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Union Finance Minister <a href="http://www.wionews.com/business-economy/live-union-budget-2018-finance-minister-arun-jaitley-presents-budget-in-parliament-31380">Arun Jaitley said</a> Thursday that India is on course to achieve its highest growth rate.

Jaitley, who is presenting the last full budget of the NDA government before elections in 2019, said the economy will grow at 7.2-7.5% in second half of 2018-19.

&quot;Indian economy is on course to achieve high growth of 8 %. Economy to grow at 7.2-7.5% in second half of 2018-19,&quot; Jaitley said.

He further said that Indian economy has performed very well since the NDA government took over in May 2014.

Jaitley added that India now the seventh-largest <a href="http://www.wionews.com/business-economy/budget-2018-government-does-not-consider-cryptocurrencies-legal-tender-says-jaitley-31443">economy in the world.</a>

&nbsp;Budget 2018 is likely to give impetus to the farm sector by providing bigger allocations for food subsidy to widen MSP-based intervention.

Schemes to pay the&nbsp;difference between MSP and market price to farmers, nationwide loan waiver for farmers and bigger allocations for the farm sector to <a href="http://www.wionews.com/business-economy/india-on-course-to-grow-at-8-jaitley-31428">improve infrastructure</a> are other decisions expected in the Budget.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/hawai-chappal-to-hawai-safar-govt-expands-scope-udan-scheme-in-budget-2018-31444">&#39;Hawai chappal to Hawai&nbsp;</a><a href="http://www.wionews.com/business-economy/hawai-chappal-to-hawai-safar-govt-expands-scope-udan-scheme-in-budget-2018-31444">safar</a><a href="http://www.wionews.com/business-economy/hawai-chappal-to-hawai-safar-govt-expands-scope-udan-scheme-in-budget-2018-31444">&#39;: Govt expands scope UDAN scheme in Budget 2018</a>

Also&nbsp;read:&nbsp;<a href="http://www.wionews.com/business-economy/budget-2018-free-lpg-connection-scheme-to-cover-8-crore-poor-women-says-jaitley-31438">Budget 2018: Free LPG connection scheme to cover 8 crore poor women, says Jaitley</a>

&nbsp;

&nbsp;

'Indian economy is on course to achieve high growth of 8 %. Economy to grow at 7.2-7.5% in second half of 2018-19,' Jaitley said

Union Finance Minister Arun Jaitley said Thursday that India is on course to achieve its highest growth rate. Jaitley, who is presenting the last full budget of the NDA government before elections in 2019, said the economy will grow at 7.2-7.5% in second half of 2018-19. "Indian economy is on course to achieve high growth of 8 %. Economy to grow at 7.2-7.5% in second half of 2018-19," Jaitley said. He further said that Indian economy has performed very well since the NDA government took over in May 2014. Jaitley added that India now the seventh-largest economy in the world. Budget 2018 is likely to give impetus to the farm sector by providing bigger allocations for food subsidy to widen MSP-based intervention. Schemes to pay the difference between MSP and market price to farmers, nationwide loan waiver for farmers and bigger allocations for the farm sector to improve infrastructure are other decisions expected in the Budget. Also read: 'Hawai chappal to Hawai safar': Govt expands scope UDAN scheme in Budget 2018 Also read: Budget 2018: Free LPG connection scheme to cover 8 crore poor women, says Jaitley

Budget 2018: India on course to grow at 8%, says Jaitley

Finance minister<a href="http://www.wionews.com/business-economy/india-on-course-to-grow-at-8-jaitley-31428"> Arun Jaitley said</a> Thursday that the government of India does not consider cryptocurrencies as legal tender.

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<blockquote class="twitter-tweet" data-lang="en">
Will take all steps to eliminate the use of Crypto-Currencies, will encourage Blockchain technology in payment systems: FM Jaitley <a href="https://twitter.com/hashtag/UnionBudget2018?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2018</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/958954655647784960?ref_src=twsrc%5Etfw">February 1, 2018</a></blockquote>
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<a href="http://www.wionews.com/business-economy/budget-2018-finance-minister-arun-jaitley-announces-no-change-in-personal-income-tax-slabs-31449">He added</a> that the government would do everything it can to stop cryptocurrencies being used to fund illegitimate transactions.&nbsp;

&quot;Government to take all steps to eliminate use of cryptocurrencies which are being used to fund illegitimate transactions,&quot; said Jaitley.&nbsp;

Jaitley made his statement while announcing the annual <a href="http://www.wionews.com/business-economy/live-union-budget-2018-finance-minister-arun-jaitley-presents-budget-in-parliament-31380">Budget in Parliament.&nbsp;</a>

Cryptocurrencies are virtual currencies like bitcoin.&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/hawai-chappal-to-hawai-safar-govt-expands-scope-udan-scheme-in-budget-2018-31444">&#39;Hawai chappal to Hawai&nbsp;safar</a><a href="http://www.wionews.com/business-economy/hawai-chappal-to-hawai-safar-govt-expands-scope-udan-scheme-in-budget-2018-31444">&#39;: Govt expands scope UDAN scheme in Budget 2018</a>

&nbsp;

The finance minister said the government would do everything it can to stop cryptocurrencies being used to fund illegitimate transactions

Finance minister Arun Jaitley said Thursday that the government of India does not consider cryptocurrencies as legal tender. Will take all steps to eliminate the use of Crypto-Currencies, will encourage Blockchain technology in payment systems: FM Jaitley #UnionBudget2018 — ANI (@ANI) February 1, 2018 × He added that the government would do everything it can to stop cryptocurrencies being used to fund illegitimate transactions. "Government to take all steps to eliminate use of cryptocurrencies which are being used to fund illegitimate transactions," said Jaitley. Jaitley made his statement while announcing the annual Budget in Parliament. Cryptocurrencies are virtual currencies like bitcoin. Also read: 'Hawai chappal to Hawai safar': Govt expands scope UDAN scheme in Budget 2018

Budget 2018: Government does not consider cryptocurrencies legal tender, says Jaitley

The fiscal deficit will overshoot to 3.5 per cent from the earlier estimate of 3.2 per cent in the current fiscal, ending March 31, Finance Minister Arun Jaitley said on Thursday.

