finance Minister Nirmala Sitharaman has announced the budget for the upcoming fiscal starting April 1, 2020. Though budget brought joy to some sections, it has not really lived up to the expectations of the common man or market investors.

Annual Financial Statement and Common man

Taxpayers will now be able to avail a lower income tax rate on various slabs by foregoing certain deductions and exemptions, Sitharman announced in the budget. The new regime will be optional and those who want to stick to claiming deductions will be allowed to do so.

What will a taxpayers' charter mean?

India Budget 2020: Will personal tax bring substantial savings?

The Indian Finance Minister Nirmala Sitharaman is presenting Union Budget for FY 2020-21. This is the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India. This is the Budget to boost income and enhance the purchasing power of the people. This budget aims to address hopes and aspirations of all sections of India, said Finance Minister Sitharaman.

Can Indian government revive consumer confidence in Union Budget 2020?

The Modi government presented its 7th budget today. What's in it for you? WION's Palki brings you the five major highlights of this budget.

2020 Budget: What's in it for you? | Gravitas

The Budget didn't just make the news for the announcements. The Finance Minister used quotes and poems from several languages. She made news for what she wore. WION's Palki brings you some standout moments from the budget speech.

2020 Budget: The longest ever budget speech | Gravitas

What was the reaction to the budget? The government is confident that this budget will deliver growth. How are businesses and investors reacting? WION's Palki gets you a report.

Gravitas: The reactions to the 2020 Budget

Major announcements are made on budget day. But, has any progress been made? How are some of the government's flagship initiatives performing? WION's Palki analyses the progress of 5 major government initiatives.

2020 Budget: Is the government living up to its promises? | Gravitas

The Finance Minister covered a lot of ground in her speech. But what was in it for the common man? WION's Palki decodes this year's budget for you.

Gravitas: Budget 2020 and the common man

Finance Minister Nirmala Sitharaman had a special conversation with WION about the Budget 2020. To know what else she said about the budget, watch this exclusive interview...

Exclusive: Finance Minister speaks to WION after presentation of Budget 2020

WION speaks to Godrej Group's Chairman Adi Godrej after the presentation of Budget 2020.

WION Exclusive: Godrej Group Chairman Adi Godrej speaks on Budget 2020

Finance Minister Nirmala Sitharaman will present Modi government’s Budget 2020 speech in the Parliament today. Union Budget 2020 on February 1 is seen as an important one, with India Inc and the common man having several expectations.

India Budget 2020: FM Nirmala Sitharaman to present her second consecutive Budget today

The Union Budget turned out to be a major disappointment for the market in the form of a wider fiscal deficit (at 3.8 percent) for FY 2020.

Markets' thumb down to Budget 2020, Sensex tumbles almost 1,000 pts

Budget 2020 proposes a new tax regime that includes reductions of income tax slabs to reduce income tax rates and the total tax payable by individuals. Income between Rs 12.5 lakh and Rs 15 lakh will be taxed 25% less than the current 30%. Income above Rs 15 lakh will be subject to 30% tax.

Major relief for taxpayers, new tax slab proposed | Budget 2020

Budget 2020: New optional tax regime proposed

PM Modi thanks, congratulates the Finance Minister Nirmala Sitharaman and addresses the nation on budget 2020 presented by Finance Minister Nirmala Sitharaman. He said, "This budget is focused on employment generation".

Prime Minister expresses views on Budget 2020 presentation, "Focus on employment generation budget"

The Indian Finance Minister Nirmala Sitharaman has proposed an outlay of Rs 22,000 crore for power and renewable energy sector for FY Budget 2020-21. This is the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.

Union Budget 2020: Rs 22,000 Cr allocated for power and renewable energy sector

The Indian Finance Minister Nirmala Sitharaman while presenting Union Budget for FY 2020-21 announced completely electronic registration of charity institutions. Also, to claim exemptions for donations easily, donations made to charity institutions will now be pre-filled in Income Tax return form.

Union Budget 2020: Charity institutions registration made completely electronic

The Indian Finance Minister Nirmala Sitharaman while presenting Union Budget for FY 2020-21 announced the new income tax slab rate. She announced, "Twenty per cent tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25 per cent for income between Rs 12.5 lakh and 15 lakh, 30 per cent for above Rs 15 lakh income under the new slab," For those who are earning upto Rs 5 lakh in a year will pay no tax, "For income between Rs 7.5 lakh and Rs 10 lakh per annum, the tax rate has been reduced to 15 per cent from 20 per cent and 10 per cent tax for income between Rs 5 lakh and Rs 7.5 lakh per anum for those who forego deductions and exemptions. This is the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.

Union Budget 2020: Relief for Indian taxpayers

The Indian Finance Minister Nirmala Sitharaman while presenting Union Budget for FY 2020-21 said, We have estimated nominal growth of GDP for the year 2020-21 on the trends available at 10%. This is the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi to do so in the history of independent India.

Nirmala Sitharaman: Fiscal deficit for FY 2020-21 pegged at 3.5% | Union Budget 2020

All eyes will be on Nirmala Sitharaman tomorrow as she will present her second budget as the country's finance minister.

Trade pundits and businesses are waiting with a baited breath, expecting her to bail out the economy of the ongoing slump.

On a lighter vein, it also remains to be seen if she would carry documents in a briefcase or a traditional bahi-khata which she used for her maiden budget presentation. On the day of the Union Budget presentation in 2019, Sitharaman broke away from long-standing traditions of colonial-era when she ditched the briefcase and opted for traditional bahi khata, which is a kind of a ledger wrapped in a red coloured cloth.

The word 'budget'&nbsp;has its origin in the French word Bougette, which means leather briefcase. Traditionally, budget documents -- which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister -- were carried in a brown briefcase, a legacy passed on by the British.

However, traditional Indian businessmen used bahi-khata to maintain their books of account. Commenting on the shift from a briefcase to bahi-khata during the 89th Union Budget, Chief Economic Advisor, Krishnamurthy Subramanian had told ANI in July last year: "The government is following Indian tradition and bahi khata symbolises our departure from the slavery of Western thought."

