from the income of the middle class and salaried homebuyer." Arjunpreet Singh Sahni, Executive Director, Solitaire Group.Pankaj Kumar Jain, Managing Director, KW Group said, "We have a lot of expectations from this year`s budget as the real estate sector is completely marred by rising input cost and week buying sentiments. We expect the finance minister to announce a specific mechanism to regulate the cost of key raw materials like cement and steel to help the industry produce affordable housing units for the masses. The finance minister will also be expected to provide a vision statement for the government's GST scheme with several traders still demanding more relaxation in several products across the board. Siddharth Gupta, MD, Hicks India said, "We expect the government to re-look at GST rates on medical devices since currently it is pegged at 12 per cent which could affect the overall cost structure of the healthcare sector and even a minor relief may result in delivery of affordable healthcare services to the wider population. Also, some basic products like thermometers and hot water bottles should be moved to tax slab of 5 from 18 per cent." Meanwhile, political parties are bracing for the budget with UPA chairperson Sonia Gandhi likely to chair a meeting of opposition leaders on Thursday to plan a joint strategy for the ongoing budget session. West Bengal chief minister Mamata Banerjee has already declared the government will be presenting an "election budget", with most other opposition parties of the same the view.

Union budget 2018: Jaitley must address housing, inflation, taxes & GST, say experts

Facebook Inc said on Tuesday it will ban ads promoting financial products and services tied to cryptocurrencies and initial coin offerings.

&quot;We&#39;ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency,&quot; Facebook&#39;s product management director, Rob Leathern, said.

The new policy will be implemented across its platforms, including Facebook, Audience Network and Instagram, the company said.

The new policy will be implemented across its platforms, including Facebook, Audience Network and Instagram, the company said

Facebook Inc said on Tuesday it will ban ads promoting financial products and services tied to cryptocurrencies and initial coin offerings. "We've created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency," Facebook's product management director, Rob Leathern, said. The new policy will be implemented across its platforms, including Facebook, Audience Network and Instagram, the company said.

Facebook to ban cryptocurrency-related ads

India&#39;s government will unveil its budget for the 2018-19 fiscal year on Thursday, with investors expecting increased investment in key areas such as agriculture, and a slew of incentives for businesses.

After the roll out of the Goods and Services Tax (GST) last year, India&#39;s economy is expected to post growth of 6.75 per cent in the 2017-18 fiscal year ending in March, which would be the slowest in three years.

The government is widely expected to increase spending to ensure growth recaptures momentum, but most investors expect it to be prudent as loosening fiscal deficit targets by too much would likely spark a sell-off in the bond market.

However, speculation is rife in different sectors for tax sops. Everyone is putting forward its wishlist for Finance Minister Arun Jaitley as he geats ready to present Modi government&#39;s last full Budget.

Leading health insurance company Aviva wants the government to increase the income tax slabs exemption &quot;leaving more money in people&#39;s hands&quot;.

&quot;The insurance industry has always played a significant role in the economic development of nations and society. Predominantly, what we should look forward following the upcoming budget would be increase in the number of people having adequate insurance cover. To attain the same, there should be an increase in the income tax slabs exemption leaving more money in people&#39;s hands to channelise the funds well,&quot; said Karni S Arha, Chief Financial Officer, Aviva India.

We should expect to promote a separate dedicated insurance premium exemption limit as the current composite limit u/s 80c (Rs 1.5lac) is already overcrowded and exhausted, he added.

As per the IRDA, the insurance penetration (percentage of insurance premium to the GDP) in India is currently at 3.42 per cent, significantly lower than the global average of 6.2 per cent. The industry believes this is one of the aspects which needs to be looked into on priority.

The growing recognition of India&#39;s healthcare crisis has led to urgency for increased public funding of healthcare, which, the industry believes, can be taken up in the Union Budget.

After the roll out of the Goods and Services Tax (GST) last year, India's economy is expected to post growth of 6.75 per cent in the 2017-18 fiscal year ending in March, which would be the slowest in three years.

India's government will unveil its budget for the 2018-19 fiscal year on Thursday, with investors expecting increased investment in key areas such as agriculture, and a slew of incentives for businesses. After the roll out of the Goods and Services Tax (GST) last year, India's economy is expected to post growth of 6.75 per cent in the 2017-18 fiscal year ending in March, which would be the slowest in three years. The government is widely expected to increase spending to ensure growth recaptures momentum, but most investors expect it to be prudent as loosening fiscal deficit targets by too much would likely spark a sell-off in the bond market. However, speculation is rife in different sectors for tax sops. Everyone is putting forward its wishlist for Finance Minister Arun Jaitley as he geats ready to present Modi government's last full Budget. Leading health insurance company Aviva wants the government to increase the income tax slabs exemption "leaving more money in people's hands". "The insurance industry has always played a significant role in the economic development of nations and society. Predominantly, what we should look forward following the upcoming budget would be increase in the number of people having adequate insurance cover. To attain the same, there should be an increase in the income tax slabs exemption leaving more money in people's hands to channelise the funds well," said Karni S Arha, Chief Financial Officer, Aviva India. We should expect to promote a separate dedicated insurance premium exemption limit as the current composite limit u/s 80c (Rs 1.5lac) is already overcrowded and exhausted, he added. As per the IRDA, the insurance penetration (percentage of insurance premium to the GDP) in India is currently at 3.42 per cent, significantly lower than the global average of 6.2 per cent. The industry believes this is one of the aspects which needs to be looked into on priority. The growing recognition of India's healthcare crisis has led to urgency for increased public funding of healthcare, which, the industry believes, can be taken up in the Union Budget.