The target has been fixed at 3.3 per cent for 2018-19 as against the Fiscal Responsibility and Budget Management Act target of 3 per cent.

<a href="http://www.wionews.com/business-economy/live-union-budget-2018-finance-minister-arun-jaitley-presents-budget-in-parliament-31380">Read: Full Budget Speech of Finance Minister Arun Jaitley</a>

Expressing the government&#39;s commitment to bring down the fiscal deficit, Jaitley said in his Budget speech that he has endeavoured to bring down the fiscal deficit from 4.1 per cent in 2014-15 to 3.9 per cent in the following year and further to 3.5 per cent in 2016-17.

Fiscal deficit has a bearing on sovereign rating of the country as well as the debt market.

<a href="http://www.wionews.com/business-economy/budget-2018-jaitley-promises-70-lakh-new-formal-jobs-in-2018-19-31446">Also Read: Jaitley promises 70 lakh new formal jobs in 2018-19</a>

FRBM Review Panel headed by former Revenue Secretary N K Singh had recommended debt to GDP ratio of 60 per cent by 2023 and fiscal deficit at 3 per cent for next 3 years.

Fiscal deficit has a bearing on sovereign rating of the country as well as the debt market.

The fiscal deficit will overshoot to 3.5 per cent from the earlier estimate of 3.2 per cent in the current fiscal, ending March 31, Finance Minister Arun Jaitley said on Thursday. The target has been fixed at 3.3 per cent for 2018-19 as against the Fiscal Responsibility and Budget Management Act target of 3 per cent. Read: Full Budget Speech of Finance Minister Arun Jaitley Expressing the government's commitment to bring down the fiscal deficit, Jaitley said in his Budget speech that he has endeavoured to bring down the fiscal deficit from 4.1 per cent in 2014-15 to 3.9 per cent in the following year and further to 3.5 per cent in 2016-17. Fiscal deficit has a bearing on sovereign rating of the country as well as the debt market. Also Read: Jaitley promises 70 lakh new formal jobs in 2018-19 FRBM Review Panel headed by former Revenue Secretary N K Singh had recommended debt to GDP ratio of 60 per cent by 2023 and fiscal deficit at 3 per cent for next 3 years.

Budget 2018: Govt misses fiscal deficit target; higher at 3.5% in FY'18

The benchmark BSE Sensex surged 200 points and was traind at 36,152.44 as Finance Minister Arun Jaitley presented the Union Budget in the Lok Sabha.

The 30-share BSE index, which had lost 318.23 points in the previous two sessions, had recovered 171.38 points, ahead of the Budget presentation.

Similarly, the NSE Nifty moved up to 11,086.10.

Fresh positions created by retail and domestic institutional investors on hopes of an investor-friendly and growth-oriented budget lifted the sentiment, brokers said.

Besides, positive leads from other Asian markets, tracking overnight gains on the Wall Street following the Federal Reserve&#39;s decision to keep rates unchanged, influenced sentiments here, they said.

On the macro front, growth of the eight core sectors slowed to a five-month low of 4 per cent in December 2017 due to negative performance of segments like coal and crude oil, official data showed on Wednesday.

In Asian trade, Hong Kong&#39;s Hang Seng was up 0.24 per cent while Japan&#39;s Nikkei edged higher by 1.28 per cent in early trade on Thursday. Shanghai Composite Index, however, shed 0.97 per cent.

The US Dow Jones Industrial Average closed 0.28 per cent higher on Wednesday.

Fresh positions created by retail and domestic institutional investors on hopes of an investor-friendly and growth-oriented budget lifted the sentiment, brokers said.

The benchmark BSE Sensex surged 200 points and was traind at 36,152.44 as Finance Minister Arun Jaitley presented the Union Budget in the Lok Sabha. The 30-share BSE index, which had lost 318.23 points in the previous two sessions, had recovered 171.38 points, ahead of the Budget presentation. Similarly, the NSE Nifty moved up to 11,086.10. Fresh positions created by retail and domestic institutional investors on hopes of an investor-friendly and growth-oriented budget lifted the sentiment, brokers said. Besides, positive leads from other Asian markets, tracking overnight gains on the Wall Street following the Federal Reserve's decision to keep rates unchanged, influenced sentiments here, they said. On the macro front, growth of the eight core sectors slowed to a five-month low of 4 per cent in December 2017 due to negative performance of segments like coal and crude oil, official data showed on Wednesday. In Asian trade, Hong Kong's Hang Seng was up 0.24 per cent while Japan's Nikkei edged higher by 1.28 per cent in early trade on Thursday. Shanghai Composite Index, however, shed 0.97 per cent. The US Dow Jones Industrial Average closed 0.28 per cent higher on Wednesday.

Sensex surges over 200 points as Finance Minister Arun Jaitley presents Budget

India unveiled its budget for the fiscal year starting April 1 on Thursday, in what is being seen as a test for Prime Minister Narendra Modi to maintain fiscal discipline without stifling economic growth ahead of general elections next year.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/union-budget-2018-full-text-of-finance-minister-arun-jaitleys-speech-to-parliament-31464" target="_blank">Full text of Finance Minister Arun Jaitley&#39;s speech to Parliament</a>

Here are the highlights of the budget for 2018-19 fiscal year.