Also read: <a href="https://www.wionews.com/business-economy/budget-news-2020-budget-glossary-here-are-key-terms-you-should-know-to-understand-the-budget-273968">Here are key terms you should know to understand the Budget</a>

On being asked about the replacement of the briefcase, Subramanian had said, "It is not a Budget, but a Bahi-Khata (ledger)."

"Sitharaman believes that leather made products are not auspicious for the big occasion, so she avoided the leather bag and took the bahi khata wrapped in the red cloth. This is considered to be auspicious," he had said.

In July last year, Sitharaman had said that Modi government is not a "suitcase-carrying government".In a veiled attack on Congress, she connected her idea of carrying budget documents wrapped in a red cloth instead of a briefcase with alleged corruption in the previous UPA government at the Centre.

"For Budget 2019, I did not carry a suitcase. We are not a suitcase-carrying government. A suitcase also denotes something else: suitcase-taking, suitcase-giving. Modi ji's government is not a suitcase government," she had said at the International Business Conference of Nagarathar in July 2019.

Before Sitharaman, a long-standing tradition in connection with the budget presentation was broken during the Atal Behari Vajpayee government with the then Finance Minister Yashwant Sinha presenting the budget at 11 am rather than at the traditional time of 5 pm. Since then all governments have been presenting the budget at 11 am.&nbsp;

All eyes will be on Nirmala Sitharaman tomorrow as she will present her second budget as the country's finance minister. Trade pundits and businesses are waiting with a baited breath, expecting her to bail out the economy of the ongoing slump.

All eyes will be on Nirmala Sitharaman tomorrow as she will present her second budget as the country's finance minister. Trade pundits and businesses are waiting with a baited breath, expecting her to bail out the economy of the ongoing slump. On a lighter vein, it also remains to be seen if she would carry documents in a briefcase or a traditional bahi-khata which she used for her maiden budget presentation. On the day of the Union Budget presentation in 2019, Sitharaman broke away from long-standing traditions of colonial-era when she ditched the briefcase and opted for traditional bahi khata, which is a kind of a ledger wrapped in a red coloured cloth. The word 'budget' has its origin in the French word Bougette, which means leather briefcase. Traditionally, budget documents -- which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister -- were carried in a brown briefcase, a legacy passed on by the British. However, traditional Indian businessmen used bahi-khata to maintain their books of account. Commenting on the shift from a briefcase to bahi-khata during the 89th Union Budget, Chief Economic Advisor, Krishnamurthy Subramanian had told ANI in July last year: "The government is following Indian tradition and bahi khata symbolises our departure from the slavery of Western thought." Also read: Here are key terms you should know to understand the Budget On being asked about the replacement of the briefcase, Subramanian had said, "It is not a Budget, but a Bahi-Khata (ledger)." "Sitharaman believes that leather made products are not auspicious for the big occasion, so she avoided the leather bag and took the bahi khata wrapped in the red cloth. This is considered to be auspicious," he had said. In July last year, Sitharaman had said that Modi government is not a "suitcase-carrying government".In a veiled attack on Congress, she connected her idea of carrying budget documents wrapped in a red cloth instead of a briefcase with alleged corruption in the previous UPA government at the Centre. "For Budget 2019, I did not carry a suitcase. We are not a suitcase-carrying government. A suitcase also denotes something else: suitcase-taking, suitcase-giving. Modi ji's government is not a suitcase government," she had said at the International Business Conference of Nagarathar in July 2019. Before Sitharaman, a long-standing tradition in connection with the budget presentation was broken during the Atal Behari Vajpayee government with the then Finance Minister Yashwant Sinha presenting the budget at 11 am rather than at the traditional time of 5 pm. Since then all governments have been presenting the budget at 11 am.

Briefcase or 'bahi-khata': What will Sitharaman carry for her second budget presentation?

India is just days away from the Indian Budget 2020 where the Modi government will present its fiscal road map. This budget is the most anticipated because of the 'Global Economic Slowdown', the expectations are high but the choices are limited. WION spoke to an expert, American Businessman and investor, James Roger on this topic. Watch video:

What will Indian Budget 2020 be like?

The customary halwa ceremony, which marks the process of printing documents for the Budget, will be hosted by the Finance Ministry on January 20, ahead of the presentation of the Union Budget on February 1.

Finance Minister Nirmala Sitharaman, other officials of the ministry and clerks will be present at the ceremony which will be held at North Block.

Every year, the government follows an annual tradition of hosting a halwa ceremony, a few days before the Budget is presented.

The making of halwa marks the official kick-off of events. The Indian dessert is prepared in a large vessel and served to the finance ministry staff as part of the ritual.

After the ceremony, the employees who are a part of the budget-making process, move to the basement of North Block for around 10 days. They will only emerge once the Finance Minister presents the Budget in Parliament.

This is done to prevent any leaks before the annual Budget is presented.The ceremony also recognises and lauds the efforts of every staff who have been a part of the budget-making process.&nbsp; 
&nbsp;

The customary halwa ceremony, which marks the process of printing documents for the Budget, will be hosted by the Finance Ministry on January 20, ahead of the presentation of the Union Budget on February 1.

The customary halwa ceremony, which marks the process of printing documents for the Budget, will be hosted by the Finance Ministry on January 20, ahead of the presentation of the Union Budget on February 1. Finance Minister Nirmala Sitharaman, other officials of the ministry and clerks will be present at the ceremony which will be held at North Block. Every year, the government follows an annual tradition of hosting a halwa ceremony, a few days before the Budget is presented. The making of halwa marks the official kick-off of events. The Indian dessert is prepared in a large vessel and served to the finance ministry staff as part of the ritual. After the ceremony, the employees who are a part of the budget-making process, move to the basement of North Block for around 10 days. They will only emerge once the Finance Minister presents the Budget in Parliament. This is done to prevent any leaks before the annual Budget is presented.The ceremony also recognises and lauds the efforts of every staff who have been a part of the budget-making process.

All you need to know about halwa ceremony ahead of Budget

The European Commission declared Monday it has "zero tolerance for fraud" after the New York Times alleged the gigantic EU agriculture budget shores up political corruption in eastern member states.

The Commission has "very clear rules for how funds should be managed" and "takes any allegation of misuse very seriously," spokesman Daniel Rosario insisted.