Budget 2018: What the insurance sector wants

Indian Oil Corp Ltd said its third-quarter profit nearly doubled, handily beating estimates.

Net profit surged 97 per cent to $1.24 billion&nbsp;in the quarter ended December 31, from 39.95 billion rupees a year earlier.&nbsp;

Analysts on average expected a profit of 51.49 billion rupees, Thomson Reuters Eikon data showed.

Average gross refining margin improved to $8.28 per barrel in the April-December period from $7.36 per barrel in the year-ago period, the country&#39;s top refiner said on Tuesday.

Shares of the company rose 3.8 per cent to 414.85 rupees in a broader Mumbai market that was trading down 0.69 per cent.

Shares of the company rose 3.8 percent to 414.85 rupees in a broader Mumbai market

Indian Oil Corp Ltd said its third-quarter profit nearly doubled, handily beating estimates. Net profit surged 97 per cent to $1.24 billion in the quarter ended December 31, from 39.95 billion rupees a year earlier. Analysts on average expected a profit of 51.49 billion rupees, Thomson Reuters Eikon data showed. Average gross refining margin improved to $8.28 per barrel in the April-December period from $7.36 per barrel in the year-ago period, the country's top refiner said on Tuesday. Shares of the company rose 3.8 per cent to 414.85 rupees in a broader Mumbai market that was trading down 0.69 per cent.

IOC third-quarter net profit surges, beats estimates

India has been ranked sixth in the list of wealthiest countries with a total wealth of $8,230 billion, while the United States topped the chart, says a report.

According to a report by New World Wealth, the United States is the wealthiest country in the world as the total wealth held in 2017 amounted to $64,584 billion, followed by China at the second place with &nbsp;$24,803 billion and Japan with $19,522 billion at third.

Total wealth refers to the private wealth held by all the individuals living in each country/city. It includes all their assets (property, cash, equities, business interests) less any liabilities. The report, however, excludes government funds from its figures.

Others in the list include United Kingdom (4th, $9,919 billion), Germany (5th, $9,660 billion), France (7th, $6,649 billion), Canada (8th, $6,393 billion), Australia (9th, $6,142 billion) and Italy (10th, $4,276 billion).

The report further noted that India was the best-performing wealth market globally in 2017 as its total wealth swelled from $6,584 billion in 2016 to $8,230 billion in 2017, registering a 25 per cent growth. 
Meanwhile, during the period under consideration, China&#39;s wealth saw an increase of 22 per cent and global wealth rose by 12 per cent (from $192 trillion at the end of 2016 to $215 trillion at the end of 2017).

Over the past decade (2007-2017) India&#39;s total wealth increased from $3,165 billion in 2007 to $8,230 billion in 2017, a jump of 160 per cent.

The report further noted that India is home to 3,30,400 HNWIs (individuals with $1 million or more in net assets).

Globally, India was ranked 9th in this aspect while US topped the list with 50,47,400 HNWIs (high-net-worth individuals). India is also home to 20,730 multi-millionaires, 7th largest in the world. &nbsp;And in terms of resident billionaires, India with 119 such individuals was named among the top three countries globally, after the US and China.

A billionaire is defined as an individual with $1 billion or more in net assets.

&quot;In general, it was a good year for all W10 (wealthiest 10) markets, thanks to strong global stock market gains - the MSCI world index was up 23 per cent and the Dow Jones (DJIA) was up 26 per cent during the year (in USD terms),&quot; the report said, adding &quot;wealth held in China, India, USA, Japan and Australia all grew strongly over the past year&quot;.

According to a report by New World Wealth, the United States is the wealthiest country in the world

India has been ranked sixth in the list of wealthiest countries with a total wealth of $8,230 billion, while the United States topped the chart, says a report. According to a report by New World Wealth, the United States is the wealthiest country in the world as the total wealth held in 2017 amounted to $64,584 billion, followed by China at the second place with $24,803 billion and Japan with $19,522 billion at third. Total wealth refers to the private wealth held by all the individuals living in each country/city. It includes all their assets (property, cash, equities, business interests) less any liabilities. The report, however, excludes government funds from its figures. Others in the list include United Kingdom (4th, $9,919 billion), Germany (5th, $9,660 billion), France (7th, $6,649 billion), Canada (8th, $6,393 billion), Australia (9th, $6,142 billion) and Italy (10th, $4,276 billion). The report further noted that India was the best-performing wealth market globally in 2017 as its total wealth swelled from $6,584 billion in 2016 to $8,230 billion in 2017, registering a 25 per cent growth. Meanwhile, during the period under consideration, China's wealth saw an increase of 22 per cent and global wealth rose by 12 per cent (from $192 trillion at the end of 2016 to $215 trillion at the end of 2017). Over the past decade (2007-2017) India's total wealth increased from $3,165 billion in 2007 to $8,230 billion in 2017, a jump of 160 per cent. The report further noted that India is home to 3,30,400 HNWIs (individuals with $1 million or more in net assets). Globally, India was ranked 9th in this aspect while US topped the list with 50,47,400 HNWIs (high-net-worth individuals). India is also home to 20,730 multi-millionaires, 7th largest in the world. And in terms of resident billionaires, India with 119 such individuals was named among the top three countries globally, after the US and China. A billionaire is defined as an individual with $1 billion or more in net assets. "In general, it was a good year for all W10 (wealthiest 10) markets, thanks to strong global stock market gains - the MSCI world index was up 23 per cent and the Dow Jones (DJIA) was up 26 per cent during the year (in USD terms)," the report said, adding "wealth held in China, India, USA, Japan and Australia all grew strongly over the past year".

India ranked sixth wealthiest country with total wealth of $8,230 billion: Report

Benchmarks buckled under heavy selling pressure today as wary investors pocketed gains in recent winners ahead of the Union Budget amid lacklustre global leads.