New Income Tax Slab

Income Tax Slab for people less than 60 years for 2017-18

Income Slabs&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Income tax rate in 2017-18 
Upto Rs. 2,50,000&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Nil 
From Rs 2,50,001- Rs 5,00,000&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;5% 
From Rs.5,00,001- Rs.10,00,000&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;20% 
Above Rs.10,00,000&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;30%

Income Tax Slab for Individuals more than or equal to 60 years but less than 80 years known as Senior Citizens for 2017-18

Income Slabs&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Income Tax Rate for 2017-18 
Upto Rs. 3,00,000&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Nil 
From Rs 3,00,001- Rs 5,00,000&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 5% 
From Rs.5,00,001- Rs.10,00,000&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;20% 
Above Rs.10,00,000&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;30%

Income Tax Slab for Individuals more than or equal to 80 years known as Super Senior Citizens For 2017-18

Income Slabs&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Income Tax Rate for 2017-18

Upto Rs. 5,00,000&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Nil 
From Rs.5,00,001- Rs.10,00,000&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;20% 
Above Rs.10,00,000&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;30%

Fiscal deficit

Targets 2018/19 fiscal deficit at 3.3 percent of GDP, estimates current year at 3.5 percent - Bloomberg citing sources

Growth

Estimates 7.2 to 7.5 percent GDP growth in second half of current fiscal year.

Finance minister says &quot;firmly on path to achieve 8 percent plus growth soon&quot;.

Expenditure

Estimates 1.38 trillion rupees expenditure on health, education and social security.

Railway capital expenditure set at 1.49 trillion rupees for 2018/19.

Infrastructure

To spend 14.34 trillion Indian rupees ($225.50 billion) on rural infrastructure.

Banking/Lending

To soon announce measures to address bad loans of small and medium enterprises.

Proposes setting up 3 trillion rupees plan for lending for small enterprises.

Agriculture

Finance minister says will focus on strengthening rural, agriculture economy.

Sets 10 trillion rupees to 11 trillion rupees credit for &quot;agricultural activities&quot;.

Minimum support price of all crops to be increased to at least 1.5 times of production cost.

Export of agriculture commodities to be liberalised.

Education&nbsp; 
Government to increase digital intensity in education. Technology to be the biggest driver in improving quality of education. Rs. 1 lakh crore allocated to revitalisation and up-gradation of the education sector. By 2022, every block with more than 50 per cent ST population will have Ekalvya schools at par with Navodaya Vidyalaya.&nbsp;

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Health/pollution

To provide 500,000 rupees per family annually for medical reimbursement under National Health Protection Scheme. Finance minister says the plan will protect 500 million poor people and will be world&#39;s largest health protection scheme.

To implement special schemes for governments around Delhi to address air pollution.

Removal of crop residue to be subsidized in order to tackle the problem of pollution due to the burning of crop residue.

Aviation

UDAN Scheme to connect 64 unconnected airports across the country. Airport Authority of India (AAI) has 124 airports. Propose to increase the number by at least 5 times 1 billion trips a year, Rs 60 cr has been allocated to kickstart the initiative.

Rail Budget 2018&nbsp;

Finance Minister Arun Jaitley in his Union Budget 2018 speech announced a capital expenditure of Rs 1.48 lakh crore for Indian railways.&nbsp;

According to Jaitley most of this money will be spent on capacity expansion since that is the most important priority for railways right now. There is a target of doubling 18,000 km of lines and gauge conversion is underway to eliminate capacity constraints, FM Jaitley said for Railway Budget 2018.&nbsp;

Highlights of Rail Budget

Focus on safety first, maintenance of track infrastructure is being given special attention.

12,000 wagons, 5160 coaches and 700 locomotives being procured. There are significant achievements of physical targets by Railways.

All stations with more than 25,000 footfall will have escalators.

4267 unmanned railway crossing will be eliminated in next two years. All railway stations and trains will be provided WiFi and CCTVs progressively.

10 prominent tourist sites to be developed as iconic tourist spots.

Redevelopment of 600 major railway stations taken up; Mumbai transport system being expanded; the suburban network of 160 km planned for Bengaluru.

Foundation stone of the bullet train was laid in September 2017. An institute is coming up in Vadodara to train the manpower required for the high-speed railway projects.

Physical targets of Indian Railways is also improving. Work on dedicated freight corridors is on in full-swing &ndash; both east and west &ndash; announced FM Jaitley in the Railway Budget speech.

We have announced plans to set up a dedicated Railway University in Vadodara, said FM Arun Jaitley during his Union Budget 2018 speech.

(With inputs from Agencies)&nbsp;

Finance Minister Arun Jaitley presented the Union Budget 2018 in Parliament today. Continuing with the trend from last year, the Railways Budget was included in the general Budget.