Spokeswoman Mina Andreeva said the EU anti-fraud office, OLAF, looks into such allegations and added that the main responsibility for correct spending of the budget falls on member state governments.

"We are not here to replace national governments," she said. "We cannot and will not do the work for them."

The defensive statements came a day after a detailed New York Times report alleged that some of the EU's 59-billion-euro ($65-billion) farm subsidies from its common agriculture policy (CAP) prop up "oligarchs and political patrons" in eastern countries including, notably, Hungary and the Czech Republic.

The report found the system to be "warped by corruption and self-dealing" and argued that it had become too important to keeping the European Union together to be fundamentally reformed.

The Commission spokespeople shot back by saying that past abuses had been caught and referred to OLAF, and further investigations are ongoing.&nbsp;

But they admitted the European Union is only now about to get its first European Public Prosecutor's Office to go after wrongdoing involving EU funds that national governments are unable,&nbsp;or unwilling,&nbsp;to prosecute.

"We have a framework in place and this framework is working," Rosario said.

He added that "we are actually following up" on issues of conflict of interest as highlighted in the New York Times piece, which focused on alleged patronage under the system by Hungary's populist, and anti-EU,&nbsp;prime minister, Viktor Orban.

For its part the Hungarian government insisted that "the procedures in Hungary for administering EU agricultural subsidies fully satisfy EU rules and regulations for the management of these funds".

"The NYT's questions and sources clearly reflect a biased preconception about the topic," a government press spokesman said in a statement to AFP.

The CAP is a much-coveted line in the EU's budget. It consumes about 40 per cent of the bloc's overall budget, making it the largest single area of its spending.

While the Commission has proposed reducing it, major EU members including France and Spain firmly argue to maintain it, seeing it as essential in developing the Union and its cohesion.

The European Commission declared Monday it has "zero tolerance for fraud" after the New York Times alleged the gigantic EU agriculture budget shores up political corruption in eastern member states.

The European Commission declared Monday it has "zero tolerance for fraud" after the New York Times alleged the gigantic EU agriculture budget shores up political corruption in eastern member states. The Commission has "very clear rules for how funds should be managed" and "takes any allegation of misuse very seriously," spokesman Daniel Rosario insisted. Spokeswoman Mina Andreeva said the EU anti-fraud office, OLAF, looks into such allegations and added that the main responsibility for correct spending of the budget falls on member state governments. "We are not here to replace national governments," she said. "We cannot and will not do the work for them." The defensive statements came a day after a detailed New York Times report alleged that some of the EU's 59-billion-euro ($65-billion) farm subsidies from its common agriculture policy (CAP) prop up "oligarchs and political patrons" in eastern countries including, notably, Hungary and the Czech Republic. The report found the system to be "warped by corruption and self-dealing" and argued that it had become too important to keeping the European Union together to be fundamentally reformed. The Commission spokespeople shot back by saying that past abuses had been caught and referred to OLAF, and further investigations are ongoing. But they admitted the European Union is only now about to get its first European Public Prosecutor's Office to go after wrongdoing involving EU funds that national governments are unable, or unwilling, to prosecute. "We have a framework in place and this framework is working," Rosario said. He added that "we are actually following up" on issues of conflict of interest as highlighted in the New York Times piece, which focused on alleged patronage under the system by Hungary's populist, and anti-EU, prime minister, Viktor Orban. For its part the Hungarian government insisted that "the procedures in Hungary for administering EU agricultural subsidies fully satisfy EU rules and regulations for the management of these funds". "The NYT's questions and sources clearly reflect a biased preconception about the topic," a government press spokesman said in a statement to AFP. The CAP is a much-coveted line in the EU's budget. It consumes about 40 per cent of the bloc's overall budget, making it the largest single area of its spending. While the Commission has proposed reducing it, major EU members including France and Spain firmly argue to maintain it, seeing it as essential in developing the Union and its cohesion.

EU vows 'zero tolerance' after reported farm budget abuse

Italy&nbsp;will&nbsp;cut&nbsp;its&nbsp;target&nbsp;for economic&nbsp;growth&nbsp;next year to&nbsp;around&nbsp;0.6 per cent, three&nbsp;sources&nbsp;close to the matter told Reuters on Monday, as the government prepares its&nbsp;2020&nbsp;budget to be presented to parliament later this month.

The previous&nbsp;target, issued in April, envisaged&nbsp;growth&nbsp;of 0.8 per cent.&nbsp;Growth&nbsp;this year is now seen at just 0.1 per cent, compared with an April projection of 0.2 per cent.

Under an unchanged policy scenario, the gross domestic product next year would be&nbsp;around&nbsp;0.4 per cent, which will be bolstered slightly by&nbsp;growth-enhancing measures in the budget, said two of the&nbsp;sources&nbsp;who asked not to be named.

The new&nbsp;targets, which will form the framework of the budget, must be formally published by Friday.

The budget deficit will be&nbsp;targeted at close to 2.2 per cent of gross domestic product, two of the&nbsp;sources&nbsp;said, though they added that marginal last-minute changes were possible due to ongoing negotiations with the European Commission.

The 2.2 per cent target&nbsp;pencilled in is more likely to be reduced than raised, they said.

This year's deficit is currently officially&nbsp;targeted at 2.04 per cent, but the&nbsp;sources&nbsp;said it would come in somewhat lower.

Brussel's main request is that the so-called "structural" deficit, stripped of the effects of the business cycle and one-off items, should not increase next year, one of the sources said.

The Treasury declined to comment.

Italy will cut its target for economic growth next year to around 0.6 per cent, three sources close to the matter told Reuters on Monday, as the government prepares its 2020 budget to be presented to parliament later this month.