The BSE Sensex sank about 250 points to end at 36,033.73, while the broader NSE Nifty dropped 80 points to 11,049.65.

Brokers said investors took money off the table and held back fresh bets ahead of the Union Budget on February 1.

Market sentiment was also impacted as other Asian markets retreated from record highs, tracking overnight meltdown at the Wall Street after a sell-off in Apple shares.

Investors were also cautious ahead of the US Federal Reserve&#39;s two-day monetary policy meeting beginning today.

The 30-share Sensex, after opening a shade lower at 36,277.12, continued its slide to crack the 36,000-mark and hit a low of 35,993.41 during the day. It finally settled at 36,033.73, down 249.52 points, or 0.69 per cent.

The index had gained 232.81 points yesterday and closed at a record high of 36,283.25.

The Nifty too closed lower by 80.75 points, or 0.73 per cent, at 11,049.65 after hitting a low of 11,033.90.

It had ended at a lifetime high of 11,130.40 yesterday.

&quot;Market slid followed by weaknesses in global markets while investors are likely to utilise the correction as improving domestic macros coupled with earnings growth will benefit in the long run.

&quot;The upcoming US Fed policy and India budget will remain the near term catalyst,&quot; said Vinod Nair, Head of Research, Geojit Financial Services.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 291.86 crore on net basis while domestic institutional investors (DIIs) also picked up equities to the tune of Rs 90.08 crore yesterday, provisional data showed.

Asian Paints was the worst performer among the Sensex components by falling 2.22 per cent, followed by Kotak Mahindra Bank at 2.20 per cent.

Other laggards were Axis Bank, Dr Reddy&#39;s, Adani Ports, Reliance Industries, Wipro, ICICI Bank, TCS, Yes Bank, HDFC Ltd, Infosys, Tata Steel, Tata Motors, Maruti Suzuki, NTPC, ONGC, Bajaj Auto, Bharti Airtel, ITC and HDFC Bank.

Bucking the trend, Coal India, Hero MotoCorp, Sun Pharma, SBI, IndusInd Bank, HUL and Power Grid finished with gains of up to 1.71 per cent.

Reliance Communications soared 10.46 per cent after the company reported narrowing of consolidated loss to Rs 130 crore for the quarter ended December 2017.

Sector-wise, the BSE consumer durables index was the weakest of the lost, dropping 1.74 per cent, followed by IT 1.07 per cent, teck 1.02 per cent, bankex 0.85 per cent, realty 0.80 per cent, metal 0.63 per cent, healthcare 0.61 per cent, infrastructure 0.56 per cent, auto 0.48 per cent, capital goods 0.36 per cent and FMCG 0.33 per cent.

Oil &amp; gas and PSU indices managed to close in the green.

The broader markets continued to face selling pressure, which pulled down the small-cap index by 1.34 per cent and mid-cap by 0.67 per cent.

Overseas, European stocks were trading lower following sharp losses in Asian bourses and on Wall Street. Key indices like Frankfurt&#39;s DAX was down by 0.35 per cent, while Paris CAC 40 shed 0.19 per cent in their late morning deals. London&#39;s FTSE fell 0.42 per cent.

In Asia, Japan&#39;s Nikkei fell 1.43 per cent and Hong Kong&#39;s Hang Seng slipped 1.09 per cent, while Shanghai Composite Index dropped 0.99 per cent.

The BSE Sensex sank about 250 points to end at 36,033.73, while the broader NSE Nifty dropped 80 points to 11,049.65

Benchmarks buckled under heavy selling pressure today as wary investors pocketed gains in recent winners ahead of the Union Budget amid lacklustre global leads. The BSE Sensex sank about 250 points to end at 36,033.73, while the broader NSE Nifty dropped 80 points to 11,049.65. Brokers said investors took money off the table and held back fresh bets ahead of the Union Budget on February 1. Market sentiment was also impacted as other Asian markets retreated from record highs, tracking overnight meltdown at the Wall Street after a sell-off in Apple shares. Investors were also cautious ahead of the US Federal Reserve's two-day monetary policy meeting beginning today. The 30-share Sensex, after opening a shade lower at 36,277.12, continued its slide to crack the 36,000-mark and hit a low of 35,993.41 during the day. It finally settled at 36,033.73, down 249.52 points, or 0.69 per cent. The index had gained 232.81 points yesterday and closed at a record high of 36,283.25. The Nifty too closed lower by 80.75 points, or 0.73 per cent, at 11,049.65 after hitting a low of 11,033.90. It had ended at a lifetime high of 11,130.40 yesterday. "Market slid followed by weaknesses in global markets while investors are likely to utilise the correction as improving domestic macros coupled with earnings growth will benefit in the long run. "The upcoming US Fed policy and India budget will remain the near term catalyst," said Vinod Nair, Head of Research, Geojit Financial Services. Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 291.86 crore on net basis while domestic institutional investors (DIIs) also picked up equities to the tune of Rs 90.08 crore yesterday, provisional data showed. Asian Paints was the worst performer among the Sensex components by falling 2.22 per cent, followed by Kotak Mahindra Bank at 2.20 per cent. Other laggards were Axis Bank, Dr Reddy's, Adani Ports, Reliance Industries, Wipro, ICICI Bank, TCS, Yes Bank, HDFC Ltd, Infosys, Tata Steel, Tata Motors, Maruti Suzuki, NTPC, ONGC, Bajaj Auto, Bharti Airtel, ITC and HDFC Bank. Bucking the trend, Coal India, Hero MotoCorp, Sun Pharma, SBI, IndusInd Bank, HUL and Power Grid finished with gains of up to 1.71 per cent. Reliance Communications soared 10.46 per cent after the company reported narrowing of consolidated loss to Rs 130 crore for the quarter ended December 2017. Sector-wise, the BSE consumer durables index was the weakest of the lost, dropping 1.74 per cent, followed by IT 1.07 per cent, teck 1.02 per cent, bankex 0.85 per cent, realty 0.80 per cent, metal 0.63 per cent, healthcare 0.61 per cent, infrastructure 0.56 per cent, auto 0.48 per cent, capital goods 0.36 per cent and FMCG 0.33 per cent. Oil & gas and PSU indices managed to close in the green. The broader markets continued to face selling pressure, which pulled down the small-cap index by 1.34 per cent and mid-cap by 0.67 per cent. Overseas, European stocks were trading lower following sharp losses in Asian bourses and on Wall Street. Key indices like Frankfurt's DAX was down by 0.35 per cent, while Paris CAC 40 shed 0.19 per cent in their late morning deals. London's FTSE fell 0.42 per cent. In Asia, Japan's Nikkei fell 1.43 per cent and Hong Kong's Hang Seng slipped 1.09 per cent, while Shanghai Composite Index dropped 0.99 per cent.