India unveiled its budget for the fiscal year starting April 1 on Thursday, in what is being seen as a test for Prime Minister Narendra Modi to maintain fiscal discipline without stifling economic growth ahead of general elections next year. Also read: Full text of Finance Minister Arun Jaitley's speech to Parliament Here are the highlights of the budget for 2018-19 fiscal year. New Income Tax Slab Income Tax Slab for people less than 60 years for 2017-18 Income Slabs Income tax rate in 2017-18 Upto Rs. 2,50,000 Nil From Rs 2,50,001- Rs 5,00,000 5% From Rs.5,00,001- Rs.10,00,000 20% Above Rs.10,00,000 30% Income Tax Slab for Individuals more than or equal to 60 years but less than 80 years known as Senior Citizens for 2017-18 Income Slabs Income Tax Rate for 2017-18 Upto Rs. 3,00,000 Nil From Rs 3,00,001- Rs 5,00,000 5% From Rs.5,00,001- Rs.10,00,000 20% Above Rs.10,00,000 30% Income Tax Slab for Individuals more than or equal to 80 years known as Super Senior Citizens For 2017-18 Income Slabs Income Tax Rate for 2017-18 Upto Rs. 5,00,000 Nil From Rs.5,00,001- Rs.10,00,000 20% Above Rs.10,00,000 30% Fiscal deficit Targets 2018/19 fiscal deficit at 3.3 percent of GDP, estimates current year at 3.5 percent - Bloomberg citing sources Growth Estimates 7.2 to 7.5 percent GDP growth in second half of current fiscal year. Finance minister says "firmly on path to achieve 8 percent plus growth soon". Expenditure Estimates 1.38 trillion rupees expenditure on health, education and social security. Railway capital expenditure set at 1.49 trillion rupees for 2018/19. Infrastructure To spend 14.34 trillion Indian rupees ($225.50 billion) on rural infrastructure. Banking/Lending To soon announce measures to address bad loans of small and medium enterprises. Proposes setting up 3 trillion rupees plan for lending for small enterprises. Agriculture Finance minister says will focus on strengthening rural, agriculture economy. Sets 10 trillion rupees to 11 trillion rupees credit for "agricultural activities". Minimum support price of all crops to be increased to at least 1.5 times of production cost. Export of agriculture commodities to be liberalised. Education Government to increase digital intensity in education. Technology to be the biggest driver in improving quality of education. Rs. 1 lakh crore allocated to revitalisation and up-gradation of the education sector. By 2022, every block with more than 50 per cent ST population will have Ekalvya schools at par with Navodaya Vidyalaya. × Health/pollution To provide 500,000 rupees per family annually for medical reimbursement under National Health Protection Scheme. Finance minister says the plan will protect 500 million poor people and will be world's largest health protection scheme. To implement special schemes for governments around Delhi to address air pollution. Removal of crop residue to be subsidized in order to tackle the problem of pollution due to the burning of crop residue. Aviation UDAN Scheme to connect 64 unconnected airports across the country. Airport Authority of India (AAI) has 124 airports. Propose to increase the number by at least 5 times 1 billion trips a year, Rs 60 cr has been allocated to kickstart the initiative. Rail Budget 2018 Finance Minister Arun Jaitley in his Union Budget 2018 speech announced a capital expenditure of Rs 1.48 lakh crore for Indian railways. According to Jaitley most of this money will be spent on capacity expansion since that is the most important priority for railways right now. There is a target of doubling 18,000 km of lines and gauge conversion is underway to eliminate capacity constraints, FM Jaitley said for Railway Budget 2018. Highlights of Rail Budget Focus on safety first, maintenance of track infrastructure is being given special attention. 12,000 wagons, 5160 coaches and 700 locomotives being procured. There are significant achievements of physical targets by Railways. All stations with more than 25,000 footfall will have escalators. 4267 unmanned railway crossing will be eliminated in next two years. All railway stations and trains will be provided WiFi and CCTVs progressively. 10 prominent tourist sites to be developed as iconic tourist spots. Redevelopment of 600 major railway stations taken up; Mumbai transport system being expanded; the suburban network of 160 km planned for Bengaluru. Foundation stone of the bullet train was laid in September 2017. An institute is coming up in Vadodara to train the manpower required for the high-speed railway projects. Physical targets of Indian Railways is also improving. Work on dedicated freight corridors is on in full-swing – both east and west – announced FM Jaitley in the Railway Budget speech. We have announced plans to set up a dedicated Railway University in Vadodara, said FM Arun Jaitley during his Union Budget 2018 speech. (With inputs from Agencies)

Watch: Key highlights of Budget 2018

In the post-Budget meeting, finance minister <a href="http://www.wionews.com/business-economy/healthcare-in-budget-india-lags-behind-us-china-in-doctor-patient-ratio-31515">Arun Jaitley said it is India&#39;s </a>first Budget post-GST.

On corporate tax, the finance minister asserted that companies are paying less than 25 per cent in corporate tax, saying that out of the 6 lakh companies, 5 lakh, 93 thousand&nbsp;companies have been covered under the tax net. In effect, covering the entire gamut of small and medium companies.

<a href="http://www.wionews.com/business-economy/union-budget-2018-electronic-items-like-television-sets-mobile-phone-to-get-expensive-31469">Also Read: Electronic items like mobile phones, television sets to get expensive&nbsp;</a>

The 7,000 big companies are out of it, he added, saying they won&#39;t always be out of the net since it was part of the roadmap.

The finance minister pointed out that the 7,000 companies actually availed all the exemptions and still payed&nbsp;22 to 23 per cent tax.

The exemptions will gradually be done away with, he said.

He said the services sector is doing well, even though manufacturing was looking weak for a few months.

The weak spot was the agricultural sector, he said. It posed the greatest challenge, the finance minister added.

The finance minister said the Ujjawala Yogana has been successful so increasing the budgetary allocation was needed, adding that his government&#39;s healthcare scheme was the centerpiece of the Budget.

The minister said out of the 25 crore families in India, the bottom 10 crore family which constitute 40 per cent of the population will benefit from the new healthcare plan.

&quot;The poor families will now have an insurance card and can go to any hospital and show their card to avail health benefits,&quot; he said.

&quot;We can make this scheme universal, then the world will have to acknowledge that whether Obamacare became successful or not, &#39;Modicare&#39;&nbsp;can definitely be made successful,&quot; the finance minister said.

On the question of funding of&nbsp;&quot;Modicare&quot;, the minister said it was mainly an operational detail&nbsp;and that it would be funded by the government.

&quot;The healthcare plan is a major step in ensuring social security of the country,&quot; the minister said.