Italy will cut its target for economic growth next year to around 0.6 per cent, three sources close to the matter told Reuters on Monday, as the government prepares its 2020 budget to be presented to parliament later this month. The previous target, issued in April, envisaged growth of 0.8 per cent. Growth this year is now seen at just 0.1 per cent, compared with an April projection of 0.2 per cent. Under an unchanged policy scenario, the gross domestic product next year would be around 0.4 per cent, which will be bolstered slightly by growth-enhancing measures in the budget, said two of the sources who asked not to be named. The new targets, which will form the framework of the budget, must be formally published by Friday. The budget deficit will be targeted at close to 2.2 per cent of gross domestic product, two of the sources said, though they added that marginal last-minute changes were possible due to ongoing negotiations with the European Commission. The 2.2 per cent target pencilled in is more likely to be reduced than raised, they said. This year's deficit is currently officially targeted at 2.04 per cent, but the sources said it would come in somewhat lower. Brussel's main request is that the so-called "structural" deficit, stripped of the effects of the business cycle and one-off items, should not increase next year, one of the sources said. The Treasury declined to comment.

Italy to cut 2020 GDP growth target to around 0.6 per cent: Sources

Argentina's inflation rate is expected at 53 per cent in December 2019, but will fall back to 34 per cent the following year, according to projections in the forthcoming 2020 budget, treasury officials said on Wednesday.

The budget also predicts Argentina's economy, Latin America's third-largest, will contract by an average of 2.6 per cent in 2019 but will return to growth of 1 per cent in 2020.

The treasury officials, who shared the figures but asked not to be identified, said the budget would be sent to Congress on September 16.

The much anticipated fiscal plans will figure prominently into Argentina's efforts to stem an economic crisis that has plunged a third of its citizens into poverty and ratcheted up inflation.

Tight monetary policy had helped tame inflation in the months before the August 11 primary election. But the peso crashed along with the country's bonds after Peronist Alberto Fernandez trounced market-friendly president Mauricio Macri, sending consumer prices spiralling again.

The shock result spooked investors, who worry especially about Fernandez's running-mate, ex-President Cristina Fernandez de Kirchner, recalling the interventionist policies she imposed during her two terms between 2007 and 2015.

The peso lost a quarter of its value against the dollar in August and the central bank burned up reserves to stem the decline. Macri ultimately imposed currency controls, and the peso has steadied over the last week.

The 2020 budget predicts the average exchange rate will weaken to 67 pesos per dollar in 2020, from 48 pesos to the dollar in 2019, the treasury officials said.

The current account deficit is expected to hit 0.9 per cent of GDP in 2019, then revert to a surplus of 0.4 per cent of GDP in 2020.

The budget also forecasts a trade surplus of $16.1 bln in 2019, increasing slightly to $17.5 bln in 2020, the officials said.

Argentina's inflation rate is expected at 53 per cent in December 2019, but will fall back to 34 per cent the following year, according to projections in the forthcoming 2020 budget, treasury officials said on Wednesday.

Argentina's inflation rate is expected at 53 per cent in December 2019, but will fall back to 34 per cent the following year, according to projections in the forthcoming 2020 budget, treasury officials said on Wednesday. The budget also predicts Argentina's economy, Latin America's third-largest, will contract by an average of 2.6 per cent in 2019 but will return to growth of 1 per cent in 2020. The treasury officials, who shared the figures but asked not to be identified, said the budget would be sent to Congress on September 16. The much anticipated fiscal plans will figure prominently into Argentina's efforts to stem an economic crisis that has plunged a third of its citizens into poverty and ratcheted up inflation. Tight monetary policy had helped tame inflation in the months before the August 11 primary election. But the peso crashed along with the country's bonds after Peronist Alberto Fernandez trounced market-friendly president Mauricio Macri, sending consumer prices spiralling again. The shock result spooked investors, who worry especially about Fernandez's running-mate, ex-President Cristina Fernandez de Kirchner, recalling the interventionist policies she imposed during her two terms between 2007 and 2015. The peso lost a quarter of its value against the dollar in August and the central bank burned up reserves to stem the decline. Macri ultimately imposed currency controls, and the peso has steadied over the last week. The 2020 budget predicts the average exchange rate will weaken to 67 pesos per dollar in 2020, from 48 pesos to the dollar in 2019, the treasury officials said. The current account deficit is expected to hit 0.9 per cent of GDP in 2019, then revert to a surplus of 0.4 per cent of GDP in 2020. The budget also forecasts a trade surplus of $16.1 bln in 2019, increasing slightly to $17.5 bln in 2020, the officials said.

Argentina inflation expected at 53 per cent in December 2019: treasury officials

In a bid to secure its plunging economy, Pakistan has been desperately trying to garner more investments and bailout packages from various entities.

The huge debt pile-up, however, would gradually force a slowdown in new projects that may push the country into a deeper economic crisis.

Recently, the International Monetary Fund (IMF) has decided to send its team this month for suggesting ways and means curtail the yawning budget deficit being faced by cash-strapped Pakistan.

Earlier in July, the global money-lender had approved a six billion US dollars&nbsp;loan to Pakistan, which is facing significant economic challenges in the backdrop of the country's large fiscal deficits and loose monetary policies.

The IMF team will discuss fiscal issues with special focus to restrict the target of primary deficit within the desired limits, according to Pakistani media reports.

In addition, the Chinese Ambassador to Pakistan, Yao Jing, has also reportedly announced that Beijing is planning to invest one billion US dollars in development projects in Pakistan, especially the CPEC that connects Gwadar Port in Balochistan with China's Xinjiang province.

"Pakistan borrowed $16B from abroad in the 2018-19 fiscal year to avoid running out of foreign currency. 42 per cent&nbsp;of that, or $6.7B, came from China. The government also approached IMF, which in July approved a $6B bailout," Jeff M. Smith, a research scholar from South Asia-Heritage Foundation, said on Twitter.

"The huge debt pile is forcing a slowdown in new projects," Smith added. Previously, the IMF had pointed out that dull progress in structural progress continued to hamper investment and allowed "inefficient state-owned entities (SOEs) to linger and a large informal economy to expand".

Citing Pakistan's finance ministry's documents, Express Tribune reported that foreign loan disbursements between July 2018 and April 2019 of the current financial year showed loans for the Karachi Nuclear Power Plants, known as K2 and K3, and China SAFE deposits as part of federal debt obligations.

Also, countries such as the UAE and Saudi Arabia have given bailout packages to the cash-strapped country in a bid to tackle its ballooning balance-of-payments crisis.

The annual fiscal deficit of Pakistan rose to the highest in the last three decades at 8.9 per cent for the financial year 2018-19. The fiscal deficit is a difference between the revenues and expenditures of the federal government.