Sensex, Nifty tumble from record highs ahead of Budget

Benchmark Sensex zoomed 233 points to end at yet another record high today after the Economic Survey said India will re-establish itself as the world&#39;s fastest growing major economy with GDP expanding by 7-7.5 per cent in 2018-19.

The beginning of February derivatives contracts and unabated foreign fund inflows amid a higher opening of European markets added to the optimism, brokers said.

The 30-share barometer, after opening on a strong footing on optimistic buying by participants, gathered momentum to touch an all-time high of 36,443.98.

However, it shed some ground on profit-booking, before finally finishing at 36,283.25, up by 232.81 points, or 0.65 per cent -- surpassing its previous record closing of 36,161.64 hit on January 24.

The 50-share NSE Nifty too closed at a fresh life high of 11,130.40 points, up 60.75 points, or 0.55 per cent. 
It broke its previous closing record of 11,086 reached on January 24.

The Economic Survey for 2017-18 said the GDP will grow on the back of major reforms which would be strengthened further in the next financial year.

The pre-budget survey pointed out that India can be rated as among the best performing economies in the world as the average growth during last three years is around 4 percentage points higher than global growth and nearly 3 percentage points higher than that of emerging markets and developing economies.

Benchmark Sensex zoomed 233 points on Monday

Benchmark Sensex zoomed 233 points to end at yet another record high today after the Economic Survey said India will re-establish itself as the world's fastest growing major economy with GDP expanding by 7-7.5 per cent in 2018-19. The beginning of February derivatives contracts and unabated foreign fund inflows amid a higher opening of European markets added to the optimism, brokers said. The 30-share barometer, after opening on a strong footing on optimistic buying by participants, gathered momentum to touch an all-time high of 36,443.98. However, it shed some ground on profit-booking, before finally finishing at 36,283.25, up by 232.81 points, or 0.65 per cent -- surpassing its previous record closing of 36,161.64 hit on January 24. The 50-share NSE Nifty too closed at a fresh life high of 11,130.40 points, up 60.75 points, or 0.55 per cent. It broke its previous closing record of 11,086 reached on January 24. The Economic Survey for 2017-18 said the GDP will grow on the back of major reforms which would be strengthened further in the next financial year. The pre-budget survey pointed out that India can be rated as among the best performing economies in the world as the average growth during last three years is around 4 percentage points higher than global growth and nearly 3 percentage points higher than that of emerging markets and developing economies.

Sensex closes at new high over Economic Survey

Private investment seems poised to rebound with efforts being made for expeditious resolution of bad loans and adequate recapitalisation of public sector banks (PSBs), the Economic Survey said.

The government announced a large recapitalisation package of about 1.2 per cent of GDP to strengthen the balance sheets of the PSBs, the Economic Survey 2017-18 tabled in Parliament said today.

Last week, the government announced a slew of reforms for the banking sector and said it will infuse an unprecedented Rs 88,139 crore capital in 20 PSBs before March 31 to boost lending and revive growth.

&quot;As these twin reforms take hold, firms should finally be able to resume spending and banks to lend especially to the critical, but currently-stressed sectors of infrastructure and manufacturing,&quot; the pre-Budget survey said.

It noted that the private investment seems poised to rebound, as many of the factors exerting a drag on growth over the past year finally ease off.

&quot;Translating this potential into an actual investment rebound will depend on the resolution and recapitalisation process. If this process moves ahead expeditiously, stressed firms will be put in the hands of stronger ownership, allowing them to resume spending.

&quot;But if resolution is delayed, so too will the return of the private capex cycle. And if this occurs, public investment will not be able to step into the breach, since it will be constrained by the need to maintain a modicum of fiscal consolidation to head off market anxieties,&quot; it said.

Observing that another key determinant of growth will be the implementation of the Insolvency and Bankruptcy Code (IBC) process, it said timeliness in resolution and acceptance of the IBC solutions must be a priority to kick-start private investment.

The greater the delays in the early cases, the greater the risk that uncertainty will soon shroud the entire IBC process, it said.

&quot;It is also possible that expeditious resolution may require the government to provide more resources to PSBs, especially if the haircuts required are greater than previously expected, the ongoing process of asset quality recognition uncovers more stressed assets, and if new accounting standards are implemented,&quot; it said.