 
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&nbsp;

The finance minister said the Ujjawala Yogana has been successful so increasing the budgetary allocation was needed

In the post-Budget meeting, finance minister Arun Jaitley said it is India's first Budget post-GST. On corporate tax, the finance minister asserted that companies are paying less than 25 per cent in corporate tax, saying that out of the 6 lakh companies, 5 lakh, 93 thousand companies have been covered under the tax net. In effect, covering the entire gamut of small and medium companies. Also Read: Electronic items like mobile phones, television sets to get expensive The 7,000 big companies are out of it, he added, saying they won't always be out of the net since it was part of the roadmap. The finance minister pointed out that the 7,000 companies actually availed all the exemptions and still payed 22 to 23 per cent tax. The exemptions will gradually be done away with, he said. He said the services sector is doing well, even though manufacturing was looking weak for a few months. The weak spot was the agricultural sector, he said. It posed the greatest challenge, the finance minister added. The finance minister said the Ujjawala Yogana has been successful so increasing the budgetary allocation was needed, adding that his government's healthcare scheme was the centerpiece of the Budget. The minister said out of the 25 crore families in India, the bottom 10 crore family which constitute 40 per cent of the population will benefit from the new healthcare plan. "The poor families will now have an insurance card and can go to any hospital and show their card to avail health benefits," he said. "We can make this scheme universal, then the world will have to acknowledge that whether Obamacare became successful or not, 'Modicare' can definitely be made successful," the finance minister said. On the question of funding of "Modicare", the minister said it was mainly an operational detail and that it would be funded by the government. "The healthcare plan is a major step in ensuring social security of the country," the minister said.

Don't know about Obamacare but 'Modicare' can definitely become successful: Jaitley

This segment of WION brings to you latest news on India Union Budget for 2018-19. Watch this clip to know more.

Will budget meet expectation of taxpayer?

As the government unveils its 2018-19 budget today, all eyes will be on whether the authorities stay the course on containing the fiscal deficit, or whether they throw caution to the wind with a populist set of spending priorities.

Facing discontent at home over falling farm incomes and a backlash following policy initiatives that have dented growth, Prime Minister Narendra Modi will be aiming to woo rural voters and small business owners in the last full budget before a general election that must be held by May 2019.&nbsp;

While economic growth has been slowed by the botched rollout of a nationwide goods and service tax (GST) in 2017, and a shock move to ban high-value currency notes in late 2016, investors have so far looked beyond the setbacks, perceiving the initiatives as being positive in the long term.&nbsp;

Benchmark 10-year bond yields have fallen 135 basis points and the NSE share index has surged 55 percent since Modi took power in May 2014.

To keep investors on the side, however, Modi will have to convince them that he plans to keep to his word on working towards reining in the fiscal deficit.

A Reuters poll this week showed most economists expect a 3.2 percent deficit in 2018-19, as the government looks to increase investments in areas such as agriculture. Anything much beyond that, however, may draw a swift sell-off in the markets.

Investors were already spooked this week after India&#39;s Chief Economic Advisor Arvind Subramanian, in an economic survey ahead of the budget, suggested &quot;a pause&quot; in the fiscal consolidation path, while the government attempts to reinvigorate growth.

Indian shares fell for a second consecutive session on Wednesday, as investors opted to book profits ahead of the budget, with markets trading near all-time highs.

The benchmark 10-year bond yield closed flat at 7.60 percent on Wednesday, but it is up 13 basis points from its close on Friday after Subramanian`s comments.&nbsp;

Facing discontent over falling farm incomes and a backlash following policy initiatives that have dented growth, Prime Minister Modi will be aiming to woo rural voters and small business owners

As the government unveils its 2018-19 budget today, all eyes will be on whether the authorities stay the course on containing the fiscal deficit, or whether they throw caution to the wind with a populist set of spending priorities. Facing discontent at home over falling farm incomes and a backlash following policy initiatives that have dented growth, Prime Minister Narendra Modi will be aiming to woo rural voters and small business owners in the last full budget before a general election that must be held by May 2019. While economic growth has been slowed by the botched rollout of a nationwide goods and service tax (GST) in 2017, and a shock move to ban high-value currency notes in late 2016, investors have so far looked beyond the setbacks, perceiving the initiatives as being positive in the long term. Benchmark 10-year bond yields have fallen 135 basis points and the NSE share index has surged 55 percent since Modi took power in May 2014. To keep investors on the side, however, Modi will have to convince them that he plans to keep to his word on working towards reining in the fiscal deficit. A Reuters poll this week showed most economists expect a 3.2 percent deficit in 2018-19, as the government looks to increase investments in areas such as agriculture. Anything much beyond that, however, may draw a swift sell-off in the markets. Investors were already spooked this week after India's Chief Economic Advisor Arvind Subramanian, in an economic survey ahead of the budget, suggested "a pause" in the fiscal consolidation path, while the government attempts to reinvigorate growth. Indian shares fell for a second consecutive session on Wednesday, as investors opted to book profits ahead of the budget, with markets trading near all-time highs. The benchmark 10-year bond yield closed flat at 7.60 percent on Wednesday, but it is up 13 basis points from its close on Friday after Subramanian`s comments.

Close watch on fiscal deficit as India unveils Budget today

The last full-fledged budget of the Narendra Modi-led government and the first one after GST rollout is much anticipated. With the day finally arriving today, speculation about Union Budget 2018 is rife across the country.

Various sectors such as e-commerce, health, agriculture, education, Information Technology (IT), and manufacturing among others expect major policy initiatives which will drive growth and support development and expansion.

Here are a few sectors which will most likely benefit from Union Budget 2018:

- Union Budget 2017, the first budget post demonetisation, boosted digital operations and transactions in the country. With the `Digital India` initiative, high on Prime Minister Narendra Modi`s agenda, Union Budget 2018 too, is expected to give a major push to digitization.

- Industry experts also believe that the budget will focus more on the rural distress. Job programs, irrigation projects, and improvement of health infrastructure in rural India is expected to get a push.