Pakistan Prime Minister Imran Khan, who was elected on an anti-corruption plank and a pledge to end austerity measures, had vowed to improve the depleting economic situation of the cash-strapped country.

In fact, the opposite has happened. In reality, prices of gas and oil products and electricity in Pakistan have risen considerably, burning a hole in the common man's pocket. Pakistan had received the first tranche of the loan worth $991.4 million from the IMF in May.

In a bid to secure its plunging economy, Pakistan has been desperately trying to garner more investments and bailout packages from various entities. The huge debt pile-up, however, would gradually force a slowdown in new projects that may push the country into a deeper economic crisis.

In a bid to secure its plunging economy, Pakistan has been desperately trying to garner more investments and bailout packages from various entities. The huge debt pile-up, however, would gradually force a slowdown in new projects that may push the country into a deeper economic crisis. Recently, the International Monetary Fund (IMF) has decided to send its team this month for suggesting ways and means curtail the yawning budget deficit being faced by cash-strapped Pakistan. Earlier in July, the global money-lender had approved a six billion US dollars loan to Pakistan, which is facing significant economic challenges in the backdrop of the country's large fiscal deficits and loose monetary policies. The IMF team will discuss fiscal issues with special focus to restrict the target of primary deficit within the desired limits, according to Pakistani media reports. In addition, the Chinese Ambassador to Pakistan, Yao Jing, has also reportedly announced that Beijing is planning to invest one billion US dollars in development projects in Pakistan, especially the CPEC that connects Gwadar Port in Balochistan with China's Xinjiang province. "Pakistan borrowed $16B from abroad in the 2018-19 fiscal year to avoid running out of foreign currency. 42 per cent of that, or $6.7B, came from China. The government also approached IMF, which in July approved a $6B bailout," Jeff M. Smith, a research scholar from South Asia-Heritage Foundation, said on Twitter. "The huge debt pile is forcing a slowdown in new projects," Smith added. Previously, the IMF had pointed out that dull progress in structural progress continued to hamper investment and allowed "inefficient state-owned entities (SOEs) to linger and a large informal economy to expand". Citing Pakistan's finance ministry's documents, Express Tribune reported that foreign loan disbursements between July 2018 and April 2019 of the current financial year showed loans for the Karachi Nuclear Power Plants, known as K2 and K3, and China SAFE deposits as part of federal debt obligations. Also, countries such as the UAE and Saudi Arabia have given bailout packages to the cash-strapped country in a bid to tackle its ballooning balance-of-payments crisis. The annual fiscal deficit of Pakistan rose to the highest in the last three decades at 8.9 per cent for the financial year 2018-19. The fiscal deficit is a difference between the revenues and expenditures of the federal government. Pakistan Prime Minister Imran Khan, who was elected on an anti-corruption plank and a pledge to end austerity measures, had vowed to improve the depleting economic situation of the cash-strapped country. In fact, the opposite has happened. In reality, prices of gas and oil products and electricity in Pakistan have risen considerably, burning a hole in the common man's pocket. Pakistan had received the first tranche of the loan worth $991.4 million from the IMF in May.

More loans may lead to slowdown of Pakistan's crumbling economy

Bearish trends gripped the stock market on Thursday as investors awaited clarification on tax proposals for foreign portfolio investors made in the Budget and remained unsure of the stimulus package despite assurances by the government.

The BSE S&amp;P Sensex closed 587 points or 1.6 per cent lower at 36,473 while the Nifty 50 was down by 181 points or 1.7 per cent to 10,738.

Except for IT, all sectoral indices were in the red at the National Stock Exchange.

Nifty realty slipped by 6.2 per cent, PSU banks by 3.6 per cent, metal by 3.5 per cent and auto by 1.8 per cent. Among stocks, realty major DLF plummeted 15.9 per cent to Rs 144.30 per share.

Oberoi Realty slipped by 5.6 per cent to wind up at Rs 483.80 apiece.

Shares of Reliance Capital plunged over 19 per cent to hit a multi-year low of Rs 33.30 per share with reports saying that it is exiting the mutual funds business.&nbsp;

With the closure of open offer, Nippon Life Insurance's stake in Reliance Nippon Life Asset Management (RNAM) has risen to 54 per cent.

Yes, Bank fell over 12 per cent intra-day at Rs 57.45 per share with worries over the valuation of its stake in Gautam Thapar's CG Power and Industrial Solutions Ltd, which has been hit by allegations of financial irregularities.&nbsp;

The lender has 12.79 per cent stake in the company.

CG Power plummeted by another 9.75 per cent to Rs 10.65 per share.&nbsp;

LIC Housing Finance was down by nearly 11 per cent, Vedanta by 7.8 per cent, Indiabulls Housing Finance by 5.7 per cent, Bajaj Finserv by 5.5 per cent and Bajaj Finance by 4.9 per cent. However, the gainers included Britannia, Tech Mahindra, Dr. Reddy's, Hindustan Lever and Tata Consultancy Services.

Meanwhile, Asian shares were flat as uncertainty continued over the outlook for US interest rates and the global fiscal stimulus.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent in light volumes while Japan's Nikkei ended a few notches higher.

Shanghai blue chips climbed 0.3 per cent but Hong Kong's Hang Seng index was among the biggest losers, down more than 1 per cent as unrest in the Chinese-ruled territory continued to disrupt business and investment environment

Bearish trends gripped the stock market on Thursday as investors awaited clarification on tax proposals for foreign portfolio investors made in the Budget and remained unsure of the stimulus package despite assurances by the government.