The government announced a large recapitalisation package of about 1.2 per cent of GDP to strengthen the balance sheets of the PSBs, the Economic Survey 2017-18 tabled in Parliament said today

Private investment seems poised to rebound with efforts being made for expeditious resolution of bad loans and adequate recapitalisation of public sector banks (PSBs), the Economic Survey said. The government announced a large recapitalisation package of about 1.2 per cent of GDP to strengthen the balance sheets of the PSBs, the Economic Survey 2017-18 tabled in Parliament said today. Last week, the government announced a slew of reforms for the banking sector and said it will infuse an unprecedented Rs 88,139 crore capital in 20 PSBs before March 31 to boost lending and revive growth. "As these twin reforms take hold, firms should finally be able to resume spending and banks to lend especially to the critical, but currently-stressed sectors of infrastructure and manufacturing," the pre-Budget survey said. It noted that the private investment seems poised to rebound, as many of the factors exerting a drag on growth over the past year finally ease off. "Translating this potential into an actual investment rebound will depend on the resolution and recapitalisation process. If this process moves ahead expeditiously, stressed firms will be put in the hands of stronger ownership, allowing them to resume spending. "But if resolution is delayed, so too will the return of the private capex cycle. And if this occurs, public investment will not be able to step into the breach, since it will be constrained by the need to maintain a modicum of fiscal consolidation to head off market anxieties," it said. Observing that another key determinant of growth will be the implementation of the Insolvency and Bankruptcy Code (IBC) process, it said timeliness in resolution and acceptance of the IBC solutions must be a priority to kick-start private investment. The greater the delays in the early cases, the greater the risk that uncertainty will soon shroud the entire IBC process, it said. "It is also possible that expeditious resolution may require the government to provide more resources to PSBs, especially if the haircuts required are greater than previously expected, the ongoing process of asset quality recognition uncovers more stressed assets, and if new accounting standards are implemented," it said.

Private investment to rise with NPA resolution, PSBs recap

Shortly after Union Finance Minister <a href="http://www.wionews.com/india-news/economic-survey-sees-accelerating-gdp-growth-upswing-in-real-estate-sector-31065">Arun Jaitley tabled the Economy Survey</a> in the Parliament today, Chief Financial Adviser Arvind Subramanian took to Twitter sharing key points of the survey.

This year&#39;s survey was expected to analyze the GST implementation and the demonetisation move in detail.&nbsp;

&quot;GST shows cooperative federalism; &#39;technology&#39;&nbsp;is powerful, must be used for other reforms involving states: agriculture, power, DBT. India went from &#39;crony socialism to stigmatised capitalism&#39;&nbsp;hence recent actions on twin balance sheet noteworthy,&quot; tweeted Subramanian.&nbsp;

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Broader Lessons 
GST shows coopertve federalsm &ldquo;technology&rdquo; is powerful, mst be used fr othr refrms invlvng states: agri, power, DBT 
India went frm &ldquo;crony socialsm to stigmatizd capitalsm&rdquo; hence recnt actns on twin balance sheet noteworthy <a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> <a href="https://t.co/VAfz77JvGp">https://t.co/VAfz77JvGp</a>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957875615046164480?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
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Subramanian noted capital raising (public and private) to have &quot;increased substantially&quot;.

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GST revenues doing well: 12 percent growth, better buoyancy than previous taxes (Box 7, Ch. 1., Vol. 1) <a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> <a href="https://t.co/VAfz77JvGp">https://t.co/VAfz77JvGp</a> <a href="https://t.co/wgROVrWmab">pic.twitter.com/wgROVrWmab</a>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957873578476683264?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
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According to Subramanian, some of the key areas and policy agenda for the upcoming fiscal year would include supporting agriculture, GST stabilisation, recapitalisation, privatisation of Air-India and combatting macroeconomic pressures.&nbsp;

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Outlook 
2017-18: Real GDP growth of 6.75%, nominal growth of 10.5% 
2018-19: Real growth of 7%-7.5% <a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> <a href="https://t.co/VAfz77JvGp">https://t.co/VAfz77JvGp</a> <a href="https://t.co/wDBgVfFqds">pic.twitter.com/wDBgVfFqds</a>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957873340512837632?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
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&quot;GST revenues are doing well: 12 per cent growth, better buoyancy than previous taxes,&quot; noted Subramanian.&nbsp;

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Major achvmnts of past year 1) Implmntng GST, respnding quickly to transitional challnges 2) Tacklng longfestering Twin Balance Sheet challnge by sendng stressd debtors to IBC &amp; bank recap 
Validation: first sovereign upgrade in 14 years<a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> <a href="https://t.co/VAfz77JvGp">https://t.co/VAfz77JvGp</a>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957872560250564608?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
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&nbsp;

Subramanian also highlighted some of the major achievements of the past year; implementing GST, responding quickly to transitional challenges, tackling long-festering twin balance sheet challenge featured on top of the list.&nbsp;

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I will be presenting highlights of the <a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> at a press conference at the National Media Center at 130 pm today. <a href="https://t.co/lvVcCTQdLi">https://t.co/lvVcCTQdLi</a>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957805989897560065?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
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Arvind Subramanian held a press conference a short while ago to share more details about the Economic Survey.&nbsp;

This year's survey was expected to analyse the GST implementation and the demonetisation move in detail.