- The previous Budgets presented by Finance Minister Arun Jaitley have been all development oriented. One can expect the same from Union Budget 2018 as well. Employment-intensive sectors will most likely be boosted. And since the MSME sector in India plays a crucial role in providing large-scale employment at a comparatively lower capital cost; new schemes and initiatives can be expected.

- In Budget 2018, the government may reportedly also tweak income tax slabs and rates. Multiple deductions might be replaced with a standard deduction to reduce the tax burden on consumers.

- Union Budget 2017 saw the merger of the Railway Budget with the General Budget. Further, Economic Survey 2017-18 stated that during 2017-18 (up to September 2017) the Indian Railways carried 558.10 million tonnes of revenue earning freight traffic as against 531.23 million tonnes during the corresponding period of previous year, showing an increase of 5.06 percent during this period. It is expected that Union Budget 2018 will lay emphasis on railways infrastructure development.

- The Economic Survey 2017-18 focused on the need to address the issues of pendency, delays and backlogs in the appellate and judicial arenas towards Ease of Doing Business. These issues, it said hamper dispute resolution and contract enforcement, discourage investment, stall projects, hamper tax collection, stress taxpayers and escalate legal costs. The survey emphasized the importance of an effective, efficient and expeditious contract enforcement regime for economic growth and development. Budget 2018 is expected to provide a way out.

- Controlling inflation has been a priority area for the Modi-led government. And the government has taken a number of measures for this purpose in the past. From regular review meetings on prices and availability to the implementation of Price Stabilization Fund (PSF), strict measures have been taken to control inflation numbers. Budget 2018 is expected to do just the same.

- The Economic Survey also pointed out that low level of tax collections by the local governments in rural areas is posing a challenge in reconciling fiscal federalism and accountability in the country. Unlike in other countries, reliance on direct taxes in India seems to be declining, a trend that will be reinforced if the Goods and Services Tax (GST) proves to be a buoyant source of revenue. Budget 2018, among other things, will extensively look to stabilise GST in the country.

On a related note, with this budget, Arun Jaitley has joined an elite group of finance ministers who have had the opportunity to present the Union Budget over five times. Yashwant Sinha, P. Chidambaram, and Pranab Mukherjee have all presented the budget five or more times in Parliament. &nbsp;

Industry experts believe the budget will focus on rural distress. Job programmes, irrigation projects, and improvement of health infrastructure in rural India are expected to get a push

The last full-fledged budget of the Narendra Modi-led government and the first one after GST rollout is much anticipated. With the day finally arriving today, speculation about Union Budget 2018 is rife across the country. Various sectors such as e-commerce, health, agriculture, education, Information Technology (IT), and manufacturing among others expect major policy initiatives which will drive growth and support development and expansion. Here are a few sectors which will most likely benefit from Union Budget 2018: - Union Budget 2017, the first budget post demonetisation, boosted digital operations and transactions in the country. With the `Digital India` initiative, high on Prime Minister Narendra Modi`s agenda, Union Budget 2018 too, is expected to give a major push to digitization. - Industry experts also believe that the budget will focus more on the rural distress. Job programs, irrigation projects, and improvement of health infrastructure in rural India is expected to get a push. - The previous Budgets presented by Finance Minister Arun Jaitley have been all development oriented. One can expect the same from Union Budget 2018 as well. Employment-intensive sectors will most likely be boosted. And since the MSME sector in India plays a crucial role in providing large-scale employment at a comparatively lower capital cost; new schemes and initiatives can be expected. - In Budget 2018, the government may reportedly also tweak income tax slabs and rates. Multiple deductions might be replaced with a standard deduction to reduce the tax burden on consumers. - Union Budget 2017 saw the merger of the Railway Budget with the General Budget. Further, Economic Survey 2017-18 stated that during 2017-18 (up to September 2017) the Indian Railways carried 558.10 million tonnes of revenue earning freight traffic as against 531.23 million tonnes during the corresponding period of previous year, showing an increase of 5.06 percent during this period. It is expected that Union Budget 2018 will lay emphasis on railways infrastructure development. - The Economic Survey 2017-18 focused on the need to address the issues of pendency, delays and backlogs in the appellate and judicial arenas towards Ease of Doing Business. These issues, it said hamper dispute resolution and contract enforcement, discourage investment, stall projects, hamper tax collection, stress taxpayers and escalate legal costs. The survey emphasized the importance of an effective, efficient and expeditious contract enforcement regime for economic growth and development. Budget 2018 is expected to provide a way out. - Controlling inflation has been a priority area for the Modi-led government. And the government has taken a number of measures for this purpose in the past. From regular review meetings on prices and availability to the implementation of Price Stabilization Fund (PSF), strict measures have been taken to control inflation numbers. Budget 2018 is expected to do just the same. - The Economic Survey also pointed out that low level of tax collections by the local governments in rural areas is posing a challenge in reconciling fiscal federalism and accountability in the country. Unlike in other countries, reliance on direct taxes in India seems to be declining, a trend that will be reinforced if the Goods and Services Tax (GST) proves to be a buoyant source of revenue. Budget 2018, among other things, will extensively look to stabilise GST in the country. On a related note, with this budget, Arun Jaitley has joined an elite group of finance ministers who have had the opportunity to present the Union Budget over five times. Yashwant Sinha, P. Chidambaram, and Pranab Mukherjee have all presented the budget five or more times in Parliament.

Budget 2018: All eyes on Jaitley's briefcase, here's what to expect

Finance minister <a href="http://www.wionews.com/business-economy/budget-2018-government-to-set-up-worlds-largest-healthcare-programme-says-jaitley-31435">Jaitley today declared while presenting</a> the Budget that the government&nbsp;has set the world&#39;s largest healthcare programme.