Bearish trends gripped the stock market on Thursday as investors awaited clarification on tax proposals for foreign portfolio investors made in the Budget and remained unsure of the stimulus package despite assurances by the government. The BSE S&P Sensex closed 587 points or 1.6 per cent lower at 36,473 while the Nifty 50 was down by 181 points or 1.7 per cent to 10,738. Except for IT, all sectoral indices were in the red at the National Stock Exchange. Nifty realty slipped by 6.2 per cent, PSU banks by 3.6 per cent, metal by 3.5 per cent and auto by 1.8 per cent. Among stocks, realty major DLF plummeted 15.9 per cent to Rs 144.30 per share. Oberoi Realty slipped by 5.6 per cent to wind up at Rs 483.80 apiece. Shares of Reliance Capital plunged over 19 per cent to hit a multi-year low of Rs 33.30 per share with reports saying that it is exiting the mutual funds business. With the closure of open offer, Nippon Life Insurance's stake in Reliance Nippon Life Asset Management (RNAM) has risen to 54 per cent. Yes, Bank fell over 12 per cent intra-day at Rs 57.45 per share with worries over the valuation of its stake in Gautam Thapar's CG Power and Industrial Solutions Ltd, which has been hit by allegations of financial irregularities. The lender has 12.79 per cent stake in the company. CG Power plummeted by another 9.75 per cent to Rs 10.65 per share. LIC Housing Finance was down by nearly 11 per cent, Vedanta by 7.8 per cent, Indiabulls Housing Finance by 5.7 per cent, Bajaj Finserv by 5.5 per cent and Bajaj Finance by 4.9 per cent. However, the gainers included Britannia, Tech Mahindra, Dr. Reddy's, Hindustan Lever and Tata Consultancy Services. Meanwhile, Asian shares were flat as uncertainty continued over the outlook for US interest rates and the global fiscal stimulus. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent in light volumes while Japan's Nikkei ended a few notches higher. Shanghai blue chips climbed 0.3 per cent but Hong Kong's Hang Seng index was among the biggest losers, down more than 1 per cent as unrest in the Chinese-ruled territory continued to disrupt business and investment environment

Sensex crashes by 587 points amid heavy selling pressure, DLF plunges by 16%

Any nation, developed or developing, carries the accountability of building a sustainable future for its citizens by upholding the environment, maintaining culture and supporting a stable, growing economy. Rapid globalisation has changed the economic structures of developing and developed nations through innovation, increased communication and technology. The model set by the Modi 1.0 and 2.0 governments in particular, has brought about a defining, positive reform process for India's economic stabilisation. India's model aims at resolute economic growth. The Narendra Modi-led NDA 1.0's aggressive push for industrialisation and schemes to bolster several sectors have induced rapid growth. In particular, India focused on cash crops, natural resources, renewable energy, small businesses, entrepreneurship and public capital investment.

However, there were several factors that hindered stable growth and will pose a challenge to growth over the next five years. For India, these factors are monsoon and unpredictability in oil.

Monsoon

The Indian economy is indispensably linked with our monsoon because of water resources. Most of the country gets over 75 per cent annual rainfall in just three to four months which impacts agriculture, in particular, grain crops (legumes, wheat etc). Hydro-electric power also makes up a significant portion of power usage in India. Generating renewable energy from water is especially lucrative for India because monsoon is a consistent season in India even though the amount of water fluctuates. Speaking of which, over the past five years, the economy has faced hard luck in terms of monsoon. Water potential and wind power directly impact the Indian economy. Wind power is used to generate electricity and even to draw water. As for rainfall, the Modi-led NDA's first term was hit by drought, floods or pointedly less rainfall in comparison to previous years. In this time, the population also exploded to 1.3 billion people. The population has increased at a much faster rate than grain production. If this trend continues, India will face a very serious economic crisis.

At the end of the day, we are all hoping for stable and necessary rainfall over the next monsoon season so that the economy can also stabilise in this regard. Additionally, in order to offset shocks from potential years of drought and/or floods, PM Modi can take several steps. The first is to create mechanisms for mass water storage from unused monsoon water in places of largescale irrigation and where hydro-power is generated. A system should be devised where not a drop is wasted. This is especially important because PM Modi has assured to double farmer incomes and this year's Budget depends expressively on agriculture to boost the economy. Simultaneously, one can see the crisis associated with no water in Chennai, for example, over the past four months. The government has also paid farmers during past droughts which puts fiscal deficit under stress. Food accounts for approximately half of India's consumer price index. Therefore, droughts and floods also raise prices on crop which requires more government spending on welfare. Another step PM Modi should take is utilising technological innovation in cultivation and transportation of agriculture. Technology should also be used with more focus in things like soil testing, water allocation and water management. Agricultural innovation should be encouraged and used with full force as well.

Oil

The precariousness of oil prices is a major destabilising factor for the Indian economy. It proves especially poignant for India who imports a significant portion of our oil. Most recently, India has lost 11 per cent of its oil from Iran when we agreed to comply with US sanctions. Oil volatility can lead to large deficits and can force the government to spend money on energy instead of allocating to other necessary areas (water, schemes to help poor, etc). Therefore, it is necessary to build shields to offset volatility shocks over the next five years. There are several methods to do this. PM Modi should focus on more active derivative financial and commodities markets with oil products. This will help India reduce dependence for oil imports and would also bring discipline to the oil market. Another suggestion would be to strengthen the rupee. This would help deflect the surges from oil import bills which are inelastic in nature.&nbsp; Inelasticity in this case refers to consumer buying habits remain unchanged regardless of the price of oil increasing or decreasing.

As a rapidly growing economy over the next five years, it is high time that India understands and acts to buffer the severity of oil prices; especially in light of US sanctions on oil producing countries that India receives exports from. Oil volatility can destabilise our economy and also has the potential to disrupt the global economy by causing a precipitous inflation. If the above measures are implemented, India would be able to not only cushion oil volatility shocks, but also reduce volatile oil prices to a sustainable, predictable level.

Conclusion

Despite these imponderables, India is still well on its way to become a US $5 trillion economy. The development of the energy market will be a determining factor of how fast we reach the target, as will employment generation, water management and sustainable growth. The good news is that PM Modi has placed immense importance on all of these areas respectively.

The number of government job vacancies are expected to grow in the next year through schemes involving industry and government (ie. Sagarmala Port project, road, railway infrastructure across the country, development in the Northeast, etc). A water ministry has already been implemented and there are multiple schemes for environment sustainability. PM Modi's increased focus and expansion on already existing on healthcare (Ayushman Bharat) and education schemes (Beti Bachao, NEP 2019, etc) aim to alleviate overpopulation in the next decade. Now it is up to citizens to also actively join forces with the government. If we work to conserve water, develop innovation (especially in agriculture, renewable energy) and clean up our environment, why just a five trillion economy? We can achieve a ten trillion dollar economy in less than five years.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Any nation, developed or developing, carries the accountability of building a sustainable future for its citizens by upholding the environment, maintaining culture and supporting a stable, growing economy.