Shortly after Union Finance Minister Arun Jaitley tabled the Economy Survey in the Parliament today, Chief Financial Adviser Arvind Subramanian took to Twitter sharing key points of the survey. This year's survey was expected to analyze the GST implementation and the demonetisation move in detail. "GST shows cooperative federalism; 'technology' is powerful, must be used for other reforms involving states: agriculture, power, DBT. India went from 'crony socialism to stigmatised capitalism' hence recent actions on twin balance sheet noteworthy," tweeted Subramanian. Broader Lessons GST shows coopertve federalsm “technology” is powerful, mst be used fr othr refrms invlvng states: agri, power, DBT India went frm “crony socialsm to stigmatizd capitalsm” hence recnt actns on twin balance sheet noteworthy #economicsurvey18 https://t.co/VAfz77JvGp — arvind subramanian (@arvindsubraman) January 29, 2018 × Subramanian noted capital raising (public and private) to have "increased substantially". GST revenues doing well: 12 percent growth, better buoyancy than previous taxes (Box 7, Ch. 1., Vol. 1) #economicsurvey18 https://t.co/VAfz77JvGp pic.twitter.com/wgROVrWmab — arvind subramanian (@arvindsubraman) January 29, 2018 × According to Subramanian, some of the key areas and policy agenda for the upcoming fiscal year would include supporting agriculture, GST stabilisation, recapitalisation, privatisation of Air-India and combatting macroeconomic pressures. Outlook 2017-18: Real GDP growth of 6.75%, nominal growth of 10.5% 2018-19: Real growth of 7%-7.5% #economicsurvey18 https://t.co/VAfz77JvGp pic.twitter.com/wDBgVfFqds — arvind subramanian (@arvindsubraman) January 29, 2018 × "GST revenues are doing well: 12 per cent growth, better buoyancy than previous taxes," noted Subramanian. Major achvmnts of past year 1) Implmntng GST, respnding quickly to transitional challnges 2) Tacklng longfestering Twin Balance Sheet challnge by sendng stressd debtors to IBC & bank recap Validation: first sovereign upgrade in 14 years#economicsurvey18 https://t.co/VAfz77JvGp — arvind subramanian (@arvindsubraman) January 29, 2018 × Subramanian also highlighted some of the major achievements of the past year; implementing GST, responding quickly to transitional challenges, tackling long-festering twin balance sheet challenge featured on top of the list. I will be presenting highlights of the #economicsurvey18 at a press conference at the National Media Center at 130 pm today. https://t.co/lvVcCTQdLi — arvind subramanian (@arvindsubraman) January 29, 2018 × Arvind Subramanian held a press conference a short while ago to share more details about the Economic Survey.

Economic Survey 2018: 'GST revenues doing well with 12 per cent growth,' tweets Chief Finance Adviser

Finance Minister Arun Jaitley on Monday tabled the economic survey in Parliament which noted that the reform measures undertaken in 2017-18 can be strengthened further in 2018-19. The survey points out that India can be rated as among the best performing economies in the world as the average growth during last three years is around four percentage points higher than global growth and nearly three percentage points higher than that of emerging market and developing economies.

It said that the GDP growth has averaged 7.3 per cent from 2014-15 to 2017-18, which is the highest among the major economies of the world.

Here are the key takeaways from economic survey 2017-18:

GROWTH

<ul>
	<li>India&#39;s gross domestic product (GDP) growth for 2018-19 pegged at 7-7.5 per cent, current high oil prices a major concern.</li>
	<li>GDP to expand by 6.75% in 2017-18, re-instating India as world&#39;s fastest growing major economy.</li>
	<li>Economic management will be challenging in the coming year.</li>
	<li>Biggest source of upside to growth to be from exports.</li>
	<li>Cyclical conditions may lead to lower tax and non-tax revenues in 2017-18.</li>
	<li>Private investment poised for rebound.</li>
	<li>2017-18 farm sector growth seen at 2.1 per cent.</li>
</ul>

FISCAL DEFICIT

<ul>
	<li>Target for fiscal consolidation specially in a pre-election year can carry a high risk of credibility</li>
	<li>Current account deficit for 2017/18 expected to average 1.5-2 per cent of GDP</li>
	<li>Pause in general govt fiscal consolidation cannot be ruled out in 2017-18</li>
	<li>Suggests modest (fiscal) consolidation that signals a return to the path of gradual but steady deficit reductions</li>
</ul>

INFLATION, POLICY RATES

<ul>
	<li>Persistently high oil prices remain a key risk, to affect inflation</li>
	<li>If inflation doesn`t deviate from current levels policy rates can be expected to remain stable</li>
	<li>Average CPI inflation seen at 3.7 per cent in 2017-18</li>
</ul>

OTHER HIGHLIGHTS

<ul>
	<li>Economy accelerated in second half of current fiscal due to GST, bank recapitalisation, liberalisation of FDI and higher exports.</li>
	<li>Gross Value Added (GVA) expected to grow by 6.1 per cent in 2017-18 as compared to 6.6 per cent in 2016-17.</li>
	<li>Preliminary analysis of the Goods and Services Tax (GST) data reveals 50% increase in the number of indirect taxpayers.</li>
	<li>There is need to address pendency, delays and backlogs in the appellate and judicial arenas.</li>
	<li>&quot;Policy vigilance&quot; in coming year if high oil prices persist or stock prices correct sharply.</li>
	<li>India has performed better on 14 out of 17 key indicators.</li>
</ul>

The survey points out that India can be rated as among the best performing economies in the world as the average growth during last three years is around four percentage points higher than global growth.