In the real terms,<a href="http://www.wionews.com/india-news/industry-leaders-hail-national-healthcare-programme-31508"> India spends Rs 30,000 around $470 per</a>&nbsp;person in below poverty level(BPL) family.

In Jaitley&#39;s Budget this time, the amount has gone upto to Rs 500,000 which is approximately $7830 for a BPL family. The new healtcare plan unveiled in the Budget is expected to benefit 500 million Indians.

There are 132 million Indians already under the health scheme.

Compared to India, in the US a taxpayer spends $7,000 on healthcare with multiple state and federal health insurances present in the system. There is no cap on coverage but it involves complex conditions.

As far as the health of the country is concerned, India still has the highest incidences of tuberculosis in the world. Reports say 4,20,000 Indians died of tuberculosis in 2016.

As a result, India has upped spending on tuberculosis since last year.

The 2018 Budget has not announced any allocation for cancer treatment, even though 1 million new cancer cases are detected every year in India, according to the WHO.

The finance minister will need to revamp&nbsp;761 district hospitals in the country, although the Budget hasn&#39;t announced any hospitals would be built.

The current doctor-patient ratio in northeast and central India is 9.4 to 100,000. In other areas, it is much better at 159 to 100,000 which is about 15.9 doctors for&nbsp;10,000 people.

In the US, the current doctor-patient ratio is 39.8 doctors for 10,000 people.&nbsp;The current budget does not address the doctor-patient ratio in India.

Further, India has just 9 hospital beds per 10,000 for its rural population, far behind the US which has 46 hospital beds and China which has 42 per 10,000 people.

The current doctor-patient ratio in northeast and central India is 9.4 to 100,000.

Finance minister Jaitley today declared while presenting the Budget that the government has set the world's largest healthcare programme. In the real terms, India spends Rs 30,000 around $470 per person in below poverty level(BPL) family. In Jaitley's Budget this time, the amount has gone upto to Rs 500,000 which is approximately $7830 for a BPL family. The new healtcare plan unveiled in the Budget is expected to benefit 500 million Indians. There are 132 million Indians already under the health scheme. Compared to India, in the US a taxpayer spends $7,000 on healthcare with multiple state and federal health insurances present in the system. There is no cap on coverage but it involves complex conditions. As far as the health of the country is concerned, India still has the highest incidences of tuberculosis in the world. Reports say 4,20,000 Indians died of tuberculosis in 2016. As a result, India has upped spending on tuberculosis since last year. The 2018 Budget has not announced any allocation for cancer treatment, even though 1 million new cancer cases are detected every year in India, according to the WHO. The finance minister will need to revamp 761 district hospitals in the country, although the Budget hasn't announced any hospitals would be built. The current doctor-patient ratio in northeast and central India is 9.4 to 100,000. In other areas, it is much better at 159 to 100,000 which is about 15.9 doctors for 10,000 people. In the US, the current doctor-patient ratio is 39.8 doctors for 10,000 people. The current budget does not address the doctor-patient ratio in India. Further, India has just 9 hospital beds per 10,000 for its rural population, far behind the US which has 46 hospital beds and China which has 42 per 10,000 people.

Budget healthcare challenge: India lags behind US, China in doctor-patient ratio

This is arguably Finance Minister's toughest Budget yet as he seeks to address agriculture distress, create jobs and boost growth while at the same time stick to fiscal prudence