Any nation, developed or developing, carries the accountability of building a sustainable future for its citizens by upholding the environment, maintaining culture and supporting a stable, growing economy. Rapid globalisation has changed the economic structures of developing and developed nations through innovation, increased communication and technology. The model set by the Modi 1.0 and 2.0 governments in particular, has brought about a defining, positive reform process for India's economic stabilisation. India's model aims at resolute economic growth. The Narendra Modi-led NDA 1.0's aggressive push for industrialisation and schemes to bolster several sectors have induced rapid growth. In particular, India focused on cash crops, natural resources, renewable energy, small businesses, entrepreneurship and public capital investment. However, there were several factors that hindered stable growth and will pose a challenge to growth over the next five years. For India, these factors are monsoon and unpredictability in oil. Monsoon The Indian economy is indispensably linked with our monsoon because of water resources. Most of the country gets over 75 per cent annual rainfall in just three to four months which impacts agriculture, in particular, grain crops (legumes, wheat etc). Hydro-electric power also makes up a significant portion of power usage in India. Generating renewable energy from water is especially lucrative for India because monsoon is a consistent season in India even though the amount of water fluctuates. Speaking of which, over the past five years, the economy has faced hard luck in terms of monsoon. Water potential and wind power directly impact the Indian economy. Wind power is used to generate electricity and even to draw water. As for rainfall, the Modi-led NDA's first term was hit by drought, floods or pointedly less rainfall in comparison to previous years. In this time, the population also exploded to 1.3 billion people. The population has increased at a much faster rate than grain production. If this trend continues, India will face a very serious economic crisis. At the end of the day, we are all hoping for stable and necessary rainfall over the next monsoon season so that the economy can also stabilise in this regard. Additionally, in order to offset shocks from potential years of drought and/or floods, PM Modi can take several steps. The first is to create mechanisms for mass water storage from unused monsoon water in places of largescale irrigation and where hydro-power is generated. A system should be devised where not a drop is wasted. This is especially important because PM Modi has assured to double farmer incomes and this year's Budget depends expressively on agriculture to boost the economy. Simultaneously, one can see the crisis associated with no water in Chennai, for example, over the past four months. The government has also paid farmers during past droughts which puts fiscal deficit under stress. Food accounts for approximately half of India's consumer price index. Therefore, droughts and floods also raise prices on crop which requires more government spending on welfare. Another step PM Modi should take is utilising technological innovation in cultivation and transportation of agriculture. Technology should also be used with more focus in things like soil testing, water allocation and water management. Agricultural innovation should be encouraged and used with full force as well. Oil The precariousness of oil prices is a major destabilising factor for the Indian economy. It proves especially poignant for India who imports a significant portion of our oil. Most recently, India has lost 11 per cent of its oil from Iran when we agreed to comply with US sanctions. Oil volatility can lead to large deficits and can force the government to spend money on energy instead of allocating to other necessary areas (water, schemes to help poor, etc). Therefore, it is necessary to build shields to offset volatility shocks over the next five years. There are several methods to do this. PM Modi should focus on more active derivative financial and commodities markets with oil products. This will help India reduce dependence for oil imports and would also bring discipline to the oil market. Another suggestion would be to strengthen the rupee. This would help deflect the surges from oil import bills which are inelastic in nature. Inelasticity in this case refers to consumer buying habits remain unchanged regardless of the price of oil increasing or decreasing. As a rapidly growing economy over the next five years, it is high time that India understands and acts to buffer the severity of oil prices; especially in light of US sanctions on oil producing countries that India receives exports from. Oil volatility can destabilise our economy and also has the potential to disrupt the global economy by causing a precipitous inflation. If the above measures are implemented, India would be able to not only cushion oil volatility shocks, but also reduce volatile oil prices to a sustainable, predictable level. Conclusion Despite these imponderables, India is still well on its way to become a US $5 trillion economy. The development of the energy market will be a determining factor of how fast we reach the target, as will employment generation, water management and sustainable growth. The good news is that PM Modi has placed immense importance on all of these areas respectively. The number of government job vacancies are expected to grow in the next year through schemes involving industry and government (ie. Sagarmala Port project, road, railway infrastructure across the country, development in the Northeast, etc). A water ministry has already been implemented and there are multiple schemes for environment sustainability. PM Modi's increased focus and expansion on already existing on healthcare (Ayushman Bharat) and education schemes (Beti Bachao, NEP 2019, etc) aim to alleviate overpopulation in the next decade. Now it is up to citizens to also actively join forces with the government. If we work to conserve water, develop innovation (especially in agriculture, renewable energy) and clean up our environment, why just a five trillion economy? We can achieve a ten trillion dollar economy in less than five years. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Can India realistically become US $5 trillion economy?

Andhra Pradesh Finance Minister Buggana Rajendranath Reddy has introduced the state Budget for 2019-20 with an outlay of Rs 227,975 crore with a focus on housing, agriculture, education, and human capital development.

While Reddy introduced the Budget in the state legislative assembly, Revenue Minister Pilli Subhash Chandra Bose introduced the same in the&nbsp; 
legislative council.

The Budget has allocated Rs 9,786 crore to the housing sector. While the PMAY (urban) will get Rs 5,000 crore, PMAY-YSR weaker sections housing scheme has been allocated Rs 1,280 crore and YSR urban housing scheme Rs 1,000 crore.

The Budget allocates Rs 8,750 crore for YSR Rytu Bharosa scheme, which will benefit 64.06 lakh farmers, including 15.36 lakh tenant farmers.

The Budget allocates an amount of Rs 15,000 crore for the welfare and development of Scheduled Castes (SCs) and Rs 4,988 crore for scheduled tribes (STs).

A sum of Rs 4,560 crore has been allocated for YSR Nine Hours Free Power Supply while the Market Stabilisation Fund has got Rs 3,000 crore.