Finance Minister Arun Jaitley on Monday tabled the economic survey in Parliament which noted that the reform measures undertaken in 2017-18 can be strengthened further in 2018-19. The survey points out that India can be rated as among the best performing economies in the world as the average growth during last three years is around four percentage points higher than global growth and nearly three percentage points higher than that of emerging market and developing economies. It said that the GDP growth has averaged 7.3 per cent from 2014-15 to 2017-18, which is the highest among the major economies of the world. Here are the key takeaways from economic survey 2017-18: GROWTH India's gross domestic product (GDP) growth for 2018-19 pegged at 7-7.5 per cent, current high oil prices a major concern. GDP to expand by 6.75% in 2017-18, re-instating India as world's fastest growing major economy. Economic management will be challenging in the coming year. Biggest source of upside to growth to be from exports. Cyclical conditions may lead to lower tax and non-tax revenues in 2017-18. Private investment poised for rebound. 2017-18 farm sector growth seen at 2.1 per cent. FISCAL DEFICIT Target for fiscal consolidation specially in a pre-election year can carry a high risk of credibility Current account deficit for 2017/18 expected to average 1.5-2 per cent of GDP Pause in general govt fiscal consolidation cannot be ruled out in 2017-18 Suggests modest (fiscal) consolidation that signals a return to the path of gradual but steady deficit reductions INFLATION, POLICY RATES Persistently high oil prices remain a key risk, to affect inflation If inflation doesn`t deviate from current levels policy rates can be expected to remain stable Average CPI inflation seen at 3.7 per cent in 2017-18 OTHER HIGHLIGHTS Economy accelerated in second half of current fiscal due to GST, bank recapitalisation, liberalisation of FDI and higher exports. Gross Value Added (GVA) expected to grow by 6.1 per cent in 2017-18 as compared to 6.6 per cent in 2016-17. Preliminary analysis of the Goods and Services Tax (GST) data reveals 50% increase in the number of indirect taxpayers. There is need to address pendency, delays and backlogs in the appellate and judicial arenas. "Policy vigilance" in coming year if high oil prices persist or stock prices correct sharply. India has performed better on 14 out of 17 key indicators.

Big takeaways from economic survey

Ahead of today&#39;s budget session Sensex opened at 36,232.48, up by 188.42 points.

Nifty recorded a high of 44.45 points at 11,114.10.&nbsp;

Union Finance Minister Arun Jaitley will be presenting the <a href="http://www.wionews.com/india-news/union-budget-2018-all-eyes-on-economic-survey-to-be-tabled-in-parliament-today-31041">Economic Survey</a> later in the day.&nbsp;

The event will precede the presentation of this year&#39;s Budget on February 1.&nbsp;

The Economic Survey is the Finance Ministry&#39;s yearly document that reviews the economic development of the country in the past year.&nbsp;

Nifty recorded a high of 44.45 points at 11,114.10

Ahead of today's budget session Sensex opened at 36,232.48, up by 188.42 points. Nifty recorded a high of 44.45 points at 11,114.10. Union Finance Minister Arun Jaitley will be presenting the Economic Survey later in the day. The event will precede the presentation of this year's Budget on February 1. The Economic Survey is the Finance Ministry's yearly document that reviews the economic development of the country in the past year.

Sensex, Nifty hit record high before economic survey

Sensex retreats from record high, down 111.20 points to 36,050.44; Nifty slips 16.35 points&nbsp;to end at 11,069.65.&nbsp;

Sensex retreats from record high, down 111.20 points to 36,050.44; Nifty slips 16.35 points to end at 11,069.65

Sensex retreats from record high, down 111.20 points to 36,050.44; Nifty slips 16.35 points to end at 11,069.65.

Sensex retreats from record high

This segment of WION brings to you conversation with Amitabh Kant, CEO, NITI Aayog.

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This segment of WION brings to you latest news on World Economic Forum.

PM Modi: India means business

India&#39;s broader NSE Nifty breached the 10,900 mark for the first time on Friday, with financial stocks leading the gains, as investors remained bullish after the government decided to cut tax rates on certain products and services.

The NSE index closed up 0.72 percent at 10,894.70 and posted a weekly gain of 2 percent.

The benchmark BSE Sensex ended 0.71 percent higher at 35,511.58, and rose 2.67 percent this week.

Both indexes posted their seventh consecutive weekly gain and hit record closing highs for the third time this week.

The NSE index closed up 0.72 percent at 10,894.70 and posted a weekly gain of 2 percent

India's broader NSE Nifty breached the 10,900 mark for the first time on Friday, with financial stocks leading the gains, as investors remained bullish after the government decided to cut tax rates on certain products and services. The NSE index closed up 0.72 percent at 10,894.70 and posted a weekly gain of 2 percent. The benchmark BSE Sensex ended 0.71 percent higher at 35,511.58, and rose 2.67 percent this week. Both indexes posted their seventh consecutive weekly gain and hit record closing highs for the third time this week.

Nifty crosses 10,900 level for first time

Japanese auto major Honda is recalling 22,834 units of Accord, City and Jazz models in India as part of a global exercise to rectify faulty airbags.

The latest exercise takes the overall number of recalled vehicles, equipped with airbags manufactured by Takata, by the company to 3.13 lakh units in India.

The company, which is present in India through a wholly-owned arm Honda Cars India Ltd (HCIL), announced that the latest recall will impact models which were manufactured in 2013.

&quot;HCIL will voluntarily replace Takata passenger front airbag inflators of 22,834 vehicles of 2013 model of Accord, City and Jazz as part of Honda&#39;s precautionary global recall campaign concerning Takata front airbag inflators,&quot; HCIL said in a statement.

According to the company, the recall will affect 510 units of the premium sedan Accord, 22,084 units of City, and 240 units of Jazz.

&quot;The replacement will be carried out free of cost at HCIL dealerships across India in a phased manner starting immediately,&quot; the company said.

Last year in January, HCIL had recalled 41,580 units of previous generation of Accord, Civic, City and Jazz models in India as part of a global exercise to rectify faulty airbags.

In July 2016, the company had recalled 1,90,578 units of the previous generation of Accord, CR-V, Civic, City and Jazz models to rectify faulty airbags made by Takata.

Millions of vehicles globally have been recalled due to defective safety airbag manufactured by Japan&#39;s Takata Corp.