Union Finance Minister Arun Jaitley is presenting NDA government's last full-year budget ahead of the general elections next year. Jaitley had earlier tabled the Economic Survey on Monday targeting a 7-7.5 per cent growth in 2018-19. This year's budget session is crucial as it would be the first union budget to be presented under the Goods and Services Tax (GST) regime. All sectors and citizens of the country have high expectations from Jaitley. Here are the key points of Finance Minister Arun Jaitley's speech: No change has been proposed in personal Income Tax slab rates. Standard deduction to the salaried class of INR 40,000 in place of Medical expense reimbursements and Transport allowance. Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh, senior citizens allowed Rs 50,000 deduction on health insurance premium paid in a year from earlier Rs 30,000. Rs 8,000 crore revenue lost due to the standard deduction allowed to salaried employees. Companies with turnover of upto Rs. 250 cr to be taxed at 25%. × Demonetisation was received by honest tax-payers as 'Imaandari ka Utsav'. × 100% tax rebate for farmer producer companies having a turnover of Rs. 100 cr. × Focus on rural housing, rural roads and rural infra spend will push up employment. × Power, LPG via Ujala and Saubhagya remains the area of concern for discoms, OMCs because of lack of recovery. × Government to formulate a comprehensive gold policy to develop gold as an asset class; gold monetisation scheme to be revamped. × MP salaries to be revised with effect from 1 April, 2018. It will increase every 5 years indexed to inflation. × For Year 2018 fiscal deficit at 5.95 lakh crore (3.5% of GDP) as against expected 3.2%.For Year 2019 fiscal deficit pegged at 3.3 of GDP.Govt committed to revised fiscal glide path. × Salary of President raised to Rs 5 lakh.Vice-President salary raised to Rs 4 lakh, Guvs salary raised to Rs 3.5 lakh. × Government sets Rs 80,000 crore disinvestment target for 2018-19. × Govt does not consider cryptocurrency as legal tender or coin and will take all measures to eliminate its use in financing illegitimate activities. × Niti Aayog will establish a national programme to direct efforts towards Artificial Intelligence, including research and development of its applications. × The govt proposes to expand India's airport capacity from what it is now to more than 5 times. × 56 unserved airports and 31 unserved helipads will be covered for usage by civilians. People wearing Hawai Chappal will also be able to use Hawai Jahaj. × National Highways exceeding 9,000-km will be completed in 2018-19. × Rail Budget 2018 Finance Minister Arun Jaitley in his Union Budget 2018 speech announced a capital expenditure of Rs 1.48 lakh crore for Indian railways. According to Jaitley most of this money will be spent on capacity expansion since that is the most important priority for railways right now. There is a target of doubling 18,000 km of lines and gauge conversion is underway to eliminate capacity constraints, FM Jaitley said for Railway Budget 2018. Highlights of Rail Budget Focus on safety first, maintenance of track infrastructure is being given special attention. 12,000 wagons, 5160 coaches and 700 locomotives being procured. There are significant achievements of physical targets by Railways. All stations with more than 25,000 footfall will have escalators. 4267 unmanned railway crossing will be eliminated in next two years. All railway stations and trains will be provided WiFi and CCTVs progressively. 10 prominent tourist sites to be developed as iconic tourist spots. Redevelopment of 600 major railway stations taken up; Mumbai transport system being expanded; the suburban network of 160 km planned for Bengaluru. Foundation stone of the bullet train was laid in September 2017. An institute is coming up in Vadodara to train the manpower required for the high-speed railway projects. Physical targets of Indian Railways is also improving. Work on dedicated freight corridors is on in full-swing – both east and west – announced FM Jaitley in the Railway Budget speech. We have announced plans to set up a dedicated Railway University in Vadodara, said FM Arun Jaitley during his Union Budget 2018 speech. 70 lakh formal jobs have been created this year. Govt will contribute 12% of the wages as EPF in all sectors for the next three years. Contributions from women employees will be brought down from 12% to 8%. × Loans to women self-help groups increased 37% year over year. × AMRUT program to focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth 19,428 core awarded. × 115 aspiration districts identified taking various indices of development into consideration, quality of life to be improved in these districts. × Technology will be the biggest driver in improving quality of education. We propose to increase the digital intensity in education and move gradually from blackboard to digital board. × Target of 3 lakh crore for lending under PM MUDRA Yojana. × Mass formalization of MSME sector is happening after demonetization and GST. × Rural infra, livelihood expenditure to be Rs 14.34 lakh cr in 2018-19. × National Health Protection Schemes to cover 10 crore poor and vulnerable families. It will benefit 50 crore poor people. Rs. 5 lakh per family per year will be provided for poor families for hospital treatments. × 24 new govt medical colleges and hospitals to be set up by upgrading existing district hospitals. × Food processing allocation doubled. Food processing sector growing at 8%. × Govt to launch 'Revitalising Infrastructure and Systems in Education by 2022. × National Livelihood Mission allocated Rs. 5,750 cr in 2018-19. × Govt to increase digital intensity in education. Technology to be the biggest driver in improving quality of education. × Rs 14.34 lakh crore rupees to be spent for rural infrastructure. × By 2022, every block with more than 50% ST population will have an Eklavya Model Residential School. × Fishery and Aquaculture Development Fund and Animal Husbandry Infrastructure Fund with a total corpus of Rs. 10,000 Crore will be set up. × Proposed to raise institutional credit for agriculture to Rs 11 Lakh Crore for 2018-19. × Hardwork of farmers resulted in a record production of more than 275 million tonnes of food grain and about 300 million tonnes of horticultural produce. × Restructured National Bamboo Mission to be launched with an allocation of 1290 crore rupees to promote bamboo sector in a holistic manner. × MSP of crops shall be increased to 1.5 times that of the production cost. × Rs 500 crore allotted for Operation Green. × The manufacturing sector is back on growth path; Exports are expected to grow by 15% in 2017-18. × Government proposes to launch 'Operation Greens' on the lines of Operation Flood'. × Government proposes to launch 'Operation Greens' along the lines of Operation Flood'. × India now a global success story because of direct transfer benefits that citizens have been provided with. × Agri-Market Development Fund with a corpus of 2000 crore to be set up for developing agricultural markets. × I am very happy to announce that minimum support price has been set at 1.5 times the production cost for kharif crops: Finance Minister × Latest technology provided to farmers: Finance Minister × More than 80 per cent of our farmers are small and marginal: FM × Our economy is on course to achieve high growth rate of 8%. Economy to grow at 7.2-7.5% in second half of 2018-19: Finance Minister × FDI has gone up and it is easier to do business in India; Indian economy is now a 2.5 trillion economy: Finance Minister × The Direct Benefit Transfer scheme that we have undertaken is the biggest such exercise in the world and is a global success story: FM × Structural reforms undertaken by the NDA government will help Indian economy achieve strong growth in medium and long term: FM × As we have pointed out, increasing production is fine. The problem is getting farmers 50% profit margin on top of production costs. × PM Narendra Modi has always stressed on the importance of good governance. This vision has inspired Government agencies to carry out several reforms: FM × Indian economy is on course to achieve high growth of 8 %. Economy to grow at 7.2-7.5% in second half of 2018-19: FM Jaitley × Indian economy has performed very well since our Govt took over in may 2014, It is now the seventh largest in the world: FM Jaitley × The growth of the economy at 6.3% in second quarter signalled a turnaround in economy. We hope to target 7.2 to 7.5% growth: FM × This govt has ended policy paralysis. India was in fragile five group. Today, India is one of the fastest growing economies in the world: Finance Minister × Modi govt has successfully implemented series of structural reforms. FDI has gone up, measures brought have made business to be done easily. Indirect system has been made simpler: FM Arun Jaitley × When we took over, India was considered one of the fragile five. We have successfully reversed this, India now among the fastest growing economies in the world: Finance Minister × Jaitley rises to present the Budget 2018-19. The Session begins. Lok Sabha Speaker Sumitra Mahajan speaks. Finance Minister Arun Jaitley will present the Budget shortly.

Budget 2018: Govt is focusing on rural and agricultural economy, says Arun Jaitley

&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;

<div class="ui-state-default" contenteditable="false">
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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