The Jagan Anna Amma Odi scheme has been allocated Rs 6,456 crore, infrastructure development in schools Rs 1,500 crore, Natural Calamities Fund Rs 2,002 crore and YSR-PM Fasal Bima Yojana Rs 1,163 crore.

For the mid-day meal scheme, Rs 1,077 crore has been allocated while a sum of Rs 1,500 crore has been earmarked for infrastructure development in hospitals.

A sum of Rs 3,000 crore has been allocated for subsidising rice under the public distribution system. For the development of the capital city of Amaravati, the state government has proposed to allocate Rs 500 crore in the Budget.

The estimated revenue deficit is about Rs 1,778 crore and the fiscal deficit is estimated at Rs 35,260 crore.

&nbsp;

Andhra Pradesh Finance Minister Buggana Rajendranath Reddy has introduced the state Budget for 2019-20 with an outlay of Rs 227,975 crore with a focus on housing, agriculture, education, and human capital development.

Andhra Pradesh Finance Minister Buggana Rajendranath Reddy has introduced the state Budget for 2019-20 with an outlay of Rs 227,975 crore with a focus on housing, agriculture, education, and human capital development. While Reddy introduced the Budget in the state legislative assembly, Revenue Minister Pilli Subhash Chandra Bose introduced the same in the legislative council. The Budget has allocated Rs 9,786 crore to the housing sector. While the PMAY (urban) will get Rs 5,000 crore, PMAY-YSR weaker sections housing scheme has been allocated Rs 1,280 crore and YSR urban housing scheme Rs 1,000 crore. The Budget allocates Rs 8,750 crore for YSR Rytu Bharosa scheme, which will benefit 64.06 lakh farmers, including 15.36 lakh tenant farmers. The Budget allocates an amount of Rs 15,000 crore for the welfare and development of Scheduled Castes (SCs) and Rs 4,988 crore for scheduled tribes (STs). A sum of Rs 4,560 crore has been allocated for YSR Nine Hours Free Power Supply while the Market Stabilisation Fund has got Rs 3,000 crore. The Jagan Anna Amma Odi scheme has been allocated Rs 6,456 crore, infrastructure development in schools Rs 1,500 crore, Natural Calamities Fund Rs 2,002 crore and YSR-PM Fasal Bima Yojana Rs 1,163 crore. For the mid-day meal scheme, Rs 1,077 crore has been allocated while a sum of Rs 1,500 crore has been earmarked for infrastructure development in hospitals. A sum of Rs 3,000 crore has been allocated for subsidising rice under the public distribution system. For the development of the capital city of Amaravati, the state government has proposed to allocate Rs 500 crore in the Budget. The estimated revenue deficit is about Rs 1,778 crore and the fiscal deficit is estimated at Rs 35,260 crore.

Andhra Pradesh: Jagan Mohan Reddy government's first Budget focuses on housing, agriculture

The BSE Sensex fell 638 points to 39,028.59 as <a href="https://www.wionews.com/business-economy/post-budget-sensex-slips-400-points-car-companies-bleed-233893">Dalal Street reacted to finance</a> minister Nirmala Sitharaman Budget on Friday. Nifty was down 193 points at 11, 617 as markets continued to tank.

The biggest loser was Punjab National Bank(PNB) stocks which fell over nine per cent. On Saturday, PNB had said it had reported a borrowing fraud of Rs 3,800 crore rupees in Bhushan Power &amp; Steel Ltd's account to the Reserve Bank of India (RBI). Bhushan Power and Steel, one of India's most indebted companies, was among the first 12 companies referred by the RBI India to a bankruptcy court.

Shares of Maruti Suzuki hit a <a href="https://www.wionews.com/business-economy/post-budget-sensex-slips-400-points-car-companies-bleed-233893">new low of Rs 6,151 falling </a>over three per cent post Budget on Monday. Other car stocks to fell with Hero Motorcorp and Tata Motors.

After the Budget on Friday, the Sensex had closed 0.99 per cent lower at 39,513.39. The broader Nifty had closed down 1.14 per cent at 11,811.15 points.

Meanwhile, international crude prices were little changed on Monday as traders weighed geopolitical risks against the impact of the China-US trade war on the global economy.

Brent crude futures were down 3 cents by 0300 GMT at $64.20. U.S. West Texas Intermediate (WTI) was up 6 cents at $57.57 a barrel.

Asian stocks were also hit on Monday after US jobs report dashed hopes that the Federal Reserve would slash interest rates this month with with Hong Kong down 1.8 per cent, Shanghai 2.4 per cent lower and Tokyo off 0.9 per cent.

The BSE Sensex fell 638 points to 39,028.59 as Dalal Street reacted to finance minister Nirmala Sitharaman Budget on Friday. Nifty was down 193 points at 11, 617 as markets continued to tank.

The BSE Sensex fell 638 points to 39,028.59 as Dalal Street reacted to finance minister Nirmala Sitharaman Budget on Friday. Nifty was down 193 points at 11, 617 as markets continued to tank. The biggest loser was Punjab National Bank(PNB) stocks which fell over nine per cent. On Saturday, PNB had said it had reported a borrowing fraud of Rs 3,800 crore rupees in Bhushan Power & Steel Ltd's account to the Reserve Bank of India (RBI). Bhushan Power and Steel, one of India's most indebted companies, was among the first 12 companies referred by the RBI India to a bankruptcy court. Shares of Maruti Suzuki hit a new low of Rs 6,151 falling over three per cent post Budget on Monday. Other car stocks to fell with Hero Motorcorp and Tata Motors. After the Budget on Friday, the Sensex had closed 0.99 per cent lower at 39,513.39. The broader Nifty had closed down 1.14 per cent at 11,811.15 points. Meanwhile, international crude prices were little changed on Monday as traders weighed geopolitical risks against the impact of the China-US trade war on the global economy. Brent crude futures were down 3 cents by 0300 GMT at $64.20. U.S. West Texas Intermediate (WTI) was up 6 cents at $57.57 a barrel. Asian stocks were also hit on Monday after US jobs report dashed hopes that the Federal Reserve would slash interest rates this month with with Hong Kong down 1.8 per cent, Shanghai 2.4 per cent lower and Tokyo off 0.9 per cent.

Post Budget, Sensex down over 630 points; PNB stocks fall further

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