According to the company, the recall will affect 510 units of the premium sedan Accord, 22,084 units of City, and 240 units of Jazz.

Japanese auto major Honda is recalling 22,834 units of Accord, City and Jazz models in India as part of a global exercise to rectify faulty airbags. The latest exercise takes the overall number of recalled vehicles, equipped with airbags manufactured by Takata, by the company to 3.13 lakh units in India. The company, which is present in India through a wholly-owned arm Honda Cars India Ltd (HCIL), announced that the latest recall will impact models which were manufactured in 2013. "HCIL will voluntarily replace Takata passenger front airbag inflators of 22,834 vehicles of 2013 model of Accord, City and Jazz as part of Honda's precautionary global recall campaign concerning Takata front airbag inflators," HCIL said in a statement. According to the company, the recall will affect 510 units of the premium sedan Accord, 22,084 units of City, and 240 units of Jazz. "The replacement will be carried out free of cost at HCIL dealerships across India in a phased manner starting immediately," the company said. Last year in January, HCIL had recalled 41,580 units of previous generation of Accord, Civic, City and Jazz models in India as part of a global exercise to rectify faulty airbags. In July 2016, the company had recalled 1,90,578 units of the previous generation of Accord, CR-V, Civic, City and Jazz models to rectify faulty airbags made by Takata. Millions of vehicles globally have been recalled due to defective safety airbag manufactured by Japan's Takata Corp.

Honda recalls 22,834 cars across various models in India

Mauritius was the largest source of foreign investment in India, followed by the US and the UK, according to a census by the Reserve Bank.

Singapore and Japan were the next two sources of foreign direct investment (FDI), said the Census on Foreign Liabilities and Assets of Indian Direct Investment Companies 2016-17, released by RBI today.

Of the 18,667 companies that participated in the census, 17,020 had FDI/overseas direct investment in their balance sheets in March 2017, it said.

&quot;96 per cent of the responding companies were unlisted in March 2017 and most of them had received only inward FDI; unlisted companies had higher share of FDI equity capital vis-?-vis listed companies,&quot; it said.

Further, over 80 per cent of the 15,169 companies that reported inward FDI were subsidiaries of foreign companies (single foreign investor holding over 50 per cent of the total equity).

&quot;Mauritius was the largest source of FDI in India (21.8 per cent share at market value) followed by the USA, the UK, Singapore and Japan whereas Singapore (19.7 per cent) was the major ODI destination, followed by the Netherlands, Mauritius, and the USA,&quot; the census said.

The census yields comprehensive information on the market value of foreign liabilities and assets of Indian companies arising on account of FDI, ODI and other investments.

&quot;It is important to note that changes in outstanding asset/liabilities would be different from flows recorded in the balance of payments (BoP) during a year, as the former would also include valuation changes due to price and exchange rate movements,&quot; the central bank said.

The census data further said non-financial FDI companies had a much higher share in total foreign equity participation vis-a-vis financial FDI firms.

&quot;The ratio of market values of inward to outward direct investment, increased to 4.3 in March 2017 from 3.6 a year ago; equity participation accounted for 94 per cent and 79 per cent shares in inward and outward FDI, respectively,&quot; it said.

The manufacturing sector accounted for nearly half of the total FDI at market prices; information and communication services and financial and insurance activities were the other major sectors that attracted FDI.

Total sales, including exports, of foreign subsidiaries in India increased by 18.7 per cent during 2016-17 whereas their purchases, including imports, increased by 20.1 per cent.&nbsp;

Singapore and Japan were the next two sources of foreign direct investment (FDI), said the Census on Foreign Liabilities and Assets of Indian Direct Investment Companies 2016-17, released by RBI today

Mauritius was the largest source of foreign investment in India, followed by the US and the UK, according to a census by the Reserve Bank. Singapore and Japan were the next two sources of foreign direct investment (FDI), said the Census on Foreign Liabilities and Assets of Indian Direct Investment Companies 2016-17, released by RBI today. Of the 18,667 companies that participated in the census, 17,020 had FDI/overseas direct investment in their balance sheets in March 2017, it said. "96 per cent of the responding companies were unlisted in March 2017 and most of them had received only inward FDI; unlisted companies had higher share of FDI equity capital vis-?-vis listed companies," it said. Further, over 80 per cent of the 15,169 companies that reported inward FDI were subsidiaries of foreign companies (single foreign investor holding over 50 per cent of the total equity). "Mauritius was the largest source of FDI in India (21.8 per cent share at market value) followed by the USA, the UK, Singapore and Japan whereas Singapore (19.7 per cent) was the major ODI destination, followed by the Netherlands, Mauritius, and the USA," the census said. The census yields comprehensive information on the market value of foreign liabilities and assets of Indian companies arising on account of FDI, ODI and other investments. "It is important to note that changes in outstanding asset/liabilities would be different from flows recorded in the balance of payments (BoP) during a year, as the former would also include valuation changes due to price and exchange rate movements," the central bank said. The census data further said non-financial FDI companies had a much higher share in total foreign equity participation vis-a-vis financial FDI firms. "The ratio of market values of inward to outward direct investment, increased to 4.3 in March 2017 from 3.6 a year ago; equity participation accounted for 94 per cent and 79 per cent shares in inward and outward FDI, respectively," it said. The manufacturing sector accounted for nearly half of the total FDI at market prices; information and communication services and financial and insurance activities were the other major sectors that attracted FDI. Total sales, including exports, of foreign subsidiaries in India increased by 18.7 per cent during 2016-17 whereas their purchases, including imports, increased by 20.1 per cent.

Mauritius largest source of FDI in India, says RBI